Form It-20s - S Corporation Income Tax Booklet - Indiana Department Of Revenue - 2005 Page 12
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19Worksheet for S Corporation Distributive Share Income, Deductions and Credits
Use this worksheet to compute the entry for line 1 of Form IT-20S and to assist in computing amounts reportable on or
for IT-20S Schedule IN K-1. Enter the total distributive share of income from each item reportable on Form 1120S, Schedule
K. Do not complete column B and C entry lines unless the corporation received distributive share or tiered income from
other entities.
A.
B.
C.
S Corporation
Distributions from
Distributions
Distributive Share Amounts:
Income
Partnerships/
Attributed to
All Sources
Estates/Trusts
Indiana
S Corporation's Distributive Share of Items
Enter below for line
Enter below for line
1. Ordinary income (loss) from trade or business activities ...........
13B total
13C total
2. Net income (loss) from rental real estate activities .....................
distributive share
distributive share
3. Other net rental income (loss) .....................................................
income received by
income received by
4. Interest income .............................................................................
the corporation
the corporation
5a. Ordinary dividends ........................................................................
6. Royalties .......................................................................................
from all non-unitary
from partnerships,
7. Net short-term capital gain (loss) Schedule D, Form 1120S ......
partnerships,
estates and trusts
8. Net long-term capital gain (loss) Schedule D, Form 1120S .......
estates and trusts.
that were derived
9. Net IRC Section 1231 gain (loss) Form 4797 .............................
Enter for line 14B
from or allocated to
10. Other income (loss) .....................................................................
an amount equal to
Indiana. Enter on
required state
line 14C an amount
Less allowable deductions for state tax purposes:
modifications for
equal to the Indiana
Indiana Adjusted
modifications for
11.
IRC Section 179 expense deduction ...........................................
Gross Income.
Adjusted Gross
(See page 8 for
Income attributed
12A. Portion of expenses related to investment portfolio income,
instructions.)
to Indiana.
including investment interest expense and other (federal
non-itemized) deductions ............................................................
12B. Other information from line 17 of federal K-1 related to
investment interest and expenses not listed elsewhere ............
13.
Carry total on line 13A to Form IT-20S line 1, on front page of return
13A
13B
13 C
14.
Total of Indiana State modifications to distributive share income
14B
14 C
(see line 2, Form IT-20S) .........................................................................................
15.
Net Indiana adjusted gross income distributions from
15 C
partnerships, estates and trusts (add lines 13C and 14C) .......................................................................
16.
Enter amount of Indiana pass-through credits attributed from
16 C
partnerships, estates and trusts, if any ......................................................................................................
Sales/Use Tax Worksheet for Line 14, Form IT-20S
List all purchases made during 2005 from out-of-state companies.
Column A
Column B
Column C
Date of
Description of tangible personal property purchased from out-of-state
Purchase(s)
Purchase Price
Magazine subscriptions:
Mail order purchases:
Internet purchases:
Other purchases:
1. Total purchase price of property subject to the sales/use tax ...........................................................
1
2. Sales/use tax: Multiply line 1 by .06 (6%) ...........................................................................................
2
3. Sales tax previously paid on the above items (up to 6% per item) plus other tax credits that
off-set use tax, attach explanation ......................................................................................................
3
4. Total amount due: Subtract line 3 from line 2. Carry to Form IT-20S, line 14. If the amount
is negative, enter zero and put no entry on line 14 of the IT-20S .......................................................
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