Schedule M Incentives - Fully Or Partially Exempt Income - 2011

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Schedule M Incentives
FULLY OR PARTIALLY EXEMPT
Rev. 03.11
INCOME UNDER ACT 57 OF 1963
20__
OR ACT 26 OF 1978
To be filed with Form 480.30(II)
Taxable year beginning on ______________, _____ and ending on _____________, _____
Taxpayer's Name
Case Number
Employer Identification Number
Type of Business
Fully or partially exempt income under:
Act 57 of 1963
Partially exempt income under:
Act 26 of 1978
Number of jobs directly related with manufacture or designated service:
Effective period for income:
Current:___________________________________
Begins: _____________________________
Ends: ______________________________
Required by Decree:________________________
Part I
Net Income Subject to Tax
00
Net operating income (or loss) for the year (Part III, line 39) ......................................................................................................
1.
(1)
00
2.
Less: Income from investments (See instructions) .......................................................................................................................
(2)
3.
Net industrial development income (Subtract line 2 from line 1. If line 3 is a net operating loss , do not continue. Enter zero (-0-) here
00
and on line 12) ...........................................................................................................................................................................
(3)
00
Net operating loss from the preceding year (See instructions. Submit detail) ...............................................................................
4.
(4)
00
Net industrial development income subject to special deductions (Subtract line 4 from line 3) ......................................................
5.
(5)
Special deductions for exempt business (See instructions Schedule M1 Incentives):
6.
00
a)
Payroll deduction .................................................................................................................................
(6a)
00
b)
Human resources training and improvement expense deduction ................................................
(6b)
00
c)
Research and development expense deduction .........................................................................
(6c)
00
d)
Investment on buildings, structures, machinery and equipment deduction ...................................
(6d)
00
e)
Total deductions (Add lines 6(a) through 6(d)) ....................................................................................................................
(6e)
00
7.
Net taxable industrial development income after special deductions (Subtract line 6(e) from line 5) .............................................
(7)
00
Deduction for purchases of products manufactured in Puerto Rico (See instructions) ..................................................................
8.
(8)
00
Net industrial development income after deduction for purchases of products manufactured in Puerto Rico (Subtract line 8 from line 7)
9.
(9)
00
Basis period income under Act 135 or Act 73 (Schedule V Incentives, Part II, line 4(a) or Schedule X Incentives Part II) .........
10.
(10)
Exempt amount:
11.
00
%
(a)
of line 9 (See instructions) .....................................................................................
(11a)
00
(b)
of line 10 if it is a renegotiated case under Act 135 or Act 73 .......................................
%
(11b)
Net income subject to tax (Subtract line 11(a) from line 9 or line 11(b) from line 10, whichever applies. Enter here and on Schedule
12.
00
K Incentives, Part I, line 1(b)) ....................................................................................................................................................
(12)
Retention
Period: Ten (10) years

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