Form 4700 - Gross Receipts Worksheet (Page 3 of 5) in pdf

FEIN or TR Number

4700, Page 3

UBG Member FEIN or TR Number

PART 5: EXCLUSIONS FROM GROSS RECEIPTS — CONTINUED

43. Trade discounts .....................................................................................................................................................

43.

44. Federal, state, or local tax refunds ........................................................................................................................

44.

45. Security deposits ...................................................................................................................................................

45.

46. Payment of the principal portion of loans ..............................................................................................................

46.

47. Value of property received in a like-kind exchange ...............................................................................................

47.

48. Proceeds from a sale, transaction, exchange, involuntary conversion, maturity, redemption, repurchase,

recapitalization, or other disposition or reorganization of tangible or intangible property that are capital assets

and IRC § 1231(b) land:

a. Amount from such dispositions of capital assets as defined in IRC § 1221(a)

or land used in a trade or business as defined in IRC § 1231(b) ................... 48a.

b. Combined gains from each disposition in this category that produced a

gain that is included in that taxpayer’s federal taxable income. (Do not

net against dispositions that produced loss.).............................................. 48b.

c. Amount excluded from Gross Receipts. Subtract line 48b from line 48a .................................................... 48c.

49. Proceeds from a sale, transaction, exchange, involuntary conversion, maturity, redemption, repurchase,

recapitalization, or other disposition or reorganization of tangible or intangible property that is a hedging transaction

(a)

a. Amount from such dispositions of property used in a hedging transaction ..... 49a.

b. Amount of overall net gain from hedging transactions entered into during

the tax year ................................................................................................. 49b.

c. Amount excluded from Gross Receipts. Subtract line 49b from line 49a .................................................... 49c.

50. Proceeds from a sale, transaction, exchange, involuntary conversion, maturity, redemption, repurchase,

recapitalization, or other disposition or reorganization of tangible or intangible property that is investment and

trading assets managed as part of the person’s treasury function

(b)

a. Amount from such dispositions of property that is investment and trading

assets managed as part of the person’s treasury function ......................... 50a.

b. Amount of overall net gain from treasury function incurred during tax year.. 50b.

c. Amount excluded from Gross Receipts. Subtract line 50b from line 50a .................................................... 50c.

51. Proceeds from an insurance policy, a settlement of a claim or a judgment in a civil action, less any proceeds

that are included in federal taxable income (as defined for MBT purposes) .........................................................

51.

52. For a sales finance company, as defined in MCL § 492.102 and directly or indirectly owned in whole or in part

by a motor vehicle manufacturer as of January 1, 2008, and for a person that is a broker or dealer as defined

under 15 USC § 78c(a)(4) or (5), or a member of the UBG of that broker or dealer that buys and sells con-

tracts subject to 7 USC § 1 to 27f for its own account:

a. Amounts realized from the repayment, maturity, sale, or redemption of the principal of a loan, bond, or mutual fund,

certificate of deposit, or similar marketable instrument provided such instruments are not held as inventory .............. 52a.

b. Principal amount received under a repurchase agreement or other transaction properly characterized as a loan ... 52b.

53. For a mortgage company

, proceeds representing the principal balance of loans transferred or sold ................

(c)

53.

54. For a professional employer organization

(PEO), any amount charged that represents the actual cost of

(d)

wages and salaries, benefits, worker’s compensation, payroll taxes, withholding, or other assessments paid to

or on behalf of a covered employee by the PEO under a professional employer arrangement ............................

54.

55. Any invoiced items used to provide more favorable floor plan assistance to a person subject to the MBT than

to a person not subject to the MBT and paid by a manufacturer, distributor, or supplier .......................................

55.

56. For an individual, estate, or other person organized for estate or gift planning purposes:

a. Receipts from investment activity, including interest, dividends, royalties, and gains from an investment

portfolio or retirement account, if the investment activity is not part of the taxpayer’s trade or business ......... 56a.

b. Receipts from the disposition of tangible or intangible property held for personal use and enjoyment, such

as a personal residence or personal assets ..................................................................................................... 56b.

c. Other amounts received that are NOT from transactions, activities, and sources in the regular course of the

taxpayer’s trade or business ............................................................................................................................ 56c.

57. Receipts derived from investment activity by a person organized exclusively to conduct investment activity and

that does not conduct investment activity for any person other than an individual or a person related

(e)

to that

individual, or by a common trust fund established under MCL § 555.101 to 555.113 ...........................................

57.

58. Interest and dividends derived from obligations or securities of the United States government, this state, or any

governmental unit of this state (as defined under MCL § 141.1053) .....................................................................

58.

Continued on Page 4

Form 4700 - Gross Receipts Worksheet Page 3

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