Schedule L Incentives - Partially Exempt Income Or Subject To Tax Credit- 2011
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2Schedule L Incentives
PARTIALLY EXEMPT INCOME OR SUBJECT TO TAX CREDIT
Rev. 03.11
UNDER ACT 168 OF 1968, OR PARTIALLY EXEMPT
INCOME UNDER ACT 52 OF 1983, ACT 78 OF 1993
20__
OR ACT 74 OF 2010, AS APPLICABLE
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
Partially exempt income under:
Act 168 of 1968
Act 78 of 1993
Act 52 of 1983
Act 74 of 2010
Effective period for income:
Number of jobs directly related with tourism development:
Begins: ________________________
Current: ________________________________
Ends: _________________________
Required: _____________________________
Part I
Net Income Subject to Tax
00
1.
Net operating income (or loss) for the year (Part III, line 39) ..........................................................................................................
(1)
00
2.
Net operating loss deduction for the preceding year (See instructions. Submit detail) ..............................................
(2)
00
3.
Net operating income (or loss) from eligible tourism and/or hospital activities subject to the computation (Subtract line 2 from line 1) ...............
(3)
00
4.
Exempt amount:
%
of line 3 (See instructions) ..................................................................................................
(4)
5.
Net income subject to tax (Subtract line 4 from line 3. Enter here and on Schedule K Incentives, Part I, line 1(a)) .............................
(5)
00
Part II
Gross Profit on Sales and Other Income (Exclude income from casino operations)
00
Net sales ..........................................................................................................................................
1.
(1)
Less: Cost of goods sold or direct costs of production
Inventory at the beginning of the year
2.
"C"
"C" or "MV"
00
Materials .............................................................................................
a)
(2a)
00
b)
Goods in process ................................................................................
(2b)
00
c)
Finished goods or merchandise ..........................................................
(2c)
00
3.
Purchase of materials or merchandise .......................................................
(3)
00
Direct wages .............................................................................................
4.
(4)
00
Other direct costs (Detail in Part IV) ..........................................................
5.
(5)
00
Total cost of goods available for sale (Add lines 2 through 5) ....................
6.
(6)
Less: Inventory at the end of the year
7.
"C"
"C" or "MV"
00
a)
Materials .......................................................
(7a)
00
b)
Goods in process .........................................
(7b)
00
00
Finished goods or merchandise ...................
00
c)
(7c)
00
Gross profit on sales or production ..............................................................................................................................................
8.
(8)
00
Capital assets gains (Apply only to operations covered under Act 78 of 1993. Submit Schedule D Corporation and Partnership)
9.
(9)
10.
Net gain (or loss) from the sale or exchange of property other than capital assets (Applies only to operations covered under Act
00
78 of 1993. Submit Schedule D Corporation and Partnership) .................................................................................................
(10)
00
Interest ......................................................................................................................................................................................
11.
(11)
00
Rent .........................................................................................................................................................................................
12.
(12)
00
Other income (Submit detail) ......................................................................................................................................................
13.
(13)
14.
Total gross income (Add lines 8 through 13) .........................................................................................................................
(14)
00
Retention
Period: Ten (10) years
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