Instructions For Maryland Form 500 - Corporation Income Tax Return

modiication.

ccmmercial

5ooDM.

aMe

UNE 3 -TOTAL

total.

muat be positive amounts.

UNE 4a - MVlDENDS FOR DOMESTK

CORPORATlONS

CWMING FOREIGN TAN

UNE 4b - DMDENDS FROM RELATED

FORElGN CORPORATlONS

code

exduded

Title 12, Subtitle 2.

tillage equipment (no-till planters, no-till drills,

g. For a Regulated Investment Company, the

copy

Article)

6OODM.

&year

28OC(a),

the

NOTEz To ba completed by multiataie corpor-

atknls-unistatecaporatlonssklptollne8.

Mdtiplytheamountonlll8by7%.Entertheresult

1Oa.

- Decla-

lob. Enter any amount paid with Form 500E

- Appli-

depletion allowances that are provided for in Sec-

that invest in U.S. government obligations. Only that

allowance under the Job Creation and Worker

tion 613 or 613A are not required as an addition

portion of dividends attributable to interest from U.S.

Assistance Act (JCWAA) of 2002 compared to

Maryland taxable income without regard to

obligations can be subtracted. Income from Govern-

ment

National

Mortgage

Association

securities

may

JCWAA provisions. Complete and attach Form

b. The total amount of additions associated with

See Administrative Release 38.

not

subtracted.)

business tax credits. Enter the total of lines 1. 2,

k. Net subtraction modification to Maryland taxable

3, 7, 11, 12 and 13 from Form 500CR,

Part R,

LINE 4d - GAIN OR LOSS ON THE DlSPOSlTlON

Business

Tax

Credit

Summary.

income when the federal special

carry-

BY A PUBLIC SERVlCE

COMPANY OF CEPJAlN

back period was used for a net operating loss

c. The amount allowed in a prior taxable year for

ASSETS

under the Job Creation and Worker Assistance

reforestation or timber stand improvement if the

Act (JCWAA) of 2002 compared to Maryland tax-

forest land was decertified in the previ-

Enter the difference between the adjusted basis

able income wlthout regard to JCWAA provisions.

ous year. See the corresponding subtraction modi-

of the disposed or transferred assets as recorded in

Complete and attach Form 6OODM.

See Adminis-

fication listed under line 4e for more information.

the books of the public service company and the

trative

Release

38.

adjusted basis of the assets for federal purposes

d. The amount of federal income tax expenses

I. The amount of wages for which a deduction is not

calculated as of January 1, 2000. Add to this the

attributable t o a child care center or family day

amount of any carryover from a previous year. Com-

allowed under Internal Revenue Code Section

care home, tf the center or home is not licensed

not exceeding the credit allowed for tar-

plete the worksheet below to determine the amount

or registered as required by Maryland law.

geted jobs (Work Opportunity Tax Credit) under

of any carryover of this subtraction.

e. Net addition modification to Maryland taxable

Internal Revenue Code Section 51.

UNE 4a - OTHER SUBTRACTlONS

income when using the federal bonus depreciation

Attach a schedule identifying all items and

allowance under the Job Creation and Worker

If one or more of these apply, enter the total

amounts claimed on line 4e in the same categories

Assistance Act (JCWAA) of 2002 compared to

amount on line 4e and identify each item using the

as specified above. Additionally, (1) list by source

Maryland taxable income without regard to

letter.

and amount the interest attributaMe

to U.S. obliga-

JCWAA provisions. Complete and attach Form

a. The percentage of the dividends received from

tions and profit from

sale or exchange of bonds

See Administrative Release 38.

an affiliated domestic international sales corpcxa-

issued by Maryland or its political subdivisions, and

f. Net addition modification to Maryland taxable

tion equal to the percentage that would be

(2) reconcile the income tax refunds to the federal

income when the federal special Byear

carry-

if the corporation did not qualii under

return.

back period was used for a net operating loss

Internal Revenue Code Section 992(a).

LINE 5 - MARYLAND MODIFIED I N C O M E

under the Job Creation and Worker Assistance

b. Profit (without regard to Iceses)

realized from the

Subtract line 4f from

line 3 and enter the result.

