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NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

FORM

WORKSHEET FOR CORPORATE BUSINESS PROFITS TAX

CORP

RECONCILIATION OF NH GROSS BUSINESS PROFITS

Reconciliation

For the CALENDAR year

or other tax year beginning

and ending

Name

FEIN

This worksheet shall be used to reconcile the Taxable Income before Net Operating Loss and Special Deductions line of the federal

corporate income tax return filed with the Internal Revenue Service to the federal income calculated using the Internal Revenue

Code (IRC) in effect on December 31, 2000. The revised calculation of federal income shall be used for the State's gross business

profits taxable income on Line 1(a) of the NH-1120.

Federal Income or Loss from business activities from return filed with IRS ................................ 1

Additions required to federal income:

(a) IRC Section 179 expense taken on federal return for assets placed in service during

current taxable period ............................................................................................................ 2(a)

(b) Special 30% depreciation on assets acquired after September 10, 2001

(Federal Form 4562) .............................................................................................................. 2(b)

Section 179 deductions were reported in any year and/or for which special 30%

depreciation was reported in any year ................................................................................. 2(c)

(d) Other amounts reported on federal return that need to be eliminated due to revisions

to the IRC in effect on December 31, 2000. .......................................................................... 2(d)

Deductions required from federal income: (The deductions allowed in this section are the

deductions that would be allowed on assets placed in service in 2001 and 2002 using the

IRC in effect on 12/31/2000)

(a) IRC Section 179 expense allowed on assets placed in service during current taxable

period ..................................................................................................................................... 3(a)

(b) Current year depreciation allowable for assets for which special 30% depreciation

deductions were reported for any period and/or additional Section 179 deductions

for any period were reported on the federal return ............................................................. 3(b)

Adjustments required on sale of assets acquired after September 10, 2001 or on which the

additional IRC Section 179 expense was taken. (The federal calculation of any gain or loss

on the sale of these assets must be adjusted to reflect the different state basis for the assets)

(a) Deduct federal gain (add loss) on sale of assets acquired after September 10, 2001 or on

which the additional IRC Section 179 expense was taken .................................................. 4(a)

(b) Gross sales price for assets acquired after September 10, 2001, or on which the

additional IRC Section 179 expense was taken, and sold in current period ........................ 4(b)

IRC Section 179 expense was taken, and sold in current period ........................................ 4(c)

(d) Add state gain (deduct state loss) on sale of assets acquired after September 10, 2001

or on which the additional IRC Section 179 expense was taken. [Line 4(b) adjusted by

Line 4(c)] ................................................................................................................................ 4(d)

Adjusted gross business profits (Enter this amount on Line 1(a) of your NH Corporate

Business Profits Tax return) .......................................................................................................... 5

This schedule must be attached to your Corporate Business Profits Tax Return and you must check the box on the front of the return indicating

Special Depreciation.

Corp

Reconciliation

Rev. 10/02

Form Corp - Worksheet For Corporate Business Profits Tax Reconciliation Of Nh Gross Business Profits

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