Schedule M2mt - Alternative Minimum For Estates And Trusts - 2011 Page 2

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Schedule M2MT Instructions 2011
Who Must File
• casualty losses deducted on property
Electing Small Business Trust
outside Minnesota,
Schedule M2MT
(ESBT) Alternate Instructions
• losses deducted on the operation of a
If you were required to complete federal
(using Schedule M2SB)
farm outside Minnesota,
Schedule I, Alternative Minimum Tax, or
• out-of-state losses from partnerships,
If you are completing Schedule M2MT
if the income shown on line 5, column
S corporations and other fiduciaries,
for the S Portion of an Electing Small
A of this schedule is more than $33,800,
Business Trust (ESBT), check the box at
you must complete Schedule M2MT and
• losses deducted on the operation of a
the top of Schedule M2MT and use these
include it when you file your Minnesota
trade or business from sources out side
alternate instructions for the referenced
Form M2, Income Tax Return for Estates and
Minnesota, and
lines:
Trusts.
• losses deducted on the sale or other dis-
position of stocks, bonds, securi ties and
Line Instructions
Line 1
other intangible property by nonresident
Under column A, enter the Federal
estates and trusts.
Round amounts to the nearest whole dollar.
alternative minimum taxable income
determined for the S Portion of the ESBT.
For lines 1 through 5, column A, enter
Line 3
include the federal computation when
the total amounts that are apportioned to
Of the total amount of additions allocated
you file Form M2 and Schedules M2SB
the fiduciary. Under column B, enter the
to the fiduciary (line 4 of Form M2), deter-
and M2MT. Under column B, enter the
income amounts that are from Minnesota
mine the portion that is from lines 25, 28,
amount assignable to Minnesota.
sources.
29, 31 and 32 of Form M2.
Line 3
Line 1
Subtract any private activity bond interest
Enter the total of lines 12, 15, 16, 18,
Under column A, enter the amount from
shown as a tax preference item on federal
and 19 of Schedule M2SB. Subtract any
line 29 of federal Schedule I. Under column
Schedule I, but only to the extent the inter-
private activity bond interest used in the
B, enter the amount assignable to Minne-
est was from non-Minnesota source bonds.
determination of the S Portion’s federal
sota.
Enter the result of these additions under
alternative minimum taxable income, but
column A. Enter the amount assignable to
Line 2
only to the extent the interest was from
Minnesota in column B.
non-Minnesota source bonds. Enter the
Direct expenses should be allocated to the
result of these additions under column A.
income to which it is associated. Indirect
Line 5
Enter the amount assignable to Minne-
expenses should be allocated to each class
Of the total amount of subtractions allo-
sota in column B.
of income in the proportion that each class
cated to the fiduciary (line 6 of Form M2),
of income bears to the total income. Only
determine the portion that is from lines
Line 5
those expenses that relate to the non-Min-
35-40 of Form M2.
Enter the total of lines 22-27 of Schedule
nesota income should be added back on line
M2SB. Enter the result in column A. En-
2 of Form M2MT.
Enter the result in column A. Enter the
ter the amount assignable to Minnesota
amount assignable to Minnesota in column
Deductions not allowed by Minnesota.
in column B.
B.
Interest and other expenses deducted on
your federal return which relate to income
Line 16
Line 7
or gains from non-Minnesota sources must
Enter the total tax from line 9 of Schedule
This ratio gives you the percentage of all
be added to your taxable income.
M2SB.
sources of alternative minimum taxable
income that is assigned to Minnesota.
Include administration fees and ex penses,
Line 17
interest, taxes, depletion and other deduc-
Line 8
Subtract line 16 from line 15 (if result is
tions (including the chari table deduction)
zero or less, enter 0). Also enter the result
This is the statutory maximum exclusion
that are connected with or al lowed against
on line 10 of Schedule M2SB.
that is allowed for estates and trusts.
income or gains not taxed by Minnesota. An
example of this would be expenses incurred
Line 9
in connection with a probate proceeding in
This is the statutory base income amount
another state. [M.S. 290.17, subd. 1(b)].
that is allowed for estates and trusts to limit
Losses not allowed by Minnesota. In-
or reduce the exclusion.
clude your total losses from non-Minnesota
sources to the extent the losses are deducted
in determining your federal taxable income
or loss.
Common examples of losses to include on
line 2 are:
• losses deducted on the sale or other
disposition of real or tangible property
outside Minnesota,

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