Instructions For Schedule Acrs - Minnesota Department Of Revenue
ADVERTISEMENT
1Instructions for Schedule ACRS
Line 8
No modification is necessary for
Fill in your total federal ACRS deduction
property placed in service after Dec. 31,
for 15-, 18- and 19- year real property on
Fill in the total addbacks, plus any
1987, or for the federal section 179
the space next to line 3, multiply by 40
amount of basis reduction because of the
deduction.
percent and fill in the result on line 3.
federal investment credit, made for
15-year property that was fully depreci-
Unitary groups: Complete Schedule
No addback is required if you used the
ated for federal purposes in the prior
ACRS as a summary of the combined
optional straight-line method on your
year.
return’s totals. Attach a schedule
federal return for assets placed in service
showing the detail for each member of
Do not include amounts for any assets
before 1987.
sold or exchanged.
the combined return.
Subtraction of prior ACRS
Line 10
Basis for depreciation
addbacks
Fill in the sum of the amounts listed on
In general, the Minnesota basis for
line 16 of your 1996 Schedule ACRS and
If you made prior ACRS or MACRS
depreciation is the same as the federal
line 15 of your 1997 Schedule ACRS.
addbacks, follow the instructions for
basis. However, since Minnesota does
lines 5 through 12 to determine the
not allow an investment credit, you will
Do not include amounts for any assets
amount of your subtraction.
have to increase the Minnesota basis by
sold or exchanged.
the amount that your federal basis has
Fully depreciated assets. After an
been reduced by claiming the federal
Line 11
asset has been fully depreciated for
investment credit.
Sale of assets. You are allowed a
federal purposes using ACRS or
subtraction of previous addbacks, plus
MACRS, you will be allowed a subtrac-
Line 1
any amount of basis reduction because
tion for the amount of addbacks previ-
If you have property that was placed in
of the federal investment credit, in the
ously made on your Minnesota return.
service after July 31, 1986, and before
year of the sale. List this subtraction on
This subtraction should include any
Jan. 1, 1988, to which the federal
line 11 and attach a schedule showing
amount of basis reduction because of the
modified accelerated cost recovery
your computation.
federal investment credit.
system (MACRS) applies, you must add
back 15 percent of the federal deduction
Exchange of assets. Any difference in
The subtraction is allowed in equal
for the property. If you used the straight-
basis attributable to prior years’ ACRS or
installments following the year in which
line method for assets placed in service
MACRS addbacks, plus any amount of
the last addback was made:
during calendar year 1987, you must still
basis reduction because of the federal
•
10-year property in the following
add back 15 percent of the federal
investment credit, is allowed as a
five years,
deduction.
subtraction.
•
all other property in the following
seven years.
Fill in your federal MACRS deduction
The subtraction is allowed in equal
for assets placed in service before 1988
Line 5
installments following the year in which
on the space next to line 1, multiply by
the last addback was made. Follow the
Fill in the total addbacks, plus any
15 percent and fill in the result on line 1.
instructions in the section titled “Fully
amount of basis reduction because of the
depreciated assets” in the previous
federal investment credit, made for
Lines 2 and 3
column. List this subtraction on line 11
10-year property that was fully depreci-
If you used the federal accelerated cost
and attach a schedule showing your
ated for federal purposes in the prior tax
recovery system (ACRS) depreciation on
year.
computation.
your federal return for assets placed in
service before 1987, you must add back a
Do not include amounts for any assets
portion of your federal depreciation on
sold or exchanged.
your Minnesota return. The amount of
the addback depends on the federal
Line 7
recovery period for the property.
Fill in the sum of the amounts listed on
Schedule ACRS for 1993 (line 15), 1994
Fill in your total federal ACRS deduction
(line 13), 1995 (line 15), 1996 (line 13)
for 15-year public utility property on
and 1997 (line 12).
space next to line 2, multiply by 20
percent and fill in the result on line 2.
Do not include amounts for any assets
sold or exchanged.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial