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Alternative Minimum Tax (AMT) and passive farm losses
UltraTax CS treats passive farm activities as tax shelter passive farm activities. A tax shelter farm activity is defined as any farm syndicate as defined by section 464(c), and any other activity consisting of farming which is a passive activity (within the meaning of section 469(c)). Code section 469(c) defines passive activities as "any activity which involves the conduct of any trade or business, and in which the taxpayer doesn't materially participate."
Therefore, all Form 4835s, any Schedule F with a passive activity code 1 = Other passive activity, and any Schedule K-1s with
Farming activity
marked and a passive activity code of 1 (Other passive) or 2 (Rental real estate w/active participation) are treated as tax shelter passive farm activities.UltraTax CS recalculates any gain or loss from such passive activities by taking into account all AMT adjustments and preferences and any AMT prior-year not allowed losses. If the amount is a gain, it is included in AMT calculation. If the amount is a loss, it is not included in AMT income. Calculated AMT losses will be carried forward. This is in accordance with Form 6251 instructions.