Form It-20s - Indiana S Corporation Income Tax Return

Indiana Department of Revenue

Indiana S Corporation Income Tax Return

for Calendar Year Ending December 31, 2001

or Other Tax Year Beginning _________/________/2001 and Ending ________/________/ __________

YYYY

(Do not write above)

Form IT-20S

Federal Identification Number

State Form 10814 (R/9-01)

Principal Business Activity Code

Name of Corporation

Indiana Taxpayer Identification Number

Number and Street

Indiana County or O.O.S.

Telephone Number

City

State

Zip Code

(

)

K. Date of incorporation

in the State of

P. Check:

Initial Return

Final Return

In Bankruptcy

L. State of commercial domicile

Composite Return

M. Year of initial Indiana return

Q. Number of non-Indiana resident shareholders?

N. Accounting method:

Cash

Accrual

Other

R. Is an extension of time to file attached? Yes

O. Date of election as S corporation

S. Did the corporation file as a C corporation for the prior tax period?

Yes

T. Are you a corporate member of any partnerships?

Yes

Schedule A - S Corporation Adjusted Gross Income (See worksheet on page 8)

1. Total net income (loss) from U.S. Corporation return, Form 1120S Schedule K, lines 1 through 6 less line 8 and 11b(2) ................

2. Add back: a) All state income taxes (taxes based on income deducted on the federal return) .....

Deduct:

b) Interest on U.S. Government Obligations ................................................................

Deduct:

c) Exempt Indiana lottery prize receipts .......................................................................

3. Total state modifications (line 2a, minus lines 2b and 2c) ...................................................................................................................

4. Total S corporation income, as adjusted (add lines 1 and 3) .................................................................................................................

___ ___ . ___ ___ %

5. Enter average percentage for Indiana apportioned adjusted gross income from IT-20 S Schedule E line (4c) if completed ..............

CONTINUE SCHEDULE A BY COMPLETING IT-20S IN K-1 (ON REVERSE SIDE)

Schedule B - Excess Net Passive Income, Capital Gains & Built-In Gains - IT-20S Summary of Calculations

6. Excessive net passive income tax as reported on federal Form 1120S, line 22 a ................................................................................

7. Tax from federal Schedule D as reported on federal Form 1120S, line 22 b .......................................................................................

8. Excess net passive income from federal worksheet ......................................................................

9. Capital gains from federal Schedule D (1120S) ...........................................................................

2001

10. Built-in gains from federal Schedule D (1120S) ..........................................................................

11. Add the amounts on lines 8, 9 and 10 ...........................................................................................

12. Taxable income apportioned to Indiana (multiply line 11 by line 5) (if applicable) ....................

IT-20S

13. Adjusted gross income tax (multiply line 12 by 3.4%) ................................................................

14. Supplemental net income (subtract line 13 from line 12) ............................................................

15. Supplemental net income tax (multiply line 14 by 4.5%) ............................................................

16. Total income tax from Schedule B (add lines 13 and 15 above) .........................................................................................................

17. Sales/use tax on purchases subject to use tax from Sales/Use Tax Worksheet (from page 8) .............................................................

18. Total composite tax from completed Schedule IT-20COMP (D&E). Attach Schedule ......................................................................

19. Total tax (add lines 16, 17, and 18) Caution: If line 19 is zero, see line 24 late file penalty ..............................................................................................

20. Total composite tax return credits (attach schedule and WH-18 statement for composite members .................................................

21. Other credits belonging to the corporation (attach documentation) ....................................................................................................

22 Subtotal (line 19 minus lines 20 and 21). If total is greater than zero, proceed to lines 23, 24, and 25 ............................................

23. Interest: Enter total interest due; see instructions. (Contact the Department for current interest rate) .............................................

24. Penalty: If paying late enter 10% of line 22, see instructions. If line 19 is zero, enter $10 per day filed past due date ...................

25. Total Amount Due:

Add lines 22, 23 and 24. If less than zero, enter on line 26. Make check payable to:Indiana Department of Revenue

26. Overpayment: Line 20 plus line 21, minus lines 19, 23 and 24 .................................................

27. Refund: Amount from line 26 to be refunded. Enter as a positive figure ...................................

(Do not write below)

I authorize the Department to discuss my return with my tax preparer.

Yes

Under penalties of perjury, I declare I have examined this return, including accompanying schedules and statements, and to the best of

my knowledge and belief it is true, correct and complete.

Corporation's e-mail address

Signature of Corporate Officer