Form 480.80(F) - Revocable Trust Or Grantor Trust Informative Income Tax Return (Page 6 of 8) in pdf

Instructions Form 480.80(F)

Line 2D – Casualty loss on real property that constitutes

who were part of the first list claimed 50% of the credit in the

the grantor’s principal residence

2011 return and the remaining 50% will be claimed in the

2012 return. On the other hand, taxpayers who were identified

Enter here the total amount of losses as detailed in Part VII,

for the second list will claim 50% of the credit in the 2012 return

Page 2 of this return.

and the remaining 50% in the 2013 return.

Line 2E – Loss of personal property as result of certain

Enter on this line the amount notified by the Department of

casualties

the Treasury for taxable year 2012.

Enter here the total amount of losses as detailed in Part VIII,

Line 6 – Returning Heroes and Wounded Warriors work

Page 2 of this return.

opportunity tax credit

PART III - CREDITS

Enter the amount previously determined on Schedule B4 Flow-

through Entity, line 4.

Line 1 - Credit for investment in Capital Investment

Fund, Tourism, other funds or direct investment

Line 7 - Other credits not included on the preceding

lines

To claim this credit you must complete Schedule Q.

Enter the total of other tax credits not included on the preceding

Line 2 - Credit attributable to losses in the Capital

lines. If you included credits for different concepts on this line,

Investment Fund or other funds

you must submit a schedule showing a breakdown of such

credits. You must also submit documents or evidences to

See instructions of Schedule Q related to the allowance of

support every credit included on this line.

credit attributable to loss in investments funds, available in the

Department of the Treasury.

PART IV – CHARITABLE CONTRIBUTIONS

Line 3 - Credit for tax withheld at source from Industrial

Enter here the total amount or charitable contributions paid during

Development dividends (Act No. 8 of 1987)

the taxable year to a nonprofit religious, charitable, scientific, literary,

educational or museological organizations, or to organizations for

The grantors of a trust are entitled to claim, according to the

the prevention of cruelty or abuse of children, the elderly or

percentage applicable to the distributable share in the trust, a

disabled, or to animals, organizations for the prevention of domestic

credit as established in Section 4(a) of the Incentives Act, against

violence or hate crimes, or to organizations of war veterans in the

the tax due for the year in which the trust receive as an investor

United States or Puerto Rico. However, no part of the net earnings

a distribution from industrial development income.

of any organization to which you contribute may benefit any private

shareholder or individual.

Enter on this line the amount of tax withheld at source to the

trust on dividends from industrial development income.

You may also claim a deduction for contributions paid to:

•

Line 4 - Credit for the purchase of tax credits

the Commonwealth of Puerto Rico, the United States

Government, or any of its states, territories or possessions,

The grantors of a trust are entitled to claim their distributable

or any political subdivision thereof, or the District of

share on tax credits acquired by the trust, through the

Columbia, when the contributions or donations are used

purchase, exchange or transfer, from investors that generated

exclusively for public purposes;

the credits under any of the acts that grant tax credits. The

•

trust, as the buyer of the credits, and the grantors, are subject

university level accredited educational institutions

to the limitations imposed to the investor from which the credits

established in Puerto Rico;

were acquired with respect to the taxable years on which

•

those credits can be considered , and the maximum amount of

the José Jaime Pierluisi Foundation;

the credits to be claimed on each taxable year.

•

the Fund for the Financing of Cultural Affairs of Puerto

In order to claim this credit, the conveyor and the cessionary

Rico;

will submit with the income tax returns in the year of the cession,

•

a sworn statement notifying the same to the Secretary.

the Puerto Rico Communitarian Foundation;

•

Line 5 - Credit for the payment of additional duties on

the Corporation of the Symphonic Orchestra of Puerto

luxury vehicles under Act 42-2005

Rico;

•

The amount of the credit to be claimed will be equal to the

the Fund for Services Against Remediable Catastrophic

amount of the duty paid by the revocable trust or grantor trust

Illnesses.

for the government label (marbete) for the luxury vehicle plus

5% annual interest on that amount from March 16, 2007 to

The Secretary will publish a list of nonprofit entities qualified to

December 31, 2011, minus 33% for attorney’s fees. Taxpayers

receive the contributions.

Form 480.80(F) - Revocable Trust Or Grantor Trust Informative Income Tax Return Page 6

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