Schedule P Incentives - Income From Fully Taxable Operations Or Partially Exempt Income Or Subject To Tax Credit

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Schedule P Incentives
INCOME FROM FULLY TAXABLE OPERATIONS OR
Rev. 04.16
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 14-1996
Act 148 of 1988
Act 178-2000
Act 75-1995
Act 1-2013
Part I
Net Income Subjet to Tax
00
1.
Net operating income (or loss) for the year (Part IV, line 48) .........................................................................................................
(1)
Net operating loss deduction from the preceding year (See instructions. Submit detail) .....................................................................
00
2.
(2)
Net operating income (or loss) before exemptions (Subtract line 2 from line 1) .................................................................................
00
3.
(3)
Exempt amount:
of line 3 .......................................................................................................................................
00
4.
%
(4)
Net income before credit for dividends received from domestic corporations ..........................................................................
00
5.
(5)
6.
Less: Credit for dividends received from domestic corporations (See instructions). ...........................................................................
00
(6)
00
7.
Net income subject to tax (Subtract line 6 from line 5. Enter here and in Part II, line 1) (
Act 185-2014) .....................
(7)
Computation of Tax
Part II
I
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 AS 2652.1
) .........................................................
(2)
00
3.
Net income subjet to surtax ..............................………....……………………………………………………………......…….….
(3)
00
4.
Normal tax (Multiply line 1 by:
20%
15%
10%) (See instructions) ...............................................................................
(4)
00
5.
Surtax (See instructions) ..................................................................................….......…...............……………………..…….….
(5)
00
Total tax (Add lines 4 and 5) ……….............……………………………………………............................................................
6.
(6)
00
7.
Alternative Tax - Capital Gains and Preferential Rates (Schedule D1 Corporation, line 9) ......................................................................
(7)
00
8.
Tax determined (Line 6 or 7, whichever is smaller) …...............………………………………………………….………………...
(8)
00
9.
Recapture of credit claimed in excess (Schedule B Incentives, Part I, line 3) …...…………………………...........…………………
(9)
00
10.
Tax credits (Schedule B Incentives, Part II, line 24) …..............…………………………………………….…………..............
(10)
00
11.
Tax liability before alternative minimum tax (Subtract line 10 from the sum of lines 8 and 9) ...................................................
(11)
00
Excess of alternative minimum tax over regular tax (Schedule A Corporation, Part VI, line 41) ….........................................
12.
(12)
00
13.
Branch profits tax (Form AS 2879, see instructions) ................................................................................................
(13)
00
14.
Deemed Dividend Tax (Form AS 2877, see instructions) .....................................................................................................
(14)
00
15.
Tax liability (Add lines 11 through 14. Enter here and on the corresponding line of the return) ...........................................
(15)
Part III
I
Gross Profits on Sales or Production and Other Income
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"
00
a)
Materials ............................................................................................
(2a)
00
b)
Goods in process ..............................................................................
(2b)
00
c)
Finished goods or merchandise ........................................................
(2c)
00
3.
Purchase of materials and merchandise ...................................................
(3)
00
4.
Direct wages ............................................................................................
(4)
00
5.
Other direct costs (Detail in Part V) ...........................................................
(5)
00
6.
Total goods available for sale (Add lines 2 through 5) ..............................
(6)
7.
Less: Inventory at end of year
"C"
"C" o "MV"
00
a)
Materials ..................................................
(7a)
00
b)
Goods in process .....................................
(7b)
00
c)
Finished goods or merchandise ...............
00
00
(7c)
8.
Gross profit on sales or production ............................................................................................................................................
00
(8)
9.
Net capital gain (Schedule D Corporation) ................................................................................................................................
00
(9)
10.
Net gain (or loss) from the sale or exchange of property other than capital assets (Schedule D Corporation) ........................
00
(10)
11.
Rent ..........................................................................................................................................................................................
00
(11)
12.
Interest .......................................................................................................................................................................................
00
(12)
13.
Dividends from corporations (a) Domestic________ (b) Foreign________ .............................................................................
00
(13)
14.
Distributable share of net income (or loss) from partnerships and special partnerships ..................................................................
00
(14)
15.
Other income (Submit detail) ......................................................................................................................................................
00
(15)
16.
Casino's income ........................................................................................................................................................................
00
(16)
17.
Total income (Add lines 8 through 16) ....................................................................................................................................
00
(17)
18.
Less: Amount exempt under Act 135-2014 (See instructions) ....................................................................................................
00
(18)
19.
Total income after exemption under Act 135-2014 (Subtract line 18 from line 17) .......................................................................
00
(19)
Retention Period: Ten (10) years

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