Form 355fc - Report Of Change To Federal Net Income - Massachusetts Department Of Revenue Page 2
ADVERTISEMENT
1
2Enter below the amounts as corrected by the federal government. Schedule F, Income Apportionment, must be filed with this report if the federal
adjustments changed any amounts originally reported to Massachusetts.
11 Net income as shown on U.S. Form 1120, line 28 or 1120-A, line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
$
12 U.S. wage credit allowable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
$
13 State and municipal bond interest not included in U.S. net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
$
14 Foreign, state or local income franchise, excise or capital stock taxes deducted from U.S. net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
$
15 Other adjustments. Attach schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
$
Add lines 2, 3, 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
16
$
17 Dividends deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
$
18 Other adjustments. Attach schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
$
19 Add line 7 and 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
$
10 Income subject to apportionment. Subtract line 9 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
$
11 Income apportionment percentage. Attach Schedule F* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
%
12 Multiply line 10 (even if loss) by line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
$
13 Adjustments to income taxable in Massachusetts. Attach schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
$
14 Income taxable in Massachusetts. Subtract line 13 from line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
$
15 Income originally taxable in Massachusetts from Computation of Excise. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
$
*Note: If corporation does not carry on business outside Massachusetts, enter 100%.
If line 14 is larger than line 15, complete Computation of Additional Excise.
If line 15 is larger than line 14, complete Application for Abatement of Excise.
Computation of Additional Excise Due to Federal Change
16 Additional income taxable in Massachusetts. Subtract line 15 from line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
$
17 Additional excise due before credit adjustment. Multiply line 16 by .095 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
$
18 Credit adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
$
19 Additional excise due. Subtract line 18 from line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
$
20 Interest from statutory due date of original return** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
$
21 Penalty (if this report is filed after 90 days from Notice of Final Determination). Multiply line 19 by .10; not to exceed $100 . . . . . . . . . . . . 21
$
22 Total payment due. Add lines 19, 20 and 21. Make check payable to Commonwealth of Massachusetts . . . . . . . . . . . . . . . . . . . . . . . . . . 22
$
Application for Abatement of Excise Due to Federal Change
Application for abatement must be made within one year from the date of the Notice of Final Determination.
The above-named corporation hereby makes application to the Commissioner of Revenue for an abatement of its excise tax for the taxable year
stated due to a change in net income as finally determined pursuant to federal law and as computed below.
23 Reduction of income taxable in Massachusetts. Subtract line 14 from line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
$
24 Abatement of excise due. Multiply line 23 by .095 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
$
Interest on line 24 from date of payment will be computed by the Commissioner. Consent is hereby given, pursuant to Chapter 58A, Section 6, for the Commis-
sioner of Revenue to act upon this application after six months from the date of filing. This consent is provided to protect your rights where processing of your
application is delayed for any reason. Your consent may be withdrawn at any time.
**Beginning January 1, 1993, quarterly interest rates are determined by adding four percentage points to the federal short-term interest rate. See Technical Information Release 92-6
for further information.
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