Schedule I (Summary Of Schedules A, B, E, F, And G) For Form J-1065 (Page 2 of 4) in pdf

$1 .ooo.oo.

oartnershio’s sales and exchanges of orooerty on their indi-

sa%e

mainei as -provided by the

Jilckson

at 1% for resident partners in Column 5, the tax computed at

l/z% far nonresident partners in Column 6 a?d the total tax

(the sum of Columns 5 and 6) in the box designated 6(l).

residenta.

the income tax paid the other municipality, or (2) the amount

Jackson

units of government of the states, are

incorn;

also amounts for buainess activity outside Jackson. It may also

partnera

Tax Due or Refund

nets and payments and

Refund1 will be made as quickly aa possible, but please allow

mated Income Tax Form J-1063 ES, if the total estimated tax for the partnership

exempted from the tax. If they have been ,included in the

$100,

is expected to exceed

and to pay such tax. If the

artnership so files and

total on line 1 they should be deducted here.

makes payments; the partners will not be required to Ile a Declaration as in-

dividuals, unless they have additional income (from which Jackson income tax

Line 4. Use line 4 to exclude dividends and interest ap-

00.

was not withheld) on which the Jackson tax ir; expected to exceed $ I

The fiscal

plicable to nonresident partners since dividends and interest

year of the partnership will govern in establishing the dates for filing the declara-

are not taxable to nonresidents.

tion and paying the estimated tax.

When the receipt of interest and other intangible income is

directly related to the nature of the business, such interest, etc.,

Income: instructions for Page 1

shall be considered as business income taxable to,nonresidentr.

Exclusions: Column 2. Dividend Exclusion. 50% CaDital

Gains Deduction and Othe; Deductions. Any itims of income

Schedule E-Sale or Exchange of Property

which are non-taxable and which are included in Column 1 of

Gains and losses from the sale or exchange of property are

this section may be deducted in Column 2.

treated in the same manner, and the amount subject to tax

If analysis of Column 7, of Schedule I, Page 3, indicates a

determined on the same basis, as under the Fedral Internal

net long term capital gain, the capital gains deduction of 50%

Revenue Code.

of the excess of net long term capital gains over net short

Only the amount of the gain or loss occurring from Jan. 1,

term capital loss is to be deducted in Column 2, Page 1.

1970, to date of disposition shall be recognized for purp8ses of

If the analysis of ‘Column 7, Schedule I on Page 3 indicates

the jackson

tax. The amount of gain or loss occurring

that a net capital loss has been realized by any of the partners,

after Jan. 1. 1970, is to be determined by either (1) computina

the amount of the excess of the net cauital loss included in

the difference between the Jan. 1. 1970 fair market value (Jan.

Column 7. Schedule I, Page 3 over he pa;tner’s allowable capi-

1 closing price for traded securities) or the cost if the date ac-

tal loss deduction must be added back in Column 2, Page 1. The

quired was subsequent to Jan. 1, 1970. and the proceeds from

(2)

allowable capital loss deduction for each partner is the lower

the sale or exchange, or

by using the gain or loss for the

entire holding period, as computed for the Federal income tax

of (1) the net capital loss, (2) the amount in Column I. Page 1.

computed without regard to capital gains and losses, or (3)

purposes, and computing the taxable portion of such gain or

loss on the ratio that the number of months held in the period

subsequent to Jan. 1, 1970. is to the total time the property

If the partnership is filing an information return only, the

was held.

individual partners will report their distributve shares of the

vidual J-10411 returns in the

Schedule F-Income (or loss) from Rents and Royalties

Federal Internal Revenue Code.

Lines 1 and 2. Income or loss from rents from tangible

Any deduction other than the dividend exclusion allowed

property located in Jackson is taxable to both residents and

by the Federal Internal Revenue Code must be explained in an

nonresidents. Income or loss from royalties, and rents of prop-

attached

schedule.

erty located outside Jackson, is not taxable to nonresidents.

