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Form 81-310-01-5-2-000 - Fiduciary Income Tax Return (For Estates And Trusts) - Mississippi Department Of Revenue Page 2

Mississippi

Fiduciary Income Tax Return

(For Estates and Trusts)

FOR 1997 AND PRIOR YEARS

Year

Page 2

Form 81-310-01-5-2-000 (Rev. 6/01)

For Computer Use Only - Do Not Write Above This Line

must attach a copy of its Federal return

A fiduciary

and use Federal adjusted total

income (Form 1041) as a beginning point for computing its net taxable income for Mississippi tax

purposes. Adjustments for additions to and deductions from Federal net income, as indicated

FEIN

below, are required because of the differences in Federal and Mississippi laws.

Round All Amounts to the Nearest Dollar

Computation of Taxable Income

1. Adjusted Total Income (Loss) from U.S. Income Tax Return for Estates & Trusts (Line 17, Form 1041)

Additions to Federal Income for Mississippi purposes:

a. State, local & foreign government taxes based on income

b. Depletion in excess of cost basis

c. Interest on obligations of other states/political subdivisions

d. Expenses applicable to earning interest on U.S. Government obligations claimed on Federal Form

1041 . . .

e. Itemized deductions claimed on Form 1041 (Add back only if Standard Deduction is claimed below)

f. Other additions (Itemize)

3. Total additions. Add lines 2a through 2f.

4. Total of lines 1 and 3.

Deductions from Federal Income for Mississippi purposes:

a. Interest on U.S.Government obligations

b. Reduction in Wages on Federal return by Federal employment tax credits

c. Section 27-7-9(f)(10) gain included in line 4, page 1, Form 1041 (LTCG from sales of stock or interests

in domestic (Mississippi) corporations, limited partnerships, or LLCs)

d. Expenses directly applicable to earning interest income shown on line 2c above not claimed

on Federal Form 1041

e. Standard Deduction (See Line 2e above if standard deduction is claimed.)

f. Other deductions (Itemize)

6. Total deductions. Add lines 5a through 5f.

7. Net Income (Loss) for Mississippi purposes. Subtract line 6 from line 4.

8. Amount distributed to beneficiaries (From Schedule K)

9. Estate tax deduction. (Attach schedule of computation)

10. Exemption

(Estate - $ 600; Simple Trust - $ 300; Complex Trust - $ 100)

11. Total. Add lines 8 through 10.

12. Taxable Income (Loss) for Mississippi Purposes . Subtract line 11 from line 7. ( Enter here

and on line 6, page 1.)

Form 81-310-01-5-2-000 - Fiduciary Income Tax Return (For Estates And Trusts) - Mississippi Department Of Revenue Page 2

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