Form Cit-1 - New Mexico Corporate Income And Franchise Tax Return

*36090200*

2003 CIT-1

PAGE 2

Federal Employer Identification Number (FEIN)

1. Taxable income before federal NOL & special deductions (from federal form 1120) .... 1 ➤

2. Interest income from municipal bonds (excluding New Mexico bonds) ........................ 2 ➤

3. Federal special deductions (from federal form 1120) .................................................. 3 ➤

4. New Mexico base income (add lines 1 and 2 and subtract line 3) .............................. 4 ➤

5. New Mexico NOL carryover (attach schedule) ......................................................... 5 ➤

6. Interest from U.S. government obligations or federally taxed New Mexico bonds ....... 6 ➤

7. Subtotal (subtract the sum of lines 5 & 6 from line 4) ................................................... 7

8. Deduction for foreign dividends (CIT-D, line 5) ......................................................... 8 ➤

9. New Mexico net taxable income (subtract line 8 from line 7) ....................................... 9 ➤

10. Income tax computation - tax on the amount on line 9 (see tax table on page 4

of instructions) .............................................................................................................................. 10 ➤

11. New Mexico percentage (enter 100% OR percentage from line 5 of CIT-C.) ............................... 11 ➤

12. New Mexico income tax - MULTIPLY line 10 by the percentage on line 11 .................................. 12 ➤

13. Total non-refundable credits from ❏ ____________ (specify) ❏ _____________ (specify) ... 13 ➤

14. Net income tax (Subtract line 13 from line 12; if negative enter zero) ............................................. 14 ➤

15. Franchise tax ($50 per corporation; must equal page 1, line I, column 4) ..................................... 15 ➤

16. Total income and franchise tax (add lines 14 and 15) ................................................................... 16

17. Amended Returns Only: (enter amount of all 2003 refunds received or overpayments

applied to 2004. See instructions for line 19) ................................................................................. 17 ➤

18. Subtotal (add lines 16 and 17) ..................................................................................................... 18

19. Total Payments: ❏ quarterly ❏ tentative ❏ applied from prior year ........................................ 19 ➤

Mark this box if using method 4 to calculate penalty and interest

on underpayment of estimated tax; Attach RPD-41287. ...........................................

20. New Mexico income tax withheld (include all annual statements of withholding). ............................ 20

21. Approved film production tax credit claimed (attach RPD-41228) .................................................. 21

22. Total payments and refundable credits (add lines 19, 20 and 21) ................................................. 22

23. Overpayment: (if line 22 is greater than line 18, enter the difference. This is your refund.) ............. 23

23A. Amount of overpayment to be applied to 2004 liability (not more than line 23) ....................... 23A ➤

23B. Amount of overpayment to be refunded (subtract line 23A from line 23) ............................... 23B ➤

24. Tax due: (If line 18 is greater than line 22, subtract line 22 from line 18) ........................................ 24 ➤

25. Penalty (see instructions) ............................................................................................................. 25 ➤

26. Interest (see instructions) ............................................................................................................. 26 ➤

27. TAXES, PENALTY AND INTEREST DUE (add lines 24, 25 and 26) ........................................... 27 ➤

I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete.

Declaration of preparer (other than taxpayer or an employee of the taxpayer) is based on all information of which preparer has any knowledge.

➧

Signature and title of officer

Signature of preparer if other than employee of the taxpayer

Date

(

)

CRS identification number or social security number of preparer

Telephone Number

Date

Address and telephone number

Form Cit-1 - New Mexico Corporate Income And Franchise Tax Return - 2003 Page 2

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