Form Ft 1120 - Corporation Franchise Tax Report - 2011 Page 6
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82011
Corporation name
Franchise tax I.D.#
Tax year
FT 1120
Rev. 10/10
Schedule E — Balance Sheet
Attach to this franchise tax report a balance sheet (e.g., IRS form 1120, Schedule L) that refl ects the books of the taxpayer on a separate
company basis as of the beginning and the end of the taxable year.
Schedule F – Computation of Taxable Value – R.C. 5733.05(C)
Note: Taxable value is determined on a separate company basis even if the taxpayer is a member of a combined report. Multiply the
taxpayer’s separate company net value of stock by the taxpayer’s separate company apportionment ratio.
00
1. Net worth (assets minus liabilities) .............................................................................................................1.
2. Qualifying amount (if the taxpayer is a related member to a qualifying holding company)
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R.C. 5733.05(C)(2) ......................................................................................................................................2.
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3. Adjusted net worth (add lines 1 and 2) ........................................................................................................3.
4. Exempted assets (net book value)
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(a) Civil defense shelters ...................................................................4a.
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(b) Land in Ohio devoted exclusively to agriculture ...........................4b.
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(c) Total exempted assets ....................................................................................................................... 4c.
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5. Net value of stock (line 3 minus line 4c). Enter here and on Schedule A, line 15 .......................................5.
.
6. Ohio apportionment ratio (from Schedule D or D-2, line 4, see note above)...............................................6.
00
7. Taxable value (multiply line 5 by line 6). Enter here and on Schedule G, lines (d) and (i) ..........................7.
Minimum Fee Requirements
Caution: The taxpayer’s nonrefundable credits and the grant for purchases of new manufacturing
machinery and equipment cannot reduce the taxpayer’s liability below the minimum fee.
Thresholds
Minimum Fee
1. If the sum of the taxpayer’s gross receipts from activities within and without Ohio during the taxable
$1,000
year equals or exceeds $5 million; or
2. If the total number of the taxpayer’s employees within and without Ohio during the taxable year equals
or exceeds 300.
Note: In determining these thresholds, the taxpayer must include its proportionate share of the gross
receipts of any pass-through entity in which the taxpayer has a direct or indirect ownership interest and
its proportionate share of the number of employees of the pass-through entity. Gross receipts include
receipts that generate business income and receipts that generate nonbusiness income.
If both the taxpayer’s gross receipts and number of employees are less than the thresholds above.
$50
Instructions for Check Boxes on Page 1
• Amended report – If the amended report refl ects an overpayment, attach Ohio form FT REF and see general instruction #26,“application
for refund.”
• Combined report – Attach Ohio forms FT 1120C and FT OTAS to the Ohio franchise tax report of the “lead” taxpayer shown in column
2 of the FT 1120C and show the lead taxpayer’s Ohio franchise tax I.D. number on the line next to the check box.
• Qualifying holding company – Attach Ohio form FT QHC.
• If the corporation is no longer subject to the franchise tax because of the phase-out and the corporation is entitled to the refundable historic
building preservation credit, the refundable motion picture credit, the refundable credit for tax withheld by the Ohio Lottery Commission
and/or erroneously made 2011 franchise tax payments, the corporation can obtain a refund by (i) completing the taxpayer identifi cation
information and checking the sixth box in the upper right corner on page 1; (ii) completing lines 23 through 31 on page 1; (iii) completing
the declaration on page 8; and (iv) fi ling this form with a copy of the appropriate tax credit certifi cate if claiming one of the refundable
credits. Please do not check the box if the corporation remains subject to the franchise tax after the phase-out and the taxpayer is claim-
ing any of these refundable credits.
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