Instructions For The Special Partnership Informative Income Tax Return Form 480.10(E) (Page 7 of 9) in pdf

Instructions Form 480.10(E)

The employer that claims this deduction must

long as no part of its earnings inures to

the benefit of any particular shareholder or

submit with the return the following:

individual;

a certification indicating that the handicapped

person has been employed at least during 9

posts or organizations of war veterans or

auxiliary units organized in Puerto Rico or

months of the taxable year, and

in the United States.

a certification issued by the Secretary of the

Charitable contributions or donations in excess of

Department of the Family stating that in

accordance to its rules and procedures, the

5% may be carried forward to the following 5 taxable

years, in chronological order, but the deduction in

person for whom the deduction is claimed, is a

each one of said following 5 taxable years shall not

severely handicapped person.

exceed 5% of the net income determined without

the benefit of said deduction.

Line 41 - Other deductions

In case that a charitable contribution is made to

The total amount of any expenses for which Part

the Educational Foundation for the Free Selection

VI of the return does not provide specific lines to

include them, must be entered as Other Deductions.

of Schools, you may claim on this line the excess

of $500 not claimed as a credit against tax, subject

Submit a schedule of those deductions with

the return.

to the limitations established by the Code.

The contributions made to a municipality that

No deductions will be allowed for expenses

connected with the ownership, use and

conducts an activity or event of cultural or historic

value, certified by the Institute of Puerto Rican

maintenance of vessels, except for the expenses

of vessels engaged in commercial fishing,

Culture or a municipal cultural center, or that makes

possible the realization of any cultural or historic

transportation or commercial tourism.

work, may be claimed as charitable contributions.

PART VII - OTHER DIRECT COSTS

The contributed amount shall be $50,000 or more,

and must be made in connection with the celebration

Enter the Other Direct Costs. The total of these

of the centennial foundation of the municipality. The

total of said contributions is not subject to the

costs should be entered on line 14 of this part and

aforementioned limitations.

shall be equal to the amount in Part V, line 5 of the

return.

Line 39 - Organization and syndication

PART VIII - COMPENSATION TO PARTNERS

This organization and syndication expenses will be

OR OFFICERS

treated as differed expenses and admitted as a

Include the compensation that the partners of the

deduction, pro rata, on a period not shorter than 60

months, commencing in the month the partnership

partnership received as salaries and other

compensations. Do not include the distributions

started operations.

made to the partners during the year. Enter the

total compensation to partners or officers in Part

Line 40 - Deduction for employers who employ

VI, line 16.

handicapped persons

PART IX AND X - COMPARATIVE BALANCE

Enter $400 for each severely handicapped person

employed for at least 20 hours per week during

SHEET AND RECONCILIATION OF NET

INCOME (OR LOSS) PER BOOKS WITH NET

nine months of the taxable year. The deduction is

TAXABLE INCOME (OR LOSS) PER RETURN

allowed for a maximum of 5 persons severely

handicapped. In force regulations of the Vocational

These statements must be completed in all of its

Rehabilitation Program of the Department of the

Family will be used to determine the severely

parts in order that the return be considered filed.

Therefore, you cannot submit these statements in

handicapped condition.

loose sheets. Any return that do not comply with

these requirements will be returned.

If the business volume of the special partnership

exceeds $500,000, financial statements certified

by a certified public accountant (CPA) licensed in

Puerto Rico must be submitted.

Instructions For The Special Partnership Informative Income Tax Return Form 480.10(E) Page 7

Related Articles

Related forms

Related Categories