Form Il-1065 - Partnership Replacement Tax Return - 2007 Page 2
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Write your unmodified base income from Line 3.
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Step 4: Figure your income or loss
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15
State, municipal, and other interest income excluded from Line 4.
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Illinois replacement tax deducted in arriving at Line 4.
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Illinois Bonus Depreciation addition. Attach Form IL-4562.
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18
Related-Party Expenses addition. Attach Schedule 80/20.
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19
Distributive share of additions. Attach Schedule K--P or K--T.
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20
Guaranteed payments to partners from U.S. Form 065.
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The amount of loss distributable to a partner subject to replacement tax. Attach Schedule B
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.
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22
Other additions. Attach Illinois Schedule M (for businesses).
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23
Add Lines 4 through 22. This amount is your income or loss.
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Step 5: Figure your Illinois base income or net loss
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24
Interest income from U.S. Treasury obligations or other exempt federal obligations.
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August , 969 valuation limitation amount. Attach Schedule F.
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Personal service income or reasonable allowance for compensation of partners.
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Share of income distributable to a partner subject to replacement tax. Attach Schedule B.
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28
Expenses incurred in producing certain federally tax-exempt income or federal credits.
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Enterprise Zone or River Edge Redevelopment Zone
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dividend subtraction. Attach Schedule 299-A.
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High Impact Business dividend subtraction. Attach Schedule 299-A.
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31
Illinois Bonus Depreciation subtraction. Attach Form IL-4562.
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Related-Party Expenses subtraction. Attach Schedule 80/20.
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Distributive share of subtractions. Attach Schedule K--P or K--T.
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34
Other subtractions. Attach Schedule M (for businesses).
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Total subtractions. Add Lines 24 through 34.
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36
Base income or net loss. Subtract Line 35 from Line 23.
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If the amount on Line 36 is derived inside and outside Illinois, complete Step 6; otherwise go to Step 7.
S tep 6: Figure your income allocable to Illinois
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37
Nonbusiness income or loss. Attach Schedule NB.
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38
Non-unitary partnership business income or loss included in Line 36.
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Add Lines 37 and 38.
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40
Business income or loss. Subtract Line 39 from Line 36.
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Total sales everywhere. This amount cannot be negative.
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42
Total sales inside Illinois. This amount cannot be negative.
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.
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43
Apportionment factor. Divide Line 42 by Line 4 (carry to six decimal places).
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44
Business income or loss apportionable to Illinois. Multiply Line 40 by Line 43.
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45
Nonbusiness income or loss allocable to Illinois. Attach Schedule NB.
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46
Non-unitary partnership business income or loss apportionable to Illinois.
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47
Base income or net loss allocable to Illinois. Add Lines 44 through 46.
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Step 7: Figure your net income
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48
Base income or net loss from Step 5, Line 36, or Step 6, Line 47.
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49
Illinois net loss deduction. Attach Schedule NLD.
49
If Line 48 is zero or a negative amount, write “0.”
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50
Income after NLD. Subtract Line 49 from Line 48.
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51
Write the amount from Step 5, Line 36.
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52
Divide Line 48 by Line 5. (This figure cannot be greater than “.”)
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53
Exemption allowance. Multiply Line 52 by $,000. (Short-year filers, see instructions.)
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Net income. Subtract Line 53 from Line 50.
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IL-065 (R-2/07)
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