Form 700 (Rev. 8/00)
STATE OF GEORGIA
DEPARTMENT OF REVENUE
INCOME TAX DIVISION
PARTNERSHIP INCOME TAX RETURN
GEORGIA INCOME TAX FORMS FOR 2000
AND GENERAL INSTRUCTIONS
GENERAL INSTRUCTIONS
FILING REQUIREMENTS
Any expense which is subject to further limitation (eg section 179
A partnership, limited liability company, syndicate, group,
Deduction, Charitable Contributions, etc.) is not deductible in the
pool, joint venture and unincorporated organization which is
calculation of Total Income for Georgia purposes. However, these
engaged in business, or deriving income from property located in
expenses may be deductible on the partner’s income tax return.
Georgia and which is required to file a Federal Income Tax return
on Form 1065, is required to file a Georgia Income Tax return on
Where salaries and wages are reduced in computing Federal tax-
Form 700.
able income because a federal jobs tax credit has been taken,
which required, as a condition to the use of the federal jobs tax
WHEN AND WHERE TO FILE
credit, the elimination of salary and wages deduction, the elimi-
Form 700 must be filed on or before the 15th day of the fourth
nated salary and wage deduction shall be subtracted from
month following the close of the taxable year with:
Georgia taxable income.
GEORGIA INCOME TAX DIVISION
DEPARTMENT OF REVENUE
TAXPAYERS WHO ARE PARTIES TO STATE CONTRACTS MAY
P.O. BOX 740315
SUBTRACT FROM FEDERAL TAXABLE INCOME OR FEDERAL
ATLANTA, GEORGIA 30374-0315
ADJUSTED GROSS INCOME 10% OF QUALIFIED PAYMENTS
TO MINORITY SUBCONTRACTORS OR $100,000, WHICHEVER
EXTENSION
IS LESS, PER TAXABLE YEAR. A LIST OF CERTIFIED MINORITY
We will accept the Federal extension or the taxpayer may
SUBCONTRACTORS WILL BE MAINTAINED BY THE COMMIS-
request a Georgia extension using Form IT-303.
SIONER OF ADMINISTRATIVE SERVICES FOR THE REVENUE
DEPARTMENT AND GENERAL PUBLIC. (For further information,
RELATION TO FEDERAL RETURN
call (404) 656-6315).
The Georgia return is correlative with the Federal return in most
respects. The accounting period and method for the Georgia
APPORTIONMENT AND ALLOCATION OF INCOME
return must be the same as the Federal. A COPY OF THE FED-
(Schedules 6 and 1)
ERAL RETURN AND ALL SUPPORTING SCHEDULES MUST BE
If any Partnership, domestic or foreign, is doing business or
ATTACHED TO THE GEORGIA RETURN.
receiving income both within and without Georgia, the average
ratio as computed in Schedule 6 should be used to compute
FEDERAL AUDIT
Georgia Net Income in Schedule 1.
If the Internal Revenue Service has adjusted net income within
the last 5 years, a detailed statement of such adjustments must
If the business income of the partnership is derived from prop-
be submitted under separate cover to:
erty owned or business done within this state and in part from
GEORGIA INCOME TAX DIVISION
property owned or business done without this state, the tax shall
P.O. BOX 740315
be imposed only on that portion of the business income which is
ATLANTA, GEORGIA 30374-0315
reasonably attributable to the property owned and business done
within this state, to be determined as follows:
DEPRECIATION
Continue to depreciate or otherwise recover the cost of prop-
(1) Interest received on bonds held for investment and income
erty based on the federal rules, unless an election was made on
received from other intangible property held for investment are
the 1987 tax return (on form IT-87 D.E. or a written statement)
not subject to apportionment. Rentals received from real estate
to use the methods previously allowed by Georgia Law.
held purely for investment purposes and not used in the opera-
tion of the business are also not subject to apportionment. All
ADJUSTMENTS TO FEDERAL INCOME (Schedule 4 and 5)
expenses connected with the interest and rentals realized from
To determine total income for Georgia purposes, certain addi-
such investments are likewise not subject to apportionment but
tions and subtractions as provided by Georgia Tax Laws are
must be applied against the investment income. The net invest-
included in the Schedules 4 and 5 computations. Lines 9 and 11
ment income from intangible property shall be allocated to
of Schedule 7 are provided for the modifications required by
Georgia if the situs of the partnership is in Georgia or the intan-
Georgia Law.
gible property was acquired as income from property held in
The total additions to Federal Income is to be shown on line 9 of
Georgia, or as a result of business done in Georgia. The net
Schedule 7 and listed in Schedule 4. The total subtractions from
investment income from tangible property in Georgia shall be
Federal income is to be shown on line 11 of Schedule 7, and list-
allocated to Georgia.
ed in Schedule 5. The more commonly used items are listed in
(2) Gains from the sale of tangible or intangible property not
each of these schedules.
held, owned or used in connection with the trade or business
Additional forms may be obtained by calling (404) 656-4293 or by downloading them from our website at
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