Form Ft 1120c - Corporation Franchise Tax (Combined Report) - 2013 Page 6
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6FT 1120C
Rev. 10/12
Page 6
following year. The overpayment of one member cannot be netted
form FT 1120C contains limitation schedules to ensure that the
and earlier qualifying purchases for which the taxpayer claimed
against the balance due of any other member.
litter tax does not exceed $5,000 for the combined group.
a credit on earlier reports.
Sharing the $0 to $50,000 Tax Bracket; Litter Tax Limitation.
Credits Separately Determined and Used. Unless the statute
For new manufacturing machinery and equipment purchased
All Ohio taxpayer corporations that as of Jan. 1 of the report year
that provides for the credit specifi cally states otherwise, each
after Dec. 31, 2000 a “qualifying controlled group” must compute
meet the ownership or control requirements to fi le as members of
taxpayer in the combined group must separately determine and
the 7.5%-13.5% manufacturer’s credit (grant) on a consolidated
a combined report must share one $0 to $50,000 taxable income
use any franchise tax credits to which the taxpayer is entitled.
basis, and for new manufacturing machinery and equipment
bracket to which the 5.1% rate applies. Such related taxpayers
purchased before Jan. 1, 2001, a qualifying controlled group can
Note: For taxable years ending on or after July 1, 2005, the R.C.
must share the $0 to $50,000 taxable income bracket regardless
elect to compute the 7.5%-13.5% manufacturer’s credit (grant)
5733.33 manufacturer’s credit converted to a nonrefundable
of whether those related taxpayer corporations actually fi le a
on a consolidated basis. See R.C. 5733.33(I) and 122.173(I).
grant administered by the Ohio Development Services Agency.
combined report (see R.C. 5733.06(F)). Each taxpayer’s Ohio
The term “qualifying controlled group” means two or more
For franchise tax report years 2007 and thereafter, only the grant
taxable income that exceeds the prorated amount is taxable at the
corporations that meet the R.C. 5733.052(A) ownership and
is available because the taxable years for all taxpayers for all
higher franchise tax and litter tax rates. Related taxpayers must
control requirements to fi le a combined franchise tax report
such report years will end after the June 30, 2005 effective date
prorate the $0 to $50,000 bracket on Ohio form FT OTAS, Ohio
(whether or not the corporations actually fi le a combined report).
of the new law. This is so even for the 1/7 amounts from 2005
Taxpayer Affi liation Schedule. The proration, however made, ap-
See R.C. 5733.04(M).
plies to both the franchise tax and the litter tax. In addition, Ohio
Schedule B-3 (Combined) – Related Entity and Related Member Adjustments
The related member adjustments apply to all corporations that
asset. The excess related entity loss adjustment is limited to
the total gain from the sale or other disposition of the asset. The
pay interest expense or intangible expense to certain related
that portion of each loss actually allocated to Ohio on line 10 or
excess related entity gain adjustment is limited to that portion of
members.
apportioned to Ohio on line 9.) If an excess related entity loss
each gain actually allocated to Ohio on line 10 or apportioned to
is attributable to a loss that was allocated in whole or in part to
Ohio on line 9.) If an excess related entity gain is attributable to an
Lines 1, 2, 4, 6 and 10 – Follow the Schedule B-3 line instructions
Ohio, the excess related entity loss is allocable on line 19. If an
apportionable gain, the excess related entity gain is apportionable
in the Ohio corporation franchise tax report instruction booklet. For
excess related entity loss is attributable to an apportionable loss,
on line 13.
each corporation included in the combined report enter the line
the excess related entity loss is apportionable on line 12.
item amounts in the column for that corporation. Enter in column
Enter on line 13 each corporation’s total apportionable excess
(1) the sum of the amounts of columns (2) through (5).
Enter on line 12 as a positive number each corporation’s total
related entity gain. Enter in column (1) the sum of the amounts
apportionable excess related entity loss. Enter in column (1) the
in column (2) through (5).
Line 8 – Enter each corporation’s Ohio apportionment ratio from
sum of the amounts in columns (2) through (5).
Schedule D (combined), line 17. Enter in column (1) the sum of
Enter on line 20 each corporation’s total allocable excess related
the amounts in columns (2) through (5).
Enter on line 19 as a positive number each corporation’s total
entity gain.
allocable excess related entity loss.
Lines 12 and 19 – Review the instructions for Schedule B-3,
Line 14 – Follow the Schedule B-3, line 13 instructions contained
line 11 in the Ohio corporation franchise tax report instruction
Lines 13 and 20 – Review the instructions for Schedule B-3, line
in the Ohio corporation franchise tax report instruction booklet
booklet. Also, analyze the related entity losses deducted from each
12, in the Ohio corporation franchise tax report instruction booklet.
but do not determine the R.C. 5733.055 limitation on a separate
corporation’s federal taxable income on lines 1 and 2, above. For
Also, analyze the related entity gains added to each corporation’s
company basis. The R.C. 5733.055 limitation is determined on a
each related entity loss deducted, determine the excess related
federal taxable income on lines 1 and 2, above. For each related
combined basis on line 15, Schedule B-3 (combined). For each
entity loss, if applicable. (Excess related entity loss is the amount
entity gain added, determine the excess related entity gain, if
corporation included in the combined report, enter the line item
by which the loss actually allocated or apportioned to Ohio and
applicable. (Excess related entity gain is the amount by which
amount in the column for that corporation. Enter in column (1) the
to other states that impose a tax on or measured by net income
the gain actually allocated or apportioned to Ohio and to other
sum of the amounts in columns (2) through (5).
exceeds the total loss from the sale or other disposition of the
states that impose a tax on or measured by net income exceeds
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