Montana Form Mhpe - Mobile Home Park Exclusion - 2014 Page 2
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2Form MHPE Instructions
Tenants’ or mobile home park residents’ association
exclusion, and you, as an individual, also qualify for this
means a group of six or more tenants who reside in
exclusion, you would need to complete two forms.
a mobile home park, have organized for the purpose
If you file electronically, you do not need to mail this form to
of eventual purchase of the mobile home park, have
us unless we contact you for a copy.
established bylaws of the association, and have obtained
How do I claim my exclusion when I am a partner or
the approval vote of at least 51% of the residents of the
shareholder in a partnership or an S corporation?
mobile home park to purchase the mobile home park as
The exclusion amount from a partnership or S corporation
defined in 15-31-163, Montana Code Annotated (MCA).
is passed through to partners or shareholders in the same
Who can claim this exclusion?
proportion used to report the partnership’s or corporation’s
An individual, a C corporation, an S corporation, a
income or loss for Montana tax purposes; this amount
partnership or a disregarded entity qualifies for the
should be reported to owners on Montana Schedule K-1.
exclusion of all or a portion of the gain recognized.
If you received this exclusion from a partnership or S
What information do I have to include with my tax
corporation, you will need to fill out Part I in its entirety. Your
return when I claim this exclusion?
portion of the exclusion can be obtained from the Montana
Schedule K-1 that you received from the entity. In addition
●
Individuals. If you are filing a paper return, include a copy of
to reporting your portion of the exclusion, you will need
Form MHPE with your individual income tax return.
to provide the partnership’s or S corporation’s name and
●
C corporations. If you are filing a paper return, include a
Federal Employer Identification Number.
copy of Form MHPE with your corporate income tax return.
If you are a partner or shareholder in more than one
●
S corporations and partnerships. If you are filing a paper
partnership or S corporation, you will need to complete a
return, include Form MHPE with your Montana information
separate Form MHPE for each entity you are receiving the
return Form CLT-4S or PR-1 and include a separate
exclusion from.
statement identifying each owner and their share.
You will need to complete a separate Form MHPE for each
Questions? Please call us toll free at (866) 859-2254 (in
source you are receiving the exclusion from. For example,
Helena, 444-6900).
if you are a partner in one partnership that qualifies for this
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