Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2012 Page 4
Download a blank fillable Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Line 4 – Enter the amount of credit available for
Schedule II for S corporations and Schedule II for
carryforward from prior year(s) and include a detailed
Partnerships.
schedule.
Part IV
Line 5 – Add lines 3 and 4. This is your total credits
Carryover Calculation for Entities with More Than One
available before the $20 million limitation.
Distinct Mining Operation
Part II
If you have only one distinct mining operation, you do
$20 Million Credit Limitation
not have to complete this schedule. A separate carryover
schedule needs to be completed for each distinct mining
Each column must be completed for each distinct mining
operation.
operation. If necessary, use additional pages.
Line 1 – Enter the name of each distinct mining operation.
Line 1 – Enter the amount of credit taken in previous years.
Line 2 – Enter the amount from Part II, line 8 for each
Line 2 – Subtract line 1 from $20,000,000. If this amount is
column (total credit available after $20 million limitation).
zero, stop here. You do not qualify for any additional credit
Line 3 – Enter the amount from Part III, line 1 (Total
in the current year or any future years.
available credit for all distinct mining operations). This
Line 3 – Enter the amount from Part I, line 4 (credit carried
amount will be the same for each column.
over from prior years).
Line 4 – Divide line 2 by line 3. Round the decimal to at
Line 4 – Subtract line 3 from line 2. If this amount is less
least four places (0.5555).
than zero, enter zero. You do not qualify for any additional
Line 5 – Enter the amount from Part III, line 4 (Your
credit in the current year or any future years.
allowable credit for 2012).
Line 5 – Enter the amount from Part I, line 3 (Mineral and
Line 6 – Multiply line 4 by line 5 for each column. This is
Coal Exploration Incentive Credit).
your credit taken in the current year for each distinct mining
Line 6 – Subtract line 5 from line 4. This is the maximum
operation. The total of this row should equal Part III, line 4.
amount of additional credit to be earned in future years. If
the amount is less than zero, enter zero. You do not qualify
Questions? Call us toll free at (866) 859-2254 (in Helena,
for any additional credit in future years.
444-6900).
Line 7 – Enter the lesser of line 4 or line 5.
Line 8 – Add lines 3 and 7. This is the amount of credit
available to be taken after the $20 million dollar limitation.
Part III
Part III should be completed by all entities, including
shareholders and partners.
Calculation of Allowable Credit
Line 1 – Enter the total of Part II, line 8, for all columns.
This is the amount of credit available for all distinct mining
operations.
Line 2 – Enter your Montana tax liability.
Corporation: This amount can be found on line 10 of the
Montana Form CLT-4. If you are filing a combined return,
and have more than one entity with activity in Montana,
enter line 6h of the Schedule K-Combined for this entity.
Partnership and S corporation: The entity reports the
information from line 1 to the partner or shareholder on
Montana Schedule K-1.
Individual: This amount can be found on line 50 of the
Montana Form 2.
Line 3 – Multiple line 2 by 50% (0.50).
Line 4 – Enter the lesser of line 1 or line 3. This is your
allowable credit. Enter this amount on Form 2, Schedule V
for individuals, Form CLT-4, Schedule C for C corporations,
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial