Form Dr-350111 - Intangible Tax Self_audit Worksheet Page 7
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8DR-350111
R. 06/07
Page 7 of 8
For each line, calculate the value by multiplying
Shares of restricted stock may be subject to a
Column A by Column D, then dividing the product
discount, reducing the taxable value. The amount
by 100, and multiplying the product by Column E.
of discount depends on the circumstances in
This results in the total taxable amount for each
each situation. Any discount taken is subject to
bond listed. Total all entries in the Total Taxable
verification by audit. Securities purchased on margin
Amount column and enter on Line 9. Transfer this
are taxable to the purchaser.
amount to Schedule A, Line 1, on the face of your
worksheet. Bonds, notes or other obligations issued
List the name of the issuing company in the first
column. Do not abbreviate the name of the
by the state of Florida, its counties, municipalities
or special taxing districts, the United States
company. (Your abbreviation may not be recognized
government, its agencies, possessions, territories,
and could result in inquiries about stocks missing
or the Commonwealth of Puerto Rico, Guam, U.S.
from your Intangible Worksheet.) Place only one
virgin Islands, Samoa and the Northern Marianas,
name on a line. The next column is used to identify
are exempt. however, if these investments are held
the class of stock owned, such as common or
in a fund, they may be taxable.
preferred. Column A is for the number of shares of
stock owned. Column B is the just value per share
Schedule c - Stocks, Mutuals, Money Market
of stock or the market price per share. The next
Funds, and Limited Partnership Interests
column is the total just value or the total market
value of each class of stock owned. This total is
Arrange all stocks in alphabetical order before
obtained by multiplying Column A by Column B. The
entering the names on the schedule.
product is placed in the Total Just value column.
Now add all entries in the Total Just value Column
Shares of stock, money market funds, mutual
and enter the results on Line 10. Transfer this total
funds, or the interest of a limited partner in a
to Schedule A, Line 2 on the face of your Intangible
limited partnership which are regularly listed
Worksheet. All intangible property held in an
on any exchange or regularly traded over the
Individual Retirement Account (IRA) qualified
counter are valued at their closing market price
under section 408, United States Internal
on the last business day of the previous calendar
Revenue code, as amended, is exempt.
year. Shares or units of mutual funds, money
Schedule D - Loans, Notes, & Accounts
market funds, or unit investment trusts are valued
at net asset value (unless completely or partially
exempt) on the last business day of the previous
This schedule is used to report any loans, notes,
calendar year. (See exemption Item 2.) All shares
or accounts receivable that you own. Your loans
of stock or units of a mutual fund or money market
to friends or relatives should be included as
fund owned by a Florida resident are subject to
taxable property. Notes secured by a lien on real
tax regardless of the physical location of the stock
property are exempt and should not be reported.
or unit certificates of the location of the issuing
Proprietorships often operate using cash basis
company. (Many newspapers publish the closing
accounting. If you are the proprietor of a business
market value for most stocks, mutual and money
using this type of accounting system, the outstanding
market funds in their January 1 issue.)
balance of any credit sale is an account receivable
owned by you. For tax purposes, all loans, notes
Shares of stock, money market funds, or an interest
or accounts receivable are to be valued at their
in a limited partnership registered with the Securities
unpaid principal balance as of January 1 of the tax
and Exchange Commission, not regularly traded on
year, unless the taxpayer can satisfactorily establish
the open market are to be valued using generally
a lesser value. Enter the total value of all loans,
accepted methods of valuation. Internal Revenue
notes, or accounts receivable on the proper line in
Ruling 59-60 details some of the methods which the
Schedule D. Total the values entered in each of
Department of Revenue has found acceptable.
these lines and enter the value on Line 11. Transfer
this value to Schedule A, Line 3 on the face of your
Intangible Worksheet.
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Parent category: Financial