Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 8
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28Line 11C. Enter your share of the IRC Section 179 adjustment
•
Add back the deduction for qualified restaurant property.
claimed for federal tax purposes that exceeds the amount
Enter an amount equal to the amount claimed as a
recognized for state tax purposes. Add or subtract the amount
deduction for federal income tax purposes for qualified
necessary to make the adjusted gross income of the taxpayer that
restaurant property. The property must have been placed
placed any IRC Section 179 property in service in the current
in service during the taxable year and have been classified
taxable year or in an earlier taxable year equal to the amount of
as 15-year property under Section 168(e)(3)(E)(v) of the
adjusted gross income that would have been computed had an
IRC. (3-digit code: 108)
election not been made for the year in which the property was
•
Add back the deduction for qualified retail improvement
placed in service to take deductions, as defined in IRC Section 179
property. Enter an amount equal to the amount claimed
in a total amount exceeding $25,000.
as a deduction for federal income tax purposes for
qualified retail improvement property. The property must
Line 11D. Deduct the amount of income from qualified utility
have been placed in service during the taxable year and
and plant patents included in federal taxable income. Note: Use a
have been classified as 15-year property under Section
minus sign to denote the negative amount. For tax years beginning
168(e)(3)(E)(ix) of the IRC. (3-digit code: 109)
after Dec. 31, 2007, this income is exempt from Indiana AGI.
•
Add back the deduction for qualified disaster assistance
Get Income Tax Information Bulletin #104 at
property. Add or subtract an amount equal to the amount
for more information.
claimed as a deduction for the special allowance for
Indiana adopted the former expensing limit provided by The
qualified disaster assistance property under Section
Jobs Creation and Workers Assistance Act of 2002 and has since
168(n) of the IRC for federal income tax purposes.
specified an expensing cap of $25,000. The additional depreciation
(3-digit code: 110)
may be excluded in subsequent years from the amounts to be
•
Add back the deduction for qualified refinery property.
added back on line 6 when excess IRC Section 179 deduction or
Enter an amount equal to the amount claimed as a
bonus depreciation was elected.
deduction for expense costs for qualified refinery
property under Section 179C of the IRC for federal
If line 11C’s amount is negative, use a minus sign.
income tax purposes. (3-digit code: 111)
Lines 12A, B, C, and D. Total Addbacks
•
Add back the deduction for qualified film or television
Enter any addbacks and deductions on lines 12A through 12D.
production. Enter an amount equal to the amount
Enter the name of the addback/deduction, its 3-digit code, and its
claimed as a deduction for expense costs for qualified film
amount. Use a minus sign to denote a negative amount. Attach
or television production under Section 181 of the IRC for
additional sheets if necessary.
federal income tax purposes. (3-digit code: 112)
•
Add back the deduction for qualified preferred stock.
Note: House Enrolled Act 1001-2011 amended IC 6-3-1-3.5 by
Enter an amount equal to the amount claimed as
providing modifications to federal AGI and amending IC 6-3-
a deduction for a loss from the sale or exchange of
1-11 in regards to the definition of the IRC. The Act is effective
preferred stock that was treated as an ordinary loss under
retroactively to taxable years beginning after Dec. 31, 2009.
Section 301 of the Emergency Economic Stabilization Act
of 2008 in the current taxable year or in an earlier taxable
The modifications that were adopted retroactively for 2010 and
year. (3-digit code: 113)
2011 may both be reported on your 2011 income tax return.
You do not need to file an amended return for 2010 to report
The stock must be preferred stock in one of the following:
the required modifications; however, filing an amended return is
o The Federal National Mortgage Association,
allowed.
established under the Federal National Mortgage
Association Charter Act (12 U.S.C. 1716 et seq.);
Please note that, because these addbacks apply to both 2010 and
or
2011, each addback has two 3-digit codes listed for it. Codes that
begin with a 1 should be used for addbacks to your AGI in 2011;
o The Federal Home Loan Mortgage Corporation,
codes that begin with a 3 should be used for addbacks to your AGI
established under the Federal Home Loan
in 2010.
Mortgage Corporation Act (12 U.S.C. 1451 et
seq.);
The following addbacks and deductions should be entered on lines
12A through 12D:
•
Add back the deduction for qualified environmental
•
Add back the deduction for deferral of business
remediation costs. If you claimed a deduction for
indebtedness discharge and reacquisition. Enter an
qualified environmental remediation costs under Section
amount equal to the amount claimed as a deferral of
198 of the IRC, enter an amount equal to the amount
income arising from business indebtedness discharged in
claimed as a deduction. (3-digit code: 121 for current
connection with the reacquisition after Dec. 31, 2008, and
tax year; use 321 for prior tax year)
before Jan. 1, 2011, of an applicable debt instrument (as
provided in Section 108(i) of the IRC), for federal income
tax purposes. (3-digit code: 107)
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