Form Ft 1120 - Corporation Franchise Tax Report - 2011 Page 2

Download a blank fillable Form Ft 1120 - Corporation Franchise Tax Report - 2011 in PDF format just by clicking the "DOWNLOAD PDF" button.

Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.

Complete Form Ft 1120 - Corporation Franchise Tax Report - 2011 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.

Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.

2011

Corporation name

Franchise tax I.D.#

Tax year

FT 1120

Rev. 10/10

Schedule B – Adjustments to Federal Taxable Income – R.C. 5733.04(I)

1. Additions:

a) Valuation limitation on losses from capital or 1231 assets (Ohio form FT 1120VL) ............................1a.

b) Losses from sale of Ohio public obligations .......................................................................................1b.

c) Amount claimed as a credit for taxes paid by a qualifying pass-through entity .................................. 1c.

d) Net loss from an “exempted investment” in a public utility..................................................................1d.

e) Depreciation expense adjustment from Schedule B-4, line 1 and miscellaneous federal tax

adjustments ............................................................................................................................................ 1e.

f) Distributive or proportionate share of pass-through entity expenses paid to, losses incurred from

transactions with, and excess inventory costs paid to related members .............................................1f.

g) Total additions (add lines 1a through 1f) .............................................................................................1g.

2. Deductions:

a) Net income from foreign sources (Schedule B-2, line 5) ....................................................................2a.

b) Valuation limitation on gains from capital or 1231 assets (Ohio form FT 1120VL) .............................2b.

c) Dividends received (Internal Revenue Code section [I.R.C.] 243 and R.C. 5733.04(I)(7) and (I)(8)) ... 2c.

d) Adjustment for targeted jobs tax credit or work opportunity tax credit ................................................2d.

e) Net interest income from exempt U.S. obligations..............................................................................2e.

f) Interest on Ohio public and purchase obligations and gain from the sale of Ohio public obligations ..2f.

g) Contributions to an individual development account program ............................................................2g.

h) Net income from an “exempted investment” in a public utility ............................................................2h.

i) Depreciation expense adjustment from Schedule B-4, line 19 and miscellaneous federal tax adjustments ..2i.

j) Total deductions (add lines 2a through 2i) ........................................................................................... 2j.

3. Net adjustments:

Line 1g minus line 2j. If negative, put in parentheses. Enter here and on Schedule A, line 2 ..................3.

Schedule B-2 – Foreign Source Income Deduction – R.C. 5733.04(I)(2)

1. I.R.C. section 78 and 951 income.........................................................................................................1.

2. Foreign dividends x 100% = ..............................................................................................................2.

3. Foreign royalties x 90% = ..................................................................................................................3.

4. (a) Income from technical and other services .....................................

(b) Reimbursed expenses for personal services performed for

subsidiaries .............................................................................................

X 90% = 4c.

5. Foreign source income deduction (add lines 1, 2, 3 and 4c). Enter here and on Schedule B, line 2a ...5.

Schedule B-3 – Related Entity and Related Member Adjustments

Note: If the taxpayer is a member of a combined franchise group, complete Schedule B-3 (Combined) on Ohio form FT 1120C.

1. Related entity gains (losses) from sale of investments in stock or debt. R.C. 5733.04(I)(12)(a) ..........1.

2. Related entity gains (losses) from sale of other intangible property. R.C. 5733.04(I)(12)(b) ................2.

3. Total related entity gains (losses; add lines 1 and 2) ............................................................................3.

4. Allocable portion of line 3......................................................................................................................4.

5. Apportionable related entity gains (losses). (Subtract line 4 from line 3.).............................................5.

6. Interest expense and intangible expense paid to related members. R.C. 5733.04(I)(13) and

5733.042 .................................................................................................................................................... 6.

7. Add lines 5 and 6 ..................................................................................................................................7.

8. Ohio apportionment ratio (Schedule D, line 4)......................................................................................8.

9. Apportioned income (multiply line 7 by line 8) ......................................................................................9.

10. Related entity gains (losses) allocable to Ohio ...................................................................................10.

11. Add excess related entity loss (if loss deducted in all states exceeds total loss). R.C. 5733.054(B) ... 11.

(

)

12. Excess related entity gain (if gain taxed by all states exceeds total gain). R.C. 5733.054(A) ............12.

13. Related members’ net interest income and net intangible income taxed by other states. R.C.

5733.055. (Enter the lesser of (i) such income taxed by other states or (ii) the product of line 6

(

)

times line 8.) ........................................................................................................................................13.

14. Related entity and related member adjustment (add lines 9, 10, 11, 12 and 13). Enter here and on

Schedule A, line 10 .............................................................................................................................14.

- 2 -