Schedule C, 1120, 1120s, Or 1065 - Profit Or Loss From Business Or Profession
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1BUSINESS SCHEDULES
THIS SCHEDULE IS ONLY FOR BUSINESS FILERS
SCHEDULE C, 1120, 1120S, or 1065
Attach copy of Federal Schedule(s)
PROFIT OR LOSS FROM BUSINESS OR PROFESSION
Business Name
Business Address
1. Net Profit or Loss
$
2. Add Items not Deductible (Schedule X Line G)
3. Deduct Items not Taxable (Schedule X Line Z)
(
)
4. Adjusted Net Profit or Loss
$
5. Schedule Y __________ % allocable to BROOKLYN
6. Less allocable net loss carry-forward 5 year limit (See Instructions)
$
7. Net Profit
8. Net Loss
$ (
)
NOTE: A loss in one city may never offset the gain in another city. (See Instructions)
NOTE: If income from rents included in Schedule C, address of property _____________________________________________________________________________
SCHEDULE E
Attach copy of Federal Schedule(s)
INCOME FROM RENTS (Not included in Schedule C)
NET INCOME (LOSS)
Type & address of property, City & State
TENANT’S NAME
NET INCOME
SCHEDULE E ............................................ $______________________
NET LOSS
SCHEDULE E ............................................ $(_____________________)
SCHEDULE X. RECONCILIATION WITH FEDERAL INCOME TAX RETURN – ENCLOSE COMPLETE FEDERAL RETURN
ITEMS NOT DEDUCTIBLE
ADD
ITEMS NOT TAXABLE
DEDUCT
$__________________
A.
Capital Losses and Ordinary Losses
$__________________
N.
Capital Gains (From Federal Schedule)
$__________________
B.
Expenses Applicable to Non-Taxable Income
$__________________
O.
Dividends
$__________________
$__________________
C.
Taxes Based on Income
P.
Interest Income
$__________________
$__________________
D.
Guaranteed Payments to Partners
Q.
Royalty Income
$__________________
$__________________
E.
Contributions – In Excess of 10% of Net Profit
R.
Federal Schedule K – Allowable Deductions
$__________________
$__________________
F.
Federal Schedule K – Taxable Income
$__________________
$__________________
$__________________
$__________________
G.
Total Additions
Z.
Total Deductions
SCHEDULE Y. BUSINESS ALLOCATION FORMULA
A. Located Everywhere
B. Located in Brooklyn
C. Percentage (B÷A)
Step 1.
Average value of real and tangible personal property (net book value)
$__________________
$__________________
Gross annual rentals multiplied by 8
$__________________
$__________________
Total Step 1.
$__________________
$__________________
_________%
Step 2.
Gross receipts from sales and work or services performed (see instructions)
$__________________
$__________________
_________%
Step 3.
Total wages, salaries, commissions and other compensation of all employees
$__________________
$__________________
_________%
Step 4.
Total percentages
_________%
_________%
_________
Step 5.
Average percentage (Divide total percentages by number of percentages used - enter on Line 2A)
SCHEDULE Z. PARTNERS’ DISTRIBUTIVE SHARES OF NET INCOME (From Federal Schedule 1065K and 1099)
2.
3. Distributive
4. Other
5. Taxable
6. Amount
Resident
Shares of Partners
1.
Name and Address of Each Partner
Payments
Percentage
Taxable
Yes No
Percent
Amount
a.
%
$
$
%
$
b.
c.
d.
7.
Totals
$
$
%
$
100%
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