Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 9
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28Line 16. Subtract an amount equal to a debt or portion of a debt
•
Add back the deduction for qualified advanced mine
safety equipment. If you claimed a deduction for the
becoming worthless (IRC Sec. 166). This will include a reduction
expense of qualified advanced mine safety equipment
in the amount for the recovery of a bad debt deducted from
under Section 179 of the IRC, enter an amount equal to
gross income in a prior taxable year (applicable to taxpayers not
the amount claimed as a deduction. (3-digit code: 126
defined as a large bank under IRC Section 585 (c) (2) or Savings
for current tax year; use 326 for prior tax year)
Association under IRC Section 593).
•
Add back the deduction for qualified leasehold
Line 17. Subtract an amount equal to any bad debt reserves
improvement property. If you excluded income because
included in federal income because of accounting method changes
of qualified leasehold improvement property (as provided
required by IRC Sec. 585(c)(3)(A) or IRC Section 593.
in Section 168(e)(3)(E)(iv) of the IRC) placed into
service in the taxable year, add the amount claimed as a
Line 18. Total Deductions: Add lines 15 through 17.
deduction. (3-digit code: 129 for current tax year; use
329 for prior tax year)
Line 19. Total Income Prior to Apportionment: Subtract line 18
from line 14.
•
Add back the deduction for a motorsports entertainment
complex. If you excluded income because of any
State-chartered credit unions must begin on line 19 by entering
motorsports entertainment complex (as provided in
their “adjusted gross income. ” For state-chartered credit unions,
Section 168(e)(3)(C)(ii) of the IRC) placed into service in
“adjusted gross income” equals the total transfers to undivided
the taxable year, add the amount claimed as a deduction.
earnings, minus dividends for that taxable year after statutory
(3-digit code: 130 for current tax year; use 330 for prior
reserves are set aside under IC 28-7-1-24. In other words, “adjusted
tax year)
gross income” can be defined as net transfers to undivided
earnings. No other deductions are permitted. The above definition
•
Add back the deduction for start-up expenditure. If you
also applies to a nonresident credit union doing business in
claimed a deduction for interest start-up expenditures
Indiana.
under Section 195 of the IRC, add the amount, if any, by
which the deduction you claimed exceeds the amount
Investment companies, defined under IC 6-5.5-1-2(d), must
you would have been entitled to deduct prior to the
begin on line 19 by reporting federal taxable income computed
enactment of the Small Business Jobs Act of 2010 (P.L.
according to the Internal Revenue Code as in effect on Jan. 1, 2003,
111-240). (3-digit code: 131 for current tax year; use
before any net operating loss deduction. An investment company
331 for prior tax year)
must also complete line 12 of FIT-20 Schedule E-U.
•
Add back the amount of any trade or business deduc-
tions based on employment of an unauthorized alien.
Line 20. Total Income Prior to Apportionment: Enter the
For taxable years beginning after June 30, 2011, add back
amount carried from line 19.
the amount allowed under the IRC for wages, reimburse-
ments, or other payments made for services provided
Line 21. Apportionment Percentage: (See instructions for
in Indiana by a financial institution if the person was
Schedule E-U.) This line should be used by all taxpayers and
prohibited from being hired as an employee because the
unitary groups. Enter the amount from line 15 of Schedule E-U.
person was an unauthorized alien. (3-digit code: 132)
Line 22. Apportioned Adjusted Gross Income for Indiana:
•
Add back the amount pertaining to oil and gas wells. Sec-
Multiply line 20, total income subject to apportionment, by line 21,
tion 613A(c)(6)(H)(ii) of the IRC was treated as though
apportionment percentage from Schedule E-U.
it was not amended. It pertains to the limitations on
percentage depletion in the case of oil and gas wells. The
Line 23. Indiana Net Capital Loss Adjustment: Enter Indiana net
federal amendment extends the suspension of the ability
capital loss carryover, as computed on your enclosed worksheet.
to deduct more than 100% of the net income from that
See the sample worksheet on page 10. Line 23 is limited to the
property for marginal production (less than 15 barrels
amount on line 22. Also, line 9 must be completed to add back an
per day and heavy oil). (3-digit code: 134 for current tax
amount equal to the federal net capital loss deduction.
year; use 334 for prior tax year)
Note: Excess capital losses may be carried forward for five years
Line 13. Total Addbacks: Add lines 4 through line 12D.
following the loss year; however, there is no provision for the
carryback of a capital loss incurred under the Financial Institution
Line 14. Subtotal Income: Add line 3 and line 13.
Tax Act.
Deductions from Income
Line 15. Subtract income derived from sources outside the United
States as defined in the Internal Revenue Code and included in
federal taxable income.
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