Form 71r - Recapture Of Idaho Biofuel Infrastructure Investment Tax Credit (Page 2 of 2) in pdf

EFO00084

Instructions for Idaho Form 71R

07-23-15

GENERAL INSTRUCTIONS

Line 5. Enter the month, day, and year the property ceased to

qualify as biofuel ITC property.

Use Form 71R to compute the increase in tax and reduction

to credit carryover for the recapture of biofuel infrastructure

Line 6. Do not enter partial years. If the property was held less

investment tax credit (biofuel ITC). You must recompute the

than 12 months, enter zero.

credit if you earned it in an earlier year, but disposed of the

property before the end of the five-year recapture period. You

PART III

must also recompute the credit on any property ceasing to

qualify as biofuel ITC property, including property that is no

Line 7. Enter the appropriate recapture percentage from the

longer used to sell biofuel. Property moved from Idaho within the

following table.

first five years ceases to qualify as biofuel ITC property and is

subject to recapture.

If the number of full years

Then the recapture

Recapture may be necessary when:

percentage is...

on Form 71R, line 6 is...

100

● An S corporation shareholder's interest is reduced by a sale,

redemption or other disposition of the shareholder's stock, or

by the corporation's issuance of more shares.

● A partner's proportionate interest in the general profits of the

partnership (or in a particular item of property) is reduced.

● A trust's, estate's or beneficiary's proportionate interest in the

income of the trust or estate is reduced.

5 or more

S corporations, partnerships, estates, and trusts that

pass through biofuel ITC to the shareholders, partners, or

beneficiaries must provide Form ID K-1 reporting the recapture

amount and including in Part E, Supplemental Information,

Line 9. Add all amounts on line 8. If you have used more

details on the year(s) the credit being recaptured was originally

than one Form 71R or separate sheets to list additional items

earned.

on which you computed an increase in tax, write to the left of

the entry space "Tax from attached" and the total tax from the

Any resulting tax from recapture of credits claimed in prior years

separate sheets. Include the amount in the total for line 9.

must be added to the tax otherwise determined in the year

of recapture. Recapture of credits not claimed in prior years

Line 10. Enter the amount of recapture of biofuel ITC that is

reduces the amount of credit carryover available to the current

being passed to you from S corporations, partnerships, trusts,

and estates. This amount is reported on Form ID K-1, Part D,

year.

line 14.

SPECIFIC INSTRUCTIONS

If recapture is necessary due to a reduction of a shareholder's

Instructions are for lines not fully explained on the form.

proportionate stock interest in an S corporation, reduction in the

interest in the general profits of a partnership, or reduction in the

PART I

proportionate interest in the income of the trust or estate, include

that recapture on line 10 as well.

Lines A through E. Describe the property for which you must

recompute the biofuel ITC. Fill in lines 1 through 8 in Parts II and

Line 11. Add lines 9 and 10 to determine the amount of credit

III for each property on which you are recomputing the credit.

subject to recapture.

Use a separate column for each item. Use an additional Form

71R, or other schedule with the same information as required on

Line 12. If you are an S corporation, partnership, trust, or

Form 71R, if you have biofuel ITC recapture on more than five

estate, enter the amount of credit recapture that passed through

to shareholders, partners, or beneficiaries. Do not include any

items.

recapture on this line for shareholders, partners, or beneficiaries

PART II

for whom you are paying the tax.

S corporations, partnerships, trusts, and estates that have

Line 13. If you did not use all the credit you originally computed

credit subject to recapture must complete lines 1 through 9 to

either in the year earned or in a carryover year, you will not have

determine the amount of credit recapture.

to pay tax from recapture of the amount of the credit you did not

use.

Shareholders, partners, and beneficiaries will use the information

provided by the S corporation, partnership, trust, or estate to

Compute the unused portion of the original credit from Form

report their pass-through share of the credit to be recaptured on

71R, line 4, or that was passed through to you from an S

line 10. If the only recapture you are reporting is from a pass-

corporation, partnership, trust, or estate on a separate sheet and

through entity, skip lines 1 through 9 and begin on line 10.

enter the amount on this line. Do not enter more than the tax

from recapture on line 11.

Line 1. Enter the month, day, and year that the property was

first available for service.

Line 15. This is the total increase in tax. Enter it on this line and

on Form 44, Part II, line 6. DO NOT use this amount to reduce

Line 2. Enter the cost or other basis of the property used to

your current year's biofuel ITC from Form 71.

compute the original biofuel ITC.

Line 4. Multiply line 2 by line 3 to compute the credit originally

earned for each property listed.

Form 71r - Recapture Of Idaho Biofuel Infrastructure Investment Tax Credit Page 2

Related Articles

Related forms

Related Categories