Form Dr-350111 - Intangible Tax Self_audit Worksheet Page 5
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8Instructions for completing the
DR-350111
R. 06/07
Intangible Tax Self-Audit Worksheet
Page 5 of 8
general Information
The following types of intangible property are
exempt from taxation:
The Florida Intangible Personal Property Tax is
an annual tax based on the market value of the
1.
Money - this includes cash on hand and in
intangible property owned by a Florida resident or
the bank, certificates of deposit, annuities and
other individual(s) obligated to pay the intangible tax.
similar instruments.
Intangible personal property is defined as all
2.
Units of a registered investment company
personal property which is not itself valuable, but is
which is organized under an indenture of trust
valuable because of what it represents. The most
(unit investment trust or Massachusetts type
common examples are: shares of stock issued by
business trust) shall have the portion of its net
corporations; bonds issued by corporations or state,
asset value exempt from tax which is equal to
county or municipal governments outside the state
the portion of the portfolio containing United
of Florida; accounts receivable or other loans which
States government debt obligations. If the fund
are not secured by real property; shares or units of
is incorporated, the entire fund is taxable.
ownership in mutual and money market funds.
3.
All intangible property held in an employee
Who Must File a Return**
retirement plan qualified under section 401,
United States Internal Revenue Code, as
Every person who is a legal resident or who is
amended.
domiciled in this state on January 1 of the tax
year is required to file an intangible tax return if
4.
All intangible property held in an Individual
they own, manage, or control intangible personal
Retirement Account (IRA) qualified under
property. Individuals and married couples can
section 408, United States Internal Revenue
either file Form DR-601 or DR-601AI when filing a
Code, as amended. This includes Roth and
return. Corporations, partnerships, affiliated groups,
Educational IRA’s.
and fiduciaries are to file on Form DR-601C or
DR-601AC.
5.
All intangible property held in a deferred
compensation plan which is offered to
If tax due on Line 6 is less than $60.00, you are not
governmental employees and qualified under
required to file a return. however, we recommend
section 457, United States Internal Revenue
that you submit a return to avoid future contact
Code, as amended.
regarding this tax year. Trustees and personal
representatives are required to file a return listing all
6.
Interest in a general partnership or franchise.
intangible property owned by the trust or estate if the
beneficiaries are including the trust or estate assets
7.
Interest in a limited partnership not registered
on their personal return. This return is to advise the
with the Securities and Exchange Commission.
Department that the beneficiaries have filed returns,
including the intangible property on their personal
8.
REMICS.
returns and under what number the returns have
been filed.
9.
Bonds, notes, and other obligations issued by
the state of Florida, its counties, municipalities,
Exemptions
or other taxing districts, and the United States
government and its agencies, territories and
See Page 2, Tax Rates and Exemption Schedule
possessions. These investments when held in a
fund may be taxable.
Custodians of minors and incompetents may file
a return and claim the exemption on behalf of
10. Notes and other obligations, except bonds, to
the minor or incompetent using the minor’s or
the extent secured by a lien on real property
incompetent’s social security number. Agents and
located inside or outside the state.
fiduciaries may not claim the exemption in their own
right or on behalf of their principals or beneficiaries.
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