Business Tax Form - General Instructions For Filing Business Taxes

Business Tax Form - General Instructions For Filing Business Taxes - 2003 Page 4

NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

FORM

BUSINESS ENTERPRISE TAX QUICK CHECKLIST

BET-CKLST

- DIVIDENDS -

“Dividends” means any distribution of money or property, other than the distribution of

newly issued stock, to owners of the business enterprise with respect to their ownership

interest in such enterprise from the accumulated revenues and profits of the enterprise.

Dividends Subject to Tax

Non-taxable Dividends

•

All property transferred from the accumulated profits

•

Amounts deducted under RSA 77-A:4, III for personal

of a business enterprise to an owner with

services of the proprietor or partner which are

respect to the owner’s ownership interest.

considered an expense in determining net income

from business activities (also see the compensation

•

All personal expenditures made by a business

section).

enterprise on behalf of an owner which have not

•

been properly reported as compensation or loans

Distribution in liquidation or in complete redemption

for federal income tax purposes.

of an owner’s interest.

•

Forgiveness of an owner’s indebtedness to the

Any deemed dividend election that may be made

business enterprise, unless reported as

by members of an affiliated group.

compensation or interest to the individual and

•

included in those elements of the Enterprise Value

Pensions, profit-sharing, stock bonus plan.

Tax Base.

•

Cash or non-cash payments of life, sickness,

•

Automatic re-investment of property distributed from

accidents, or other benefits to members or their

accumulated profits into additional stock.

dependents or designated beneficiaries from VEBA’S

(Voluntary Employees’ Beneficiary Association)

qualified under Section 501(c)(9) of the IRC.

•

Distributions of money or property to participants from

any common trust fund as defined under Section 584

of the IRC.

•

Life insurance dividends.

•

Payments of interest on deposits of depositors of

a mutual bank or credit union.

•

Distributions of money or property to or on behalf

of beneficiaries of a trust which is either subject to

taxation under Section 641 of the IRC.

•

Patronage dividends.

•

Distributions of money or property to beneficiaries

of a trust qualified under Section 401 of the IRC.

•

Policy holder dividends as defined under Section 808

of the IRC, to extent such dividends are not reduced

pursuant to Section 809 of the IRC.

BET-CKLST

Rev. 8/12/04

Business Tax Form - General Instructions For Filing Business Taxes - 2003 Page 4

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