Form 0405-611 - 2006 Alaska Corporation Net Income Tax Return Instructions

FORM 0405-611 - 2006 ALASKA CORPORATION NET INCOME TAX RETURN

INSTRUCTIONS

Form 04-611SF is available to non-affiliated corporations whose

business activity is limited to Alaska.

Corporations that are

Line 2(a): Enter the amount of taxes based on or measured by

members of an affiliated group, or that have taxable nexus

net income that are deducted in the federal return.

outside of Alaska, must file using the standard Form 04-611.

Line 2(b): Enter any other state-specific additions to federal

Form 04-611SF instructions below are limited to those that are

taxable income in reaching Alaska taxable income. Provide a

unique to the short form. Where the standard and short forms

detailed schedule of modifications by category.

are compatible, refer to the appropriate instruction to the

standard Form 04-611.

Qualified contributions for which an Alaska Education Credit is

claimed (Schedule G, line 1) should be reported here.

RETURN DATA

Question #1: A federal extension automatically extends the

Line 3(c): Enter other state-specific subtractions from federal

Alaska filing due date. If a federal extension is in effect for the

taxable income in reaching Alaska taxable income. Provide a

taxpayer, check "yes" here and attach a copy of Form 7004 to

detailed schedule of modifications by category.

the return.

Note: Be aware that the charitable contribution and dividends-

Question #2: See “INACTIVE CORPORATION” in the General

received deduction limitations are based upon the corporation’s

Instructions on page 3 for reporting requirements.

Alaska taxable income and not its federal taxable income.

Question #3: Refer to "AFFILIATED GROUP DEFINED" on

It is possible that state modifications, such as the income tax

page 2 of the General Instructions.

add-back,

can

affect

these

limitations

such

that

the

corporation’s Alaska deduction is different from the deduction

allowed on its federal Form 1120. Taxpayers using the short

Question #4: See discussion of “WHO MUST FILE” in the

Form 04-611SF will encounter these differences infrequently.

General Instructions on page 2. If the taxpayer has taxable

nexus outside of Alaska, it is required to use the standard Form

Generally, an Alaska modification is necessary if the

04-611 and may not file using Form 04-611SF.

corporation’s charitable contribution or dividends-received

deduction were limited on its federal return.

SCHEDULE A - SF

Schedules K and L from page 6 of the standard Form 04-611

Line 6, Credits: If the taxpayer is claiming general business

can be used to determine the Alaska charitable contribution and

credits, attach Schedule F page 4 of the standard Form 04-611

dividends-received deductions. Enter on lines 2(b) and 3(c) (as

to this return. Enter 1.0 on Schedule F line 2 and complete the

appropriate) the difference between the federal deductions

schedule.

included in lines 1 or 3(b) of Schedule B – SF and the Alaska

deductions calculated on Schedules K or L.

Line 9, Alaska Education Credit: If the taxpayer is claiming

an Alaska Education Credit, see the instructions on page 8 and

SCHEDULE D – SF

attach Schedule G from page 4 of the standard Form 04-611 to

Line 2, Net Capital Gain: If the taxpayer is reporting capital

this return.

gain, complete Schedule J of the standard Form 04-611.

Complete column C through line 18, and enter this amount on

SCHEDULE B - SF

chedule D.

Line 2 of S

Line 1:

Enter the income or (loss) from line 28 of the

taxpayer’s federal income tax return.

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Form 0405-611 - 2006 Alaska Corporation Net Income Tax Return Instructions - Alaska Page 10

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