Form 4947 - Michigan Schedule Of Certificated Credits

NOTE: Sales price includes any benefit derived from the sale.

the taxable year in which the disposed assets were acquired.

Enter gross sales price (net of costs of sale) in column B, and in

Worksheet 1c — Assets Transferred Outside Michigan

column C, enter total gain or loss included in calculating federal

taxable income (as defined for MBT purposes).

Enter all depreciable tangible assets other than mobile tangible

assets acquired after 2007 that were eligible for ITC and were

For property placed in service prior to January 1, 2008, gain

transferred outside Michigan during the filing period. Give

reflected in federal taxable income (as defined for MBT

all information required for each disposition in column A and

purposes) is equal to the gain reported for federal purposes.

column B. In column A, enter the taxable year in which the

disposed assets were acquired, and in column B, enter adjusted

For property placed in service after December 31, 2007, gain

reflected in federal taxable income (as defined for MBT

basis as used for federal purposes. Do not use a recomputed

MBT basis for this purpose.

purposes) is the gain reported federally except that it shall be

calculated as if IRC § 168(k) were not in effect.

Multiply column J by column K. This represents the total

Calculation of MBT ITC Recapture Rates

and Amounts

amount of ITC credit recapture available to be reported in the

tax year.

Complete Worksheet 2 (on the following page), entering each

• Column M: MBT ITC credit recapture amount offset by

taxable year (End Date) in which the disposed assets that

credit. Enter the lesser of columns H and L. This is the

triggered MBT ITC credit recapture were acquired.

amount of available ITC credit recapture that was offset by

NOTE: Lines references on columns below are based

the total amount of available ITC credit in the year.

on 2010 MBT form 4570. Lines for 2008 MBT forms are

• Column O: SBT credit recapture amount. Enter total amount

different, so if copying information from a 2008 MBT form,

from Form 4570, line 19 for each taxable year listed on column

choose the appropriate lines.

Worksheet 2

• Column P: SBT ITC credit recapture amount offset by

• Column A: Enter in chronological order, beginning with

credit. Enter lesser of the amount on column O, and the

amount of column H minus column M. This is the amount

the earliest, the tax year end date of each acquisition year

of disposed assets that triggered MBT ITC recapture from

of SBT ITC credit recapture that was offset by the total

Worksheet 1a through 1c.

amount of available ITC credit in the taxable year.

• Column Q: Total MBT ITC used. Add columns D, M, and

UBGs: If capital asset subject to recapture is from a member

that was not part of the group in the tax year the asset was

P. The total amount of MBT ITC used equals to the amount

acquired, make a separate line entry for the tax year the

of credit that offsets MBT ITC credit recapture, SBT ITC

member filed outside of the group. Take care to report in this

credit recapture, and the MBT liability.

line information requested in each column only from the

• Column R: Extent used rate. Divide amounts on column Q

member’s single filings, not the group’s.

by amounts on column H.

• Column B: Enter allowable MI compensation and

• Column T: MBT recapture base. Enter total amount of

recapture capital investment from Worksheet 1a, column F;

ITC credits amount from Form 4570, line 26 with the

Worksheet 1b, column F and Worksheet 1c, column B.

corresponding acquisition year in column A.

• Column C: Enter the MI compensation credit amount from

• Column U: MBT recapture amount. Multiply amount in

Form 4570, line 3 with the corresponding acquisition year in

column T by rates in column G, and in column R.

column A.

Add up figures in each row of column U, and carry that amount

• Column D: Calculate net ITC credit amount: subtract

to Form 4947, line 12.

column C from column B for each taxable year.

difference is less than zero (is negative), enter zero. This is

the amount of ITC credit that offsets MBT liability.

• Column F: MBT capital investment amount. Enter total

amount of capital investment reported on Form 4570, line 8

for each taxable year listed on column E.

• Column G: ITC rate. Enter 2.32% for taxable years on

column E that end with 2008, otherwise enter 2.9%.

• Column H: Calculate gross IC credit amount:

multiply

column F by column G for each taxable year.

• Column J: MBT recapture of capital investment. Enter total

amount of recapture of capital investment reported on form

4570, line 16, for each taxable year listed on column I.

• Column L: Gross MBT ITC credit recapture amount.

Form 4947 - Michigan Schedule Of Certificated Credits - 2014 Page 6

Related Articles

Related forms

Related Categories