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If the fund’s portfolio of assets is a combination of U.S.

these securities. Internal Revenue Ruling 59-60 also details some

government securities, Florida government securities

methods the Florida Department of Revenue has found

and other securities such as stocks or securities issued

acceptable.

by a state other than Florida, only the value of the U.S.

government securities value may be proportionately

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In the fourth column, list the total value of each class

removed from the total net asset value of the fund’s

of stock held by Florida residents.

shares.

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In the fifth column, list the total taxable amount of

each class of stock held by Florida residents. This

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If the fund’s portfolio of assets is securities that are not

value is obtained by multiplying the figure in the

exempt from intangible tax, the entire net asset value of

second column by the figure in the third column. IF

the fund’s shares are taxable.

THE PRODUCT IS A ZERO OR NEGATIVE VALUE,

ENTER ZERO.

Column

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On the last line of this schedule, a corporation may

Name of Company - Enter the name of company issuing

pay the tax on loans or advances made to the

stocks.

corporation by Florida shareholders.

Class - Enter the class of stock owned.

Number of Shares - Enter the number of shares of each

Total the last column on Line 20. If the total shown on Line 20 is

class of stock owned.

zero or less, enter zero. Transfer total to Schedule A, Line 5 on

Just Value Per Share - Enter the just value per share of

the face of the return.

stock or the market price per share.

Total Just Value - Enter the total just value or the total

Under no circumstance is a negative value for any class of

stock to be used to reduce the value of another class of stock

market value of each class of stock owned. This total is

or the value of loans or advances from stockholders.

obtained by multiplying Column C by Column D.

Numeric Equivalents for Fractions Used in Stock Price

QuotesX

Information Notices. The notice-filing requirements are separate

1/16 = .0625

6/16 = .375

11/16 = .6875

requirements from the tax-filing requirement. The information

2/16 = .125

7/16 = .4375

12/16 = .75

notice must be filed even when the corporation has no tax liability.

3/16 = .1875

8/16 = .50

13/16 = .8125

Notices required to be filed that are postmarked or delivered to the

4/16 = .25

9/16 = .5625

14/16 = .875

Department after June 30 of the tax year are delinquent. A check

5/16 = .3125

10/16 = .625

15/16 = .9375

box is provided on the back of the payment coupon for each

notice. A check mark should be placed in the box provided for

each notice statement applicable to the corporation. Failure to

Add all entries and enter the result on Line 19. Transfer this

provide each applicable notice will subject the corporation to

amount to Schedule A, Line 4 on the return.

a $100 penalty for each notice required.

CORPORATIONS ONLY—PAYING AS AGENT

Security Brokers/Investment Advisors. Security Brokers/

Schedule E

FOR FLORIDA STOCKHOLDERS

Investment Advisors must file with the Department of Revenue, on

or before June 30 of each year, a position statement for each

Corporations may annually elect to pay the intangible tax as agent

Florida customer for whom they hold securities. Security Brokers

for their shareholders. The election is made by filing written

for the purpose of administering this provision are those broker/

notification with the Department of Revenue on or before June 30

investment advisors registered with the Department of Banking

of the tax year. In addition, the Florida shareholders must be

and Finance, Division of Securities, to sell securities in Florida.

notified by April 1 that the corporation made the election to pay the

Brokers who do not hold securities on account for customers also

tax as agent for the Florida shareholders. A representative copy

must notify the Department. The position statement must show the

of the notice given to the Florida shareholders must accompany

customer’s name, address, social security number or federal

the corporation’s return. Once this election has been made, it

employer identification number, the number of shares or units

cannot be revoked or amended for that year. As a courtesy,

held, the class, the value of each share or unit, the issuing

corporations may include loans or advances from Florida

company’s name and the Committee on Uniform Security

stockholders on Schedule E and pay the tax on their behalf.

Identification Procedures (CUSIP) number of all securities held for

To exercise the election, a corporation must complete Schedule E

Florida customers as of December 31 of the previous calendar year.

and check the box on the back of the payment coupon. To

This information must be reported on magnetic media.

complete this schedule, use a separate line for each class of

Specifications and instructions may be obtained from:

stock.

Florida Department of Revenue

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In the first column, list the number of outstanding

Enforcement Operations

shares, by class of stock.

ATTN: Stockbroker Enforcement Unit

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In the second column, list the number of shares of

PO Box 6417

stock held by Florida residents.

Tallahassee, FL 32314-6417

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In the third column, list the just value per share of

850-487-3875

each class of stock.

A broker/investment advisor who can demonstrate a hardship may

Shares of stock in corporations that are closely held and NOT

be relieved of the requirement to file this information on magnetic

regularly traded on the open market are to be valued using

media, but must still file the information. The penalty for failure to

generally accepted methods of valuation. Book value alone is not

file this information is an initial penalty of $10 per customer

an acceptable method of valuing closely held stock for intangible

position statement plus 1% of the initial penalty or $50 per month

tax purposes. Chapter 12C-2.010(1)(c), F.A.C., lists some

whichever is greater, until the position statements are filed. The

acceptable valuation techniques as well as several other factors

minimum penalty is $100.

that must be considered when determining a market value for

Form Dr-601c - Intangible Tax Return For Corporation, Partnership And Fiduciary Filers - 1999 Page 9

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