Form Dp-120 - Schedule S - Business Profits Tax - Small Business Corporations Computation Of "S" Corporation Gross Business Profits

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FORM
NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION
DP-120
BUSINESS PROFITS TAX – SMALL BUSINESS CORPORATIONS
SEQUENCE # 9
Schedule S
COMPUTATION OF “S” CORPORATION GROSS BUSINESS PROFITS
It is the primary intent of the Department to equate the federally distinguished subchapter “S” corporations with regular
INTENT
corporations. No part of this form shall be construed as to allow a greater deduction from income or inclusion to income than
would be allowable for regular "C" corporations. (Rev 302.01).
Please see Rev 302.01 or contact the Audit Division at (603) 271-3400. Individuals with hearing or speech impairments may
NEED
call TDD Access: Relay NH 1-800-735-2964.
HELP
Corporations which qualify for and file as Subchapter “S” corporations for federal income tax purposes pursuant to the
WHO MUST
Internal Revenue Code, as amended, are treated the same as corporations which file as regular "C" corporations for federal
FILE
income tax purposes. All business organizations organized as Subchapter “S” corporations for federal income tax purposes
must file NH Form DP-120.
Form DP-120 must be filed with Form NH-1120.
WHEN TO
FILE
All references to federal tax forms and form lines are based on draft forms available at the time the state forms were printed.
REFERENCES
If the federal line number and description do not match, follow the line description or contact the Department at
TO FEDERAL
(603) 271-3400.
FORMS
2003
For the CALENDAR year
or other taxable period beginning
and ending
Mo
Day
Year
Mo
Day
Year
NAME
FEDERAL EMPLOYER IDENTIFICATION NUMBER
WERE ANY DISTRIBUTIONS MADE TO NEW HAMPSHIRE SHAREHOLDERS? Yes_____ No _____
If yes, then you are required to file form DP-9 under separate cover by
May 1, 2004
to report actual distributions to New
Hampshire shareholders.
1 Income and Deductions from Federal Form 1120S. SHOW ALL LOSSES IN PARENTHESIS, e.g. ($50)
(a) Ordinary income (loss) from trade or business activities
(Federal Form 1120S, Page 1, Line 21) ............................................. 1(a)
(b) Net income (loss) from rental real estate activities
(Federal Form 1120S, Schedule K, Line 2) ....................................... 1(b)
(c) Net income (loss) from other rental activities
(Federal Form 1120S, Schedule K, Line 3) ....................................... 1(c)
(d) Portfolio income (loss) such as but not limited to
interest, dividend or royalty income
(Federal Form 1120S, Schedule K, Lines 4a, b, c & f) ..................... 1(d)
(e) Capital gain on the sale of assets
[Federal Form 1120S, Schedule K, Lines 4d & 4e(1)] ...................... 1(e)
(f)
Net gain (loss) under section 1231
(Federal Form 1120S, Schedule K, Line 5) ....................................... 1(f)
(g) Other income (loss) from “S” corporation activities
(Federal Form 1120S, Schedule K, Line 6) ....................................... 1(g)
(h) Other “S” Corporation expenses (Federal Form 1120S,
Schedule K, Lines 7, 8, 9 &10)
(
)
(Refer to Rev 302.01 for limitations) .................................................. 1(h)
(i)
Total “S” Corporation income and deductions
[Combine Lines 1(a) through 1(h)] ............................................................................................................. 1(i)
2 Other deductions not included in “S” Corporation return allowable to “C” Corporations under the
(
)
Internal Revenue Code. (Attach supporting schedule) ..................................................................................... 2
3 “S” Corporation Gross Business Profits (Loss).
(Combine Line 1(i) and Line 2.) Enter here and on Form NH-1120, page 1, Line 1(a) .................................. 3
DP-120
Schedule S
Rev. 10/03

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