Instructions For Form Rct-132 - Pennsylvania Shares And Loans Tax Page 5
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6RCT-132 – Line-by-Line Instruction
RCT-132-I (1-14)
Page 5 of 6
First Quarter
Line 1 - Total Equity–Capital from Balance Sheet (see A or B above)
Line 2 - Total Assets from Balance Sheet (see A or B above)
Line 3 - Goodwill (see C above)
Line 4 - Net Equity (Line 1 minus Line 3)
Line 5 - Net Assets (Line 2 minus Line 3)
Line 6 - U.S. Obligations (see D above)
Second Quarter
Line 7 - Total Equity–Capital from Balance Sheet (see A or B above)
Line 8 - Total Assets from Balance Sheet (see A or B above)
Line 9 - Goodwill (see C above)
Line 10 - Net Equity (Line 7 minus Line 9)
Line 11 - Net Assets (Line 8 minus Line 9)
Line 12 - U.S. Obligations (see D above)
Third Quarter
Line 13 - Total Equity–Capital from Balance Sheet (see A or B above)
Line 14 - Total Assets from Balance Sheet (see A or B above)
Line 15 - Goodwill (see C above)
Line 16 - Net Equity (Line 13 minus Line 15)
Line 17 - Net Assets (Line 14 minus Line 15)
Line 18 - U.S. Obligations (see D above)
Fourth Quarter
Line 19 - Total Equity–Capital from Balance Sheet (see A or B above)
Line 20 - Total Assets from Balance Sheet (see A or B above)
Line 21 - Goodwill (see C above)
Line 22 - Net Equity (Line 19 minus Line 21)
Line 23 - Net Assets (Line 20 minus Line 21)
Line 24 - U.S. Obligations (see D above)
CALCULATION
Line 25 - Number of Quarters in Existence for Current Tax Year
Line 26 - Average Net Equity [(Line 4 plus 10 plus 16 plus 22) divided by Line 25]
Line 27 - Average of U.S. Obligations [(Line 6 plus 12 plus 18 plus 24) divided by Line 25]
Line 28 - Average Value of Net Assets [(Line 5 plus 11 plus 17 plus 23) divided by Line 25]
Line 29 - Divide Line 27 by Line 28. Carry to 6 decimal places.
Line 30 - Deduction for U.S. Obligations (Multiply Line 26 by Line 29.)
Line 31 - Current Year Value of Shares (Subtract Line 30 from Line 26.) Carry the amount to Page 2, Line 1.
FINANCIAL INSTITUTION SHARES TAX
INSTRUCTIONS FOR APPORTIONMENT
Page 5 - Schedule C
Who may apportion?
A financial institution may apportion its taxable shares or net income if the institution is or could be subject to tax in another state based
on or measured by net worth, gross receipts, net income or another similar base of taxation.
How is the apportionment fraction calculated?
The apportionment percentage is a combination of payroll, receipts and average deposits.
Payroll Factor
Line 1 - The numerator is total wages paid in Pennsylvania and the denominator is the total wages paid in all states. Wages are paid
in a state if paid to an employee having regular presence therein.
Receipts Factor - The numerator is total receipts in Pennsylvania and the denominator is the total receipts in all states. Receipts do not
include principal repayments on loans or credit, or travel or entertainment cards. Receipts from the sale or disposition of property include
only the net gain from the sale.
Determine the location of receipts as follows:
Line 2 - Receipts from loans are located at the place of origin. Receipts from loans primarily secured by real property are assigned to
the state in which the predominant portion of such property is located if the institution has an office in that state at which application,
negotiation, approval or administrative responsibility occurs. Receipts from all other loans are assigned to the state of residency or com-
mercial domicile of the borrower if the institution has an office in that state at which application, negotiation, approval or administra-
tive responsibility occurs. Otherwise, receipts from loans are assigned to the state where the office is located that treats the loan as an
asset on its books or records.
Line 3 - A receipt from performance of services is located in the state where the services are performed. If services are performed in
more than one state, the receipts located in each state must be measured by the ratio of time spent performing such services in one
state to the total time spent performing services in all states. The time spent performing services in a state is the time spent by employ-
ees having a regular presence in the state performing such services.
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