Form Sc1041 - Fiduciary Income Tax Return - 1999 Page 2
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2
3Page 2
Name and Federal I.D. on page 1
Part I - SOUTH CAROLINA FIDUCIARY ADJUSTMENT
Adjustments to
amount included in
federal distributable
1. Additions to federal taxable income:
net income
1a
a. State and local interest
1b
b. State or local taxes measured by income deducted on the federal return
1c
c.
Federal net operating loss carry-forward
1d
d. Out-of state losses
1e
e. Other additions to income (see instructions) - ATTACH AN EXPLANATION
f.
Total additions to federal income (add lines 1a through 1e)
1f
2. Subtractions from federal taxable income
2a
a. Interest on US Government obligations
2b
b. State income tax refunds reported as income on federal return
2c
c.
South Carolina net operating loss carry-forward (attach schedule)
2d
d. Other subtractions from income (see instructions) - ATTACH AN EXPLANATION
e. Total subtractions from federal taxable income (add lines 2a through 2d)
2e
3. Total (subtract line 2e from line 1f)
3
4. Fiduciary adjustment from other estates or trusts and partnership adjustment (attach schedule)
4
5. South Carolina fiduciary adjustment (add lines 3 and 4) Addition o or Subtraction o
5
Part II - ALLOCATION OF SOUTH CAROLINA FIDUCIARY ADJUSTMENT
Complete ONLY if Part I indicates a South Carolina Fiduciary Adjustment. It is allocated among all beneficiaries and fiduciary in the same ratio as their
relative shares of Federal Distributable Net Income. Nonresident beneficiaries see parts III and IV for computation of income.
4.
Shares of South Carolina
1.
Name of each beneficiary. Check box if beneficiary is a nonresident. All beneficiaries
Shares of Federal
Fiduciary Adjustment
receiving federal K-1 must be listed. Use attachment if more than eight.
Distributable Net Income
Addition o or Subtraction o
Social Security Number
3. Percent
2. Amount
a)
%
o
b)
o
%
c)
o
%
d)
%
o
e)
%
o
f)
%
o
g)
%
o
h)
o
%
i)
Fiduciary
%
Totals
100%
COLUMN 2 - Total federal distributable net income must be the same as line 7, Schedule B Form 1041.
COLUMN 3 - Indicate percentages with two numbers, such as 32%, 3.2% and .32%.
COLUMN 4 - Enter South Carolina Fiduciary Adjustment from line 5, Part I as the total of Column 4. Multiply each percentage in Column 3 times the
total in Column 4. Indicate at the top of Column 4, whether the adjustments are additions or subtractions. If the adjustment is a subtraction, it may not
offset more than the amount reportable from the fiduciary for federal tax purposes (except in the final or termination year).
COLUMNS 2, 3, AND 4 - Attach a detailed explanation of the allocation method used if there is no federal distributable net income, or, if the
percentages do not agree with the relative shares indicated on Form 1041, Schedules B and K-1.
COLUMN 4 - The amount after each name is reported as a modification, either an addition to or subtraction from federal taxable income. Each resident
beneficiary should add the explanation: "fiduciary adjustment - (name of estate or trust)". A copy of this schedule (or its information) must be provided to
each resident beneficiary. The fiduciary's share of the adjustment is entered on line 4 of page 1.
EXAMPLE OF COMPUTATION:
1999 TAX COMPUTATION SCHEDULE
ESTATES AND TRUSTS TAX RATE
South Carolina taxable income on Form SC1041 line 7 is $15,240.
If the income is:
Compute your tax as follows and enter
$15,240.00
the results on Form SC1041 line 8.
x
.07 or 7%
1,066.80
OVER -
BUT NOT
OVER -
-
339.00
less
$0
2,340 2.5% Times the amount
727.80
rounded to $728.00
2,340
4,680 3% Times the amount less $11
4,680
7,020 4% Times the amount less $58
7,020
9,360 5% Times the amount less $128
$728.00 is the amount of tax to be entered on line 8 of SC1041.
9,360
11,700 6% Times the amount less $222
11,700 (or more) . . . . . . . 7% Times the amount less $339
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