Fillable Montana Form Cc - College Contribution Credit

2005 College Contribution Credit

MONTANA

15-30-163, MCA

Rev. 10-05

Name (as it appears on your tax return)________________________________________________________

Your Social Security Number or Federal Employer Identification Number______________________________

If this credit is a pass-through to you from a partnership or S. corporation enter here the name, FEIN and your

percentage of ownership in the partnership or S. corporation.

_______________________________________________ FEIN_______________% of Ownership________

List Colleges or Universities to which you contributed. ______________________________________________________

_________________________________________________________________________________________________

1. Enter total amount of contribution(s)………………………………………………………..……… $

2. Enter here the lesser of 10% of line 1 or $500. This is your college contribution credit…. $

Enter the amount from line 2 above on Form 2A, Schedule V, line 2 if you are an individual, or

Enter the amount from line 2 above on Form CLT-4, Schedule C, line 5 if you are a C. corporation.

General Instructions

Definitions

When the contribution is made by your S. corporation or

partnership, remember to complete the information above that

identifies the entity’s name, federal employer identification

“Foundation” means a nonprofit organization created

number and your percentage of ownership.

exclusively for the benefit of any unit of the Montana University

System or a Montana private college and is exempt from taxation

Can this contribution also be claimed as a charitable

under Section 501(c)(3) of the Internal Revenue Code.

contribution?

“Montana private college” means a nonprofit private

Yes it can. Your contribution to the general endowment funds of

educational institution:

•

a Montana University System or its foundation or to a general

whose main campus and primary operations are within the

endowment fund of a private Montana college or its foundation

state; and

•

can also be claimed as an itemized deduction on an individual

one that offers baccalaureate degree level education and is

income tax return or as a deduction on a corporation license tax

accredited for that purpose by a national or regional

return.

accrediting agency recognized by the board of regents of

higher education.

Can I carry any of my excess college contribution credit

back to a prior year or forward to a subsequent year?

Who can claim this credit?

No you cannot. Your credit cannot exceed your tax liability or

An individual, corporation, partnership or small business

$500, whichever is smaller. You cannot carry back or carry

corporation making charitable contributions during the year to

forward any of your unused credit. Your credit will only apply in

any of the general endowment funds of the Montana University

the year that your contribution was made.

System or its foundations, or to a general endowment fund of a

private Montana college or its foundation can claim this credit.

What information do I have to include with my return when I

claim this credit?

How do I claim my college contribution credit when I am a

partner or shareholder in a partnership or S. corporation?

When you claim this credit attach a copy of Montana Form CC to

your individual income tax or corporate license tax return. If you

When the partnership or S. corporation makes a contribution that

are an S. corporation or a partnership and are claiming this

qualifies for the college contribution credit, the entity will report

credit, attach Montana Form CC to your Montana information

the credit on its informational tax return and provide you with

return Form CLT-4S or PR-1 and include a separate statement

your share of the credit on your Federal K-1.

identifying each owner and their proportionate share of this

credit.

Your share of the college contribution credit that is passed

through to you by your S. corporation or partnership is based on

Questions? Please call us at (406) 444-6900 or TDD (406)

the same proportion used by you to report your income and loss

444-2830 for hearing impaired.

for Montana tax purposes.

When you file your Montana income tax return electronically, you represent that you have retained all documents

required as a tax record and that you will provide a copy to the department upon request.

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Montana Form Cc - College Contribution Credit - 2005

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