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Instructions For Form Ta-2 - Transient Accommodations Tax Annual Return And Reconciliation Page 4

STEP 8 — Subtract the amount in column (b), if any, from column (a) and enter the result in column (c). Column (c) is your

taxable proceeds.

ABC does not have any exemptions or deductions so $120,000 is entered on line 9, column (c), and $240,000 is entered on

line 10, column (c).

STEP 9 — Part VIII — RECONCILIATION OF GROSS RENTAL OR GROSS RENTAL PROCEEDS (fig. 3.5). Add lines 1

through 12, column (a), of the front page LESS the gross rental proceeds attributable to transient accommodations furnished

at no charge and reported on column (a), lines 9 through 12 on the front page, and enter this total on line 1. The total on

line 1 does not include general excise and transient accommodations taxes visibly passed on.

Line 2. Enter the total general excise taxes visibly passed on for the year.

Line 3. Add lines 1 and 2. This amount is the gross proceeds from furnishing transient accommodations reportable on line

13, Column c of your General Excise/Use Tax Annual Return & Reconciliation (Form G-49).

ABC visibly passed-on $15,000 in general excise taxes for the taxable year [($120,000 x 4.5%) + ($240,000 x 4%)]. ABC

enters $360,000 in gross rental proceeds on line 1, $15,000 on line 2, and $375,000 on line 3.

fig. 3.5

STEP 10 — Part IV and Part VI are to be completed ONLY by time share plan managers to report total fair market values

and TSO tax due for the taxable year.

Complete Part IV and Part VI just as you did on your periodic returns. The difference between the periodic and annual tax

returns is that the numbers reported on the annual tax return represent the total fair market rental values in the applicable

districts for the entire year.

(fig. 3.6)

FINISHING THE TAX RETURN

STEP 11 — Add lines 1 through 13 of column (d), and enter the total on line 14. This is the “TOTAL TAXES DUE”. CAUTION:

LINE 14 MUST BE FILLED IN. If you do not have any gross rental proceeds and therefore have no tax due, enter “0.00”

on line 14.

ABC has added $11,100 and $22,200 for a total of $33,300 which is entered on line 14.

fig. 3.6

Instructions For Form Ta-2 - Transient Accommodations Tax Annual Return And Reconciliation Page 4