Form 1120xn - Amended Nebraska Corporation Income Tax Return Page 5
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6Corporations reporting for a fiscal year or filing a short period tax return must use the Nebraska rate that was in effect on the
first day, or the day deemed to be the first day, of the taxable year for which the amended return is being filed.
Line 9, Premium Tax Credit. Enter the amount of credit for premium tax paid (not accrued), if any, for the year this
amended return is being filed. Attach a schedule listing the date of payment, amount of payment, and the payee.
Line 16. The Nebraska depreciation surcharge applies only to the 1991 and 1992 tax years. The depreciation surcharge was
invalidated for the 1991 tax year by the Nebraska Supreme Court. However, the Legislature re-enacted the surcharge for the
1992 tax year. The 1991 surcharge amount must be credited against any 1992 depreciation surcharge liability. See the 1991
or 1992 Form 1120N instructions for further information.
Credits and Payments. If you are correcting the amount of a credit or other payment, refer to the instructions for
Form 1120N
and Federal Form 1120 for the year you are amending. Complete the appropriate forms and schedules. Assistance may be
obtained by contacting the Department. Checks written to the Department may be presented for payment electronically.
Reminder: Some taxpayers are required to remit any corporate balance by Electronic Funds Transfer (EFT).
Line 26, Overpayment Allowed on Original Return, Plus Additional Overpayments Allowed After It Was Filed.
Enter the “Overpayment” from your original return, or as later corrected or adjusted. The amount of overpayment must be
considered in preparing your Form 1120XN, since any amount claimed for refund on your original return will be refunded
separately from any additional refund claimed on this amended return.
Line 29, Penalty. If the original return was not filed by its due date, or within the period for which an extension was granted,
and line 28 shows a tax due, it will be necessary to compute a penalty for failure to timely file. Multiply the amount on line
28 by 5% per month or fraction of a month, not to exceed a total of 25%, from the due date as extended, until the original
return was filed. Enter the result on line 29. Additional penalties may be imposed for:
1.
Failure to pay tax when due;
2.
Failure to file an amended return when required;
3.
Preparing or filing a fraudulent income tax return;
4.
Understatement of income on an income tax return; or
5.
Underpayment of estimated tax.
Line 30, Interest. Enter the total interest due, computed on the additional tax due at the statutory rate from the due date of
the original return to the date of payment.
Instructions for Schedule I
Apportionment and Allocation of Income
Nebraska Schedule I, Form 1120XN, is used if the operations of the corporation are carried on both within and without Nebraska.
If the operations within Nebraska are dependent upon or contribute to the operations outside Nebraska, the entire operation
is unitary. An operation is also unitary where a business is conducted as a single economic unit by one or more corporations
with common ownership, and includes all activities in different lines of business that contribute to the single economic unit.
Apportionment refers to the division of business income between states by the use of a formula containing one or more
apportionment factors. The entire amount of federal taxable income is presumed to be apportionable income.
Allocation means the process of determining the amount of nonapportionable income derived from sources within Nebraska.
Lines 6 and 15, relating to allocation of income to Nebraska, apply primarily to amended returns prior to 1984.
Line 2, Allocable, Nonapportionable Income, Minus Related Expense. Enter the amount of allocable,
nonapportionable income, minus all related expenses. Related expenses include all direct and indirect expenses attributable
to the activities producing the allocable, nonapportionable income; and, for 1984 and all later years, a portion of the total
interest expense of the corporate taxpayer. The amount of interest related to the nonapportionable income is determined by
multiplying the total interest expense by the ratio of the investment in the activities generating the nonapportionable income
to the total investment.
Line 6, Allocable, Nonapportionable Income Allocated to Nebraska. Enter the amount of nonapportionable income
allocable to Nebraska (primarily for tax years prior to 1984).
Apportionment Factors. Refer to the instructions provided with the
as a guide for completion of this section.
Form 1120N
All factors must be rounded to six decimal places, and entered as a percent.
Column (A). Enter the total amounts shown on your original return, or as later adjusted.
Column (B). Enter the total Nebraska amounts shown on your original return, or as later adjusted.
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