Fillable Form 355s-A - Domestic S Corporation Excise Return

Schedule D. Intangible Property Corporation —

Value of Net Worth Allocated to Massachusetts

1998 355S-A — Page 4

(Complete this schedule only if Schedule B, line 13 is less than 10%)

Note: Enter all values as net book values from Schedule A, column C

31. Total assets (Schedule A, line 18) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 $

22. Total liabilities (Schedule A, line 26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 $

13. Mass. tangible property subject to local taxation (Sch. B, line 6) . . . . . . . . . . 3 $

14. Less any mortgages thereon (Sch. A, line 19a); enter result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

15. Investments in and advances to subsidiaries which are 80% or more owned . . . . . . . . . . . . . . . . . . . . . . . . . 5

36. Deductions from total assets. Add lines 2, 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

37. Allocable net worth. Subtract line 6 from line 1. Do not enter less than “0” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 $

38. Income apportionment percentage (Schedule F, line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

39. Taxable net worth. Multiply line 7 by line 8. (Enter line 9 as line 2 and enter zero as line 1 in Computation of Excise) . . . . . . . . . . . . . . . . . . . 9 $

Schedule E-1. Dividends Deduction

31. Total dividends (U.S. Form 1120, Schedule C, line 19). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 $

22. Dividends from Massachusetts corporate trusts (attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 $

23. Dividends from non-wholly-owned DISCs (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

24. Dividends, if less than 15% of voting stock owned:

a On common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4a

b On preferred stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4b

35. Total taxable dividends. Add lines 2 through 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

36. Dividends eligible for deduction. Subtract line 5 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

37. Dividends deduction.* Multiply line 6 by .95. Enter here and in Schedule E, line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 $

*Attach schedule showing payers, amounts and % of voting stock owned by class of stock.

Schedule E. Taxable Income

Complete this schedule only if Schedule S, Part I, line 12 is $6 million or more. Massachusetts Schedule S, Part I, is used to determine if an S corporation is liable for an additional

excise at the corporate level. If total receipts are $6 million or more the corporation must complete and attach a pro forma U.S. Form 1120 and Massachusetts Schedule E. Also,

an exact copy of all pages of U.S. Form 1120S as filed must be attached to this return with applicable schedules and forms required to substantiate the Massachusetts excise. Any

changes or amendments to any U.S. amount must be explained in detail. Any return filed without the copy of such U.S. information attached is an incomplete return and is subject

to assessment penalties.

31. Gross receipts or sales (from U.S. Form 1120, line 1c or U.S. Form 1120-A, line 1c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 1 $

32. Gross profit (from U.S. Form 1120, line 3, or U.S. Form 1120-A, line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 2

33. Other deductions (from U.S. Form 1120, line 26, or U.S. Form 1120-A, line 22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 3

34. Net income as shown on line 28, U.S. Form 1120. See instructions for DISCs . . . . . . . . . . . . . . . . . . . . . . ¨ 4 $

35. Subtract from line 4 any allowable U.S. wage credit; enter result here (see Schedule E instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 5 $

36. State and municipal bond interest not included in U.S. net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 6

37. Foreign, state or local income, franchise, excise or capital stock taxes deducted from U.S. net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 7

38. Other adjustments (include expenses relating to research and development; attach schedule; see instructions). . . . . . . . . . . . . . . . . . . . . . ¨ 8

39. Combine lines 5, 6, 7 and 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 $

x .10 = . . . . . . . . . . . . . ¨ 10 $

10. Abandoned Building Renovation deduction. Total cost $

11. Dividends deduction (Schedule E-1, line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 11

12. Subtotal. Subtract lines 10 and 11 from line 9. If a loss,skip to line 19 and enter “0” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

13. Loss carryover (Schedule E-2, line 8 or line 13, whichever applies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 13

14. Income subject to apportionment. Subtract line 13 from line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 $

15. Income apportionment percentage. (Schedule F, line 5 or 100%, whichever applies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

16. Multiply line 14 (even if loss) by line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 $

17. Certified Massachusetts solar or wind power deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ 17 $

18. 25% of wages paid to eligible poverty area employees (from Schedule I-1, line 3) . . . . . . . . . . . . . . . . . . ¨ 18 $

19. Income taxable in Massachusetts. Subtract total of lines 17 and 18 from line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 $

(Enter line 19 as line 4b in Computation of Excise. If loss, enter zero.)

Corporate Disclosure Schedule: Massachusetts requires all corporations to complete the following items.

¨ $

31. Enter the amount for Charitable Contributions (U.S. Form 1120S). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32. Enter the amount of the deduction for federal research expenses (included in U.S. 1120S) allowed under IRC sec. 174,

¨ $

plus the credit for research allowed by IRC sec. 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enter in line 3a the amounts of any accelerated depreciation (ACRS, MACRS, or others) allowed as a federal deduction for the taxable year. In line 3b, enter depreciation for

property included in line 3a determined by using generally accepted accounting principles.

Buildings (other than

Pollution

Equipment

Rental Housing

Rental Housing)

Control Facilities

¨ $

3a. Enter any accelerated depreciation taken federally for . . . . . . .

3b. Depreciation calculated according to generally accepted

¨ $

accounting principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .