Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2016 Page 2
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Part IV. Calculation of Allowable Credit – Sole Proprietorships, C Corporations and Partners in a Partnership or
Shareholders of an S Corporation Who Completed Part I Only
1. Sole proprietorships and C corporations: enter the total of Part III, line 8, for all columns.
1.
Partners and shareholders of an S corporation: enter your portion of the credit from Part I.
2. Enter your Montana tax liability. (See instructions.)
2.
3. Multiply line 2 by 50% (0.50) and enter the result here.
3.
4. Enter the lesser of line 1 or line 3 here. This is your allowable mineral and coal
exploration incentive credit.
4.
Where to Report Your Credit
► Individuals: Form 2, Schedule V
► C corporations: Form CIT, Schedule C
Part V. Carryover Calculation for Entities with More Than One Distinct Mining Operation – Sole Proprietorships
and C Corporations Only. If you only have one distinct mining operation, you do not have to complete this schedule.
Column A
Column B
Column C
1. Name of mining operation
1.
2. Enter the amount from Part III, line 8.
2.
3. Enter the amount from Part IV, line 1.
3.
4. Divide line 2 by line 3 and enter the result here.
4.
5. Enter the amount from Part IV, line 4.
5.
6. Multiply line 4 by line 5 and enter the result here. This
is your current year allowable credit taken for each
distinct mining operation.
6.
7. Enter the amount on Part III, line 7.
7.
8. Subtract line 6 from line 7 and enter the result here.
8.
9. Enter the amount from Part II, line 4.
9.
10. Add lines 8 and 9; enter the result here. This is the
amount available to carry forward to subsequent years.
10.
Part VI. Mineral and Coal Exploration Incentive Credit Calculation – Partnerships and S Corporations Only.
Complete a column for each distinct mining operation.
Column A
Column B
Column C
1. Name of mining operation.
1.
2. Enter the amount of certified expenditures from Form
MINE-CERT. (Please include a copy of Form MINE-
CERT with the certified amount.)
2.
3. Multiply line 2 by 50% (0.50) and enter result here.
3.
4. Enter the total amount of credit previously claimed.
4.
5. Add lines 3 and 4. If the result is $20,000,000 or
less, your allowable mineral and coal exploration
incentive credit is the amount reported on line 3.
If the result is greater than $20,000,000, go to line 6.
5.
6. Enter $20,000,000.
6.
7. Subtract line 4 from line 6. This is your allowable
mineral and coal exploration incentive credit for
the current year.
7.
Where to Report Your Credit
► Partnerships: Form PR-1, Schedule II
► S corporations: Form CLT-4S, Schedule II
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