Form M-2 - Fiduciary Income Tax Return 1998 Page 2
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1
2Adjustments to income
.
23 State and municipal bond interest from outside Minnesota . . . . . . . . . . . . . . . . . . . . . . . . 23
.
24 State income tax deducted on federal return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
25 Expenses deducted on federal return that are attributable to income not taxed
.
by Minnesota, such as U.S. bond interest or other federal obligations . . . . . . . . . . . . . . . . 25
26 Distributions not included in federal taxable income that the fiduciary received as a share-
.
holder from a financial institution electing to be an S corporation for federal purposes . . . . 26
27 Losses and deductions included in federal taxable income that were passed through to the
.
fiduciary from a financial institution electing to be an S corporation for federal purposes . . . 27
28 In the year of sale of stock of a financial institution electing to be an S corporation for federal
.
purposes, the amount by which the Minnesota basis is lower than the federal basis . . . . . . 28
.
29 Add lines 23 through 28. Fill in the total here and on line 39, column E, under Additions . . 29
.
30 Interest on U.S. bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
.
31 State income tax refund included on federal return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
.
32 Contributions to retirement plans not previously allowed . . . . . . . . . . . . . . . . . . . . . . . . . . 32
.
33 ACRS deduction not previously allowed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
34 Income and gains included in federal taxable income that were passed through to the fiduciary
.
from a financial institution electing to be an S corporation for federal purposes . . . . . . . . . 34
35 In the year of sale of stock of a financial institution electing to be an S corporation for federal
.
purposes, the amount by which the federal basis of stock is lower than the Minnesota basis . . . . 35
.
36 Add lines 30 through 35. Fill in the total here and on line 39, column E, under Subtractions . . . 36
Allocation of adjustments (see instructions on page 6)
A
B
C
D
E
Percent of
Shares assignable to beneficiary and to fiduciary
Beneficiary’s Social
Share of federal
total on line
Name of each beneficiary
Security number
distributable net income
39, column C
Additions
Subtractions
37
%
%
%
%
%
%
%
%
%
38
Fiduciary
%
39
Total
100%
Attach separate sheet, if needed.
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Parent category: Financial