Instructions For Form Tc-20s - Utah S Corporation Tax Return - 2012 Page 9
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28Schedule A – Utah Taxable Income for
Pass-through Taxpayers Instructions
Line 1 – Federal Income (Loss) Reconciliation
• Income from investments made in the ordinary
course of a trade or business of furnishing insurance
Enter the amount of federal income or loss reconcili-
or annuity contracts or reinsuring risks underwritten
ation as shown on federal form 1120S, Schedule K,
by insurance companies.
line 18 (R865-9I-13).
• Income or gain derived in the ordinary course of an
Line 2 – Charitable Contributions
activity of trading or dealing in any property if such
Enter the amount of charitable contributions deducted
activity constitutes a trade or business (unless the
on federal form 1120S, Schedule K, line 12.
dealer held the property for investment at any time
before such income or gain is recognized).
Line 3 – Foreign Taxes
Enter the amount of foreign taxes deducted on federal
• Royalties derived by the taxpayer in the ordinary course
form 1120S, Schedule K, line 14.
of a trade or business of licensing intangible property.
• Amounts included in gross income of a patron of a
Line 4 – Recapture of Section 179 Deduction
cooperative by reason of any payment or allocation
Enter the gain or loss on the sale, exchange or other
to the patron based on patronage occurring with
disposition of property for which a section 179 expense
respect to a trade or business of the patron.
deduction has been passed through to shareholders
and reported on federal Schedule K, line 17, code L.
• Other income identifi ed by the IRS as income
derived by the taxpayer in the ordinary course of a
Line 5 – Total Income (Loss)
trade or business.
Add lines 1 through 4.
Line 7 – Utah Net Nonbusiness Income
Line 6 – Total Portfolio Income
Enter the nonbusiness income net of expenses allocated
Enter the total of all portfolio income included on line 1.
to Utah from Schedule H, line 14.
Deductions attributable to portfolio income are reported
Sales of Utah property and rents received on Utah prop-
as “other deductions” on federal Schedule K box 12d
erty, if not part of the trade or business income of the S
and federal Schedule K-1 box 12, using codes I, K or
corporation, are considered Utah nonbusiness income.
L, and should not be subtracted from portfolio income
on this line.
Note: Do not include as nonbusiness income any in-
come reported on line 6 as portfolio income.
This income is attributable to the resident state.
Interest, dividends, royalties, etc., earned in the ordinary
Line 8 – Non-Utah Net Nonbusiness Income
course of the trade or business of the S corporation, are
Enter the nonbusiness income net of expenses allocated
not portfolio income and should not be included on this line.
outside Utah from Schedule H, line 28.
Example: Interest and dividends may be considered
Note: Do not include as nonbusiness income any in-
portfolio income if the pass-through entity had funds that
come reported on line 6 as portfolio income.
were not used to further the trade or business and were
invested and generated interest or dividends. Interest
Line 9 – Total Nonbusiness Income
and dividends are not considered portfolio income if
Add lines 6 through 8.
the entity’s primary business activity is investing funds,
such as with a brokerage fi rm.
Line 10 – Apportionable Income (Loss)
Subtract line 9 from line 5.
Sales of Utah property and rents received on Utah
property, if not part of the trade or business of the S
Line 11 – Apportionment Fraction (Decimal)
corporation, are considered Utah non-business income
Enter 1.000000, or the apportionment fraction (decimal)
and included on line 7.
from Schedule J line 9, 13 or 16, if applicable.
See the defi nition of Portfolio Income on 4.
Line 12 – Utah Apportioned Business Income (Loss)
The following are examples of income which would be
Multiply the apportionable income (loss) on line 10 by
considered business income and not portfolio income
the apportionment fraction on line 11.
and should not be included on line 6:
Line 13 – Total Utah Income (Loss) Allocated to
• Interest income on loans and investments made
Pass-through Entity Taxpayers
in the ordinary course of a trade or business of
Add line 7 and line 12.
lending money.
• Interest income on accounts receivable arising from
Line 14 – Total Pass-through Withholding Tax
the performance of services or sales of property.
Enter the total pass-through withholding tax from
Schedule N, column I.
Page 7
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