Form M4x - Amended Franchise Tax Return/claim For Refund - 2010 Page 3

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M4X

Page 3

Amended Income Calculation for 2010

1 Federal taxable income before net operating loss deduction and special deductions

(from federal Form 1120) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Additions to income

a . Federal deduction taken for taxes based on net income and minimum fee .

b . Federal deduction for capital losses (IRC sections 1211 and 1212) . . . . . .

c . Interest income exempt from federal income tax . . . . . . . . . . . . . . . . . . . . . .

d . Exempt interest dividends (IRC section 852[b][5]) . . . . . . . . . . . . . . . . . . . .

e . Deemed dividends from foreign operating corporations (FOC) . . . . . . . . . . .

f . Foreign sales corporation adjustment (from Schedule FSC) . . . . . . . . . . . . .

g . Losses from mining operations subject to occupation tax . . . . . . . . . . . . . .

h . Federal deduction for percentage depletion

(IRC sections 611-614 and 291) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i . IRC section 114 extraterritorial income exclusion . . . . . . . . . . . . . . . . . . . . .

The need for line 2j has been eliminated. Leave blank.

j .

Federal subpart F addback

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

k . Federal bonus depreciation and suspended loss (IRC section 168[k]) . . . .

l . Domestic production activities deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . .

m . Federal subsidies for prescription drug plans . . . . . . . . . . . . . . . . . . . . . . . .

n . Eighty percent of excess IRC section 179 deduction . . . . . . . . . . . . . . . . . . .

o . Fines, fees and penalties deducted federally . . . . . . . . . . . . . . . . . . . . . . . . .

p. Discharge of indebtedness income from reacquisition of debt deferred . . .

Total additions (add lines 2a through 2p) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Total (add lines 1 and 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 Subtractions from income

a . Refund of taxes based on net income included in federal taxable income .

b . Minnesota deduction for capital losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c . Sum of research expenses, IRC sections 45A[a] and 51 salary expenses,

and disability access expenditures disallowed for federal tax purposes . . .

d . Eighty percent of foreign royalties, fees and similar income received

from within your unitary group from sources outside the United States . . . .

e. Foreign dividend gross-up required under IRC section 78 . . . . . . . . . . . . . .

f . Expenses relating to income taxable by Minnesota, but federally exempt . .

g. Dividends paid by a bank to the U.S. government on preferred stock . . . . .

h. Deduction for previously disallowed intangible drilling costs . . . . . . . . . . . .

i . Income/gains from mining operations subject to the occupation tax . . . . .

j . Deduction for cost depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

k. Minnesota depreciation for pre-1987 certified pollution control facilities . .

l . IRC section 114 extraterritorial income subtraction . . . . . . . . . . . . . . . . . . .

The need for line 4m has been eliminated. Leave blank.

m .

Federal subpart F subtraction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

n . Subtraction for prior bonus depreciation addback . . . . . . . . . . . . . . . . . . . .

o . Subtraction for prior IRC section 179 addback . . . . . . . . . . . . . . . . . . . . . . .

p. Subtraction for prior addback of reacquisition of indebtedness income . . .

Total subtractions from federal taxable income before net operating loss

deduction and special deductions (add lines 4a through 4p) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Intercompany eliminations (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 Add lines 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Minnesota net income (subtract line 6 from line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enter this amount on M4X, page 1, line 1, column C.