Form Rev-803 - Schedule C-7 Credit For Tax Paid By Affiliated Entities Page 4

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Affiliated Entity Name
List the name of the affiliated entity for which the credit is computed for. List entities in the same order as provided
on Part I of the REV-802, Schedule C-6 Add-back for Intangible Expenses or Costs and Related Interest Expense.
FEIN
List the FEIN of the affiliated entity for which the credit is computed for.
Jurisdiction
Include only those states where the affiliated entity was required to file on a non-unitary basis. Do not include states
where unitary returns, partial unitary returns, or elective unitary returns were filed inclusive of the affiliated entity.
Also, include only those states where the affiliated entity was subject to a corporate tax on net income.
Credit Code
Use the following codes to describe the type of add-back credit: 01=Research; 02=Community Development;
03=Investment; 04=Economic Revitalization; 05=Jobs Creation; 06=Film Production; 07=Environmental Protection;
08=Other.
Line a
For each affiliated entity, enter the amount of state income tax deducted for each non-unitary filing state, as computed
and included in the total amount deducted for state income taxes reported under federal Form 1120, Line 17 – Taxes
and Licenses, for that affiliated entity. This amount of corporate net income tax is only for the non-unitary filing state,
not the total amount for all state income taxes paid on Line 17 for the affiliated return.
Example: Affiliated entity has a total state income tax expense of $1,000,000 on Line 17 of its federal Form 1120. But
of this $1,000,000, only $250,000 was for corporate net income tax incurred for three states that require the filing of
non-unitary returns. The remainder of the $1,000,000 deducted on Line 17 was either for taxes based on net worth
or capital stock, or was allocations from states that require the filing of combined returns (unitary filings). Only the
corporate net income taxes incurred for these three states, individually listed will be included on Line a.
Line b
Enter the amount for any state tax credits other than for the payment of tax that were included in the amount shown
on Line a.
Line c
Enter the amount of tax based on income and adjusted for credits by adding Line a and Line b.
Line d
Enter the total amount of intangible expense or cost and related interest expense or cost that the taxpayer paid to the
affiliated entity. The transaction must be included in the tax base of the affiliated entity for that state.
Line e
Enter the total income received by affiliated entity as reported on Line 1C and Lines 4 through 10 on its proforma
federal Form 1120 that was taxable as income for that state. To the extent any of these items of income are offset by
an additional deduction to Line 28 in determining taxable income for that state, those items are not taxable income.
Line f
Compute the tax liability that the affiliated entity incurred for each state that was attributable to the intangible expenses
and related interest expense or cost paid by the taxpayer to the affiliated entity, using the formula: c * (d/e) = f.
Divide Line d by Line e, then multiply the quotient by Line c.
Line 6
Enter the total liability due by adding Lines 1f – 5f.
REV-803
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