Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 18
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
28Instructions for Filing a Combined Return:
F. Federal Business Activity Code: Indicate the applicable
federal business activity code for each member of the
Attributing Receipts of a Taxpayer Filing a
group.
Combined Return
G. Quarterly Payments of Estimated Tax: Indicate for each
List members included in the combined return by completing
member if quarterly estimated payments of the financial
FIT-20 Schedule H on page 4 of the return. When calculating
tax were made by the member under its own federal
adjusted gross income, the taxpayer must eliminate all income and
identification number. If estimates were paid, indicate
deductions from transactions between entities that are included in
whether payments were made to a Form IT-6 or Form
the unitary filing.
FT-QP estimated account. List members included in the
A. A taxpayer filing a combined return for a unitary group
combined return by completing FIT-20 Schedule H on
shall determine the income for a taxable year attributable
page 4 of the return.
to Indiana using the following formula:
(1) The aggregate adjusted gross income, from whatever
Instructions for Schedule FIT-NRTC - Nonresident
source derived, of the members of the unitary group;
Tax Credit
multiplied by
The following schedule is to be used for nonresident taxpayers
(2) The quotient of:
claiming the nonresident taxpayer credit for taxes paid to their
(a) All the receipts of the taxpayer members of the
state of commercial domicile and attributable to Indiana. A
unitary group attributable to transacting business
taxpayer filing on a unitary basis must compute this credit on an
in Indiana; divided by
individual taxpayer basis. The principal amount of the loan must
(b) The receipts of all the members of the unitary
exceed $2 million to qualify for this credit.
group from transacting business in all taxing
jurisdictions.
PART I - Identification Section
Identify the members of the unitary group and determine
In this section, identify the borrower, the principal amount of the
which members are taxpayers under the Indiana Financial
loan, and the receipts less principal attributed to the loan during
Institution Tax Act. To file a combined return under the
the tax year. Enclose additional sheets if necessary.
Act, effective Jan. 1, 2002, all members must be transacting
the business of a financial institution in Indiana as
PART II - Calculation Section
defined in IC 6-5.5-1-18. If the unitary group has receipts
In this section, you calculate the amount of eligible credit.
not attributable to Indiana, the group must file FIT-20
The credit is equal to the lesser of the actual taxes paid to the
Schedule E-U to apportion its receipts within and outside
domiciliary state for the loan transaction or the amount due
of Indiana.
Indiana for the loan transaction.
B. Percent of Ownership by Parent(s): To qualify as a member
of a unitary group, more than 50% of the voting stock of
Line 1. Enter the total from PART I (receipts attributable to the
each member of the group must be directly or indirectly
loan transaction).
owned by a common owner or owners, or owned by
one or more of the corporations of the group, regardless
Line 2. Enter the total receipts attributable to the nonresident.
of where owners are located and/or where such owners
conduct business. The unitary group is comprised of all
Line 3. Divide the amount on line 1 by the amount on line 2. This
the members of the group qualifying as unitary affiliates
is the apportionment percentage used to attribute receipts from
and is conducting the business of a financial institution in
qualified loans to the amount of tax due.
Indiana.
Line 4. Enter the amount of Indiana financial institution tax due
C. Regular Financial Institutions: A regulated financial
from a pro forma schedule. The schedule must be enclosed.
corporation, a holding company, or a subsidiary of a
regulated financial corporation or holding company, as
Line 5. Multiply the percentage on line 3 by the amount on line
defined in I.C. 6-5.5-1-17, is required to file a combined
4. This is the amount of credit available to be applied against the
return for all members of the unitary group.
taxpayer’s domiciliary state for the qualified loans.
D. Other Corporations: To be a member of the unitary group
for purposes of the financial institution franchise tax, and
Line 6. Enter the amount of tax paid to the domiciliary state for
to be a part of this combined filing, the corporation (other
the qualified loans, less any credit that the domiciliary state grants
than subsidiaries of an entity mentioned in part C) must
for taxes paid to other states.
derive at least 80% of its gross receipts from the extension
of credit, leasing that is the economic equivalent of the
Line 7. Enter the lesser of the amount on line 5 or line 6. Enter this
extension of credit, or charge card operations. If a member
amount on line 28 of the FIT-20.
does not meet the 80% test, it is not a member and cannot
Enclose a copy of your domiciliary state’s tax return with Form
file as a member for purposes of the financial franchise tax.
FIT-20.
E. Federal Identification Number: Identify each corporate
member of the unitary group by listing its federal numbers.
18
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial