Schedule M2sb - Income Tax Computation For S Portion Of Esbt - 2011 Page 2

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Adjustments to Income

2011 M2SBP2

12 State and municipal bond interest from outside Minnesota . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

13 State income tax deducted on federal return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

14 Expenses deducted on your federal return that are attributable to income not taxed

by Minnesota (other than interest or mutual fund dividends from U .S . bonds) . . . . . . . . . . . . . . . . . 14

15 80 percent of the suspended loss from 2001–2005, 2008, 2009 or 2010 on your

federal return that was generated by bonus depreciation (see Form M2 instructions, page 7) . . . . 15

16 80% of federal bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

17 Fines, fees and penalties deducted federally as a trade or business expense . . . . . . . . . . . . . . . . . . 17

Net operating loss carryover adjustment

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Domestic production activities deduction

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

20 Federal tax-exempt subsidies paid to employers for providing prescription drug coverage

for their retirees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

21 Add lines 12 through 20 . Enter the result here and on line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

22 Interest on U .S . government bond obligations, minus any expenses

deducted on your federal return that are attributable to this income . . . . . . . . . . . . . . . . . . . . . . . . . 22

23 State income tax refund included on federal return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

24 Federal bonus depreciation subtraction (see Form M2 instructions, page 7) . . . . . . . . . . . . . . . . . . 24

25 Job Opportunity Building Zone (JOBZ) business and investment

income exemptions (see Form M2 instructions, page 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Subtraction for prior addback of reacquisition of business indebtedness income

. . . . . . . . . .

Net operating loss carryover adjustment

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

28 Add lines 22 through 27 . Enter the result here and on line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .