Form Clt-4 - Corporation License Tax Return - 2006 Page 3
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3Form CLT-4, Page 3
FEIN __________________________
Computation of Montana Taxable Income and Net Amount Due
1. Taxable income reported on your federal return (line 28) (attach a copy of signed federal Form 1120) .......... 1.
2. Additions:
2a. Montana corporation license tax (attach breakdown of your Form 1120, line 17) . 2a.
2b. Other state, local, foreign, and franchise taxes based on income ......................... 2b.
2c. Federal tax exempt interest ..................................................................................... 2c.
2d. Contributions used to compute qualified endowment credit .................................. 2d.
2e. Income/loss of foreign subsidiaries for worldwide combined filers ......................... 2e.
2f. Income/loss of unitary corporations not included in federal consolidated return ... 2f.
2g. Extraterritorial income exclusion ............................................................................ 2g.
2h. Deemed dividends (Water’s Edge filers only.) (attach Schedule WE) ................... 2h.
2i. Federal capital loss carry-over utilized on federal return ......................................... 2i.
2j. All of your other additions (attach a detailed breakdown) ........................................ 2j.
Add lines 2a through 2j and enter the result. This is the total of your additions .......................................... 2.
3. Reductions:
3a. IRC Section 243 dividend received deduction ........................................................ 3a.
3b. Non-business income (attach a detailed breakdown) ............................................ 3b.
3c. Montana recycling deduction (attach Form RCYL) ................................................. 3c.
3d. Income/loss of nonunitary corporations included in federal consolidated return ... 3d.
3e. Capital loss incurred in current year (attach federal Schedule D) .......................... 3e.
3f. All of your other reductions (attach a detailed breakdown) ..................................... 3f.
Add lines 3a through 3f and enter the result. This is the total of your reductions ........................................ 3.
4. Add lines 1 and 2, then subtract line 3 and enter the result. This is your adjusted taxable income ............ 4.
5. Income apportioned to Montana (multiply line 4 X______% from Schedule K, line 5) and enter the result. ... 5.
Combined filers must use the schedule outlined in the instructions.
6. Enter the income that you allocated directly to Montana (attach a detailed breakdown) .................................. 6.
7. Montana taxable income before net operating loss (add lines 5 and 6 or enter amount reported on line 4) ... 7.
If line 7 is a loss, do you wish to forego the net operating loss carry-back provision?
Yes
No
Note: If you have reported a loss on line 7 and have checked neither box, the loss first has to be carried back.
8. Enter your Montana net operating loss carried over to this period (attach a detailed schedule) ...................... 8.
9. Subtract line 8 from line 7 and enter the result here. This is your Montana taxable income ........................ 9.
10. Multiply line 9 by 6.75% (or line 9 by 7% if you have a valid Water’s Edge election). This is your
Montana tax liability ....................................................................................................................................... 10.
Note: This amount cannot be less than the minimum tax liability of $50.
Check this box if you are calculating your tax liability using the Alternative Tax method.
11. Payments:
11a.2005 overpayment ................................................................................................. 11a.
11b.Tentative payment .................................................................................................. 11b.
11c. Quarterly estimated tax payments ......................................................................... 11c.
11d.All other payments. Describe ________________________________________ 11d.
11e. Previously issued refunds. Describe __________________________________ 11e. (
)
Add lines 11a through 11e and enter the result. This is the total of your payments ................................... 11.
12. Enter total credits (from Schedule C) ............................................................................................................... 12.
13. Add lines 11 and 12, then subtract from line 10 and enter result. This is your tax due or overpayment ... 13.
14. Enter the amount of overpayment that you want to be applied to your 2007 estimated tax ........................... 14.
15. Add lines 13 and 14 and enter the result. This is your net tax due or overpayment .................................. 15.
16. Enter interest on all the tax paid after the due date, calculated at 12% per year, on a daily basis ................. 16.
17. Enter estimated tax underpayment interest (attach Form CLT-4-UT) ............................................................. 17.
Check box if you are using the annualized income or adjusted seasonal income method.
18. Penalty:
18a.Enter your late filing penalty (see instructions) .................................................... 18a.
18b.Enter your late payment penalty (see instructions) .............................................. 18b.
Add lines 18a and 18b and enter the result. This is your total penalty ........................................................ 18.
19. Add lines 15 through 18 and enter the result. This is your total due or overpayment.
19a.If the result is positive, enter the amount due here .................................................................................... 19a.
19b.If the result is negative, enter the refund due here ..................................................................................... 19b.
Please attach your remittance payable to the Montana Department of Revenue or visit our website
at mt.gov/revenue to pay online by Business Tax Express.
Copy of signed federal Form 1120 must be attached.
Mail to: Montana Department of Revenue, PO Box 8021, Helena, MT 59604-8021
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