Figure 20.2.14-8 ACT/DMI Report 490 Activity SummaryThis is the example of the ACT/DMI interest computations 490 report for the net rate underpayment as explained in the text for tax year 200212. The top section of the report provides the title with taxpayer identifying information and then the ACT/DMI status reflected on the left and right of the report.Report Title - 490 Activity Summary James Corp.Taxpayer Identifying Information:FED - **_***9999 James Corp. 1120 Tax Period: 200212Top Left:Run Method: IRS DefaultInterest To: 04022015GATT Method: Retain Character (New)LCU Method: Default IRSUnderpay Net Start: All Dates IncludedTop Right:Module Status: Open/(Open)GATT Date: 01011995 $10,000LCU Interest Date: LCU Interest is OFFOverpay Net Start: All Dates IncludedThe second section of the report provides information on the types of transaction codes being adjusted (amounts enclosed in parentheses represent a credit amount).Date TranscriptDate StartDate Adj/EndDescriptionSusp/EqualPrincipalBalance0717201303152013150 Return Filed and Assessed Tax Liability300,000.00300,000.000415201203152013660 Estimated Tax360,000.00(60,000.00)0402201503152013290 Additional Tax Assessment80,000.0020,000.00071720130708201307172013846 Refund of Overpayment(60,000.00)60,000.0080,000.000717201307082013071720131004 Refund Interest High(142.04)142.0480,142.04The third section of the report provides information on the interest computation details (amounts enclosed in parentheses represent a credit amount).Interest Computation DetailsInterest Start DateInterest End DateDescriptionAmountFactorInterest Balance03152013150 Return Filed and Assessed Tax Liability300,000.00290 Additional Tax Assessment80,000.00660 Estimated Tax(360,000.00)0316201307082013Underpay20,000.000.009496474189.9320,189.930709201307172013Underpay20,189.930.00073996914.9420,204.8707172013846 Refund of Overpayment60,000.001004 Refund Interest High142.0480,346.910718201304022015Underpay80,346.910.0526234414,228.1384,575.04The bottom section of the report provides the “Account Summary” information.Account SummaryAccount Summary:As ComputedPer TranscriptAdjustmentDeficiency Interest4,433.004,433.00Overpayment Interest(142.04)142.04Principal Balance80,000.00Totals4,433.00(142.04)84,575.04
