Form An 2008 - Special Instructions For Stimulus Depreciation (Page 3 of 4) in pdf

Will the 2008 Forms CT-1120, CT-1120CR,

•

On 2007 Form CT-1120CR, Combined

CT-1120U, and CT-1120X be revised to reflect

Corporation Business Tax Return, Part II,

the modifications for purposes of calculating

Line 3. (This is the same line used to report

the corporation business tax? Yes. The 2008

taxes that must be added back to income

Forms CT-1120, CT-1120CR, CT-1120U, and

from Schedule F, Line 8 of Form CT-1120).

CT-1120X will contain the appropriate lines to make

•

the necessary addition and subtraction modifications.

2007

Form

CT-1120U,

Unitary

In addition, corporations will have to complete

Corporation Business Tax Return, Schedule D,

Schedule J, on Form CT-1120 ATT, which will

Line 3. (This is the same line used to report

provide a separate line to account for the difference

taxes that must be added back to income

between the federal and state depreciation amounts

from Schedule F, Line 8 of Form CT-1120).

for 2008.

•

2007

Form

CT-1120X,

Amended

Corporation

Business

Tax

Return,

Schedule D, Line 3. (This is the same line

Effect of This Document: Announcements alert

used to report taxes that must be added back

taxpayers to new developments (other than newly

to income from Schedule F, Line 8 of Form

enacted or amended Connecticut or federal laws or

CT-1120).

newly released judicial decisions), including new

administrative positions, policies, or practices.

2. Complete Schedule J of the newly created 2007

Form CT-1120 ATT (FY), Corporation Business

Tax Return Attachment Schedules H, I, and J. Do

For Further Information: Call DRS during

not

use the 2007 Form CT-1120 ATT,

business hours, Monday through Friday:

Corporation Business Tax Return Attachment

• 1-800-382-9463 (Connecticut calls outside the

Schedules H, I, and J. 2007 Form CT-1120 ATT

Greater Hartford calling area only); or

(FY), Schedule J, will have a new Line 7, which

• 860-297-5962 (from anywhere).

will account for the difference between the 2007

MACRS depreciation claimed for federal income

Select Option 6 to speak to a representative.

tax purposes and the 2007 MACRS depreciation

TTY, TDD, and Text Telephone users only may

that may be claimed for Connecticut income tax

transmit inquiries anytime by calling 860-297-4911.

purposes.

3. Attach a copy of federal Form 4562-FY and a

detailed schedule of those assets for which the

Forms and Publications: Forms and publications

I.R.C. §168(k) stimulus depreciation was claimed

are available anytime by:

on Line 14 and Line 25 of that form. For each

• Internet: Visit the DRS website at

asset, the schedule must list the following: 1) a

to download and print Connecticut tax forms; or

description of the qualifying asset; 2) the date the

• Telephone: Call 1-800-382-9463 (Connecticut calls

asset was placed in service; 3) the federal basis

outside the Greater Hartford calling area only) and

(reduced by the bonus depreciation) used for

select Option 2, or call 860-297-4753 (from

purposes

calculating

depreciation

using

anywhere).

MACRS; 4) the Connecticut basis used for

purposes of calculating MACRS depreciation

(basis not reduced by I.R.C. §168(k) amount);

5) the recovery period and convention; 6) the

depreciation claimed for federal tax purposes for

the income year; and 7) the depreciation allowed

for Connecticut corporation business tax purposes

for the income year.

Page 3 of 4

Form An 2008 - Special Instructions For Stimulus Depreciation Page 3

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