Schedule K Individual - Industry Or Business Income - 2012
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1Schedule K Individual
INDUSTRY OR BUSINESS INCOME
2012
Rev. Feb 19 13
Taxable year beginning on _________________, _____ and ending on ________________, _____
Taxpayer's name
Social Security Number
Date operations began:
Part I
Questionnaire
65
Employer Identification Number
Number of employees
Industry or Business Income (fill in one):
Fill in here if this is your
Day_____ Month_____ Year_____
principal industry or
Fully Taxable
(01)
1
2
Taxpayer
Spouse
business
Tax Incentives under:
Merchant's Registration Number
(02)
Location of Industry or Business - Number, Street and City
Act No. 26 of 1978
(03)
Act No. 8 of 1987
(04)
Act No. 148 of 1988
(05)
Act 78-1993
(06)
Case or Concession Number
Act 75-1995
(07)
Act 14-1996
(08)
Act 135-1997
(09)
Act 362-1999
(10)
Act 178-2000
Code
Nature of industry or business (i.e. hotel, rent of equipment, etc.)
Industrial Code
(11)
Act 73-2008
(12)
Act 83-2010
Indicate if you claimed expenses related to the ownership, use, maintenance and depreciation of the following concepts (fill in as applicable). Also, indicate if the business derived
more than 80% of the total income from activities related exclusively to fishing, passenger or cargo transportation or leasing in the case of vessels, passenger or cargo transportation
or leasing in the case of airships, or leasing of property to non related persons in the case of residential property outside of Puerto Rico.
Concept
Indicate if you claimed expenses
Indicate if you derived 80% or more of the income from this activity
1 automobiles
Yes
No
Yes
No
2 vessels
Yes
No
Yes
No
3 airships
Yes
No
Yes
No
4 residential property outside of Puerto Rico
Yes
No
Yes
No
Part II
Determination of Gain or Loss
71
1.
Net sales ...........................................................................................................................................................................
(01)
00
2.
Cost of goods sold or direct costs of production:
00
a)
Beginning inventory ......................................................................................................
(02)
b)
00
Plus: Purchases ..........................................................................................................
(03)
c)
00
Direct salaries ..............................................................................................................
(04)
00
d)
Other direct costs (Submit detailed schedule) ....................................................................
(05)
00
e)
Total (Add lines 2(a) through 2(d))...................................................................................
(06)
00
f)
Less: Ending inventory .................................................................................................
(07)
g)
TOTAL COST OF GOODS SOLD (Subtract line 2(f) from line 2(e)) ....................................................................................
00
(08)
3.
Gross income (Subtract line 2(g) from line 1)) .............................................................................................................................
00
(09)
4.
Income earned through corporation of individuals, partnerships and special partnerships ……..............................................…....……
00
(10)
5.
Less: Operating expenses and other costs (Detail in Part III) .....................................................................................
00
(11)
6.
Net income for the current year (Subtract line 5 from the sum of lines 3 and 4) ................................................................................
00
(12)
7.
Less: Net operating loss from previous years (Submit schedule, see instructions) ..........................................................................
00
(13)
8.
Adjusted net income (Subtract line 7 from line 6) .......................................................................................................................
00
(14)
9.
Less exempt amount: _______%
of line 8 (See instructions) ..................................................................................
00
(15)
10.
Gain (or loss) (Transfer the total to page 2, Part 1, line 2 I of the return or line 3 I, Column B or C of Schedule CO Individual,
as applicable. If it is a loss, see instructions. On the other hand, if it is a gain taxable at a reduced rate under an Incentives
Act, transfer the total to the corresponding Column of line 4(i) of Schedule A2 Individual, according to the tax rate applicable
to the gain)
..................................................................................................................................................................................
00
(20)
Part III
Operating Expenses and Other Costs
81
A. Expenses allowable against alternate basic tax:
00
1.
Salaries, commissions and allowances to employees (Total $ __________) (See instructions) ............
(01)
00
2.
Payroll expenses (See instructions) .........................................................................................
(02)
3.
Medical or hospitalization insurance .........................................................................................
00
(03)
4.
Contributions to qualified pension plans (See instructions. Submit Form AS 6042.1) ..........................
00
(04)
5.
Professional services (See instructions) ....................................................................................
00
(05)
6.
Lease, rent and royalties paid (See instructions) .........................................................................
00
(06)
7.
Interest on business debts .......................................................................................................
00
(07)
8.
Property taxes, patents and licenses ........................................................................................
00
(08)
9.
Insurances (See instructions) ...................................................................................................
00
(09)
10.
Utilities .................................................................................................................................
00
(10)
11.
Depreciation and amortization (Submit Schedule E) .....................................................................
00
(11)
12.
Automobile expenses (Mileage____________) (See instructions) ..................................................
00
(12)
13.
Other motor vehicles expenses (See instructions) .......................................................................
00
(13)
14.
Federal self employment tax (See instructions) ...........................................................................
00
(14)
15.
Direct essential costs (Submit detailed schedule. See instructions) .................................................
00
(15)
16.
Subtotal (Add lines 1 through 15) ............................................................................................
(16)
00
B. Other deductions:
Commissions to businesses ....................................................................................................
00
17.
(17)
Repairs .................................................................................................................................
00
18.
(18)
Other insurances ...................................................................................................................
00
19.
(19)
Advertising ...........................................................................................................................
00
20.
(20)
00
21.
Travel expenses ....................................................................................................................
(21)
00
22.
Meal and entertainment expenses (Total expenses $_______________) (See instructions) .................
(22)
00
23.
Materials and supplies ............................................................................................................
(23)
00
24.
Bad debts .............................................................................................................................
(24)
00
25.
Other expenses (Submit detailed schedule) ................................................................................
(25)
26.
Subtotal (Add lines 17 through 25) .........................................................................................
(26)
00
27.
Total (Add lines 16 and 26. Transfer to Part II, line 5 of this Schedule ) ........................................
(30)
00
Retention Period: Ten (10) years
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