Form 510 - Maryland Pass-Through Entity Income Tax Return - 2010 Page 11
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13Line 16 - Payments and Credits
unevenly throughout the year, and that choose
NOTE: Overpayments will not be refunded
to annualize on Form 500UP, must enter 301 in
to any PTE that has any members that are
16a. Enter the total of amounts paid during the
one of the code number boxes at the bottom of
nonresident individuals or nonresident
tax year with Form 510D or 510DP - Maryland
page 1, Form 510. S corporations may not use
entities.
Pass-through Entity Declaration of Estimated
the annualization method on Form 500UP,
Signature and Verification An authorized
Income Tax. Also include amounts paid by the
available at
general partner, officer or member of the PTE
PTE using Form MW506NRS - Return of
If Form 510 is filed late, calculate interest on
must sign and date Form 510 and enter his or
Income Tax Withheld For Nonresident Sale
the amount of tax that was not paid by the
her title. If a preparer is used, the preparer
of Real Property.
original due date. Interest is due at an annual
must also sign the return and enter the firm
16b. Enter the amount paid with Form 510E -
rate of 13% or 1.08% per month or part of a
name, address and Social Security number or
Maryland Application for Extension to File
month that tax is paid after the due date of the
Preparer Tax Identification Number (PTIN).
Pass-through Entity Income Tax Return.
return.
Penalties may be imposed for tax preparers
who fail to sign the tax return and provide their
16c. Enter the amount of nonresident tax paid
A penalty may be imposed if any tax is not paid
Social Security number or Preparer’s Tax
on the PTE’s behalf by another PTE. Attach the
when due. Any penalty due will be calculated
Identification Number.
Schedule K-1 or statement supplied by the
and assessed after filing of Form 510.
other PTE to support this credit.
Mailing Instructions Mail the completed
Line 19 - Total Balance Due Add the
return and all required attachments
16d. Total payments and credits. Enter the
amounts on lines 17 and 18 and enter the
to: Comptroller of Maryland, Revenue
sum of lines 16a through 16c.
result. The total amount due must be paid with
Administration Division, Annapolis, MD 21411-
Form 510.
Line 17 - Balance of Tax Due Enter the
0001
difference if line 15 exceeds 16d.
Continue to Line 20 only when there are no
nonresident members (lines 1b and 1c are
Line 18 - Interest and/or Penalty Calculate
both zero).
the amount of interest and/or penalty due as a
result of the underpayment of estimated tax.
Line 20 - Amount to be Refunded Enter the
Use Form 500UP.
amount from line 16d if the amount on line 13
is zero.
Partnerships and LLCs with income received
INSTRUCTIONS FOR
RECEIPTS FACTOR The receipts factor
with the provisions previously stated depending
includes the amount of income reported during
on the nature and type of each item.
SCHEDULE A –
the tax year as gross receipts or sales (less
PROPERTY FACTOR The property factor
COMPUTATION OF
returns and allowances), dividends, interest,
includes owned as well as rented tangible
gross rents, royalties, capital gains and other
APPORTIONMENT FACTOR
personal property used in the trade or business
income on the federal return.
during the tax year. Such properties are
2010
Gross receipts from sales of tangible personal
inventory, machinery and equipment, buildings
property are included in the numerator if the
and land, and other tangible assets. Property is
Pass-through entities (PTEs) that conduct
business in more than one state must allocate
property is delivered or shipped to a purchaser
included in the numerator if it has a situs within
that takes possession in Maryland, regardless
Maryland.
income if one or more of the members are
nonresident individuals or nonresident entities
of f.o.b. point or other conditions of sale. Sales
Property owned by the PTE is valued at its
of tangible personal property to an out-of-state
of Maryland. Partnerships may use separate
original cost at the average of the tax year
accounting or the apportionment method of
purchaser are also included in the numerator if
beginning and ending amounts. If there are
the purchaser takes possession in Maryland.
alloca t ion. S corporations must use the
material changes during the tax year and the
apportionment method unless the activity in
Sales of property in transit that are destined for
yearly average is not a fair representation, the
Maryland are included in the numerator.
Maryland is nonunitary. If the activity within
average must be calculated on a monthly or
Maryland is nonunitary, S corporations may
Gross receipts from service-related activities
daily basis.
use separate accounting.
are included in the numerator if the receipts
Property in transit is considered to be at its
are derived from customers within this State.
APPORTIONMENT FORMULA
destination for purposes of the factor. Property
There are specific rules to determine
under construction during the tax year is
“Customers Within this State”. To review these
All factors of the apportionment formula are
excluded from the factor until actually placed in
developed as fractions, the numerator of which
rules see Maryland Regulation 03.04.03.08D.
service.
is the total of Maryland items and the
Gross income from intangible items such as
Property leased or rented by the PTE is
denominator is the total of items everywhere
dividends, interest, royalties and capital gains
included in the factor at a capitalized value. To
during the tax year. Each factor is calculated to
from the sale of intangible property are included
arrive at the capitalized value, expenses
six decimal places and used to arrive at the
in the numerator based upon the average of
associated with the privilege of occupying or
final apportionment factor. The items of both
the property and payroll factors.
using the property, including such items as
numerator and denominator should reconcile to
Gross receipts from the rental, leasing or
fixed rent, percentage rent, real estate taxes,
the items as categorized and reported on the
licensing of real or tangible personal
insurance and maintenance, are multiplied by
federal income tax return.
property are included in the numerator if the
eight. Expenses for gas, electricity, oil, water or
THREE -FACTOR FORMULA
property is located in Maryland. If tangible
other items normally consumed are excluded.
personal property is located in this State for a
Lease or rental expense below the market
Multistate PTEs using the appor t ionment
portion of the tax year, only the income received
rate must be adjusted to reflect a reasonable
method of allocation are gen e rally required to
for that portion is included in the numerator.
market rate and then capitalized. Sublease
use a three-factor formula of property, payroll
Capital gains from the sale of real and
income cannot be used to arrive at the
and double-weighted receipts. The sum of the
tangible personal property are included in
capitalized value of leased or rented property,
property factor, payroll factor and twice the
the numerator if the property is located in
but must be included in the receipts factor.
receipts factor is divided by four to arrive at the
Maryland. Ordinary net gain or loss derived
final apportionment formula. To review these
Improvements to the leased or rented
from the sale of depreciable assets is excluded
rules, see Maryland Regulation 03.04.03.08.
property that revert to the owner at expiration
from the factor.
Specific require m ents regarding each factor are
of the lease or rental term are amortized and
set forth as follows:
Other income items are included in accordance
not capitalized. The actual cost of the
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