Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - 1998 Page 9
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12Tax Computation Worksheet for Members of a Controlled Group
(Keep for the member’s records.)
Note: Each member of a controlled group must compute the tax on its investment
company taxable income using this worksheet (except funds that are personal
holding companies or that are not in compliance with Regulations section 1.852-6—
see item 2 of Line 3a on page 10).
1.
Enter investment company taxable income (line 26, page 1)
1.
2.
Enter line 1 or the fund’s share of the $50,000 taxable income bracket,
whichever is less
2.
3.
Subtract line 2 from line 1
3.
4.
Enter line 3 or the fund’s share of the $25,000 taxable income bracket,
whichever is less
4.
5.
Subtract line 4 from line 3
5.
6.
Enter line 5 or the fund’s share of the $9,925,000 taxable income bracket,
whichever is less
6.
7.
Subtract line 6 from line 5
7.
8.
Multiply line 2 by 15%
8.
9.
Multiply line 4 by 25%
9.
10.
Multiply line 6 by 34%
10.
11.
Multiply line 7 by 35%
11.
12.
If the taxable income of the controlled group exceeds $100,000, enter this
member’s share of the smaller of: 5% of the taxable income in excess of
$100,000, or $11,750. (See the instructions for line 2b below.)
12.
13.
If the taxable income of the controlled group exceeds $15 million, enter this
member’s share of the smaller of: 3% of the taxable income in excess of $15
million, or $100,000. (See the instructions for line 2b below.)
13.
14.
Add lines 8 through 13. Enter here and on line 3a, Schedule J
14.
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