Form Il-1120 - Corporation Income And Replacement Tax Return - 2007 Page 2
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3 10
10
Write the amount of your income or loss from Line 9.
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Step 3: Figure your base income or loss
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11
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Federally-taxed refund of Illinois income and replacement tax.
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12
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Interest income from U.S. Treasury and other exempt federal obligations.
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Enterprise Zone or River Edge Redevelopment Zone
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dividend subtraction. Attach Schedule 299-B.
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Enterprise Zone or River Edge Redevelopment Zone
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interest subtraction. Attach Schedule 299-B.
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15
High Impact Business dividend subtraction. Attach Schedule 299-B.
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High Impact Business interest subtraction. Attach Schedule 299-B.
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17
Contribution subtraction. Attach Schedule 299-B.
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18
Contributions to certain job training projects (see instructions).
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19
Foreign dividend subtraction. Attach Schedule J.
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20
Illinois Bonus Depreciation subtraction. Attach Form IL-4562.
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21
Related-Party Expenses subtraction. Attach Schedule 80/20.
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22
Distributive share of subtractions. Attach Schedule K--P or K--T.
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23
Other subtractions. Attach Schedule M (for businesses).
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24
Total subtractions. Add Lines through 23.
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25
25
Base income or net loss. Subtract Line 24 from Line 0.
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If the amount on Line 25 is derived inside and outside Illinois, complete Step 4; otherwise go to Step 5.
Step 4: Figure your income allocable to Illinois
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26
Nonbusiness income or loss. Attach Schedule NB.
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27
Non-unitary partnership business income or loss included in Line 25.
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28
Add Lines 26 and 27.
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29
29
Business income or loss. Subtract Line 28 from Line 25.
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30
30
Total sales everywhere. This amount cannot be negative.
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31
Total sales inside Illinois. This amount cannot be negative.
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.
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32
Apportionment Factor. Divide Line 3 by Line 30 (carry to six decimal places).
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33
Business income or loss apportionable to Illinois. Multiply Line 29 by Line 32.
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34
Nonbusiness income or loss allocable to Illinois. Attach Schedule NB.
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35
Non-unitary partnership business income or loss apportionable to Illinois.
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36
36
Base income or net loss allocable to Illinois. Add Lines 33 through 35.
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Step 5: Figure your net income
37
37
Base income or net loss from Step 3, Line 25, or Step 4, Line 36.
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38
Illinois net loss deduction. Attach Schedule NLD or UB/NLD.
38
If Line 37 is zero or a negative amount, write “0.”
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39
Net income. Subtract Line 38 from Line 37.
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Step 6: Figure your net replacement tax
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40
Replacement Tax. Multiply Line 39 by 2.5% (.025).
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41
Recapture of investment credits. Attach Schedule 4255.
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42
Replacement Tax before credits. Add Lines 40 and 4.
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43
43
Investment credits. Attach Form IL-477.
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44
Net replacement tax. Subtract Line 43 from Line 42. If the amount is negative, write “0”.
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Form IL-20 (R-2/07)
Page 2 of 3
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Parent category: Financial