how to pay tax on amt converted in 2010

I apologize in advance if this topic has been covered but i just read something that made me wonder.

For amounts converted in 2010 the IRS will allow the taxes to be paid over 2 years (2011 and 2012).

A couple of questions:

1) Is the tax on the converson calculated using 2010 taxable income and then the tax attributable to the conversion added to the tax calculated in 2011 and 2012 or

2Is 50% of the amt converted reported as taxable in 2011 and 50% reported as taxable in 2012?

3) Can taxpayer pay whole thing in 2010 rather than defer?

Reason for my asking is that if the marginal tax brackets are going to increase in 2011 and beyond (as we expect they may) then a conversion in 2010 whereby the income is reported in 2011 and 2012 won’t allow for taking advantage of the marginal rates in effect in 2010 unless the answer to my question # 1 is yes.

Further if the answer to my question #2 is yes then it is the taxable income in 2011 and 2012 that matters when projecting the tax on converting.

Finally if the answer to my number #3 is yes than all three years need to be considered.

Sorry for the long post.

Howard