Form Kpc - Partner'S Share Of Income, Credits And Modifications - 2011 Page 3
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32011 Schedule KPC Instructions
(continued)
Line 11—Fines, Fees and Penalties
S corporations: Pass this information
Partnerships: Include this amount on Form
C corporations: Include this amount on
through, pro rata, to shareholders on Sched-
M3, line 7, or if you are passing it through
Form M4I, line 2n. Enclose a copy of this
ule KS, line 11.
to the partners, enter the pro rata share on
schedule with Form M4.
Schedule KPI or KPC. Be sure to enclose a
Partnerships: Pass this information through,
copy of this schedule even if you are passing
S corporations: Pass this information
pro rata, to partners as a subtraction on
the credit through to your partners.
through, pro rata, to shareholders on Sched-
Schedule KPI, line 11 or KPC, line 16.
ule KS, line 7.
Lines 21—Jobs Credit for Participating
Line 17—Employer Transit Pass
in a JOBZ Zone
Partnerships: Pass this information through,
C corporations: Include this amount on
C corporations: Include this amount on
pro rata, to partners on Schedule KPI or
Form M4T, line 21. Be sure to enclose a
Form M4, line 5, and enclose a copy of this
KPC.
copy of this schedule with Form M4.
schedule when you file your return.
S corporations: Include this amount on
Line 12—Expenses Attributable to Ex-
S corporations: Include this amount on
Form M8, line 6, or if you are passing it
empt Income
Form M8, line 11, or if you are passing it
C corporations: Not applicable.
through to your shareholders, enter pro
through to your shareholders, enter the
rata share on Schedule KS, line 12. You
S corporations: Pass this information
shareholder’s pro rata share on Schedule
must enclose a copy of this schedule even if
through, pro rata, to shareholders on Sched-
KS, line 16. You must enclose a copy of
you are passing the credit through to your
ule KS, line 3.
this schedule with your Form M8, even if
shareholders.
you are passing the credit through to your
Partnerships: Pass this information through,
Partnerships: Include this amount on Form
shareholders.
pro rata, to partners on Schedule KPI or
M3, line 5, or if you are passing it through
KPC.
Partnerships: Include this amount on Form
to the partners, enter the pro rata share on
M3, line 8, or if you are passing it through
Line 13—Addition Due to Federal Chang-
Schedule KPI or KPC. Be sure to enclose a
to the partners, enter the partner’s distribu-
es Not Adopted by Minnesota
copy of this schedule even if you are passing
tive share on Schedule KPI or KPC. Be sure
C corporations: Include this amount on
the credit through to your partners.
to enclose a copy of this schedule when you
Form M4I, line 2o, and enclose a copy of
file your return even if you are passing the
Line 18—Research Credit
this schedule when you file your return.
C corporations: Include this amount on
credit through to your partners.
S corporations: Pass this information
Form M4, line 6. Enclose a copy of this
Lines 22 and 23—Apportionment
through, pro rata, to shareholders on Sched-
schedule with Form M4.
Factors
ule KS, line 8.
S corporations: Pass this information
The apportionment factors are used to deter-
Partnerships: Pass this information through,
through, pro rata, to shareholders on Sched-
mine the Minnesota apportioned income.
pro rata, to partners as an addition on Sched-
ule KS, line 14.
If the partnership and partner are con-
ule KPI, line 8 or KPC, line 13.
Partnerships: Pass this information through,
sidered unitary under Minnesota Statutes
Line 14—Extraterritorial Income
pro rata, to partners on Schedule KPI or
290.17, subd. 4, [disregarding paragraph
C corporations: Include this amount on
KPC.
(e) (50 percent indirect or direct ownership
Form M4I, line 5l.
needed for unity of ownership)] these fac-
Line 19—Historic Structure Rehabilita-
tors are included with the partners’ own fac-
S corporations: Not applicable.
tion Credit
tors in determining the income apportioned
C corporations: Include this amount and the
Partnerships: For your C corporate and
to Minnesota on the partner’s supplemental
NPS project number on Form M4, line 7. Be
partnership partners, pass this amount
schedule. (The supplemental schedule is
sure to enclose a copy of this schedule with
through, pro rata, on Schedule KPC, line 14.
Form M4A for corporate partners or M3A
Form M4.
Line 14 does not apply to individual, estate,
for partnership partners.) The partner’s
trust or S corporate partners.
S corporations: Pass this information
entire income is then multiplied by the part-
through, pro rata, to shareholders on Sched-
ner’s apportionment ratio to determine the
Line 15—Net Interest on U.S. Bonds
ule KS, line 15 and include the NPS project
Minnesota portion of its income.
C corporations: Not applicable.
number.
If the partner is not unitary with the
S corporations: Pass this information
Partnerships: Pass this information through,
partnership, it will use only these factors
through, pro rata, to shareholders on Sched-
pro rata, to partners on Schedule KPI or
to calculate the Minnesota apportionment
ule KS, line 9.
KPC and include the NPS project number.
ratio to be used in determining the Minne-
Partnerships: Pass this information through,
sota source income from that K-1. It will be
Line 20—Enterprise Zone Credit
pro rata, to partners on Schedule KPI or
the same ratio as the partnership’s Min-
C corporations: Include this amount on
KPC.
nesota apportionment ratio, and it will be
Form M4, line 4. Be sure to enclose a copy
multiplied by the K-1 income to determine
Line 16—Subtraction Due to Federal
of this schedule with Form M4.
the Minnesota portion of income from that
Changes Not Adopted by Minnesota
S corporations: Include this amount on
partnership.
C corporations: Include this amount on
Form M8, line 10, or if you are passing it
Form M4I, line 5p, and enclose a copy of
through to your shareholders, enter the
this schedule when you file your return.
pro rata share on Schedule KS, line 13. You
must enclose a copy of this schedule even if
you are passing the credit through to your
2
shareholders.
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