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Form 81-310-03-8-2-000 (Rev. 12/03)

Mississippi

Prior Year & Amended Fiduciary Income Tax

Return

(For Estates and Trusts)

1997 and Prior

Page 2

must attach a copy of its Federal return

A fiduciary

and use Federal adjusted total

FEIN

income (Form 1041) as a beginning point for computing its net taxable income for Mississippi

tax purposes. Adjustments for additions to and deductions from Federal net income, as

indicated below, are required because of the differences in Federal and Mississippi laws.

Computation of Taxable Income

Round All Amounts to the Nearest Dollar

(If neg ative, shad e min us (-) in b ox as in ex amp le at le ft)

1. Adjusted Total Income or Loss From Federal Form 1041, Page 1, Line 17

. . . .

Additions to Federal Income for Mississippi purposes:

a. State, local & foreign government taxes based on income

2a.

b. Depletion in excess of cost basis

2b.

c. Interest on obligations of other states/political subdivisions

2c.

d. Expenses directly applicable to earning interest on U.S. Government obligations

2d.

claimed on Federal Form 1041

e. Itemized deductions claimed on Form 1041. (Add back only if Standard Deduction is claimed

2e.

below.)

2f.

f. Other additions (Itemize)

2g.

2h.

3. Total additions. Add lines 2a through 2h.

4. Total of lines 1 and 3

. . . .

Deductions from Federal income for Mississippi purposes:

a. Interest on U.S.Government obligations

5a.

b. Wages reduced by Federal employment tax credits

5b.

c. Section 27-7-9(f)(10) gain included in line 4, page 1, Form 1041 (LTCG from sales of stock

or interest in domestic (Mississippi) corporations, limited partnerships, or LLCs)

d. Expenses directly applicable to earning interest income shown on line 2c above not claimed

5d.

on Federal Form 1041

e. Standard Deduction (See Line 2e above if standard deduction is claimed.)

5e.

f. Other deductions (Itemize)

5f.

5g.

5h.

6. Total deductions. Add lines 5a through 5h.

7. Adjusted Net Income or Loss for Mississippi purposes Subtract line 6 from line 4.

. . . .

8. Amount distributed to beneficiaries (From Schedule K)

9. Estate tax deduction (Attach schedule of computation.)

10. Exemption (Estate - $ 600; Simple Trust - $ 300; Complex Trust - $ 100)

10.

11. Total Add lines 8 through 10.

11.

12. Taxable Income or Loss for Mississippi Purposes Subtract line 11 from line 7.

. . . .

(Enter here and on line 6, page 1.)

. . . .

Form 81-310-03-8-1-000 - Prior Year Fiduciary Income Tax Return For Estates And Trusts - Ms Office Of Revenue - 2003 Page 2

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