Form 770 - Virginia Fiduciary Income Tax Return - 1999 Page 2
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2Form 770 (1999)
Page 2
Schedule 2 —
COMPUTATION OF VIRGINIA TAXABLE INCOME OF A NONRESIDENT ESTATE OR TRUST
1. Gross income from sources within Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Expenses attributable to income from sources within Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3. Net Virginia source income (subtract line 2 from line 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4. Virginia source income allocation schedule.
(When completing Column 4, multiply line 3 above by the percentage in Column 3 below.)
Column 1
Column 2
Column 3
Column 4
FEDERAL DISTRIBUTABLE NET INCOME
PERCENTAGE
ALLOCATION OF VIRGINIA SOURCE INCOME
a.
Beneficiaries (Total for all beneficiaries)
%
b.
Fiduciary
%
c.
Total
100%
5. Deduction for distribution to beneficiaries. Enter amount from Column 4, line 4a . . . . . . . . . . . . . . . . . . . . . . . 5
6. Fiduciary’s share of Virginia Source Income (subtract line 5 from line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7. Exemption from federal Form 1041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8. Income taxable to fiduciary (subtract line 7 from line 6). Enter here and on line 1 on front . . . . . . . . . . . . . . . . . 8
Schedule 3 —
MODIFICATIONS
PART I — ADDITIONS TO FEDERAL TAXABLE INCOME
1. Interest on obligations of other states . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Income taxes of this state or any other taxing jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3. Other additions to federal taxable income as provided in instructions. Attach explanation . . . . . . . . . . . . . . . . 3
4. TOTAL ADDITIONS (add lines 1 through 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PART II — SUBTRACTIONS FROM FEDERAL TAXABLE INCOME
5.
5
Income (interest, dividends, or gains) on obligations or securities of the U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6. Any state income tax refund or credit reported as “other income” on federal Form 1041 . . . . . . . . . . . . . . . . . 6
7. Other subtractions from federal taxable income as provided in instructions. Attach explanation . . . . . . . . . . . 7
8. TOTAL SUBTRACTIONS (add lines 5 through 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
9. Net Virginia modifications. Subtract line 8 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10. Net Virginia modifications allocated to the fiduciary. Multiply line 9 by the fiduciary’s percentage of federal
distributable net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
If line 10 is a net addition, enter on line 2(a) on front.
If line 10 is a net subtraction, enter on line 2(b) on front.
Schedule 4 —
COMPUTATION OF THE CREDIT FOR TAX PAID TO ANOTHER STATE (See Instructions)
1. Taxable income reported on the other state’s fiduciary income tax return. Attach a copy of the other return . . . 1
2. Virginia taxable income. Enter the taxable income from line 3 on front . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3. Total income tax paid to another state. Enter the name of the other state:_________________________ . . . 3
4. Virginia income tax. Enter the tax from line 4 on front . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5. Allowable percentage for credit. [Compute to one decimal place (e.g., 10.5%). Maximum: 100%]
%
Resident estate or trust: Divide line 1 by line 2. Nonresident estate or trust: Divide line 2 by line 1 . . . . . . . . . . 5
6. Resident estate or trust: Multiply line 5 by line 4. Nonresident estate or trust: Multiply line 5 by line 3 . . . . . . . . . 6
7. Allowable credit. Resident estate or trust: Enter the smaller amount from line 3 or line 6.
Nonresident estate or trust: Enter the smaller amount from line 4 or line 6.
Also enter this amount on line 5(d) on front . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Schedule 5 —
COMPUTATION OF CREDITS TO TAX AND QUALIFYING INCOME (See Instructions)
Column 1
Column 2
Column 3
Column 4
Column 5
NAME AND SOCIAL SECURITY NUMBER
PERCENTAGE
ALLOCATION OF VIRGINIA
ALLOCATION OF
ALLOCATION OF ENTERPRISE
OF EACH BENEFICIARY
NEIGHBORHOOD
ENTERPRISE ZONE
ZONE STATE UNEMPLOYMENT
LINE
(FIDUCIARY USE LINE e)
ASSISTANCE ACT CREDIT
QUALIFYING INCOME
TAX CREDIT
a.
%
b.
%
c.
%
d.
%
e.
FIDUCIARY
%
f .
Total
100
%
Column 6
Column 7
Column 8 - Other
Column 9 - Other
Column 10 - Other
Column 11 - Other
ALLOCATION OF ENTERPRISE ALLOCATION OF ENTERPRISE
ALLOCATION OF:
ALLOCATION OF:
ALLOCATION OF:
ALLOCATION OF:
ZONE REAL PROPERTY
ZONE INVESTMENT
LINE IMPROVEMENT TAX CREDIT
TAX CREDIT
a.
b.
c.
d.
e.
f .
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