Form 504 - Maryland Fiduciary Income Tax Return - 2007 Page 2

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FORM
MARYLAND
Page 2
504
FIDUCIARY INCOME TAX RETURN
2007
NAME ________________________________ SSN ________________________
FIDUCIARY’S SHARE OF MARYLAND MODIFICATIONS
(a) Do not complete lines 1 through 9 if the fiduciary distributes all of the income during the tax year. See Instructions. (b) Complete lines 1
through 8 and enter on line 24 if the fiduciary retains 100% of the income for the tax year. (c) Complete lines 1 through 9 if a partial distribution
of income is made by the fiduciary during the tax year. Write a minus sign (-) in front of any negative numbers.
ADDITIONS
1
1.
Interest on state and local obligations other than Maryland . . . . . . . . . . . . . . . . . . . . . . . . .
2
2.
Income taxes deducted on federal return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
3.
Other additions to income (Specify) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
4.
Total additions (Add lines 1 through 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SUBTRACTIONS
5
5.
Income from U.S. obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
6.
Other subtractions (Specify) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
7.
Total subtractions (Add lines 5 and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
8.
Net Maryland modifications (Line 4 less line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
Fiduciary’s share of net Maryland modifications. Divide the total distribution from federal Form 1041 by the distributable net income,
expressing the answer in decimal form. Subtract the decimal from 1 and multiply the difference by line 8.
1 – ( ________________________ ÷ ________________________ ) = ________________________
Total distribution
Distributable
Undistributed
Line 11, Schedule B,
net income
income factor
federal Form 1041
Line 7, Schedule B,
federal Form 1041
9
________________________ x ________________________ =
Undistributed
Net Maryland modifications
Enter here and on line 24
income factor
Line 8 of this form
NONRESIDENT BENEFICIARY DEDUCTION
Complete this area only if any beneficiaries are nonresidents of Maryland
10
10. Income from intangible personal property accumulated for a nonresident (See Instruction 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
11. Related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
12. Nonresident beneficiary deduction (Subtract line 11 from line 10.) Enter on line 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CREDIT FOR TAXES PAID TO OTHER STATES
Complete this area if the fiduciary is a resident and is liable for income tax to another state. Attach a copy of the return filed with the other state.
13
13. Maryland net taxable income (from line 29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
14. Net taxable income of fiduciary in other state . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
15. Revised net taxable income (Subtract line 14 from line 13. If less than 0, write 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
16. Maryland tax (from line 30) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
17. Tax on amount on line 15 (Use rate schedule.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
18. Tentative tax credit (Line 16 less line 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
19. State tax shown on return filed with the state of ______________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Attach copy of return filed with the other state.)
20
20. Credit for tax paid to the other state (Enter the lesser of line 18 or 19 here and on line 39) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AMENDED RETURNS
If you are filing an amended fiduciary income tax return, check the box and draw a line through any barcodes on the front. Explain the changes you are making in the space
below. Attach a copy of the amended federal Form 1041 if the federal return is being amended.
EXPLANATION OF CHANGES
MAIL TO:
COMPTROLLER OF MARYLAND
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements and to the best
of my knowledge and belief it is true, correct and complete. If prepared by a person other than taxpayer, the declaration is based on all
REVENUE ADMINISTRATION DIVISION
information of which the preparer has any knowledge. Check here
if you authorize your preparer to discuss this return with us.
ANNAPOLIS, MARYLAND 21411-0001
Signature of preparer other than fiduciary
Date
Signature of fiduciary or officer representing fiduciary
Date
Address and telephone of preparer
COM/RAD-021
07-49

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