Form Il-1065 - Partnership Replacement Tax Return - 2010 Page 3
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Step 7: Figure your net income
47
47
Base income or net loss from Step 5, Line 35, or Step 6, Line 46.
_______________ 00
48
Illinois net loss deduction. Attach Schedule NLD.
48
If Line 47 is zero or a negative amount, write “0”.
_______________ 00
49
49
Income after NLD. Subtract Line 48 from Line 47.
_______________ 00
50
50
Write the amount from Step 5, Line 35.
_______________ 00
.
51
51
Divide Line 47 by Line 50. (This fi gure cannot be greater than “1”.)
____
____________
52
52
Exemption allowance. Multiply Line 51 by $1,000. (Short-year fi lers, see instructions.)
_______________ 00
53
53
Net income. Subtract Line 52 from Line 49.
_______________ 00
Step 8: Figure your net replacement tax
54
54
Replacement tax. Multiply Line 53 by 1.5% (.015).
_______________ 00
55
55
Recapture of investment credits. Attach Schedule 4255.
_______________ 00
56
56
Replacement tax before investment credits. Add Lines 54 and 55.
_______________ 00
57
57
Investment credits. Attach Form IL-477.
_______________ 00
58
58
Net replacement tax. Subtract Line 57 from Line 56. Write “0” if this is a negative amount.
_______________ 00
Step 9: Figure your refund or balance due
59
Payments
a
59a
Credit from 2009 overpayment.
_______________ 00
b
59b
Form IL-505-B (extension) payment.
_______________ 00
c
59c
Pass-through entity payments. Attach Schedule(s) K-1-P or K-1-T.
_______________ 00
d
59d
Gambling withholding. Attach Form(s) W-2G.
_______________ 00
60
60
Total payments. Add Lines 59a through 59d.
_______________ 00
61
61
Overpayment. If Line 60 is greater than Line 58, subtract Line 58 from Line 60.
_______________ 00
62
62
Amount to be credited to 2011.
_______________ 00
63
63
Refund. Subtract Line 62 from Line 61. This is the amount to be refunded.
_______________ 00
64
Tax Due. If Line 58 is greater than Line 60, subtract Line 60 from Line 58.
64
This is the amount you owe.
_______________ 00
Make your check payable to “Illinois Department of Revenue” and attach to the fi rst page of this form.
Write the amount of your payment on the top of Page 1 in the space provided.
Step 10: Sign here
Under penalties of perjury, I state that I have examined this return and, to the best of my knowledge, it is true, correct, and complete.
_____________________________________________
___ ___ ____
_________________________
(_____)__________
Signature of partner
Date
Title
Phone
_____________________________________________
___ ___ ____
____________________________________________
Signature of preparer
Date
Preparer’s Social Security number or fi rm’s FEIN
_________________________________
________________________________________________
(_____)__________
Preparer fi rm’s name (or yours, if self-employed)
Address
Phone
Mail this return to: Illinois Department of Revenue, P.O. Box 19031, Springfi eld, IL 62794-9031
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this information is REQUIRED. Failure to provide information could
result in a penalty. This form has been approved by the Forms Management Center.
IL-492-0073
IL-1065 (R-12/10)
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