Form Mt-001 - Report Of Net Proceeds Occupation Tax On Mining Of Metallic Minerals (Page 4 of 4) in pdf

SCHEDULE C – Reconciliation of Book Income as Reported per your Audited Financial Statements and the

Wisconsin Income Tax Return for the Current Year with the Net Proceeds per this Report

Book Income Credited to Retained Earnings December 31, 1999 or fiscal year ending _________ . A $

Additions to Book Income to Arrive at Net Proceeds:

1. Corporate officers' salaries and expenses . . . . . . . . . . . . . . . . . . . . . . . . . $

2. Lobbying expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Expenses incurred out-of-state . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Charitable contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. Depreciation & amortization expense not included in Schedule B . . . . . . .

6. Interest expense in excess of amount allowable . . . . . . . . . . . . . . . . . . . .

7. Excess of book depletion over amount allowable . . . . . . . . . . . . . . . . . . . .

8. Net proceeds tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9. Federal and state income or franchise taxes . . . . . . . . . . . . . . . . . . . . . . .

10. Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Other: please specify ___________________________________

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____________________________________________________

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____________________________________________________

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Total Additions to Book Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B $

Subtractions From Book Income to Arrive at Net Proceeds:

1. Revenues attributable to other mines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

2. Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Excess of allowable depreciation over book depreciation . . . . . . . . . . . . .

5. Other: please specify . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Subtractions From Book Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C $

Net Proceeds for 1999 – should agree with Line 18, page 2 . . . . . . . . . . . . . . (A + B - C) . . . . . . . . . . D $

Specific Instructions

For Pages 1 through 4

Line 1, page 1: Gross proceeds means gross income from mining as

Line 11, page 2: Royalties are deductible if paid to mine owners of the

described at section 70.375(1)(ai) of the Wisconsin Statutes. Complete

mineral rights to the land where the mine or an extension of the mine is

Schedule B.

located. A mine owner does not include the person mining or a controlled

entity or controlling entities of the person mining.

Line 3, page 2: Submit a schedule showing a breakdown of expenses for

this line.

Line 12, page 2: Submit a schedule showing straight-line amortization

of premining costs.

Taxes paid (except the net proceeds tax) including property, sales

and use taxes and allowed as a deduction for Wisconsin corpora-

Line 15, page 2: Interest expense shall not exceed 5% of line 1, Gross

tion income or franchise tax purposes are deductible provided

Proceeds. Interest that is deductible must be specifically allocable to the

that they are allocable to this mine.

mine operation or if not specifically allocable, shall be deductible in the

proportion that capital investment in the mine operation is to the total

Federal and state income or franchise taxes are not deductible for

capital investment of the taxpayer. If an allocation must be made, submit

Wisconsin income or franchise tax purposes. See Wisconsin Tax

the computation.

Bulletin #47 (July 1986, p 27) for a discussion on deduction of

taxes by corporations.

Line 16, page 2: Submit a schedule showing the computation of the

allowance for cost depletion of the ore.

Line 10, page 2: With respect to property subject to depreciation or

amortization prior to January 1, 1981, the deduction shall be as allowed

When completing Schedules A, B and C, additional information may be

under the 1979 statutes. Depreciation or amortization expense on prop-

furnished for purposes of conveying a better understanding and analysis

erty first eligible for depreciation on or after January 1, 1981, shall be the

of depreciation expense and gross/net proceeds.

amount as deductible for Wisconsin Income and Franchise Tax purposes

of Corporations [s. 71.26(2)]. Complete Schedule A.

Form Mt-001 - Report Of Net Proceeds Occupation Tax On Mining Of Metallic Minerals Page 4

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