Instructions For Form 41 - Idaho State Tax Commission

FORM 41

SUBTRA

SUBTRACTIONS

CTIONS

SUBTRA

CTIONS

LINE 25

LINE 25 ALLOC

ALLOC

ALLOCA A A A A TED INCOME

TED INCOME

Enter the amount of nonbusiness income. Attach a schedule

LINE 19

LINE 19 FOREIGN DIVIDEND GROSS-UP

FOREIGN DIVIDEND GROSS-UP

detailing the source of income and an explanation of why the

LINE 19

FOREIGN DIVIDEND GROSS-UP

Enter the foreign dividend gross-up, as provided by Section 78,

income was classified as nonbusiness.

Internal Revenue Code, included in federal taxable income.

LINE 26 NONBUSINESS EXPENSE OFFSET

LINE 20 INTEREST FR

LINE 20 INTEREST FROM ID

OM ID

OM IDAHO MUNICIP

AHO MUNICIP

AHO MUNICIPAL SECURITIES

AL SECURITIES

Enter the amount from line 9 of the following computation. This

Enter interest received from securities issued by the state of

is the nonbusiness expense offset.

Idaho and its political subdivisions, if included on line 13.

1 . Interest expense (federal Form 1120) .................. _________

LINE 21

LINE 21 INTEREST ON U

INTEREST ON U

INTEREST ON U.S.

.S.

.S. OBLIGA

OBLIGA

OBLIGATIONS

TIONS

2 . Interest expense attributable to tax-

Interest income you received from obligations of the U.S. Gov-

exempt income (line 22) ........................................ _________

ernment is not subject to the Idaho tax. Deduct any U.S. Gov-

3 . Balance of interest expense subject

ernment interest included in federal taxable income, line 12. Ex-

to offset (subtract line 2 from line 1) ................... _________

amples of obligations of the U.S. Government include but are

4 . Total dividend and interest income

not limited to:

classified as business income (subject

to apportionment) .................................................. _________

•

Banks for Cooperatives

5 . Subtract line 4 from line 3. ................................... _________

•

Federal Farm Credit Banks

6 . Total dividend and interest income

•

Federal Financing Bank

classified as nonbusiness income (not

•

Federal Homeowners Loan Bank

subject to apportionment). Do not

•

Federal Intermediate Credit Bank

include tax-exempt interest. .................................. _________

•

Federal Land Bank

7 . Enter the lesser of line 5 or line 6. ....................... _________

•

Guam

8 . Other expenses directly related to the

•

Puerto Rico

production of nonbusiness income ....................... _________

•

Student Loan Marketing Association

9 . Add lines 7 and 8. ................................................. _________

•

Tennessee Valley Authority Bonds

•

Territory of Alaska

LINE 28 OTHER SUBTRACTIONS

•

Territory of Hawaii

Enter any miscellaneous Idaho deductions. Multinational tax-

•

Territory of Samoa

payers include the total deductions from Schedule 42, Part II,

•

U.S. Series EE and HH Bonds

line 14. Attach a schedule identifying each miscellaneous de-

•

U.S. Treasury Bills and Notes

duction.

•

Virgin Islands

LINE 32

APPOR

TIONMENT F

TIONMENT FA A A A A CT

TIONMENT F

LINE 32

LINE 32 APPOR

APPOR

APPORTIONMENT F

TIONMENT F

CTOR

Interest income received from the Federal National Mortgage

If all the activity is in Idaho, enter 100%. If the corporation has

Association (FNMA) and the Government National Mortgage As-

multistate/multinational operations, enter the apportionment fac-

sociation (GNMA) is not paid by the U.S. Government and is

tor from Schedule 42, Part I, line 21. Attach Schedule 42.

subject to Idaho income tax.

LINE 34 INCOME

LINE 34 INCOME ALLOC

ALLOC

ALLOCA A A A A TED

TED

TED T T T T T O ID

O ID

O IDAHO

AHO

LINE 34 INCOME

ALLOC

TED

O ID

AHO

LINE 22 INTEREST EXPENSE OFFSET

Enter the amount of nonbusiness income allocated to Idaho less

Enter the amount from line 5 of the following computation. This

the interest offset computed on line 26 which applies to this

is the interest expense offset.

income. Attach necessary schedules.

1 . Interest expense (total interest expense de-

LINE 35 ID

LINE 35 IDAHO NET OPERA

AHO NET OPERA

AHO NET OPERATING LOSS C

TING LOSS C

TING LOSS CARRY

ARRY

ARRYO O O O O VER

VER

ducted in determining federal taxable income,

Enter the Idaho net operating loss carryover. Attach a schedule

plus interest disallowed pursuant to Section

detailing the computation of the loss and any prior loss applica-

63-3022, Idaho Code, interest expense from a

tion.

pass-through entity, and interest expense of for-

eign corporations included in a worldwide report) ._________

LINE 36 ID

LINE 36 IDAHO

AHO

AHO T T T T T AXABLE INCOME

AXABLE INCOME

AXABLE INCOME AND ELECTION

AXABLE INCOME

AND ELECTION

AND ELECTION T T T T T O FOREGO

O FOREGO

2 . Total tax-exempt income (interest on qualifying

NOL C

NOL CARRYB

ARRYB

ARRYBA A A A A CK

ARRYB

NOL C

ARRYB

obligations of the United States and interest

Enter the Idaho taxable income.

on qualifying obligations of the State of Idaho,

its cities, and political subdivisions) ..................... _________

Check the box on line 36 if the corporation elects under Section

3 . Total income (amount reported on the federal

63-3022(d), Idaho Code, to forego the carryback period for a net

return(s), total income from Sch. C, Form

operating loss (NOL). If you check this box, you do not need to

5471, and partnership total income and dis-

attach a separate statement electing to forego the carryback

tributive amounts) ................................................. _________

period.

4 . Divide line 2 by line 3. ..........................................

T T T T T AXES

AXES

5 . Multiply line 1 by line 4. ....................................... _________

LINE 24

LINE 24 TECHNOLOGIC

TECHNOLOGIC

TECHNOLOGICAL EQUIPMENT DONA

TECHNOLOGIC

AL EQUIPMENT DONA

AL EQUIPMENT DONATION

TION

LINE 37 ID

LINE 37 IDAHO INCOME

AHO INCOME

AHO INCOME T T T T T AX

LINE 24

TECHNOLOGIC

AL EQUIPMENT DONA

TION

LINE 37 ID

AHO INCOME

Enter the fair market value of technological equipment donated

Enter the amount of Idaho income tax computed at 8% of Idaho

to a public elementary or secondary school, public or private

taxable income. The amount must be a minimum of $20. Non-

college or university, public library, or library district located in

productive mining corporations and not for profit corporations

Idaho. Items that qualify for this deduction are limited to com-

with no unrelated business income are not subject to the $20

puters, computer software, and scientific equipment or appara-

minimum tax. Each corporation included in a group return and

tus manufactured within five years of the date of donation. The

required to file is subject to the $20 minimum tax.

amount deducted may not reduce Idaho taxable income to less

than zero. Any unused deduction cannot be carried to another

If a multistate corporation’s only activity in Idaho consists of

year.

sales that do not exceed $100,000, the corporation may elect

to pay tax at the rate of 1% of gross sales. Compute this on line

37.

Instructions For Form 41 - Idaho State Tax Commission - 1998 Page 6

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