Form 4585 - Michigan Business Tax Investment Tax Credit Recapture From Sale Of Assets Acquired Under Single Business Tax - 2013 Page 6

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NOTE: For SBT tax years when the taxpayer filed a C-8000
completing line 5, column B, enter the portion of the total
with no C-8000ITC, or a C-8030, enter on line 4A the taxable
group SBT ITC credit carryforward used by the group
year end date, and enter zero for lines 4B, 4C, and 4D. Do not
for each year that pertains to the specific member that is
enter any information on lines 4A through 4D for SBT tax
completing Form 4585. If the member completing Form
years in which the taxpayer filed nothing OR filed a C-8044.
4585 was not part of a UBG in 2008 and/or 2009 tax years,
If more than one return was filed for the same tax year (that is,
and filed as a non-UBG filer, take care to report on lines
the taxpayer filed an amended return), use only the information
5A and 5B information from the member’s singly filed
from the latest return filed for that tax year.
returns. Likewise, if the member completing Form 4585
was part of another UBG in 2008 and/or 2009 tax years,
○ Line 5, columns A and B: Starting with Form 4569 for
take care to report on line 5A and 5B member information
the earliest 2008 and latest 2009 applicable MBT filing
resulting from using the other UBG’s returns information.
period, enter the information requested on table. If more
Example: In 2008, group ABC files MBT return claiming
than one return was filed for the same tax year (that
is, the taxpayer filed an amended return), use only the
$1,000,000 in SBT ITC credit carryforward. The group
information from the latest return filed for that tax year.
consisted of Company 1, Company 2, Company 3, and
Company 4. Company 4’s tax year ended after the tax
NOTE: For MBT tax years the taxpayer filed Form 4567 and
year of the group’s Designated Member, so Company
no Form 4569, enter on line 5A the taxable year end date, and
4’s data was not included in group ABC’s 2008 MBT
enter zero for line 5B. Do not enter any information on lines
return, even though Company 4 was part of the UBG.
5A and 5B for MBT years in which the taxpayer filed nothing
The total $1,000,000 in SBT ITC credit carryforward
or filed a Form 4583. See Note on Using Simplest Method
resulted from the sum of $200,000 in SBT ITC credit
under the heading Calculation of SBT ITC Recapture Rates
carryforward from Company 1, $300,000 from Company
on these instructions. Not filing a Form 4567 does not allow a
2, and $500,000 from Company 3. In the current year,
taxpayer to preserve SBT credit carryforward from one year to
Companies 2, 3, and 4 dispose of capital investment
the next.
outside of the UBG, which triggers SBT ITC credit
UBGs: During tax years ending in 2008 and 2009, UBG
recapture. In the current year, group ABC files MBT
returns. The UBG fills one MBT Form 4585 for each
groups were allowed to offset the group liability by
claiming member’s SBT ITC credit carryforward. When
Company 2, Company 3, and Company 4, in which is
Table I: Determining Credit Amount that Offsets Credit Recapture
7.
A
B
C
D
Taxable Year
(End Date)
In Which MBT ITC
SBT ITC Credit Rate
Disposed Asset Was
SBT Capital
Divide line 4, column C,
Gross SBT ITC Credit Amount
Acquired
by line 4, column B
Multiply column B
Investment Amount
by column C
(MM-DD-YYY)
(C-8000ITC, line 10)
(See Instructions if zero)
8.
E
F
G
H
Taxable Year
SBT Recapture Capital
SBT Recapture Amount Offset
Gross SBT ITC Credit Recapture
by Credit
(repeat from
Investment Amount
Multiply column F by column C
Lesser of columns D and G
column A)
(C-8000ITC, line 23)
9.
I
J
K
L
M
SBT ITC Recapture Rate
Extent Credit Used Rate
Multiply columns C
Taxable Year
SBT ITC Credit Amount
Divide column K
and L. Carry amount to
That offsets SBT liability
Total SBT ITC Credit Amount Used
by column D
Worksheet 4a, line 4,
(repeat from
(from webtool)
Add columns J and H
(cannot be more than 1)
column E
column A)
144

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