South Dakota Franchise Tax On Financial Institutions Page 3

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Income And Adjustment Schedule
Federal Income
28. Taxable income before net operating loss and special deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 __________________
29. Less
(a) net operating loss (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29a _________________
(b) special deductions (Federal Schedule I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29b _________________
30. Taxable Income (Line 28 less Line 29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
(In certain cases Line 30 may not be less than 0. See Instruction R.)
State Additions
31. Net operating or capital losses incurred prior to July 1, 1978 (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 __________________
32. Interest and dividends from state and municipal obligations (H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 __________________
33. State income, franchise or privilege taxes paid or accrued (I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 __________________
34. Bad debts recoveries (J, K) [attach schedule] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 __________________
35. Bad debts deducted on Federal return (J, K) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 __________________
36. Federal income tax refund (L) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 __________________
37. Dividends received from other corporations (M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 __________________
38. “Net Income” of cash over accrual method of accounting (S) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 __________________
39. Capital loss to be included pursuant to SDCL 10-43-10.2(9) (T) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 __________________
40. 30% Special Depreciation Allowance (allowed for Federal purposes, disallowed for state purposes)
SDCL 10-43-10.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 __________________
41. Total - Add lines 30 through 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
State Deductions
42. Bad debts ascertained to be worthless and charged off (J, K) [attach schedule] . . . . . . . . . . . . . . . . . . . . . 42 __________________
43. Federal income taxes paid or accrued (N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 __________________
44. Interest and dividends prohibited from state taxation [attach schedule and give authority] (O) . . . . . . . . . 44 __________________
45. Dividends from financial institutions subject to taxation under SDCL 10-43 (P) . . . . . . . . . . . . . . . . . . . . 45 __________________
46. Additional depreciation expenses (Q) [attach schedule] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 __________________
47. Interest expense disallowed for Federal purposes by IRC Sections 265(b) & 291(e)(1)(B ). . . . . . . . . . . . 47__________________
48. “Net Income” of accrual over cash method of accounting (U) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 __________________
49. Meal and entertainment expense disallowed under SEC.274(N) of IRC(V). . . . . . . . . . . . . . . . . . . . . . . . 49 __________________
50. Capital gain to be deducted pursuant to SDCL 10-43-10.3(8)(W) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50__________________
51. Bad debt reserve adjustments added pursuant to Sec. 585(c) of IRC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 __________________
52. Depreciation due to 30% Special Depreciation Allowance (to complete depreciation of assets
which fell under the 30% Special Depreciation Allowance in 3-9-2002). . . . . . . . . . . . . . . . . . . . . . . . . . 52 __________________
53. Total - Add Lines 42 through 52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
54. Net Income after adjustments - Line 41 minus Line 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
If all income is derived from sources within this state, transfer amount of line 54, page 3 to line 1, page 1. If income is derived
from sources within and without this state, complete the apportionment schedule on page 5.
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