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FORM

NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

DP-10

INTEREST AND DIVIDENDS TAX

Instructions

INSTRUCTIONS (continued)

PARTNERSHIP, TRUST, OR ESTATE INCOME

WHEN THE PAYER FILES ITS OWN NH INTEREST AND DIVIDENDS TAX RETURN:

Income from this payer is not taxable to you. The amount of interest and dividend income, if any, which is included in lines 1(a) and

1(b) and which shows on your IRS Schedule K-1 is not taxable to NH and should be deducted on line 4. Also enter on line 4 the

amount, if any, that you listed on line 2.

“S” CORPORATION INCOME

Distributions from S Corporations are taxable to you. The entire amount you received or constructively received from the “S”

corporation is subject to tax and should be listed on line 2. The amount of interest and dividend income, if any, which is included in

lines 1(a) and 1(b) and which shows on your IRS K-1 Form is not taxable to NH and should be deducted on line 4.

INSTRUCTIONS FOR COMPLETING A PARTNERSHIP,

ASSOCIATION, OR FIDUCIARY RETURN

WHO MUST

Partnerships and fiduciaries must file their own Interest and Dividends tax return when all of the following apply:

FILE

1. The entity has over $2,400 of gross interest and dividend income.

2. The partnership has a usual place of business in New Hampshire, or in the case of a trust, the location of the trust

property is in this state, or at least one of the trustees is an inhabitant of New Hampshire, or the trustee was

appointed by a New Hampshire court.

3. The partnership has at least one New Hampshire owner, AND

4. The entity has non-transferable shares (see Rev 901.02 or 901.03).

Any organization whose shares or interests are transferable without obtaining prior member approval or causing a

dissolution of the organization such as, but not limited to: a business trust, common law trust, Massachusetts trust,

real estate investment trust, homeowners or condominium associations and employee benefit plans, SHALL NOT

FILE AN INTEREST & DIVIDEND TAX RETURN.

WHAT TO

Report all interest and dividend income received from whatever source on page 2, lines 1(a), 1(b), and 1(c).

Enter

REPORT

on line 4 the amounts which are non-taxable to New Hampshire. See the QUICK CHECKLIST, on page 6, for a

listing of taxable and non-taxable income sources.

The income received by estates held by trustees which are treated as grantor trusts under IRS Section 671 is

GRANTOR

included in the return of its owners.

TRUSTS

NON-NEW

Partnership or trust interest and dividend income is subject to this tax only to the extent that the members/beneficiaries

HAMPSHIRE

are residents of this state or are unascertained. All interest and dividend income must be shown on lines 1(a), 1(b),

MEMBERS,

and 1(c). Enter on line 4 the prorata share attributable to non-NH resident members/beneficiaries. Indicate on the

BENEFICIARIES

return on page 1, step 2 the percentage of ownership attributable to New Hampshire members or beneficiaries.

OR OWNERS

EXEMPTIONS

The entity is entitled to one $2,400 exemption.

CHARITABLE

The portion of a trust’s income required to be donated to an exempt charity is not taxable.

CONTRIBUTIONS

DP-10

(5)

Instructions

Rev. 12/99

Form Dp-10 - Interest And Dividends Tax Instructions - New Hampshire Department Of Revenue Administration - 1999 Page 5

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