Form Clt-4 - Corporation License Tax Return - 2004 Page 2
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4Computation of Montana Net Taxable Income and Total Tax Due
FEIN________________
1.
1.
Taxable income per federal return (line 28) (copy of signed Federal Form 1120 must be attached)...............................................
2.
Add:
Montana corporation license tax (attach breakdown of Federal Form 1120 line 17)..........................
2a
a.
Other state, local, foreign, and franchise taxes based on income...................................................
2b
b.
Federal tax exempt interest.......................................................................................................................
2c
c.
Contributions used to compute qualified endowment credit............................................................
2d
d.
Income/loss of foreign subsidiaries for “worldwide” combined filers....................................
2e
e.
Income/loss of unitary corporations not included in federal consolidated return...................
2f
f.
Extraterritorial income exclusion.......................................................................................................
2g
g.
Deemed dividends (Water’s Edge filers only) Must attach Schedule WE.............................
2h
h.
Federal capital loss carryover utilized on federal return.......................................................................
2i
i.
Other additions (a detailed breakdown must be attached)...............................................................
2j
j.
2.
Total additions..........................................................................................................................................................................................................
a.
3a
3. Subtract:
IRC Section 243 dividend received deduction............................................................................
b.
3b
Nonbusiness income (a detailed breakdown must be attached).........................................
c.
3c
Montana recycling deduction (attach Form RCYL)....................................................................
d.
3d
Income/loss of nonunitary corporations included in federal consolidated return........
e.
3e
Capital loss incurred in current year (attach federal Schedule D).......................................
f.
3f
Other reductions (a detailed breakdown must be attached)...................................................
3.
Total reductions.......................................................................................................................................................................................................
4.
4. Adjusted taxable income (line 1 + line 2 - line 3)........................................................................................................................................
5.
5. Income apportioned to Montana (line 4X________% from Schedule K, line 5).................................................................................
6.
6. Income allocated directly to Montana (multistate taxpayers only; a detailed breakdown must be attached)................................
7.
7. Montana taxable income before net operating loss (line 5 + line 6 or enter amount reported on line 4)......................................
If line 7 is a loss, do you wish to forego the net operating loss carryback provision?
Yes
No
*If a loss is reported on line 7 and neither box is checked, the loss must first be carried back.
8.
8. Montana net operating loss carryback/carryforward (a detailed schedule must be attached)..........................................................
9.
9. Montana taxable income (line 7 - line 8)......................................................................................................................................................
10.
10. Montana tax liability (line 9 X 6.75%; line 9 X 7% for those corporations electing a water’s edge filing).......................................
Not to be less than the minimum tax liability of $50;
Alternative Tax
minimum tax applies to each corporation with Montana activity
11. Subtract:
2003 overpayment..........................................................................................................................
a.
11a
b.
Tentative payment...........................................................................................................................
11b
c.
Quarterly estimated tax payments...............................................................................................
11c
11.
Total payments...........................................................................................................................................................................................................
12.
12. Subtract: Credits (from Schedule C)...............................................................................................................................................................
13. Amended Return Only:
a.
Add: Previously issued refunds ....................................................................................................
13a
b.
Subtract: Amount paid with original return plus additional amounts paid with previously
filed amended return(s).....................................................................................................................
13b
.............................
13.
Net payments prior to amendment (Total of lines 13a and 13b)....................................................................................................................
14. Tax due or overpayment (Total of lines 10 through 13, enter here).........................................................................................................
14.
15.
15.
Interest from due date @ 12% per annum...................................................................................................................................................
Check box for annualized income or
16.
16.
Estimated tax underpayment interest penalty (attach Form CLT-4-UT) ...
adjusted seasonal income method
a.
17.
Penalty:
Late filing penalty (see instructions)...............................................................................................
17a
b.
Late payment penalty (see instructions)......................................................................................
17b
Total penalty.........................................................................................................................................................................................................
17.
18.
Total due or overpayment (total of lines 14 through 17) Attach remittance payable to the Department of Revenue..................
18.
19.
Overpayment to be credited to 2005 estimated tax....................................................................................................................................
19.
20.
Total refund due..................................................................................................................................................................................................
20.
Declaration
Under penalties of perjury, I, the undersigned officer of the corporation, declare that to the best of my knowledge and belief, this
return and accompanying schedules are a true, correct, and complete return made in good faith for the income period stated above,
pursuant to Montana corporation license tax law and regulations.
Signature of officer
Date
Name of person or firm preparing return
Date
Title
Telephone Number
Preparer’s ID Number
Telephone Number
Mail to: Montana Department of Revenue
Copy of signed Federal Form 1120 must be attached
PO Box 8021
Helena, MT 59604-8021
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