Schedule H - Investment Tax Credit And Carryovers - 2011 Page 2
ADVERTISEMENT
1
2
32
2011 SCHEDULE H, PAGE 2
Part 2. Recapture of Unearned Credit
If the property on which the credit has been taken ceases to be in qualified use prior to the end of its useful
life, the difference between the credit taken and the credit allowed for actual use is subject to recapture.
1
Total ITC subject to recapture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1
2
ITC not used to reduce excise in any prior year
a. Amount of recapture offset against unused ITC which has expired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a
b. Amount of recapture on 2008 assets reducing ITC carryover from 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b
c. Amount of recapture on 2009 assets reducing ITC carryover from 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2c
d. Amount of recapture on 2010 assets reducing ITC carryover from 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2d
e. Amount of recapture reducing unused ITC converted to unlimited carryover status . . . . . . . . . . . . . . . . . . . . 2e
3
ITC recaptured. Subtract the total of lines 2a through line 2e from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Part 3. Calculation of Available Credits.
Perform recapture first.
Reduce credits available from prior year returns by any amounts used to offset potential recapture as shown in Part 2.
a. Available credits
b. Credits used
c. Credits converted d. Available credits
at start of year
in current year
to unlimited status
at end of year
1
ITC generated in 2008 that will lapse after 2011 if not
used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2
ITC generated in 2009 that will lapse after 2012 if not
used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3
ITC generated in 2010 that will lapse after 2013 if not
used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4
ITC generated in the current year (from Part 1, line 8) 4
5
ITC previously transferred to unlimited carryover status 5
6
Corporation’s time limited credits available from prior years. Combine lines 1a, 2a and 3a . . . . . . . . . . . . . . . . 3 6
7
Total of corporation’s credits used. Combine lines 1b, 2b, 3b, 4b and 5b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7
8
Total of corporation’s credits converted to unlimited status. Combine lines 1c, 2c, 3c and 4c . . . . . . . . . . . . . . 3 8
9
Unlimited life credits available for carryforward to 2012. Combine lines 5a and 8 less line 5b. . . . . . . . . . . . . . 3 9
10
Credits available for carryforward to 2012 subject to 3-year limitation. Combine lines 2d, 3d and 4d . . . . . . . 3 10
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial