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Line 1, Column C: Net total gains/losses reflected in federal

the acquisition year of depreciable mobile tangible assets that

taxable income (as defined for MBT purposes) from all

have been sold on an installment method if gains attributable to

depreciable tangible assets that were acquired in the same

installment payments received during the current filing period

taxable year and disposed of during the filing period. Report

must be reported.

also in column C any gain reflected in federal taxable

Line 2, Column B: Total gross proceeds from all depreciable

income (as defined for MBT purposes) that is attributed to an

mobile tangible assets that were acquired in the same taxable

installment payment received during the current CIT filing

year and disposed of during the filing period. If a qualifying

period, from a prior installment sale of an asset that was of a

asset was sold on an installment sale in a prior filing period,

type and acquisition date covered in this table. For property

the entire sale price was reported for recapture purposes in

placed in service prior to January 1, 2008, gain reflected in

the year of sale. Therefore, if a payment was received on that

federal taxable income (as defined for MBT purposes) is equal

installment sale in the current filing period, do not report

to the gain reported for federal purposes. Keep in your files a

that amount as gross proceeds for this period. See column

separate worksheet with the appropriate information regarding

C, however, with respect to the gain from that installment

each depreciable tangible asset located in Michigan that was

payment.

acquired or moved into Michigan after acquisition in a tax

Line 2, Column C: Net total gains/losses reflected in federal

year beginning after 1999 and prior to 2008, and was sold or

taxable income (as defined for MBT purposes) from all

otherwise disposed of during the tax year. Sum the total gross

proceeds and gain or loss for all disposed assets acquired

depreciable mobile tangible assets that were acquired in the

same taxable year and disposed of during the filing period.

in the same taxable year. Enter in this form only the total

Report also in column C any gain reflected in federal taxable

sum of gross proceeds and gain/loss grouped by taxable year

the assets were acquired. Use one row per group of disposed

income (as defined for MBT purposes) that is attributed to an

assets acquired in the same taxable year. Start from the earliest

installment payment received during the current CIT filing

acquisition year.

period, from a prior installment sale of an asset that was of a

type and acquisition date covered in this table. For property

Line 1, Column D: Enter the apportionment percentage from

placed in service prior to January 1, 2008, gain reflected in

Form 4891, line 9g, or Form 4908, line 9c. If not apportioning,

federal taxable income (as defined for MBT purposes) is equal

enter 100 percent. Enter the same apportionment percentage for

to the gain reported for federal purposes. Keep in your files a

each row completed.

separate worksheet with the appropriate information regarding

each depreciable mobile tangible asset acquired in a tax year

Line 1, Column F: Subtract column E from column B for each

row. If column E is a loss, add its positive value to column B

beginning after 1999 and prior to 2008, and sold or otherwise

for each appropriate row. A loss in column E will increase the

disposed of during the tax year. Sum the total gross proceeds

and gain or loss for all disposed assets acquired in the same

recapture base.

taxable year. Enter in this form only the total sum of gross

Worksheet 3b — Depreciable Mobile Tangible Assets

proceeds and gain or loss grouped by taxable year the assets

were acquired. Use one row per group of disposed assets

Mobile tangible assets are all of the following:

acquired in the same taxable year.

• Motor vehicles that have a gross vehicle weight rating of

Line 2, Column D: Subtract figures in column C from figures

10,000 pounds or more and are used to transport property or

persons for compensation;

in column B for each row. If column C is a loss, add its positive

• Rolling

value to column B for each appropriate row. A loss in column

stock

(railroad

freight

passenger

cars,

C will increase the recapture.

locomotives or other railcars), aircraft, and watercraft used by

the owner to transport property or persons for compensation or

Line 2, Column E: Enter the apportionment percentage from

used by the owner to transport the owner’s property for sale,

Form 4891, line 9g, or Form 4908, line 9c. If not apportioning,

rental, or further processing;

enter 100 percent. Enter the same apportionment percentage for

• Equipment used directly in completion of, or in construction

each row completed

contracts

for,

the

construction,

alteration,

repair,

Line 2, Column F: Multiply figures in column D by column E

improvement of property.

for each row.

For depreciable mobile tangible assets that were acquired in

Worksheet 3c — Assets Transferred Outside Michigan

a tax year beginning after 1999 and prior to 2008, and were

For depreciable tangible assets other than mobile tangible

sold or otherwise disposed of during the tax year, enter the

assets acquired in tax years beginning after 1996 and prior to

following:

2008, that were eligible for the ITC in tax years beginning after

Line 2, Column A: Group the depreciable mobile tangible

1999 and prior to 2008, and were transferred outside Michigan

assets that were disposed of during the filing period by the

during the tax year, enter the following:

tax year in which they were acquired. Use a separate row for

each acquisition year. Enter the tax years of acquisition (end

Line 3, Column A: Group the depreciable tangible assets

dates only) in chronological order, starting with the first tax

other than mobile tangible assets that were transferred out of

Michigan during the filing period by the tax year in which

year beginning after 1999. An acquisition year for which there

they were acquired. Use a separate row for each acquisition

were no dispositions of depreciable mobile tangible assets

year. Enter the tax years of acquisition (end dates only) in

during the filing period may be omitted. However, do not omit

Form 4902 - Michigan Corporate Income Tax Schedule Of Recapture Of Certain Business Tax Credits - 2012 Page 10

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