Schedule Kpc - Partner'S Share Of Income, Credits And Modifications - 2014 Page 2
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3Schedule KPC Instructions 2014
Corporation and partnership partners’ use of information provided on Schedule KPC .
Purpose of Schedule KPC
Line Instructions
S corporations: Pass this information
through, pro rata, to shareholders on Sched-
Schedule KPC is a supplemental schedule
Line 1—Nonapportionable Minnesota
ule KS, line 1. Exclude any interest income
for partners who are corporations or part-
Source Income
from Minnesota state and municipal bonds.
C corporations: Include this amount on
nerships.
Form M4T, line 4.
Partnerships: Pass this information through,
The partnership listed on the front of this
pro rata, to partners on Schedule KPI, line 1,
schedule has provided you with a completed
S corporations: Use this amount to help
or KPC, line 6.
schedule that reflects your specific share
determine your Minnesota taxable income.
of the partnership’s income, credits and
Line 7—State Income Tax Deducted
Partnerships: Use this amount to help deter-
modifications. You will need this informa-
C corporations: Include this amount on
mine your Minnesota taxable income.
tion to complete Form M4, Corporation
Form M4I, line 2a.
Franchise Tax Return, Form M8, S Corpo-
Line 2—Total Nonapportionable Income
S corporations: Pass this information
ration Return, or Form M3, Partnership
C corporations: Include this amount on
through, pro rata, to shareholders on Sched-
Return, and you must include this schedule
Form M4I, line 8.
ule KS, line 2.
when you file your return. If the schedule is
S corporations: Not applicable.
not included, the department will disallow
Partnerships: Pass this information through,
any credits and assess the tax or reduce your
Partnerships: Pass this information through,
pro rata, to partners on Schedule KPI, line 2,
refund.
pro rata, to any corporate or partnership
or KPC, line 7.
partners on Schedule KPC. This line does
These instructions are intended to help
Line 8—Expenses Attributable to
not apply to individual, estate or trust
you report your share of the partnership’s
Exempt Income
partners.
income, credits and modifications on your
C corporations: Not applicable.
Minnesota return.
Lines 3 and 4—JOBZ Business and In-
S corporations: Pass this information
vestment Income
There may be other items that a corporate
through, pro rata, to shareholders on Sched-
C corporations: Lines 3 and 4 do not apply
partner would need to know in order to
ule KS, line 3.
to C corporation partners.
complete its corporate franchise tax return.
Partnerships: Schedule KPI, line 3, or KPC,
S corporations: Pass the amounts from lines
If applicable, the partnership should pass
line 8.
that information through to you.
3 and 4 through, pro rata, to shareholders
on Schedule KS, line 10.
Line 9—Section 179 Expensing
If you received an amended Schedule KPC
C corporations: Include this amount on the
from the partnership and your income or
Partnerships: For your individual, estate and
appropriate line in the worksheet for Form
deductions have changed, you must file an
trust partners, pass the amounts from lines
M4I, line 2i. Enclose a copy of this schedule
amended Minnesota return.
3 and 4 through, pro rata, on Schedule KPI,
with Form M4.
line 10.
To file an amended return, use:
S corporations: Pass this information
For your partnership partners, pass the
• Form M4X, Amended Franchise Tax
through, pro rata, to shareholders on Sched-
amounts from lines 3 and 4 through, pro
Return, if you are a corporate partner;
ule KS, line 4.
rata, on Schedule KPC, lines 3 and 4.
• Form M8X, Amended S Corporation Re-
Partnerships: Schedule KPI, line 4 or KPC,
For your S corporation partners, pass the
turn, if you are an S corporation partner;
line 9.
amount from line 3 through, pro rata, on
or
Schedule KPC, line 3.
Line 10—Federal Bonus Depreciation
• Form M3X, Amended Partnership Return,
Lines 3 and 4 do not apply to C corporation
if you are a partnership partner.
C corporations: Include this amount on
partners.
Form M4I, line 2g. Enclose a copy of this
schedule with Form M4.
Sale of a Partnership Interest
Line 5—Partnership’s Minimum Fee
C corporations: Include this amount on
S corporations: Pass this information
Income from the sale of a partnership
Form M4I, line 2a.
through, pro rata, to shareholders on Sched-
interest by an entity that is domiciled in
ule KS, line 5.
another state is assignable to Minnesota. To
S corporations: Not applicable.
determine the amount assigned to Minne-
Partnerships: Schedule KPI, line 5, or KPC,
Partnerships: Pass this amount through,
sota, divide the original cost of the partner-
line 10.
pro rata, on Schedule KPC, line 5, to your
ship’s tangible property within Minnesota
corporate and partnership partners. Line 5
by the original cost of all tangible property
does not apply to individual, estate or trust
of the partnership. If you don’t have these
partners.
numbers, contact the partnership.
Line 6—Exempt Interest Income
If more than 50 percent of the value of the
C corporations: Include this amount on
partnership’s assets are intangibles, the gain/
Form M4I, line 2c.
loss is allocated to Minnesota using the
partnership’s prior year sales factor.
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Continued
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