Schedule P Incentives - Income From Fully Taxable Operations Form
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1
2Schedule P Incentives
INCOME FROM FULLY TAXABLE OPERATIONS OR
Rev. 06.12
PARTIALLY EXEMPT INCOME
OR SUBJECT TO TAX CREDIT
20__
To be filed with the corresponding Incentives return
Taxable year beginning on _______________, ____ and ending on ______________, ____
Taxpayer’s Name
Employer Identification Number
Income from fully taxable operations
Partially exempt income under:
Act 225-1995
Act 168 of 1968
Type of Business
Case Number
Act 148 of 1988
Act 14-1996
Act 75-1995
Act 178-2000
Part I
Net Income Subjet to Tax
1.
Net operating income (or loss) for the year (Part IV, line 43) .........................................................................................................
00
(1)
00
2.
Net operating loss deduction from the preceding year (See instructions. Submit detail) .....................................................................
(2)
00
3.
Net operating income (or loss) before exemptions (Subtract line 2 from line 1) .................................................................................
(3)
Exempt amount:
of line 3 .......................................................................................................................................
00
4.
%
(4)
Net income before credit for dividends received from domestic corporations ..........................................................................
00
5.
(5)
Less: Credit for dividends received from domestic corporations (See instructions). ...........................................................................
00
6.
(6)
00
7.
Net income subject to tax (Subtract line 6 from line 5. Enter here and in Part II, line 1) .........................................................
(7)
Part II
I
Computation of Tax
00
1.
Net income subjet to normal tax (Same as Part I, line 7) …................………………......…...............................................
(1)
00
2.
Less: Surtax net income deduction (Check here if it comes from Form SC 2652
) ..............................
(2)
00
3.
Net income subjet to surtax ..............................………....……………………………………………………………......…….….
(3)
00
4.
Normal tax (Multiply line 1 by 20%) ......................………………………………………...................................................
(4)
00
$
5.
Surtax (See instructions) (Net income subjet to 5%
) ….......…...............……………………..…….….
(5)
00
6.
Total tax (Add lines 4 and 5) ……….............……………………………………………............................................................
(6)
00
7.
Alternative Tax - Capital Gains and Preferential Rates (Schedule D Corporation, Part V, line 39) .......................................................
(7)
00
8.
Tax determined (Line 6 or 7, whichever is smaller) …...............………………………………………………….………………...
(8)
00
9.
Recapture of credit claimaed in excess (Schedule B Incentives, Part I, line 3) …...…………………………...........…………………
(9)
00
10.
Tax credits (Schedule B Incentives, Part II, line 25) …..............…………………………………………….…………..............
(10)
00
11.
Tax liability before alternative minimum tax (Subtract line 10 from the sum of lines 8 and 9) ...................................................
(11)
00
12.
Excess of alternative minimum tax over regular tax (Schedule A Corporation, Part V, line 3) …...................................…......
(12)
00
13.
Branch profits tax (Form AS 2879, see instructions) ................................................................................................
(13)
00
14.
Tax liability (Add lines 11 through 13. Enter here and on the corresponding line of the return) ...........................................
(14)
Gross Profits on Sales or Production and Other Income
Part III
I
1.
Net sales ...........................................................................................................................................
00
(1)
Less: Cost of goods sold or direct costs of production
2.
Inventory at the beginning of the year
"C"
"C" o "MV"
a)
Materials ............................................................................................
00
(2a)
b)
Goods in process ..............................................................................
00
(2b)
c)
Finished goods or merchandise ........................................................
00
(2c)
3.
Purchase of materials and merchandise ...................................................
00
(3)
4.
Direct wages ............................................................................................
00
(4)
5.
Other direct costs (Detail in Part V) ...........................................................
00
(5)
6.
Total goods available for sale (Add lines 2 through 5) ..............................
00
(6)
7.
Less: Inventory at end of year
"C"
"C" o "MV"
a)
Materials ..................................................
(7a)
00
b)
Goods in process .....................................
(7b)
00
c)
Finished goods or merchandise ...............
(7c)
00
00
00
8.
Gross profit on sales or production ............................................................................................................................................
(8)
00
9.
Net capital gain (Schedule D Corporation) ................................................................................................................................
(9)
00
10.
Net gain (or loss) from the sale or exchange of property other than capital assets (Schedule D Corporation) ........................
(10)
00
11.
Rent ..........................................................................................................................................................................................
(11)
00
12.
Interest .......................................................................................................................................................................................
(12)
00
13.
Dividends from corporations and partnerships distributions (a) Domestic________ (b) Foreign________ ...........................................
(13)
00
14.
Distributable share of net income (or loss) from special partnerships .............................................................................................
(14)
00
15.
Other income (Submit detail) ......................................................................................................................................................
(15)
00
16.
Casino's income ........................................................................................................................................................................
(16)
00
17.
Total income (Add lines 8 through 16) ....................................................................................................................................
(17)
00
Retention Period: Ten (10) years
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