Form Ft 1120 - Corporation Franchise Tax Report - 2011 Page 4
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82011
Corporation name
Franchise tax I.D.#
Tax year
FT 1120
Rev. 10/10
(b)
(c)
(a)
To Schedule C
To Schedule C
Schedule B
Schedule B-4 – Cont.
Allocable
Allocable
to Ohio
Everywhere
16. Enter in column (a) 1/5 the amount entered on Schedule B-4, line 1 of the
2006 franchise tax report. That is, enter 1/5 of the sum of (i) the I.R.C. section
168(k) bonus depreciation amount included on Schedule B-4, line 1 of the
2006 franchise tax report and (ii) the “qualifying section 179 depreciation
expense” amount included on Schedule B-4, line 1 of the 2006 franchise
tax report.
17. If on the 2006 report the taxpayer entered an amount on Schedule B-4,
line 2, enter in column (b) 1/5 of that amount.
18. If on the 2006 report the taxpayer entered an amount on Schedule B-4,
line 3, enter in column (c) 1/5 of that amount.
19. Add lines 4, 7, 10, 13 and 16. Enter the sum here and include the sum on
Schedule B, line 2(i). However, if the taxpayer is a member of a combined
report, enter here and include the sum on Schedule B (Combined), line
2(q).
20. Add lines 5, 8, 11, 14 and 17.
21. Subtract line 20 from line 2. If the result is negative, put in parentheses.
Enter here and in the Ohio column of Schedule C, line 1.
22. Add lines 6, 9, 12, 15 and 18.
23. Subtract line 22 from line 3. If the result is negative, put in parentheses. Enter
here and in the everywhere column of Schedule C, line 1. However, if the
taxpayer is a member of a combined report, enter here and on Schedule
C (Combined), line 1.
Endnotes for Schedule B-4 – Bonus Depreciation and Section 179 Adjustment
1
2
“Qualifying section 179 depreciation expense” means the differ-
For purposes of the 5/6 add-back for bonus depreciation and sec-
ence between (i) the amount of depreciation expense directly or
tion 179 expenses, the taxpayer’s bonus depreciation and section
179 expense amounts “deductible in determining federal taxable
indirectly allowed the taxpayer under I.R.C. section 179 adjusted by
income for the taxable year” are the taxpayer’s amounts expensed
any “miscellaneous federal adjustments” (if applicable) with respect
for federal income tax purposes adjusted by any “miscellaneous
to I.R.C. section 179 depreciation expense, and (ii) the amount of
depreciation expense directly or indirectly allowed the taxpayer
federal adjustments” (if applicable) with respect to (i) I.R.C sec-
under I.R.C. section 179 as that section existed on Dec. 31, 2002.
tion 168(k) bonus depreciation expense and (ii) I.R.C. section 179
depreciation expense. See the instructions for Schedule B, lines
See the instructions for Schedule B, lines 1(e) and 2(i) and R.C.
1(e) and 2(i).
section 5733.04(I)(17)(a)(ii).
Bonus Depreciation and Section 179 Adjustment
Addback
Franchise tax report years in each of which the taxpayer deducts 1/5 of the I.R.C. section 168(k)
Year
and qualifying section 179 amounts added back on a previous year’s tax report.
Total
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Deduction
1/5
1/5
1/5
1/5
2006
1/5
5/5
2007
1/5
1/5
5/5
1/5
1/5
1/5
2008
1/5
1/5
1/5
1/5
5/5
1/5
2009
1/5
1/5
1/5
1/5
5/5
1/5
1/5
5/5
2010
1/5
1/5
1/5
1/5
2011
1/5
1/5
1/5
1/5
5/5
1/5
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