Instructions For Form It-252 - Investment Tax Credit For The Financial Services Industry - New York State Department Of Taxation And Finance - 2002 Page 4
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Page 4 of 4 IT-252-
(2002)
Beneficiary
(b) prior to the end of its useful life or specified holding period. Do not
Line 21 — Enter your share of the addback of credit on early dispositions
include property that has been in qualified use for more than 12
made by estates and trusts from the fiduciary’s Form IT-252, Part VI,
consecutive years.
column D, on line 21.
If you are not required to compute an addback of credit on property
Partner
destroyed as a direct result of the terrorist attack of September 11, 2001,
Line 22 — Enter your share of the total addback of credit on early
because you meet the employment test in Worksheet A or the 50% test
dispositions made by partnerships (the total is shown on the partnership’s
(see Early disposition of property and addback of credit on early
Form IT-204, Schedule B, Part II, line 20). This information should be
dispositions as a direct result of the terrorist attacks of September 11,
provided to you by your partnership.
2001, on page 2), attach a copy of Worksheet A or a statement explaining
that you meet the 50% test.
S corporation shareholder
Enter in column D:
Line 23 — Enter your share of the addback of credit on early dispositions
made by S corporations. This information should be provided to you by your
— For depreciable property under section 167 of the IRC, the number of
S corporation.
months of useful life of property.
Fiduciary
— For recovery property under section 168 of the IRC:
Line 24 — Enter your share of the addback of credit on early dispositions
• 36 for three-year property;
from Part VI, Fiduciary line, column D.
• the number of months you chose for buildings or structural
Line 25 — Total addback of credit on early dispositions
components of buildings; or
Individuals — enter the amount from line 25 on Form IT-201-ATT, line 19,
• 60 for all other classes of property.
or Form IT-203-B, line 3. Fiduciaries — enter the amount from line 25 on
Enter in column E the number of months that the property was not in
Form IT-205, line 12.
qualified use (cannot be greater than the amount in column D).
Part IV — Investments in qualified property
Line 31 — Enter on line 31 the applicable underpayment interest rate in
Fill in columns A through F for qualified property that was placed in service.
effect on the last day of your tax year:
Enter in column D the property’s useful life under section 167 of the IRC,
•
If you are a 2002 calendar-year taxpayer the underpayment rate is
even if the property is subject to the provisions of section 168 of the IRC on
6% (.06)
or after October 1, 1998.
•
If you are a fiscal-year taxpayer you can obtain the underpayment
Column F — Multiply column E amount by the credit rate of 4%.
interest rate in effect on the last day of your fiscal year by calling toll free
If qualifying property was disposed of or was not in qualified use at the end
1 800 225-5829. From areas outside the U.S. and outside Canada, call
of the tax year it was placed in service, figure the amount of credit to claim
(518) 485-6800.
as follows:
•
If you are computing an addback of credit on early dispositions because
— For depreciable property under section 167 of the IRC, multiply the
you elected to defer the amount to be recaptured on qualified property
credit by a fraction; the numerator is the number of months of qualified
destroyed as a direct result of the terrorist attacks of September 11,
use, and the denominator is the number of months of useful life of the
2001, and you failed to meet the employment test in Worksheet A or the
property.
50% test (see Early disposition of property and addback of credit on
— For property subject to the provisions of section 168 of the IRC,
early dispositions as a direct result of the terrorist attacks of
multiply the credit by a fraction; the numerator is the number of months
September 11, 2001, on page 2), you must compute the underpayment
of qualified use, and the denominator is:
interest rate at a rate equal to two times the underpayment interest rate
in effect on the last day of the tax year in which the recapture occurs.
• 36 for three-year property;
• the number of months you chose for buildings or structural
Part VI — Beneficiary’s and fiduciary’s share of
components of buildings; or
investment tax credit and addback of credit on early
• 60 for all other classes of property.
dispositions
Part V — Early dispositions of qualified property and
If an estate or trust allocates or assigns the credit or addback of credit on
addback of credit on early dispositions
early dispositions to its beneficiaries, base the division on each
beneficiary’s proportionate share of qualified investments made by the
Fill in columns A through H if you have claimed the credit on property that
estate or trust.
was disposed of or was removed from qualified use (a) during 2002, and
Need help?
Telephone assistance is available from 8 a.m. to
Hotline for the hearing and speech impaired:
5:55 p.m. (eastern time), Monday through Friday.
1 800 634-2110 from 8 a.m. to 5:55 p.m. (eastern time),
Monday through Friday. If you do not own a
For tax information:
1 800 225-5829
telecommunications device for the deaf (TDD), check with
To order forms and publications:
1 800 462-8100
independent living centers or community action programs
to find out where machines are available for public use.
Refund status:
(electronically filed) 1 800 353-0708
(direct deposit) 1 800 321-3213
Persons with disabilities: In compliance with the
(all others) 1 800 443-3200
Americans with Disabilities Act, we will ensure that our
(Automated service for refund status is available
lobbies, offices, meeting rooms, and other facilities are
24 hours a day, 7 days a week.)
accessible to persons with disabilities. If you have
From areas outside the U.S. and
questions about special accommodations for persons
outside Canada:
(518) 485-6800
with disabilities, please call 1 800 225-5829.
Fax-on-demand forms: Forms are
If you need to write, address your letter to:
available 24 hours a day,
NYS TAX DEPARTMENT
7 days a week.
1 800 748-3676
TAXPAYER CONTACT CENTER
Internet access:
W A HARRIMAN CAMPUS
(for forms, publications, your refund status, to check
ALBANY NY 12227
your estimated tax account, and other information)
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