Instructions For Form F1065 - Partnership Return - City Of Flint, Michigan

computed for the Federal income tax purposes, and comput-

contributes at least 50% of his/her support. Additional exemptions

are not allowed if the Partner or his spouse is over 65, or is blind.

ing the taxable portion of such gain or loss on the ratio that the

Total Tax - Columns 5, 6, and 6 (1).

number of months held in the period subsequent to January

Enter the tax computed at 1% for resident Partners in

1, 1965 is to the total time the property was held.

Column 5, the tax computed for non-resident Partners in

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

Column 6 and the total tax (the sum of Columns 5 and 6) in

the box designated 6 (1).

Lines 1 and 2 - Income or loss from rents from property

Credits - Column 7.

located in Flint is taxable to both residents and non-residents.

Enter in Column 7: Payments made by the Partnership

Line 3 - Income or loss from royalties, and rents of prop-

for tax paid with a tentative return or for payments on prior

erty located outside Flint, is not taxable to non-residents.

year Declaration of Estimated Income Tax, or any payments

and credits made by the Partnership on behalf of Flint resi-

Schedule G - Income from Other Partnerships, etc.

dent Partners for income taxes to any other municipality, if the

income on which such tax was levied is included in this return.

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

Do not take credit for income taxes paid another municipality

If all members of the Partnership are residents it will not be

on behalf of Partners who are not Flint residents. The credit

necessary to complete Lines 2 and 3 of this schedule. Enter

shall be 1/2% (.5%) of the total taxable income earned in the

the full amount received from other Partnerships in Column

other municipality.

1. If any interest on governmental obligations or dividends

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

from national or state bank stock is included in the total,

b, and c, and totalled on Line 8. The total of Line 8 must

deduct such amounts in Column 2 and show the net amount

agree with the total of Column 7.

in Column 3.

Lines 2 and 3 - Whenever the members of a Partnership

Schedule C - Income from Partnership

include both residents and non-residents of Flint it will be

necessary to analyze the type of income received from other

Line 17 - Depreciation. Use the same basis and method

Partnerships. This is necessary since the income received

used for Federal Income Tax reporting. See also the additional

from such other Partnerships may include amounts for

instructions for Schedule C on Page 4 of the return.

business activity in Flint and also amounts for business ac-

tivity outside Flint. It may also include amounts for dividends

Schedule A - Ordinary Income from Business

and interest. Some elements of this income are taxable to

Line 2 - If the Flint or Federal income tax has been

both residents and non-residents, some to residents only.

included as an expense in Schedule C, it should be added

Attach a schedule of your analysis or computations.

back here.

Schedule 1 - Summary of Schedules A, B, E, F, and G

Schedule B - Income from Dividends and Interest

Column 1 - If additional first year depreciation is included

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

in Schedule C, Line 17, and if the Partners have unequal

states, or subordinate units of government of the states, are

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

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

Partner is single and one is married filing jointly for Federal

total on Line 1 they should be deducted here.

income tax purposes) the apportionment of income to

Line 4 - Use Line 4 to exclude dividends and interest

Partners in this column will require special computation.

applicable to non-resident Partners since dividends and

Tax Due or Refund

interest are not taxable to non-residents.

When the receipt of interest and other intangible income

If the Partnership has elected to pay tax for the Partners

is directly related to the nature of the business, such inter-

and payments and credits exceed the tax due, show the

est, etc. shall be considered as business income taxable to

amount of such overpayment on Page 1, Line 10 and check

non-residents, and is to be reported on Schedule C rather

the proper box on Line 11 to indicate whether you wish the

than as dividends and interest on Schedule B.

overpayment as a refund or as a credit on your estimated

tax. Refunds will be made as quickly as possible, but please

Schedule E - Sale or Exchange of Property

allow 90 days before making any inquiry. Refunds of less

Gains and losses from the sale or exchange of property

than one dollar ($1.00) will not be made. Tax due of less than

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

one dollar ($1.00) need not be paid

tax is determined on the same basis, as under the Federal

Assistance

Internal Revenue Code.

If there are questions not answered in these instructions

Only the amount of the gain or loss occurring from January

or if you need assistance in preparing your return, call

1, 1965 to the date of disposition shall be recognized for

(810)766-7015 or visit the Income Tax Office, City Hall.

purposes of the Flint income tax. The amount of gain or loss

Questions by mail should be directed to:

occurring after January 1, 1965 is to be determined by either

Income Tax Administrator

(1) computing the difference between the January 1, 1965 fair

City of Flint, Income Tax Office

market value (January 4 closing price for traded securities)

1101 S. Saginaw Street

or the costs if the date acquired was subsequent to January

Flint, MI 48502

1, 1965, and the proceeds from the sale or exchange, or (2)

by using the gain or loss for the entire holding period, as

Instructions For Form F1065 - Partnership Return - City Of Flint, Michigan - 2003 Page 2

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