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NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

WORKSHEET FOR CORPORATE BUSINESS PROFITS TAX

RECONCILIATION OF NH GROSS BUSINESS PROFITS

This worksheet shall be used to reconcile the taxable income before Net Operating Loss and Special Deductions on Line 28 of the federal corporate

income tax return filed with the Internal Revenue Service to the federal income calculated using the Internal Revenue Code (IRC) in effect on December

31, 2000. The revised calculation of federal income shall be used for the State's gross business profits taxable income on Line 1(a) of the NH-1120.

LINE 1

This schedule shall be used to reconcile the Taxable Income Before Net Operating Loss and Special Deductions on Line 28 of

the federal corporate income tax return filed with the Internal Revenue Service to the federal taxable income calculated using the Internal

Revenue code (IRC) in effect on December 31, 2000. The revised calculation of federal taxable Income shall be used for the State's

gross business profits taxable income on Line 1(a) of the NH-1120 tax return.

Enter the amount from Line 28 of the US Corporation Income Tax Return (IRS Form 1120) being filed with the Internal Revenue Service

for the same taxable period. Enter the amount from Line 24 of the US Corporation Short-Form Income Tax Return (IRS Form 1120-A). If

you are filing a different federal corporate income tax return and cannot locate the comparable line, please contact the Department's

Audit Division at (603) 271-3400 for assistance.

Enter on Line 2(a) the amount from Line 12 on the Depreciation and Amortization (IRS Form 4562 - Rev 3-2002).

LINE 2(a)

LINE 2(b)

Enter on Line 2(b) the amount from Line 14 on the Depreciation and Amortization (IRS Form 4562 - Rev 3-2002).

Determine the amount of depreciation included within Lines 19 & 20 of (IRS Form 4562 - Rev 3-2002) relating to assets acquired after

LINE 2(c)

September 10, 2001 and before September 11, 2004 upon which the special 30% depreciation was taken and/or the additional IRC

Section 179 deduction was taken for any asset acquired subsequent to December 31, 2000 and enter the amount on this line.

Enter the of IRC Section 179 expense deduction that would have been allowed under the IRC in effect on December 31, 2000. The

LINE 3(a)

maximum allowed under that code was $20,000.

LINE 3(b)

Calculate the amount of depreciation on the assets acquired after September 10, 2001 and before September 11, 2004 using the general

or alternative depreciation systems in effect under the IRC in effect on December 31, 2000. The Federal Depreciation and Amortization

form (IRS Form 4562 - 2000) or a supplemental depreciation schedule may be used to calculate the amount. Enter the amount calculated

on Line 3(b).

LINE 4

Add the amounts on Lines 2(a) through 2(c) to the amount on Line 1 then subtract the total amount of Lines 3(a) and 3(b) from the

previous subtotal. Enter the final amount calculated on Line 4 of this worksheet and then enter this same amount on the appropriate line

of you NH Business Profits Tax Return.

For the CALENDAR year

or other tax year beginning

and ending

Name

FEIN

Federal Income or Loss from Trade or Business Activities from Return Filed with IRS .............. 1

Addition Required to Federal Income:

(a) IRC Section 179 expense taken on federal return for assets placed in service during

current taxable period ............................................................................................................ 2(a)

(b) Special 30% depreciation on assets acquired after September 10, 2001

(Federal Form 4562) .............................................................................................................. 2(b)

general depreciation system ................................................................................................. 2(c)

Deductions Required from Federal Income: (The deductions allowed in this section are the deductions

that would be allowed on assets placed in service in 2001 using the IRC in effect on 12/31/2000)

(a) IRC Section 179 expense allowed on assets placed in service during current taxable

period ..................................................................................................................................... 3(a)

(b) Current year depreciation on assets acquired after September 10, 2001 taken under the

general depreciation system using the IRC in effect on 12/31/2000 .................................... 3(b)

Adjusted gross business profits (Enter this amount on Line 1(a) of your NH Corporate

Business Profits Tax return) .......................................................................................................... 4

This schedule must be attached to your Corporate Business Profits Tax Return and you must check the box on the front of the return indicating

Special Depreciation.

Worksheet

Rev. 4/02

Form Business Tax - General Instructions For Filing Business Tax Returns - 2001, Form Nh-1120 - Corporation Business Profits Tax Return - 2002,etc Page 5

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