Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2016 Page 4
Download a blank fillable Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2016 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2016 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Line 1 – Enter the name of each distinct mining operation.
Sole proprietorship: This amount can be found on line 50 of
Form 2.
Line 2 – Enter the amount of certified expenditures from
Form MINE-CERT and include a copy of Form MINE-
Line 3 – Multiple line 2 by 50% (0.50).
CERT.
Line 4 – Enter the lesser of line 1 or line 3. This is your
Line 3 – Multiple line 2 by 50% (0.50). This is your Mineral
allowable credit. Enter this amount on Form 2, Schedule
and Coal Exploration Incentive Credit for the current year.
V for sole proprietorships and Form CIT, Schedule C for C
corporations.
Line 4 – Enter the amount of credit available for
carryforward from prior year(s) and include a detailed
Part V. Carryover Calculation for Entities with More
schedule.
Than One Distinct Mining Operation
Line 5 – Add lines 3 and 4. This is your total credits
Only sole proprietorships and C corporations should
available before the $20 million limitation.
complete Part V.
Part III. $20 Million Credit Limitation
If you have only one distinct mining operation, you do
not have to complete this schedule. A separate carryover
Only sole proprietorships and C corporations should
schedule needs to be completed for each distinct mining
complete Part III.
operation.
Each column must be completed for each distinct mining
Line 1 – Enter the name of each distinct mining operation.
operation. If necessary, use additional pages.
Line 2 – Enter the amount from Part III, line 8 for each
Line 1 – Enter the amount of credit taken in previous years.
column (total credit available after $20 million limitation).
Line 2 – Subtract line 1 from $20,000,000. If this amount is
Line 3 – Enter the amount from Part IV, line 1 (Total
zero, stop here. You do not qualify for any additional credit
available credit for all distinct mining operations). This
in the current year or any future years.
amount will be the same for each column.
Line 3 – Enter the amount from Part II, line 4 (credit carried
Line 4 – Divide line 2 by line 3. Round the decimal to at
over from prior years).
least four places (0.5555).
Line 4 – Subtract line 3 from line 2. If this amount is less
Line 5 – Enter the amount from Part IV, line 4 (Your
than zero, enter zero. You do not qualify for any additional
allowable credit for the current year).
credit in the current year or any future years.
Line 6 – Multiply line 4 by line 5 for each column. This is
Line 5 – Enter the amount from Part II, line 3 (Mineral and
your credit taken in the current year for each distinct mining
Coal Exploration Incentive Credit).
operation. The total of this row should equal Part IV, line 4.
Line 6 – Subtract line 5 from line 4. This is the maximum
Part VI. Mineral and Coal Exploration Incentive Credit
amount of additional credit to be earned in future years. If
Calculation
the amount is less than zero, enter zero. You do not qualify
for any additional credit in future years.
Only partnerships and S corporations should complete
Part VI.
Line 7 – Enter the lesser of line 4 or line 5.
Each column must be completed for each distinct mining
Line 8 – Add lines 3 and 7. This is the amount of credit
operation. If necessary, use additional pages.
available to be taken after the $20 million dollar limitation.
Line 1 – Enter the name of each distinct mining operation.
Part IV. Calculation of Allowable Credit – Sole
Proprietorships, C Corporations and Partners or
Line 2 – Enter the amount of certified expenditures from
Shareholders Who Completed Part I Only
Form MINE-CERT and include a copy of Form MINE-
CERT.
Only sole proprietorships, C corporations and partners
in partnerships or shareholders of an S corporation who
Line 3 – Multiple line 2 by 50% (0.50).
completed Part 1 should complete Part IV.
Line 4 – For each distinct mining operation, enter the total
Line 1 – Sole proprietorships and C corporations: enter the
amount of credit claimed on all prior returns.
total of Part III, line 8, for all columns. This is the amount of
Line 5 – Add lines 3 and 4. If the result is $20,000,000 or
credit available for all distinct mining operations.
less, stop here, your allowable mineral and coal exploration
Partners in a partnership and shareholders of an S
incentive credit is the amount reported on line 3. If the
corporation who completed Part I: enter your portion of the
result is greater than $20,000,000, go to line 6.
credit from Part I.
Line 6 – Enter $20,000,000
Line 2 – Enter your Montana tax liability.
Line 7 – Subtract line 4 from line 6. This is your allowable
Corporation: This amount can be found on line 10 of Form
mineral and coal exploration incentive credit.
CIT. If you are filing a combined return, and have more
Questions? Call us toll free at (866) 859-2254 (in Helena,
than one entity with activity in Montana, enter line 6h of the
444-6900).
Schedule K-Combined for this entity.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial