Form Spt 600 - South Dakota Franchise Tax On Financial Institutions - 2003 Page 2
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3Income And Adjustment Schedule
Federal Income
1.
Taxable income before net operating loss and special deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 __________________
2.
Less
(a) net operating loss (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a _________________
(b) special deductions (Federal Schedule I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b _________________
3.
Taxable Income (Line 1 less Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
(In certain cases Line 3 may not be less than 0. See Instruction R.)
State Additions
4.
Net operating or capital losses incurred prior to July 1, 1978 (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 __________________
5.
Interest and dividends from state and municipal obligations (H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 __________________
6.
State income, franchise or privilege taxes paid or accrued (I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 __________________
7.
Bad debts recoveries (J, K) [attach schedule] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 __________________
8.
Bad debts deducted on Federal return (J, K) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 __________________
9.
Federal income tax refund (L) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 __________________
10. Dividends received from other corporations (M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10__________________
11. “Net Income” of cash over accrual method of accounting (S) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 __________________
12. Capital loss to be included pursuant to SDCL 10-43-10.2(9) (T) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 __________________
13. 30% Special Depreciation Allowance (allowed for Federal purposes, disallowed for state purposes)
SDCL 10-43-10.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13__________________
14. Total - Add lines 3 through 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
State Deductions
15. Bad debts ascertained to be worthless and charged off (J, K) [attach schedule] . . . . . . . . . . . . . . . . . . . . . . .15 __________________
16. Federal income taxes paid or accrued (N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 __________________
17. Interest and dividends prohibited from state taxation [attach schedule and give authority] (O) . . . . . . . . . .17 __________________
18. Dividends from financial institutions subject to taxation under SDCL 10-43 (P) . . . . . . . . . . . . . . . . . . . . . . . 18 __________________
19. Additional depreciation expenses (Q) [attach schedule] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 __________________
20. Interest expense disallowed for Federal purposes by IRC Sections 265(b) & 291(e)(1)(B ). . . . . . . . . . . . . . . 20 __________________
21. “Net Income” of accrual over cash method of accounting (U) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 __________________
22. Meal and entertainment expense disallowed under SEC.274(N) of IRC(V). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 __________________
23. Capital gain to be deducted pursuant to SDCL 10-43-10.3(8)(W) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23__________________
24. Bad debt reserve adjustments added pursuant to Sec. 585(c) of IRC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 __________________
25. Depreciation due to 30% Special Depreciation Allowance (to complete depreciation of assets
which fell under the 30% Special Depreciation Allowance in 3-9-2002). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 __________________
26. Total - Add Lines 15 through 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
27. Net Income after adjustments - Line 14 minus Line 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
If all income is derived from sources within this state, transfer amount of line 27, page 2 to line 1, page 1. If income is derived from
sources within and without this state, complete the apportionment schedule on page 4.
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