Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 11
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28Summary of Total Indiana Net Capital Loss Carryover(s) - 2011 Example, continued
Compile for each year the total amount of net capital loss applied against net capital gains. The gain or loss available is limited to the
amount of each taxpayer member’s portion as apportioned to Indiana. For net capital loss carryovers from two or more years, show
amounts applied through all carryforward years. Unused net capital loss from loss years occurring since 2008, after application against
any net capital gains, may be carried through taxable year 2012.
Combined total Indiana net capital gains for each year.
Example of carryover
2008*
2009*
2010*
2011*
Enter below total
$
$
$
$30,000
Carryover(s) of unused prorated
Indiana net capital loss
net capital losses available for
from loss year(s):
Total amount of Indiana net capital loss applied against prorated net
2012
capital gains in each year
2008 ($
)
2009 ($
)
2010 ($
)
2011 ($40,000 )
($25,000)
($15,000)
Remaining taxable net
0
$5,000
capital gains
Remaining Indiana net capital gains after application of any post-2007 Indiana net capital loss carryovers.
Instructions for Schedule A, continued
To determine the amount of tax attributable to the loan
transaction, divide the total receipts from qualified loans by the
total receipts attributable to Indiana. Multiply that quotient,
Line 24. Total Adjusted Gross Income: Subtract line 23 from line
expressed as a percentage, by the total amount of tax due to
22. If subtotal is less than zero, enter 0.
determine the amount of tax attributable to the loan. This is the
amount of credit that may be available. The actual credit is equal
Line 25. Indiana Net Operating Loss Deduction: Only those
to the lesser of the actual taxes paid to the domiciliary state for
unused net operating losses incurred for taxable years beginning
the loan transaction and the amount due to Indiana on the loan
after Dec. 31, 1990, may be deducted. The amount to report on
transaction. If the taxpayer’s domiciliary state grants a credit
this line is the Indiana portion of the net operating loss, and it
for taxes paid to other states, the credit available for purposes of
cannot exceed the amount reported on line 24. Net operating
Indiana’s tax must be reduced by the amount of the credit granted
losses can be carried forward for 15 years. There is no provision
by the taxpayer’s domiciliary state. (See the instructions for
for net operating loss carrybacks. You must complete and
completing Schedule FIT-NRTC on page 18.)
enclose Schedule FIT-20NOL with the return. (See page 24 for
instructions.)
Nonresident credits are determined for each taxpayer member
of a unitary group on an individual basis, notwithstanding that
Line 26. Indiana Adjusted Gross Income: Subtract line 25 from
the adjusted gross income is reported on a combined basis for all
line 24.
members of a unitary group.
Line 27. Indiana Financial Institution Tax Due: Multiply the
Line 29. Net Financial Institution Tax Due: Subtract the amount
amount on line 26 by 8.5%. If line 26 is a loss amount, enter zero
on line 28 from the amount on line 27.
on this line.
Line 30. Use Tax Due: Taxpayers are required to report and pay
Line 28. Nonresident Taxpayer Credit (816): To claim this credit,
7% use tax on purchases. Purchases subject to use tax include (but
you must enclose a copy of your domiciliary state’s tax return.
are not limited to) subscriptions to magazines and periodicals as
Nonresident taxpayers might be able to claim a credit for taxes
well as property that is purchased exempt from tax by utilizing an
paid to their domiciliary states. To be eligible to claim the credit,
exemption certificate and that is later converted to a nonexempt
the following conditions must be met: (1) the receipt of interest or
use by the business. To calculate the amount of purchases subject
other income from the loan is attributed to both the domiciliary
to the use tax, please see FIT-20 Schedule SUT on page 28 and
state and also to Indiana; and (2) the principal amount of the loan
enter the amount on line 30.
is at least $2 million.
For more information regarding use tax, call (317) 232-0129.
Line 31. Subtotal Due: Add line 29 and line 30.
11
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial