Form F-7004a - Corporate Income Tax - Florida Department Of Revenue (Page 2 of 4) in pdf

F-1120A

R. 01/99

Page 3

LINE 2 Net Operating Loss Deduction (NOLD) and State Income

Who Must File a Florida Corporate Income/

Taxes Deducted in Computing Federal Taxable Income - Enter the

Franchise Tax return (continued from page 1)

sum of:

S Corporations for the first year they qualify as S corporations for

(A) Any Net Operating Loss Deduction shown on Line 29(a) of

federal tax purposes or the first year foreign (out-of-state)

the federal Form 1120 or on the corresponding line of other

S corporations do business in Florida. If they do not have federal

federal income tax forms.

taxable income (net passive income or capital gains), only the

(B) Any tax upon, or measured by, income paid or accrued as a

information questions A through M on Form F-1120A need to be

liability to any U.S. state or the District of Columbia that is

answered and "0" entered on line 6 of the return. There is no filing

deducted from gross income in the computation of federal

requirement for subsequent years as long as the federal S election

income for the taxable year. Taxes based upon gross receipts

continues, except for tax years that an S corporation is subject to

or revenues are excluded.

federal tax. S corporations which have federal taxable income (net

passive income or capital gains) must file and are subject to Florida

If state income taxes are included in Line 2, complete question G on

Corporate Income Tax.

the reverse side of the Form F-1120A.

Effective January 1, 1997, qualified subchapter

Use the following to compute your line 2 entry:

S subsidiaries are not treated as separate entities from their parent

a. NOLD ________________________

corporations for purposes of Florida corporate income tax. The

b. State Income Taxes deducted in computing Federal Taxable

qualified subchapter S subsidiary is required to file an informational

Income___________________

return that should identify the subsidiary, the S corporation parent,

c. Total - Add a and b then enter this amount on Line 2.

and the effective date of the election for the year.

Tax-exempt organizations which are fully exempt from federal

LINE 3 Florida Net Operating Loss Deduction (NOLD)

income tax and have a “determination letter” from the Internal

Enter the amount (if any) of the Florida Net Operating Loss Deduction

Revenue Service to that effect, must file a Florida Corporate Income

on Line 3. For Florida corporate income tax, a net operating loss can

Tax Return for the first year they are subject to the Florida Income

never be carried back as a deduction to a prior taxable year. A net

Tax Code. The corporation must complete information questions A

operating loss can only be carried over to subsequent taxable years

through M on Form F-1120A. Subsequent returns will not be

and treated in the same manner, to the same extent, and for the same

required as long as they continue to qualify for exemption from

time periods prescribed in Section 172, Internal Revenue Code (I.R.C.)

federal income tax. However, organizations which have "unrelated

trade or business income" must file a Florida Corporate Income Tax

LINE 4 Florida Exemption - Section 220.14, Florida Statutes,

Return annually and are subject to Florida Corporate Income Tax.

provides for an exemption of up to $5,000 of net income. The amount

Line by Line Instructions for F-1120A

of the exemption is the lesser of $5,000 or the Florida portion of

adjusted federal income. Only one $5,000 exemption is allowed to the

LINE 1 Federal Taxable Income - Generally, the corporations should

members of a controlled group of corporations as defined in Section

enter the amount shown on line 30, page 1 of the federal form 1120 or

1563, I.R.C. If separate returns are filed by members of the controlled

the corresponding line (taxable income) of the federal income tax

group, the $5,000 exemption will be divided equally among all

return filed. If this amount is negative, type or trace over the negative

members required to file a Florida return unless all members consent

to an apportionment plan for an unequal allocation of the Florida

of income (net passive income or capital gains) subject to federal

income tax at the corporate level. S corporations answering no to

Exemption. In the case of a taxable year of less than 12 months, the

question D, page 2, enter “0" on line 6.

The F-7004A is a machine-readable form. Please follow the hand print or machine print instructions. Use black ink.

0 1 2 3 4 5 6 7 8 9

If hand printing this document, print your

If typing this document, type

numbers as shown and write one

0123456789

through the boxes and type all

number per box. Write within the boxes.

of your numbers together.

Make check payable and mail to: FLORIDA DEPARTMENT OF REVENUE, 5050 W TENNESSEE STREET, TALLAHASSEE FL 32399-0135

Florida Department of Revenue - Corporate Income Tax

F-7004A

Florida Corporate Short Form Tentative

R. 01/99

Income Tax Return and Application for Extension of Time to File Return

FEIN

Taxable Year End:

Corporation Partnership

FILING STATUS

(Mark "X" in

one box only)

U.S. DOLLARS

CENTS

Tentative Tax Due

(See Reverse Side)

Under penalties of perjury, I declare that I have been authorized

Just Value

Intangible Notice

by the above-named taxpayer to make this application, that to the

(Enter “0,” “1,” or “2”)

best of my knowledge and belief the statements herein are true

Per Share

and correct.

(see question I instructions on page 2)

Sign

Here: _____________________________

Date: ___________

Form F-7004a - Corporate Income Tax - Florida Department Of Revenue Page 2

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