Fillable Form 27 - Net Profits Tax Return (Page 2 of 2) in pdf

SCHEDULE X

Reconciliation with Federal Income Tax Return

ITEMS NOT DEDUCTIBLE

ITEMS NOT TAXABLE

A. CAPITAL LOSSES (Excluding ordinary losses) . . . . . . . . $ _________________

N. CAPITAL GAINS (Excluding ordinary gains –

see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _________________

B. EXPENSES APPLICABLE TO NON-TAXABLE INCOME. $ _________________

O. INTEREST INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _________________

C. TAXES BASED ON INCOME . . . . . . . . . . . . . . . . . . . . . $ _________________

P. DIVIDENDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _________________

D. NET OPERATING LOSS DEDUCTION

PER FEDERAL RETURN . . . . . . . . . . . . . . . . . . . . . . . . $ _________________

Q. OTHER (Explain), SEE INSTRUCTIONS . . . . . . . . . . . . $ _________________

E. PAYMENTS TO PARTNERS . . . . . . . . . . . . . . . . . . . . . . $ _________________

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _________________

F. OTHER EXPENSES NOT DEDUCTIBLE (Explain) . . . . . $ _________________

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _________________

G. TOTAL ADDITIONS (Enter on Line 2A) . . . . . . . . . . . . . . $ _________________

Z. TOTAL DEDUCTIONS (Enter on Line 2B) . . . . . . . . . . . . $ _________________

SCHEDULE Y

BUSINESS ALLOCATION FORMULA (See Instructions)

A. Located

B. Located in R.I.T.A.

C. Percentage

Everywhere

Municipality(ies)

(B – : A)

Step 1

Average net book value of real and tangible personal property . . . . . . . .

$ _________________

$ ___________________

Gross annual rentals multiplied by 8 . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ _________________

$ ___________________

Total step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ _________________

$ ___________________

______________ %

Step 2

Total wages, salaries, commissions and other compensation

for all employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ _________________

$ ___________________

______________ %

Step 3

Gross receipts from sales and work or services performed

(See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ _________________

$ ___________________

______________ %

Step 4

Total percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

______________ %

Step 5

Average percentage (Divide total percentage by number of percentages used – enter on line 3B, Page 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

____________ %

SCHEDULE Z

PARTNER’S DISTRIBUTIVE SHARES OF NET INCOME (From Federal Schedule 1065K and 1099)

3. Distributive Shares

2. Social Security Number

4. Other

5. Taxable

6. Amount

of Partners

of Each Partner

Payments

Percentage

Taxable

1. NAME AND ADDRESS OF EACH PARTNER

Percent

Amount

(a)

—

% $

(b)

—

% $

(c)

—

% $

(d)

—

% $

7. TOTALS

100% $

SCHEDULE INSTRUCTIONS

Business Allocation Formula

Distribution of Profit Within R.I.T.A. Municipalities

SCHEDULE Y

A business allocation formula consisting of the average of

SCHEDULE B

This schedule must be used for the distribution of tax on

property, gross receipts and wages paid, may be used by business entities not

Line 5. If the amount of tax shown on Line 5 of this form is to be allocated to any

required to pay tax on entire net profits, by reason of doing business both within and

R.I.T.A. municipality, you must fill in the names of all the municipalities and the amount

without R.I.T.A. municipalities. However, if the books and records of the taxpayers

of tax due each one. The total distribution in Schedule B must equal total tax due (line

shall disclose with reasonable accuracy the net profit attributable to R.I.T.A. munici-

5). Attach a schedule if you need more space.

palities, then only this portion shall be considered as having a taxable situs in R.I.T.A.

municipalities.

Reconciliation with Federal Income Tax Return

NOTE: Sales and gross receipts in R.I.T.A. municipalities (Step 3) mean:

1. All sales of tangible personal property which is shipped from a R.I.T.A. municipal-

SCHEDULE X

This schedule is used for the purpose of making adjust-

ity to purchasers outside of a R.I.T.A. municipality regardless of where title passes if

ments when total income (Line 1) includes income not taxable and/or items not

the taxpayer is not, through its own employees, regularly engaged in the solicitation

deductible for municipal purposes. Enter the amounts of any such items in Schedule

or promotion of sales at the place where delivery is made.

X and carry totals, Line G and Line Z, respectively to Lines (2A) and (2B). LINE A –

2. All sales of tangible personal property which is delivered within a R.I.T.A. munici-

Capital losses from the sale, exchange or other disposition of property shall not be

pality regardless of where title passes, even though transported from a point outside

taken into consideration in arriving at net profits earned. LINE B – if you have deduct-

a R.I.T.A. municipality, if the taxpayer is regularly engaged through its own employees

ed non-taxable income (Line Z), expenses attributable to this non-taxable income

in the solicitation and the sales result from such solicitation or promotion.

shall not be allowed as a deduction from the remaining taxable income. LINE C –

Would include federal, state, local and other taxes based on income.

3. All sales of tangible personal property which is delivered within a R.I.T.A. munici-

NOTE: Corporations are only entitled to a Franchise Tax Deduction based on equity.

pality regardless of where title passes, if shipped or delivered from a stock of goods

The difference between the equity method and income method should be recorded

within a R.I.T.A. municipality.

on Line C.

LINE N – Capital gains from the sale, exchange or other disposition of property shall

Partner’s Distributive Shares of Net Income

not be taken into consideration in arriving at net profits earned. LINE Q – Include

items listed in the general instructions as Federal Income Not Taxable, as well as

SCHEDULE Z

compensation or like reimbursement for damages (except for loss of profits), involun-

Must be completed by all partnerships and associations

tary conversion, cancellation of indebtedness, income of a decedent’s income already

filing returns. Amounts shown in this schedule must correspond with amounts report-

taxable by the State of Ohio from which R.I.T.A. municipalities are specifically prohib-

ed on your Federal Partnership Form. Attach a schedule if you need more space.

ited from taxing, income which is prohibited from taxation by the Constitution of the

United States and the State of Ohio or any Act of Congress or the Ohio General

Assembly.

Form 27 - Net Profits Tax Return Page 2

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