Instructions For Form 41 - Idaho State Tax Commission

NEW FOR 1998

ADOPTION OF FINANCIAL INSTITUTION REGULATION

CREDIT FOR CONTRIBUTIONS TO YOUTH AND REHABILITA-

Idaho adopted the Multistate Tax Commission financial regula-

TION FACILITIES EXPANDED

tion effective for tax years beginning on or after January 1,

Donations made on or after July 1, 1998, to an Idaho center

1998. An entity meeting the definition of a financial institu-

for independent living will qualify for the credit for contribu-

tion will use these rules to determine its Idaho apportionment

tions to youth and rehabilitation facilities. A center for inde-

factor. See page 15 for the details of this computation.

pendent living is a private, nonprofit, nonresidential organiza-

tion run by individuals with disabilities to provide independent

EXTENSION OF TIME TO FILE

living services and programs. Donations to foundations of

Taxpayers now have an automatic six-month extension of time

youth or rehabilitation facilities will also qualify for the credit.

for filing income tax returns. To avoid paying a 2% per month

penalty, you must pay by the original due date of your return at

Donations made on or after January 1, 1998, to the Children's

least 80% of the total tax due for your 1998 return or 100% of

Home Society of Idaho will qualify for the credit.

the tax reported on the previous year's tax return. Interest will

continue to apply on any amount not paid by the due date.

CREDIT FOR CONTRIBUTIONS TO EDUCATIONAL ENTITIES

EXPANDED

Donations made on or after March 17, 1998, to the Idaho State

Library will qualify for the credit for contributions to educa-

tional entities.

GENERAL INFORMA

GENERAL INFORMATION

GENERAL INFORMA

TION

GENERAL INFORMA

TION

WHO MUST FILE FORM 41

WHO MUST FILE FORM 41S

A corporation or association that is transacting business in Idaho,

A corporation filing as an S corporation for federal income tax

is registered with the Idaho Secretary of State to do business in

purposes must file Form 41S if it:

Idaho, or has income attributable to Idaho must file Form 41.

•

This includes a(n):

is transacting business in Idaho;

•

is registered with the Idaho Secretary of State to do business

•

regular corporation subject to the income or franchise tax.

in Idaho; or

•

has one or more shareholders residing in Idaho.

•

nonprofit organization that receives unrelated business income,

as defined in the Internal Revenue Code. If you do not receive

Idaho accepts the federal approval of the S corporation elec-

unrelated business income, you are not required to file an Idaho

tion. Federal Form 2553 or a copy of the federal notice approv-

corporate income tax return. However, if you file a federal

ing the election must be attached to your Idaho tax return for

Form 990, the Idaho State Tax Commission will accept a copy.

the first year you file Form 41S.

•

corporation in business solely to perform contracts with the

TRANSACTING BUSINESS

U.S. Department of Energy at the Idaho National Engineering

Transacting business in Idaho is indicated by, but not limited to,

and Environmental Laboratory. This corporation is subject to

the following activities:

the Idaho franchise tax. See Franchise Tax, page 2.

•

owning or leasing, as lessor or lessee, any property in Idaho;

•

receiver, trustee in dissolution, trustee in bankruptcy, or as-

•

soliciting business in Idaho;

•

signee who possesses or holds title to all or substantially all of

being a member of a partnership with business in Idaho;

•

the property or business of a corporation, even if the property

any Idaho activity from which income is received, realized, or

or business is not being operated.

derived; or

•

having an agent, such as a collector, repair person, delivery

•

mutual savings bank that does not have capital stock repre-

person, etc., acting on your behalf in Idaho.

sented by shares, a domestic building and loan association, a

domestic savings and loan association, a federal savings and

HOW TO FILE

loan association with substantially all of the business con-

A complete copy of the federal income tax return must be at-

fined to making loans to members, and a cooperative bank

tached to the Idaho income tax return. If filing a Form 41S, all

without capital stock operated for mutual purposes and with-

Schedules K-1 must be attached to the return or submitted with

out profit.

the return on microfiche. Failure to attach a complete copy of

the federal return may cause the return to be delinquent.

•

limited liability company treated as a corporation for federal

income tax purposes.

The return must be signed by an authorized individual on behalf

of the corporation.

•

common law trust treated as a corporation for federal income

tax purposes.

Round the amounts on the return to the nearest whole dollar.

•

Real Estate Investment Trust (REIT)

WHERE

WHERE T T T T T O FILE

O FILE

Mail the return and payment to:

•

Regulated Investment Company (RIC)

IDAHO STATE TAX COMMISSION

•

homeowners’ association

PO BOX 56

BOISE ID 83756-0056

•

inactive or nameholder corporation

DUE D

DUE DA A A A A TE OF RETURN

TE OF RETURN

•

nonproductive mining corporation

Unless you are a farmer's cooperative, your return is due on or

before the 15th day of the fourth month following the close of

your tax year. For a calendar year filer, this is April 15.

Instructions For Form 41 - Idaho State Tax Commission - 1998

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