Instructions For Form Rct-132 - Pennsylvania Shares And Loans Tax (Page 4 of 6) in pdf

RCT-132 – Line-by-Line Instruction

RCT-132-I (1-14)

Page 4 of 6

RCT-132 should be completed in the following order:

Step 1 - Complete the taxpayer information and any applicable questions at the top of Page 1.

Step 2 - Indicate the type of bank on Page 1- National Bank, State Bank, Trust Company or Title Insurance Company. This information is

required.

Step 3 - Enter the Revenue ID number and other taxpayer information in the designated fields at the top of each page.

Step 4 - Complete Page 3, Schedule A, Loans Tax.

Step 5 - Complete Page 4, Schedule B, Calculation of Current Year – Taxable Shares.

Step 6 - Complete Page 5, Schedule C, Apportionment.

Step 7 - Complete Page 2, Calculation of Shares Tax Apportionment (Lines 12 through 22).

Step 8 - Complete Page 2, Calculation of Shares Tax (Lines 1 through 11).

(NOTE) If there is a merger of a bank during this tax period, complete Page 3, “Mergers” and attach a schedule showing the combined his-

tory of shares and enter in the appropriate lines in the “Calculation of Shares Tax” on Page 2.

Step 9 - Complete Page 1, Tax Liability, Payment and Overpayment section.

Step 10 - Complete the corporate officer information section, sign and date at the bottom of Page 1.

Step 11 - Complete the preparer information section, sign and date at the bottom of Page 2, if applicable.

Step 12 - Mail the complete report and any supporting schedules to the PA Department of Revenue.

Page 3 – Schedule A - Loans Tax

Question 1 - Foreign Corporations Only. Did this corporation have a fiscal officer resident in Pennsylvania?

• If the answer to Question 1 is “No”, stop here; put zero on Line 10, Page 3 and zero on Page 1, Line 1b.

• If the answer to Question 1 is “Yes”, complete Questions 2 and 3.

Question 2 - Did this corporation have indebtedness outstanding to individual residents and/or partnerships resident in Pennsylvania?

• If the answer to Question 2 is “No”, answer Question 3.

• If the answer to Question 2 is “Yes”, complete Columns 4, 5 and 6 in the table under Schedule A and complete Question 3.

Question 3 - Did this corporation have indebtedness outstanding held by a trustee, agent or guardian for a resident individual taxable in

its own right or by an executor or administrator of an estate wherein the decedent was a resident of Pennsylvania?

• If the answer to Question 2 and Question 3 is “No”, stop here; put zero on Line 10, Page 3 and zero on Page 1, Line 1b.

• If the answer to Question 3 is “Yes”, complete Columns 4, 5 and 6 in the table under Schedule A.

If the answer to Question 2 or 3 is “Yes”, the taxpayer is required to complete Schedule A. Attach a separate schedule if additional space is

needed.

Column 4 - Enter the amount of interest paid on the indebtedness from Question 2 and/or 3 during the tax year reported.

Column 5 - Enter the rate of interest applicable to the indebtedness in Question 2 and/or 3.

Column 6 - Enter the nominal value of taxable indebtedness (divide Column 5 into Column 4). Then total the nominal values of taxable

indebtedness and enter the figure in the last space of Column 6 and on Line 7.

Line 7 - Enter the total taxable indebtedness from Schedule A, Column 6.

Line 8 - Tax: Multiply Line 7 by 4 mills (0.004).

Line 9 - Enter the Treasurer’s commission. This amount is computed as follows: five percent on first $1,000 of tax or fractional part there-

of: one percent on amount of tax over $1,000 but not exceeding $2,000: ½ of one percent on amount of tax over $2,000.

Line 10 - Tax less treasurer’s commission: Enter the difference of Line 8 minus Line 9. Carry the tax to RCT-132, Page 1, Line 1b.

Page 4 - Schedule B - Calculation of Current Year Taxable Shares

All book values used for this schedule are average book values reflected on quarterly reports of condition filed with the appropriate

regulatory authority. If the quarterly total equity-capital and total assets do not match the quarterly balance sheets, provide a sched-

ule reconciling the difference.

For title insurance and trust companies that do not file reports of condition, book values are based on average book values as of the

end of each calendar quarter under generally accepted accounting principles.

A deduction for goodwill recorded as a result of the use of purchase accounting for an acquisition or combination occurring after June

30, 2001, may first be taken on the Jan. 1, 2008, bank shares tax report and subsequent reports. A taxpayer taking a deduction for

goodwill must provide a schedule detailing the goodwill listed on the balance sheet of the applicable call report. Include the name

of the entity, date of combination and amount of goodwill. Goodwill is a deduction from total equity-capital and total assets.

Submit a schedule identifying U.S. obligations by names and amounts claimed for each quarter. Please refer to Corporation Tax

Bulletin 94 (Revised) for a list of those obligations which constitute U.S. obligations and non U.S. obligations.

Instructions For Form Rct-132 - Pennsylvania Shares And Loans Tax Page 4

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