Instructions For Form Tc-20s - Utah S Corporation Tax Return - 2012 Page 21
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28For more information, contact:
(47) Agricultural Off-Highway Gas/
Undyed Diesel Fuel Credit
Governor’s Offi ce of Economic Development
(UC §59-13-202)
60 E South Temple, 3rd Floor
You may claim a credit of 24.5 cents per gallon for motor
PO Box 146950
fuel and undyed diesel fuel bought in Utah to operate
Salt Lake City, UT 84114-6950
stationary farm engines and self-propelled farm machin-
801-538-8804
ery used solely for commercial nonhighway agricultural
business.utah.gov/incentives/
use if the fuel was taxed at the time it was bought.
enterprise_zones
Activities that do not qualify for this credit include (but are
(46) Mineral Production Withholding Tax Credit
not limited to) the following: golf courses, horse racing,
(UC §59-6-102)
boat operations, highway seeding, vehicles registered
Enter the total of the mineral production tax withheld
for highway use, hobbies, and personal farming.
as shown on forms TC-675R or Utah Schedule K-1(s)
Credit calculation:
for the tax year. For a fi scal year corporation, the credit
is reported on the corporate return required to be fi led
Gallons _______ x .245 = Credit _______
during the year following the December closing period
There is no form for this credit. Keep all related docu-
of the form TC-675R.
ments with your records.
Enter the mineral production withholding tax on TC-250.
Enter the credit in Part 2 if received from an upper-tier
(48) Farm Operation Hand Tools Credit
pass-through entity, or in Part 3 if received on a TC-
(UC §59-10-1105)
675R from the mineral producer.
This credit is for sales and use tax paid on hand tools
purchased and used or consumed primarily and directly
Do not attach the TC-675R or Utah Schedule K-1 to
in a farming operation in Utah. The credit only applies
the corporation return.
if the purchase price of a tool is more than $250.
There is no form for this credit. Keep all related docu-
ments with your records.
Schedule K-1 – ShareholderÊs Share of Utah In-
come, Deductions and Credits Instructions
Complete a Utah TC-20S, Schedule K-1 for each share-
Other Information
holder, showing the share of income, gains, losses,
Enter any additional information or explanation of en-
deductions, and Utah credits that are distributed to
tries needed by the shareholder in order to complete
the shareholder.
the shareholder’s individual Utah return.
Reminder:
S Corporation Information
For a Utah resident shareholder, report the same
Line A – Enter the S corporation’s federal identifi ca-
information on their Utah Schedule K-1 for income,
tion number.
losses and deductions that was reported on their fed-
eral Schedule K-1.
Line B – Enter the complete name and address of
the S corporation.
For a Utah nonresident shareholder, report the appor-
tioned Utah income, losses and deductions multiplied
Shareholder Information
by their ownership interest in the S corporation. Use
Line C – Enter the shareholder’s social security or
the apportionment fraction from Schedule A, line 11.
federal employer identifi cation number.
Expenses directly attributable to Utah sources should
Line D – Enter the shareholder’s complete name
be deducted against Utah income in total and not ap-
portioned.
and address.
Line E – Enter the percent of ownership the share-
Portfolio income should not be allocated to nonresident
shareholders. See Schedule A, line 6 instructions on
holder has in the S corporation. Enter
7.
the same percentage of stock ownership
as entered on line F of the shareholder’s
federal Schedule K-1.
Page 19
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