Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 17
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28Note: You can decide at any time to revoke the authorization for
(3) Interest income and other receipts from consumer loans
the Department to be in contact with your personal representative.
not secured by real or tangible personal property if the loan
If you do decide this, you must tell us that in a signed statement.
is made to a resident of Indiana.
Include your name, your Social Security number, and the year of
(4) Interest income and other receipts from commercial loans
your tax return. Mail your statement to Indiana Department of
not secured by real or tangible personal property must be
Revenue, P.O. Box 40, Indianapolis, IN 46206-0040.
attributed to Indiana if the proceeds of the loan are to be
applied in Indiana. If it cannot be determined where the
Paid Preparer Information
loan proceeds will be applied, the income and receipts are
attributed to the state where the borrower applied for the
Fill out this area if a paid preparer completed this tax return.
loan.
(5) Fee income and other receipts from letters of credit,
Note: This area must be completed even if the paid preparer is the
acceptance of drafts, and other devices for guaranteeing
same individual designated as your personal representative.
loans must be attributed in the same manner as
commercial loans are attributed.
The paid preparer must provide the following:
(6) Interest income, merchant discounts, and other receipts
•
The name and address of the firm that she represents;
(including service charges from financial institution
•
Her identification number (check one box for Federal ID
credit card and travel and entertainment card receivables)
number, PTIN, or Social Security number);
must be attributed to the state where the card charges are
regularly billed.
•
Her telephone number;
(7) Receipts from the sale of a tangible or an intangible asset
•
Her complete address; and
must be attributed to the same state where the income from
•
Her signature with the date.
the tangible or intangible asset was attributed. Receipts
attributed to Indiana can include receipts of dividends and
Be sure you keep a copy of your completed return.
interest from stocks, bonds, and other securities issued
by an Indiana resident taxpayer. Income from intangible
Mailing Options
property that is located in Indiana and is controlled from
Please mail completed returns to:
an Indiana business situs may be attributed to Indiana.
Indiana Department of Revenue
(8) Receipts from the performance of fiduciary and other
P.O. Box 7228
services must be attributed to the state where the benefits
Indianapolis, IN 46207
of the services are consumed.
(9) Receipts from the issuance of traveler’s checks, money
Instructions for FIT-20 Schedule E-U
orders, or United States savings bonds must be attributed
Apportionment of Receipts to Indiana
to the state where the item was purchased.
This schedule is on page 3 of the return. The following information
(10) Receipts from investments of a financial institution
must be completed by all taxpayers, including those taxpayers
in securities of this state and its political subdivisions,
filing combined unitary returns. Investment companies must
agencies, and instrumentalities must be attributed to
complete line 12. Credit unions must report adjusted gross income
Indiana.
for a taxable year based on total transfers to undivided earnings
(11) Interest income and receipts from a participation loan
minus dividends for that taxable year after statutory reserves are
must be attributed in the same manner as the loan is
set aside under IC 28-7-1-24.
attributed. A participation loan is a loan in which more
than one lender is a creditor to a common borrower.
The Indiana Financial Institution Tax is imposed on apportioned
(12) The aggregate of gross payments collected by an investment
income. Taxpayers and unitary groups must file using an
company from the business upon investment contracts
apportionment percentage based on a single-factor formula.
issued by the company and held by Indiana residents is
Indiana employs a single-factor receipts formula to determine the
attributed to Indiana.
percentage of the taxpayer’s income subject to tax.
(13) Other receipts from non-municipal investment income are
The single-factor formula is derived by dividing the gross receipts
to be reported in the denominator of the apportionment
attributable to transacting business in Indiana by the total receipts
factor to the extent they are included as gross income for
from transacting business in all taxing jurisdictions. This fraction
federal tax purposes. “Non-municipal investments” means
is expressed as a percentage carried to two decimal places (e.g.,
income from U.S. treasuries, federal agencies (e.g., GNMA,
67.63). The total income is then multiplied by this percentage to
FNMA, Freddie Mac, other loan-backed securities, etc.),
arrive at Indiana financial institution adjusted gross income.
and corporate securities. Any non-municipal investment
receipts that are for the disposition of assets such as
The following types of receipts are attributable to Indiana:
securities and money market transactions are limited to the
(1) Receipts from the lease or rental of real or tangible
gain that is recognized upon the disposition in accordance
personal property if the property is located in Indiana.
with IC 6-5.5-4-2(1).
(2) Interest income and other receipts from assets in the nature
of loans or installment sales that are secured by or deal
primarily with real or tangible personal property that is
located in Indiana.
17
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