Instructions For Form Tc-20mc - Utah Tax Return For Miscellaneous Corporations - 2012 Page 10
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15Line 1 – REIT Taxable Income (Loss)
Line 9 – Initial Tax
Enter the real estate investment trust’s taxable income
Multiply line 8 by 5% (.05). This is the initial Utah cor-
(loss) from federal form 1120-REIT, line 22.
porate tax. Do not enter an amount less than zero.
Line 2 – Income Taxed for Federal Purposes
Line 10 – Minimum Tax
The minimum tax for a real estate investment company
under the IRC but Not Included in Line 1
is $100.
Enter the total of all income items taxed for federal
purposes under the Internal Revenue Code but not
Line 11 – Tax
included in the amount entered on line 1.
Enter the larger of the tax on line 9 or the minimum tax
on line 10. Carry this tax to line 2 of TC-20MC.
Line 3 – Federal Net Operating Loss Deduction
Enter any federal net operating loss deduction from
Note: Attach a copy of your federal form 1120-REIT
federal form 1120-REIT, line 21a.
to your Utah return.
Line 4 – Apportionable Income (Loss)
Part 3 – Homeowners
Add lines 1 through 3.
Association with
Line 5 – Apportionment Fraction
IRC Section 528
Enter 1.000000, or the fraction (decimal) from Schedule
J line 9, 13 or 16, if applicable.
Income
Line 6 – Taxable Income (Loss)
Remember to mark line 1 on TC-20MC showing this
return is for a Homeowners Association.
Multiply the apportionable income (loss) on line 4 by
the apportionment fraction on line 5.
Line 1 – Taxable Income (Loss)
If there is a Utah net loss on line 6, the REIT must carry
Enter the taxable income (loss) from federal form
the loss back to the three preceding years (subject
1120-H, line 19.
to the $1,000,000 limitation), unless an election was
made to forego the federal loss carryback and carry
Line 2 – Tax
the federal loss forward. If an election is made to forego
Multiply line 1 by 5% (.05). This is the Utah corporate
the federal net operating loss carryback, the federal
tax. Do not enter an amount less than “0.” Carry this
election is considered made also for Utah tax purposes
tax to line 2 of TC-20MC.
unless the corporation makes a specifi c election to
A homeowners association is not subject to the $100
carry back the loss for Utah purposes. Enter an “X” in
minimum tax.
the appropriate box:
Homeowners associations fi ling federal form 1120-H
Yes, to forego the Utah net loss carryback, or
and Utah TC-20MC are not allowed net operating loss
No, to treat the Utah net loss as a carryback.
deductions.
If neither box is marked, the Utah net loss must be
Note: Attach a copy of your federal form 1120-H to
carried back to the earliest of the three preceding tax
your Utah return.
years. If not entirely used to offset income of that year,
it must be carried to the second year preceding the
Part 4 – Unincorporated
loss year. Any remaining loss must be carried to the
taxable year immediately preceding the loss year. Any
Exempt
remaining loss should be carried forward.
Organization or
To claim a refund from a Utah net loss carryback,
Exempt Corporation
submit form TC-20L, Utah Application for Refund
having Unrelated
from a Corporation Loss Carryback. Do not submit
an amended return for the purpose of claiming a
Business Income
loss carryback.
Remember to mark line 1 on TC-20MC showing this return
Line 7 – Utah Losses Carried Forward from
is for an Unincorporated Exempt Organization or Exempt
Prior Years
Corporation having Unrelated Business Income.
Losses incurred in years beginning on or after Jan. 1,
Line 1 – Unrelated Business Taxable
1994, which remain after all carrybacks have been ap-
Income (Loss)
plied, may be carried forward for fi fteen taxable years
following the taxable year of the loss.
Enter the unrelated business taxable income (loss)
from federal form 990-T, line 34.
Attach documentation to the return to support the loss
amounts carried forward on line 7.
Line 2 – Apportionment Fraction
Enter 1.000000, or the fraction (decimal) from Schedule
Line 8 – Utah Taxable income (Loss)
J, line 9, 13 or 16, if applicable.
Subtract line 7 from line 6.
Page 8
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial