Form Mhpe - Mobile Home Park Exclusion - 2012 Page 2
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2Form MHPE Instructions
You will need to complete a separate Form MHPE for each
Tenants’ or mobile home park residents’ association
source you are receiving the exclusion from. For example,
means a group of six or more tenants who reside in
a mobile home park, have organized for the purpose
if you are a partner in one partnership that qualifies for this
of eventual purchase of the mobile home park, have
exclusion, and you, as an individual, also qualify for this
established bylaws of the association, and have obtained
exclusion, you would need to complete two forms.
the approval vote of at least 51% of the residents of the
If you file electronically, you do not need to mail this form to
mobile home park to purchase the mobile home park as
us unless we contact you for a copy.
defined in 15-31-163, Montana Code Annotated (MCA).
How do I claim my exclusion when I am a partner or
Who can claim this exclusion?
shareholder in a partnership or an S corporation?
An individual, a C corporation, an S corporation, a
If you received this exclusion from a partnership or S
partnership or a disregarded entity qualifies for the
corporation, you will need to fill out Part I in its entirety. Your
exclusion of all or a portion of the gain recognized.
portion of the exclusion can be obtained from the Montana
Schedule K-1 that you received from the entity. In addition
What information do I have to include with my tax
to reporting your portion of the exclusion, you will need
return when I claim this exclusion?
to provide the partnership’s or S corporation’s name and
●
Individuals. If you are filing a paper return, include a copy of
Federal Employer Identification Number.
Form MHPE with your individual income tax return.
If you are a partner or shareholder in more than one
●
C corporations. If you are filing a paper return, include a
partnership or S corporation, you will need to complete a
copy of Form MHPE with your corporation license tax return.
separate Form MHPE for each entity you are receiving the
●
S corporations and partnerships. If you are filing a paper
exclusion from.
return, include Form MHPE with your Montana information
return Form CLT-4S or PR-1 and include a separate
Questions? Please call us toll free at (866) 859-2254 (in
Helena, 444-6900).
statement identifying each owner and their share.
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