Form S-1041 - City Of Saginaw Income Tax Fiduciary Return

Resident Beneficiaries

1. Name of each resident beneficiary

2. Address

3. Social Security Number

Schedule B - Resident Beneficiaries' Shares of Exclusions

4. Exclusion for Capital Gains and

5. Exclusion for Interest from

6. Exclusion for Rentals

7. Exclusion of Business

8. Total Miscellaneous Estate and

Losses for period prior to July 1,

Government obligations

Income

Trust Income Exclusion (Add

1965 (enter on Line 5, Form

Cols. 5, 6 and 7. Enter on

Line3, Schd. E, Form S-1040)

S-1040)

a $

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

sufficient records to accurately reflect the net profits from operations conducted with the

Fiduciary Return, whether a tax is due or not. For the purposes of this tax, an estate

City of Saginaw, or for other reasons, are not using the separate accounting method.

or trust shall be treated as a non-resident individual and a tax rate of three-fourths

Line 1 -Enter in Column I the average net book value of all real and tangible personal

of one percent 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

property including inventories may be determined by adding the net book values at January

the resident individual's share of the distributable net income of the estate,

1, of the current year and the net book values at the end of the year and dividing the sum

decreased by the amount of depreciation or depletion allowed the resident

thus obtained by 2. Any other method which will accurately reflect the average net book

individual as a deduction under Sec. 642 of the Federal Internal Revenue Code.

value for the current year will also be permitted.

The exceptions hereinafter set forth with respect to trusts are also applicable to

Line 1a - Enter in column I the gross rentals for the current year multiplied by 8 for all

income from estates. "Income from trust" means the amount of "Income" as

rented property regardless of location. In Column II show the gross rentals for the current

defined in Section 643(b) of the Federal Internal Revenue Code, distributed or

year multiplied by 8 for all rented property located inside the City of Saginaw. Gross

required to be distributed under Sec. 652(a) or 662(a) (1) of the Federal Internal

rentals refer only to real property, rented or leased, and should include the actual sums of

Revenue Code, decreased by the amount of depreciation or depletion allowed the

money or other consideration payable, directly or indirectly, by the taxpayer for the use or

resident individual as a deduction by Sec. 642 of the Federal Internal Revenue

possession of such real property for the year.

Code.

Line 2 - Enter in Column I the total compensation paid to all employees during the year and

in Column II show the amount of compensation paid to employees for work done or for

TAXABLE INCOME

services performed inside the City of Saginaw during the current year.

The only types of income taxable to an estate or trust are the following:

Line 3 - Enter in Column I the total gross receipts from all sales or services rendered during

(1) That portion of the net profits from the operation of a business or enterprise

the current year and in Column II show the amount of receipts derived from sales made or

operated by the estate or trust that is attributable to business activity conducted in

services rendered inside the City of Saginaw during the current year.

Saginaw whether or not such business or enterprise is located in Saginaw. For

example, a business located out of Saginaw that conducts business in Saginaw

RESIDENT BENEFICIARIES' SHARES OF INCOME AND CREDITS

would be taxed on the portion of its net profits properly allocable to such Saginaw

SCHEDULE B

business activities.

The information for this schedule is to be taken from the comparable Columns of Schedule

(2) Net profits from rentals from real and tangible personal property located in

C, Form 1041 U.S. Fiduciary Income Tax Return. However only that information which

Saginaw.

applies to residents of the City of Saginaw is to be shown herein. Fiduciaries shall report

(3) Net profits on the sale or exchange of real and tangible personal property

amounts in Columns 4 and 8 to each resident beneficiary who will show these amounts as

located in Saginaw.

exclusions on the Individual Return S-1040.

(4) Income from partnerships.

TAX DUE. Make check or money order payable to Treasurer, City of Saginaw and mail

Other income, such as dividends and interest, are not taxable to trusts and estates.

with this return to Income Tax Office, P.O. Box 5081, Saginaw, MI 48605-5081.

However resident beneficiaries must report their distributive shares on Form S-

REFUND. Mail return to Income Tax Office, 1315 S. Washington, Saginaw MI 48601

1040.

DECLARATION OF ESTIMATED TAX

INSTRUCTIONS FOR FILING ON PAGE 1 OF FORM S-1041

Trust and estates are not required to file a Declaration of Estimated Income tax.

Line 1- The total net profit (or loss) is to be computed from Page 1 of the Federal

However, if you elected to make estimate payments, you may claim these payments on Line

Income Tax Form 1041 by using those lines applicable to any business operation.

13 of Page 1.

Lines 4 and 5 - Before completing these lines, fill out Schedule A - Business

ASSISTANCE

Allocation Formula.

If you have any questions not answered in these instructions, or if you need assistance in

Line 10 - Saginaw resident beneficiaries will report their portion of distributable

preparing your return, call (989) 759-1654 or visit the Income Tax Office in Fiscal Services,

net income on their individual returns and should receive this information from the

City Hall, Room 105, 1315 S. Washington Avenue, Saginaw, Michigan.

Fiduciary. Therefore, this line, which is the resident's share of the Saginaw

income, should be subtracted from Line 9 to arrive at the amount of Saginaw

income taxable to the trust or estate.

Form S-1041 - City Of Saginaw Income Tax Fiduciary Return - 2002 Page 2

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