Act (JCWAA) of 2002 compared to Maryland tax-

sale or exchange of bonds issued by Maryland or

income without regard to JCWAA provisions.

THIS LINE MUST BE COMPLETED.

a poliical

subdivision of Maryland..

Complete and attach Form

500DM. See Adminis-

c. The amount of payment for relocation and assis-

trative

Release

38.

APPORTIONMENT OF INCOME

tance under the Maryland Real Property Article,

Attach a schedule of all items and amounts

reported on line 2d in tha same categories as spec-

d. Refunds of income tax received from a state or a

ified

above.

political subdivision of a state.

LINE 6 - MARYLAND

e. Expenses incurred to buy and install conservation

APPORTIONMENT FACTOR

Add the amounts on lines 1 and 2e and enter the

deep no-till ripper, and liquid manure soil injection

Enter the apportionment factor as calculated

apparatus), as certified by the Maryland Depart-

on Page 2 of Form 500. (The factor must be

SUBTRACTION MODIFICATIONS:

ment of Agriculture. (See back cover of tax book-

rounded to six dedmal

places.)

All entries

let for address and phone number.) Attach a copy

For detailed instructions, see instructions for

of the certlficatlon.

Computation of Apportionment Factor on page 6.

f. Twice the amount of expenses for reforestation or

LINE 7 - MARYLAND APPORTIONED

CREDITS

timber stand improvement activity on IO to 100

INCOME

acres of commercial forest land, exclusive of fed-

Enter the amount included in the income of a

eral funds. For information regarding qualiication

domestic corporation claiming a foreign tax

Multiply the amount on line 5 by the factor

and a computation of expenses, contact the

credit as dividends under Internal Revenue Code

shown on line 6 and enter the result.

Maryland Department of Natural Resources.

Section

(foreign

dividend

gross-up).

(See back cover of tax booklet for address and

phone number.)

LINE 8 - MARYLAND TAXABLE INCOME

Enter the amount from line 5 or line 7, whichever

Enter dividends received from a corporation if the

amount of the addition for interest and dividends

applicable.

receiving corporation owns, directly or indirectly,

from state or local obligations of another state.

50% or more of the paying corporation’s outstand-

LINE 9 -TAX

h. Purchase cost of certain poultry or livestock

ing shares of capital stock and the paying corpora-

manure spreading equipment as certified by the

tion is organized under the laws of a foreign govem-

Maryland Department of Agriculture. Attach a

LINE 10 - PAYMENTS AND CREDlTS

ment.

of the certification.

Enter the total of amounts paid during

This subtraction is limited to the amount of divi-

i. Expenses incurred to buy and install handrails in

the taxable year with Form 500DP or 600D

dends included in federal taxable income.

an existing elevator in a healthcare facility (as

ration of Estimated Corporation Income

Tax. Also

defined in Section 19-114 of the Health General

include. any overpayment carried forward from the

LINE 4c - INCOME FROM UNlTED

STATES

or other building in which at least 50% of

prior year Form 600.

OBLIGATIONS

the space is used for medical purposes.

Income attributable to an obligation of the

j. Net subtraction modification to Maryland taxable

cation for Extension of Time to File Corporation

United States or an instrumentality of the United

income when using the federal bonus depredation

Income

Tax

Return.

States. (This indudes

diiidends from mutual funds

CARRYOVER WORKSHEET FOR IJNE 4d

1. Enter the amount from Form 50ID, line 4d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$

2. Enter the amount from Form 501D, line 3.

. . . . . . . . . . . . . . . . . . . .$

3. Enter the total of lines 4a, b, c aind e from Form 500 . . . . . . . . . . . . . .$-

4. Subtract line 3 from line 2. If less than 0, enter 0. . . . . . . . . . . . . . .$

5. Subtract line 4 from line 1. If less than 0, enter 0. This is your

carryover amount for future periods. . . . . . . . . . . _ . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$

Instructions For Maryland Form 500 - Corporation Income Tax Return - 2002 Page 4

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