Form S-1041 - City Of Saginaw Income Tax Fiduciary Return - 2005 Page 2
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1
2Resident Beneficiaries
1. Name of each resident beneficiary
2. Address
3. Social Security Number
a
b
c
d
Schedule B - Resident Beneficiaries' Shares of Exclusions
4. Exclusion for Capital Gains and
5. Exclusion for Interest
6. Exclusion for
7. Exclusion of
8. Total Miscellaneous Estate and
Trust Income
Losses for period prior to July 1,
1965
from
Government
Rentals
Business Income
Exclusion (Add
Cols. 5, 6 and 7. Enter on
(enter on Line 5, Form
obligations
Line3, Schd. E, Form S-1040)
S-1040)
a $
$
$
$
$
b
c
d
Totals $
$
$
$
$
NOTE: Fiduciary shall report amounts in Columns 4 and 8 to each resident beneficiary
Instructions for Form S-1041 - Fiduciary Return
GENERAL
INSTRUCTIONS FOR BUSINESS ALLOCATION FORMULA - SCHEDULE A
The Business Allocation Percentage Formula is to be used by estates or trusts with business
Every trust and estate, which had gross income from sources listed under "Taxable
activity both inside and outside the City of Saginaw, who because they do not maintain
Income", must make and file a form S-1041, City of Saginaw Income Tax Fiduciary
sufficient records to accurately reflect the net profits from operations conducted with the
Return, whether a tax is due or not. For the purposes of this tax, an estate or trust shall
City of Saginaw, or for other reasons, are not using the separate accounting method.
be treated as a non-resident individual and a tax rate of three-fourths of one percent
Line 1 -Enter in Column I the average net book value of all real and tangible personal
shall apply on the earnings listed under "Taxable Income".
property including inventories owned by the business, regardless of location; and in Column
II, show the net book value of the real and tangible personal property including inventories
"Income from estates" means "Income" as defined in Sec. 643(b) of the Federal
located in the City of Saginaw. The average net book value of real and tangible personal
Internal Revenue Code, properly paid, credited or distributed but not in excess of the
property including inventories may be determined by adding the net book values at January
resident individual's share of the distributable net income of the estate, decreased by
1, of the current year and the net book values at the end of the year and dividing the sum
the amount of depreciation or depletion allowed the resident individual as a deduction
thus obtained by 2. Any other method which will accurately reflect the average net book
under Sec. 642 of the Federal Internal Revenue Code. The exceptions hereinafter set
value for the current year will also be permitted.
forth with respect to trusts are also applicable to income from estates. "Income from
Line 1a - Enter in column I the gross rentals for the current year multiplied by 8 for all
trust" means the amount of "Income" as defined in Section 643(b) of the Federal
rented property regardless of location. In Column II show the gross rentals for the current
Internal Revenue Code, distributed or required to be distributed under Sec. 652(a) or
year multiplied by 8 for all rented property located inside the City of Saginaw. Gross rentals
662(a) (1) of the Federal Internal Revenue Code, decreased by the amount of
refer only to real property, rented or leased, and should include the actual sums of money or
depreciation or depletion allowed the resident individual as a deduction by Sec. 642 of
other consideration payable, directly or indirectly, by the taxpayer for the use or possession
the Federal Internal Revenue Code.
of such real property for the year.
Line 2 - Enter in Column I the total compensation paid to all employees during the year and
TAXABLE INCOME
in Column II show the amount of compensation paid to employees for work done or for
The only types of income taxable to an estate or trust are the following:
services performed inside the City of Saginaw during the current year.
(1) That portion of the net profits from the operation of a business or enterprise
Line 3 - Enter in Column I the total gross receipts from all sales or services rendered during
operated by the estate or trust that is attributable to business activity conducted in
the current year and in Column II show the amount of receipts derived from sales made or
Saginaw whether or not such business or enterprise is located in Saginaw. For
services rendered inside the City of Saginaw during the current year.
example, a business located out of Saginaw that conducts business in Saginaw would
be taxed on the portion of its net profits properly allocable to such Saginaw business
RESIDENT BENEFICIARIES' SHARES OF INCOME AND CREDITS
activities.
SCHEDULE B
(2) Net profits from rentals from real and tangible personal property located in
The information for this schedule is to be taken from the comparable Columns of Schedule
Saginaw.
C, Form 1041 U.S. Fiduciary Income Tax Return. However only that information which
(3) Net profits on the sale or exchange of real and tangible personal property located
applies to residents of the City of Saginaw is to be shown herein. Fiduciaries shall report
in Saginaw.
amounts in Columns 4 and 8 to each resident beneficiary who will show these amounts as
(4) Income from partnerships.
exclusions on the Individual Return S-1040.
Other income, such as dividends and interest, are not taxable to trusts and estates.
TAX DUE. Make check or money order payable to Treasurer, City of Saginaw and mail
However resident beneficiaries must report their distributive shares on Form S-1040.
with this return to Income Tax Office, P.O. Box 5081, Saginaw, MI 48605-5081.
REFUND. Mail return to Income Tax Office, 1315 S. Washington, Saginaw MI 48601
INSTRUCTIONS FOR FILING ON PAGE 1 OF FORM S-1041
Line 1- The total net profit (or loss) is to be computed from Page 1 of the Federal
DECLARATION OF ESTIMATED TAX
Income Tax Form 1041 by using those lines applicable to any business operation.
Trust and estates are not required to file a Declaration of Estimated Income tax.
Lines 4 and 5 - Before completing these lines, fill out Schedule A - Business
However, if you elected to make estimate payments, you may claim these payments on Line
Allocation Formula.
13 of Page 1.
Line 10 - Saginaw resident beneficiaries will report their portion of distributable net
ASSISTANCE
income on their individual returns and should receive this information from the
If you have any questions not answered in these instructions, or if you need assistance in
Fiduciary. Therefore, this line, which is the resident's share of the Saginaw income,
preparing your return, call (989) 759-1650 or visit the Income Tax Office in Fiscal Services,
should be subtracted from Line 9 to arrive at the amount of Saginaw income taxable
City Hall, Room 105, 1315 S. Washington Avenue, Saginaw, Michigan.
to the trust or estate.
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