Form Rv-F1320501 - Franchise And Excise Tax Exempt Entity - Disclosure Of Activity Page 2
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1
2Franchise and Excise Tax Exempt Entity
Instructions for Disclosure of Activity
Who must file:
Part III – Holding a Personal Residence
1.
Family-owned non-corporate entities (“FONCE”) qualifying for
(a) Enter a complete description of the property owned by the
exemption. Complete the Organizational Structure section and
entity, including how the property is used.
Part I.
(b) Enter the complete address of the property.
2.
LLCs, LPs, and LLPs qualifying for the farming activity
(c) If the property listed is residential property, enter the name of
exemption. Complete the Organizational Structure section and
the person(s) residing at the property and the length of time
Part II.
during the year that the person occupied the dwelling.
3.
LLCs, LPs, and LLPs qualifying for the holding a personal
residence exemption. Complete the Organizational Structure
WARNING: In order for an entity to qualify for the Holding a
section and Part III.
Personal Residence exemption at least 66.67% of its activity
must be holding of one (1) or more personal residences where
Organizational Structure
one (1) or more of the members/partners reside. In addition, at
(a) Provide the full names of all members or partners.
least 95% of the voting rights, capital interest or profits must be
(b) Enter each member or partner’s percentage interest in the
owned by natural persons who are relatives or by trusts for their
entity. The total must equal 100%.
benefit.
(c) Identify the relationship of each partner.
See definition of
“family member” and “relative” below.
Did not meet the exemptions requirements?
If the entity does not meet the exemption requirements in any
Part I – Family-Owned Non-Corporate Entity
year, it is taxable on all activities for that year. A completed
franchise and excise tax return (FAE170) must be filed with
th
th
Passive Investment Income
payment of any taxes due by the 15
day of the 4
month
following the close of the taxable year.
(a) Check the box next to each source of income received and
enter the annual gross receipts received from each source.
Definitions:
Family Member - To determine who is considered a family
Non-Passive Income
(b) List the source and amount of non-passive income received
member for the FONCE exemption, identify one person (either an
owner or non-owner, living or deceased) to whom the owners are
during the reporting period.
potentially related. With respect to that person, the following are
considered members of the family:
WARNING: In order for an entity to qualify for the FONCE
exemption:
1) at least 95% of its ownership must be held by
members/partners who are family members; and 2) at least 66.67%
1.
Ancestor (Mother, grandfather, great grandmother, etc.)
of its income must be from passive investments and/or farming. If
2.
Spouse or former spouse
the entity has no income for the year, it does not qualify for the
3.
Lineal descendent of such individual, their spouse or former
exemption.
spouse or of their parent. (Brother, daughter, grandson,
niece, step-daughter, step-grandson, etc.)
Part II – Farming Activity
4.
Spouse or former spouse of #3 above.
(a) Enter the amount of gross receipts earned by the entity from
5.
The estate or trust (testamentary) of a deceased individual
farming activities and all other activities. Farm income includes
who, while living, was one of the above
gross receipts derived from the property, including capital
gains from the sale of land and other assets.
Relative – To determine who is considered a relative for the
(b) Enter the value of assets owned by the entity, valued at
farming/personal residence exemption, natural persons shall be
original cost to the entity. In the event an asset’s original cost
considered relatives, if, by blood or adoption, they are descended
to the entity cannot be determined, or there is no original cost
from a common ancestor and their relationship with each other is
to the entity, the property should be valued at its fair market
that of a first cousin or closer than that of a first cousin, or if they
value at the time of acquisition by the entity.
are spouses of one another;
WARNING:
In order for an entity to qualify for the Farming
Farming – The growing of crops, nursery products, timber or
exemption: 1) at least 66.67% of its income is from farming; and
fibers, such as cotton, for human or animal use or consumption;
2) at least 66.67% of its assets must be used in farming; and 3) at
the keeping of horses, cattle, sheep, goats, chickens or other
least 95% of the voting rights, capital interest or profits must be
animals for human or animal use or consumption; the keeping of
owned by natural persons who are relatives or by trusts for their
animals that produce products, such as milk, eggs, wool or hides
benefit.
for human or animal use or consumption; or the leasing of the
land to be used for farming.
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