Exemptions-Column 3. Exemptions are allowed for each

partner and his or her dependents. An exemption of $600 is

Schedule G-Income from Other Partnerships, etc.

allowed for the partner, the partner’s spouse, and each de-

Line 1. Enter here the amount taxable to residents only. If

pendent. In general, the same rules apply in determining de-

pendents as under the Federal Internal Revenue Code. A

all members of the partnership are residents it will not be

spouse may be taken as an exemption on the partnership return

necessary to complete line 2 of this schedule. Enter the full

only if such spouse has no income subject to the

in-

amount received fron other partnerships in Column 1. If any

come tax and taxpayer contributes at least 50% of his (her)

interest on governmental obligations is included in the total,

support. Additional exemptions are allowed if the partner or

deduct such amounts in Column 2 and show the net amount

his spouse is over 65. or blind.

in Column 3.

Total Tax. Columns 5, 6 and 6(l). Enter the tax computed

Whenever the membera

partnership include both tesi-

dents and nonresidents of Jackson it will be necessary to ana-

lyze the type of income received from other partnerships. This

is necessary since the income received from such other partner-

Credits. Column 7. Enter in Column 7: Payments made

ships may include amounts for businers activity in Jackson and

by the partnership for tax paid with a tentative return; or for

dividends ?nd intereat. Some elements of

include amounts

payments on prior year Declaration

Estimated Income Tax,

for

this income ate taxable to both residents and nonresidents.

or any payments and credits made by the partnership on behalf

some to residents only. Attach a schedule of your analysis

Jackson resident partners for income taxes to any other mu-

or computations.

nicipality, if the income on which such tax was l&ied is in-

cluded in this return. Do not take credit for income taxes paid

another municipality on behalf of partners who are not Jackson

The credit shall be the lesser amount of either (1)

Schedule I-Summary of Schedules A, B, E, F, and G

Column 1. If additional hrat year depreciation is included

tax that w&id be due to the City of Jackson on earninga in

in Federal Form 1065, and if the partners have unequal credita

the other municipality.

for such additional first year depreciation (e.g. if one partner

All credits of Column 7 are to be distributed on lines 7a,

is single and one is married filing jointly

Federal Income

for

b. and c and totaled on line 8. The total of line 8 muat agree

tax purpoaes) the a pportiomnent

income to

in this

with the total of column 7.

column will require special computation.

Schedule A-Ordinary Income from Business

This schedule is used to indicate all of the ordinary income

If the partnerahip has elected to pay the tax for the mrt-

of the partnership which may be subject to the

income

credits

exceed the tax due. show thy

tax. Line 14 of the Schedule, therefore, will show the total

amount of such overpayment on Page 1, line 10 and check tha

partnership income to account for. Schedules B. E, F and G

box on line 11 or 12 to indicate dispoaition

overpayment.

will then be filled out to compute the taxable portion of the

other parnership income. These taxable amounts arc then com-

90 days before making any inquiry. Refunda of leas than on0

piled in the Summary Schedule I on Page 3. The amountr

shown in Column 10 of Schedule I for each partner are to be

dollar ($1.00) will not be made,

transferred to the income section on Page 1, Column 1. If the

Tax due of less than one dollar ($1.00) need not be paid.

partnership elects to pay the tax, fill in lines 7 through 11.

Line 2. If the Jackson or Federal income tax has been

Assistance

included as an expense

Schedule C, it should bc added back

here.

If there are questions not answered in these instructions,

call ‘788#& or visit the Income Tax Division. Questions

Schedule B-Income from Dividends and Interest

mail should be directed to: Income Tax Division, City Hall,

Jackson, Michigan 49201.

Line 2. Interest from obligations of the United States, the

states, or suooramate

Schedule I (Summary Of Schedules A, B, E, F, And G) For Form J-1065 Page 2

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