Form It-20s - Indiana S Corporation Income Tax Return - 2008
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5IT-20S
Indiana Department of Revenue
Form
Indiana S Corporation Income Tax Return
State Form 10814 (R7/8-08)
for Calendar Year Ending December 31, 2008
AA
BB
or Other Tax Year Beginning _________/________/2008 and Ending ________/________/ __________
Check box if amended.
Check box if name changed.
A1
B1
Name of Corporation
Federal Identification Number
A
B
Number and Street
Indiana County or O.O.S.
Principal Business Activity Code
C
D
H
City
State
ZIP Code
Telephone Number
F
(
)
E
G
I
Check all that apply to entity:
Initial Return
2
Final Return
In Bankruptcy
1
3
K. Date of incorporation
in the State of
1
2
P.
4
Composite Return
5
Schedule M
L. State of commercial domicile
1
Enter total number of shareholders:
Q.
Enter number of nonresident shareholders:
2
M. Year of initial Indiana return
R.
Do you have on file a valid extension of time to file your return?
N. Accounting method:
Cash
1
(federal Form 7004 or an electronic extension of time)
1
Y
2
N
2
Accrual
3
Other
S.
Did the corporation file as a C corporation for the prior tax period?
1
Y
2
N
O. Date of election as S corporation
Is this corporation a member of any partnerships?
Y
N
T.
1
2
Schedule A - S Corporation Adjusted Gross Income
1. Total net income (loss) from U.S. S corporation return, Form 1120S Schedule K, lines 1 through line 10, less line 11
and a portion of line 12 related to investment income (see instructions) .........................................................................
1
2. Add backs: a) All state income taxes deducted on the federal return ............................................................................. 2a
b) Net bonus depreciation allowance ............................................................................................................ 2b
c) Excess IRC Section 179 deduction .......................................................................................................... 2c
d) Captive REIT dividends deduction ............................................................................................................ 2d
Deduct:
e) Interest on U.S. government obligations ................................................................................................... 2e
Deduct:
f) Indiana lottery prize money ....................................................................................................................... 2f
3. Total state modifications (add lines 2a through 2d; subtract lines 2e and 2f) ...................................................................
3
4. Total S corporation income, as adjusted (add lines 1 and 3) ...........................................................................................
4
.
%
5. Enter average percentage for Indiana apportioned adjusted gross income from IT-20S Schedule E line (4c) ...............
5
Schedule B - Excess Net Passive Income & Built-In Gains
6. Excessive net passive income or LIFO recapture tax as reported on federal Form 1120S, line 22a ...............................
6
7. Tax from federal Schedule D as reported on federal Form 1120S, line 22b .....................................................................
7
8. Excess net passive income from federal worksheet ........................................................................................................
8
9. Built-in gains from federal Schedule D (1120S)................................................................................................................
9
10. Add the amounts on lines 8 and 9 ....................................................................................................................................
10
11. Taxable income apportioned to Indiana (multiply line 10 by line 5) (if applicable) ............................................................
11
12. Corporate adjusted gross income tax rate (*see instructions for line 13) .........................................................................
12
X 8.5%*
13. Total income tax from Schedule B (multiply line 11 by percent on line 12 or enter amount from Schedule M) ................
13
Summary of Calculations
14. Sales/use tax on purchases subject to use tax from Sales/Use Tax Worksheet ............................................................ 14
15. Total composite tax from completed Schedule IT-20COMP (D&E). Attach schedule ...................................................... 15
16. Total tax (add lines 13, 14, and 15). Enter here and carry total tax to page 2, line 16. Caution: If line 16 is zero, see
line 21 late file penalty .....................................................................................................................................................
16
*117081101*
117081101
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