Instructions For Form Tc-20mc - Utah Tax Return For Miscellaneous Corporations - 2012 Page 9
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15Preparer Penalties
If the entity wants to expand the preparer’s authoriza-
tion, complete and submit to the Tax Commission form
(UC §59-1-401(11))
TC-737, Power of Attorney and Declaration of Repre-
The person who prepares, presents, procures, advises,
sentative. Get form TC-737 at tax.utah.gov/forms. If
aids, assists or counsels another on a return, affi davit,
you wish to revoke the authorization before it ends,
claim or similar document administered by the Tax
submit your request in writing to the Utah State Tax
Commission, and who knows or has reason to believe
Commission, attention Taxpayer Services, 210 N 1950
it may understate a tax, fee or charge is subject to
W, SLC, UT 84134.
both a civil penalty ($500 per document) and criminal
penalties (second degree felony with a fi ne from $1,500
Paid Preparer
to $25,000).
The paid preparer must enter his or her name, address
and PTIN in the section below the corporate offi cer’s
Supplemental Information
signature on the return.
to be Supplied by All
Corporations
All corporations fi ling a TC-20MC must complete this
information located on page 2 of the return.
Schedule A – Tax Calculation Instructions
Part 1 – Regulated
Line 7 – Utah Taxable Income (Loss)
Subtract the total of lines 5 and 6 from line 4.
Investment
Company
Line 8 – Initial Tax
Multiply line 7 by 5% (.05). This is the initial Utah cor-
Remember to mark line 1 on TC-20MC showing this
porate tax. Do not enter an amount less than zero.
return is for a Regulated Investment Company.
Line 9 – Minimum Tax
Line 1 – Investment Company Taxable
The minimum tax for a regulated investment company
Income (Loss)
is $100.
Enter the investment company’s taxable income (loss)
from federal form 1120-RIC, line 26.
Line 10 – Tax
Enter the larger of the tax on line 8 or the minimum tax
Line 2 – Municipal Interest
on line 9. Carry this tax to line 2 of TC-20MC.
Enter any municipal interest as determined by IRC
Note: Attach a copy of your federal form 1120-RIC to
§852(b)(2).
your Utah return.
Line 3 – Exclusion of Net Capital Gain
Enter any net capital gain exclusion as determined by
Part 2 – Real Estate
IRC §852(b)(2).
Investment Trust
Line 4 – Net Taxable Income
Remember to mark line 1 on TC-20MC showing this
Add lines 1 through 3.
return is for a Real Estate Investment Trust.
Line 5 – Deduction for Capital Gain Dividends
Note: A captive real estate investment trust must be
Enter any deduction for capital gain dividends as defi ned
included as a member of a unitary group fi ling Utah form
in IRC §852(b)(3)(c).
TC-20 (not TC-20MC). A real estate investment trust (REIT)
is a “captive real estate investment trust” if the shares or
Line 6 – Exempt Interest Dividends
benefi cial interests of the REIT are not regularly traded on
Enter any exempt interest dividends as defi ned in IRC
an established securities market, and more than 50 percent
§852(b)(5)(c).
of the voting power or value of the shares or benefi cial in-
terests of the REIT are directly, indirectly or constructively
owned or controlled by a controlling entity of the REIT.
Page 7
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial