Form Cra - Combined Registration Application For State Of Delaware Business License And/or Withholding Agent - Division Of Revenue Page 20
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37COMPUTATION OF DEVELOPMENT EXPENSES
Page 3
Contractor Name
TPID
Tax Period
(The information requested below is required for each development from which a lot was sold during the reporting period.)
Name of Development
Development Address
(1.) Number of Properties/Lots sold this period.
(2.) Number of Properties/Lots within this development.
(3.) Percentage of Properties/Lots sold this period.
[Divide Line (1.) by Line (2.)]
(4.) Total Number of Properties/Lots sold to date
PART B:
Total Cost of Realty Development Expenses
a. Cost of Raw land
b. Site Improvement
(Clearing. grading, streets, water. power &. other utilities)
c. Engineering Costs
(Rezoning &. subdivision costs only)
d. Legal Fees
(Rezoning &. subdivision costs only)
e. Interest cost associated with acquisition &. development of the site
regardless of whether interest has been expended or capitalized for
federal income tax purposes. (Allocated on a per lot basis.)
f.
Decorating & space planning costs associated with model home(s).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
Total (Part B) (Add lines a. - f. and enter here.)
9.
Enter the percentage from Line (3.) above.
. . . . . . . . . . . . .
10.
Total. (Multiply Line 8. by Line 9. and enter here and on Line 5, Part B.)
PART C:
Miscellaneous Expenses Attributable to Lots Sold this Tax Period.
a. Developers share of Realty Transfer Tax
b. Real estate fees/commissions (Maximum 2% of gross proceeds)
c. Sales concessions to buyers deducted from sellers funds at settlement.
(Points, settlement help, etc.)
d. Other costs associated with the Lots sold this tax period
(other than general administrative &. overhead). Attach a statement
identifying such costs.
. . . . . . . . . . . . . . .
11.
Total (Part C) (Add lines a. - d. and enter here and on Line 5, Part C.)
PART D:
Election to Deduct 30% of Gross Receipts from the Sale of Property. An election to use the standard 30%
deduction is irrevocable for a period of one year from the date of such election.
a. Gross receipts from sale of property for this tax period.
b. Standard 30% deduction.
x
30%
. . . .
12.
Total (Part D) (Multiply Line a. by Line b. (30%) and enter here and on Line 5, Part D.)
NOTE: PAYMENTS DEDUCTED UNDER PART B MAY BE NOT DEDUCTED AGAIN UNDER PART C. IF PART “D” ELECTION IS
CHOSEN, TAXPAYER MAY NOT CLAIM DEDUCTIONS UNDER PARTS B & C.
A partial list of non-deductible items for Contractors and Real Estate Developers is contained on Page 7. Section IV, D, of Division of
Revenue Tax Information Memorandum 93-5 dated August 19, 1993.
This page must accompany Form 1280-DEV and be attached to the monthly or quarterly gross receipts coupon.
(Form 1280-DEV - Revised 11/2007)
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