Instructions For Schedule K-1-P(2) - Illinois Partner'S And Shareholder'S Page 10
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10If the partnership or S corporation made income tax
Line 54 —
What is the surcharge?
payments on your behalf, include the amount on your
For each taxable year beginning or ending during the Compassionate
•
Form IL-1040, Step 9, Line 28,
Use of Medical Cannabis Pilot Program, a surcharge is imposed on
all taxpayers on income arising from the transactions subject to the
•
Form IL-1041, Step 7, Line 52c,
surcharge of an organization registrant under the Compassionate Use of
•
Form IL-1065, Step 9, Line 61c,
Medical Cannabis Pilot Program Act.
•
Form IL-1120-ST, Step 9, Line 60c,
The amount of the surcharge is equal to the amount of federal income
•
Form IL-1120, Step 8, Line 56d, or
tax liability for the taxable year attributable to the transactions subject to
•
Form IL-990-T Step 6, Line 28d.
the surcharge.
Individuals, trusts, estates, partnerships, and
To whom does the surcharge apply?
corporations (including S corporations) only - Pass-through
withholding payments made on your behalf and reported to you on
The surcharge is imposed on any taxpayer who incurs a federal
Schedule K-1-P, Line 54, are based on items of business income and
income tax liability on the income realized on a “transaction subject to
certain items of nonbusiness income only. If you had Illinois income
the surcharge,” including individuals and other taxpayers who are not
from other sources and the payments made on your behalf do not
themselves the “organization registrant” that engaged in the transaction.
cover your liability, you must file a return to report the tax on all of
A partner or shareholder who incurs a federal income tax liability on
your Illinois income and claim a credit for pass-through withholding
income from a transaction subject to surcharge passed through from a
payments made on your behalf.
partnership or S corporation will incur a surcharge.
Line 55 —
For taxpayers with tax years ending on or after
Although a unitary business group filing combined Illinois
January 1, 2014. This is your share of federal income attributable to
returns is treated as a single taxpayer and its members are jointly and
transactions subject to the Compassionate Use of Medical Cannabis
severally liable for any surcharge imposed on the group, the group itself is
Pilot Program Act surcharge. Use this information when calculating the
not an organization registrant and transactions of any member that is not
surcharge on your return.
itself an organization registrant are not subject to the surcharge.
See the instructions below and the instructions for the return you are filing
How do I use the amount reported on Line 55?
for more information.
The amount reported on Line 55 identifies your share of any federal
Form IL-1040 filers only - Line 55 is only for use with tax
income attributable to transactions subject to the surcharge. The
years ending on or after December 31, 2014.
partnership and S corporation listed in Step 1 should have also provided
you with a breakdown itemizing any amount reported on Line 55.
Definitions related to the Compassionate Use of
Medical Cannabis Pilot Program Act Surcharge —
Use this information when completing the “Compassionate Use of
Medical Cannabis Pilot Program Act Surcharge Worksheet” in the
Organization registrant means a corporation, partnership, trust, limited
instructions for the return you are filing. Line 55 identifies federal
liability company (LLC), or other organization that holds either a medical
income attributable to transactions subject to the surcharge that
cannabis cultivation center registration issued by the Illinois Department
should not be included when you complete Line 2 of the worksheet.
of Agriculture or a medical cannabis dispensary registration issued by the
Illinois Department of Financial and Professional Regulation.
The amount on Line 55 identifies federal income attributable to
transactions subject to the surcharge, not federal income tax liability for
Transactions subject to the surcharge means sales and exchanges of
the taxable year attributable to the transactions subject to the surcharge.
•
capital assets;
Exclude this income before figuring the federal income tax amount on
•
depreciable business property;
Line 2 of the worksheet.
•
real property used in the trade or business; and
For more information, see Illinois Income Tax Regulations,
•
Section 197 intangibles
Section 100.2060.
of an organization registrant.
Schedule K-1-P(2) (R-12/14)
Page 10 of 10
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Schedule K-1-p(2) - Partner's And Shareholder's - Illinois Department Of Revenue
Financial
Partner's And Shareholder's Instructions For Schedule K-1-p(2)/instructions For Individuals Filing Form Il-1040
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2016
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2001
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2009
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2007
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2011
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2004
Financial
Related Categories
Parent category: Financial