Nebraska Shedule I (Form 775p) - Turbine-Powered Aircraft Page 2
Download a blank fillable Nebraska Shedule I (Form 775p) - Turbine-Powered Aircraft in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Nebraska Shedule I (Form 775p) - Turbine-Powered Aircraft with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2FORM 775P, SCHEDULE I – TURBINE-POWERED AIRCRAFT
• For general information, read the instructions on the Claim for Nebraska Personal Property Exemption,
Form
775P.
SPECIFIC INSTRUCTIONS
DATE ACQUIRED. The date acquired is the date the owner acquired the aircraft. For leased aircraft, the date acquired is
the date the lessor (owner) acquired the aircraft.
MAKE/DESCRIPTION. Enter the make and description of the aircraft. The registration number of the aircraft may also be
included. Include lease date if the aircraft is leased. To determine eligibility for exemption, this is the date the lessee took
possession of the aircraft and must be included.
ACTUAL LOCATION OF AIRCRAFT. Enter the address of the actual location where the aircraft is principally stored and
kept. For aircraft, only the airport name where the aircraft is principally stored and kept is needed.
NEBRASKA ADJUSTED BASIS. The Nebraska adjusted basis is the total purchase price (cost of placing the aircraft in
service) including, but not limited to costs for: delivery; installation; taxes; and fees. Enter the amount in whole dollars only.
RECOVERY PERIOD. The recovery period is the period over which the value of the property will be depreciated for
Nebraska property tax purposes.
Table
2, from the Nebraska Personal Property Return, includes a recovery period for
airplanes. Neb. Rev. Stat. § 77-120.
NET BOOK DEPRECIATION FACTOR. The net book depreciation factor is the percentage found in
Table 1
of the
Nebraska Personal Property Return, for the appropriate depreciation factor for the recovery period and the year acquired.
These depreciation factors are also listed in
Neb. Rev. Stat. §
77-120.
NET BOOK VALUE. The net book value is the Nebraska adjusted basis cost of the aircraft multiplied by the appropriate
depreciation factor for the recovery period and the year acquired.
LINE 15. Enter the total of the net book value for all aircraft listed on the page on line 15. If more than one page is used,
total each page separately. Then, enter the total of all Schedule I pages on Form 775P, under the Summary of Schedule I –
Turbine-Powered Aircraft.
NOTE: Sign and date the statement that the aircraft listed were not used for fundraising for, or transportation of, an elected
official.
Neb. Rev. Stat. §
77-4105(2)(a). The exemption for the tax year may be denied if it is determined the aircraft was
used for these purposes in the prior year.
Attach this schedule to the Form 775P.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Nebraska Shedule Iii (form 775p) - Business Equipment Used In The Manufacturing Or Processing Of Agricultural Products
Financial
Nebraska Shedule Iii (form 1120n) - Subsidiary Or Affiliated Corporations/nebraska Shedule Iv - Converting Net Income To Combined Net Income - 2012
Financial
Nebraska Schedule I (form 1065n) - Apportionment For Multistate Business & Nebraska Schedule Elp - Income Reported To Partners By Electing Large Partnership - 2013
Financial
Form 775p - Nebraska Employment And Investment Growth Act Claim For Nebraska Personal Property Exemption - 2011
Financial
Form 775p - Business Equipment Used In The Manufacturing Or Processing Of Agricultural Products Nebraska
Financial
Related Categories
Parent category: Financial