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tion’s short-term capital losses multiplied by the apportionment per-

Massachusetts amount. Each shareholder should enclose a state-

centage in Schedule E, line 5.

ment with the shareholder’s Massachusetts tax return and explain

any adjustments.

The correct Massachusetts amount of the shareholder’s share of

short-term capital losses may differ from the comparable U.S. total

Line 18

reported on the shareholder’s Form 1, 1-NR/PY or 2, Schedule B.

Enter the shareholder’s share of the S corporation’s section 1231

Each shareholder should make adjustments in Form 1 or 1-NR/PY,

gain or loss from Schedule S, line 40.

Schedule B, line 14; or Form 2, Schedule B.

For a nonresident shareholder eligible to apportion, enter the share-

Each shareholder should enclose a statement with the share-

holder’s share of the S corporation’s section 1231 gain or loss multi-

holder’s Massachusetts tax return and explain any adjustments.

plied by the apportionment percentage in Schedule E, line 5.

Line 15

The correct Massachusetts amount of the shareholder’s share of

Enter the shareholder’s share of the S corporation’s gain on the

section 1231 gain or loss may differ from the comparable U.S. total

sale exchange or involuntary conversion of property used in trade

reported on the shareholder’s Form 1, 1-NR/PY, or 2, Schedule D.

or business and held for one year or less from Schedule S, line 37.

Each shareholder should make adjustments in Form 1 or 1-NR/PY,

For a nonresident shareholder eligible to apportion, enter the share-

Schedule D, line 9; or Form 2, Schedule D. Each shareholder

holder’s share of the S corporation’s gain on the sale exchange or

should enclose a statement with the shareholder’s Massachusetts

involuntary conversion of property used in trade or business and

tax return and explain any adjustments.

held for one year or less multiplied by the apportionment percent-

Line 19

age in Schedule E, line 5.

Enter the shareholder’s share of the S corporation’s other long-term

The correct Massachusetts amount of the shareholder’s share of

capital gains or losses from Schedule S, line 41. For a nonresident

gain on the sale, exchange or involuntary conversion of property

shareholder eligible to apportion, enter the shareholder’s share of

used in trade or business and held for one year or less may differ

the S corporation’s other long-term capital gains and losses multi-

from the comparable U.S. total reported on the shareholder’s Form

plied by the apportionment percentage in Schedule E, line 5.

1, 1-NR/PY; or 2, Schedule B.

The correct Massachusetts amount of the shareholder’s share of

Each shareholder should make adjustments in Form 1 or 1-NR/PY,

other long-term capital gains or losses may differ from the compara-

Schedule B, line 10; or Form 2, Schedule B. Each shareholder

ble U.S. total reported on the shareholder’s Form 1, 1-NR/PY, or 2,

should enclose a statement with the shareholder’s Massachusetts

Schedule D. Each shareholder should make adjustments in Form 1

tax return and explain any adjustments.

or 1-NR/PY, Schedule D, lines 6 and/or 9, or Form 2, Schedule D,

lines 6 and/or 11.

Line 16

Enter the shareholder’s share of the S corporation’s loss on the

Line 20

sale, exchange or involuntary conversion of property used in trade

Enter the shareholder’s share of the S corporation’s long-term gains

or business and held for one year or less from Schedule S, line 38.

on collectibles from Schedule S, line 42. For a nonresident share-

holder eligible to apportion, enter the shareholder’s share of the S

For a nonresident shareholder eligible to apportion, enter the share-

corporation’s long-term gains on collectibles multiplied by the appor-

holder’s share of the S corporation’s loss on the sale exchange or

tionment percentage in Schedule E, line 5.

involuntary conversion of property used in trade or business and

held for one year or less multiplied by the apportionment percent-

The correct Massachusetts amount of the shareholder’s share of

age in Schedule E, line 5.

long-term gains on collectibles may differ from the comparable U.S.

total reported on the shareholder’s Form 1, 1-NR/PY or 2, Schedule

The correct Massachusetts amount of the shareholder’s share of

D, line 1.

loss on the sale, exchange or involuntary conversion of property

used in trade or business and held for one year or less may differ

Each shareholder should make adjustments in Form 1 or 1-NR/PY,

from the comparable U.S. total reported on the shareholder’s Form

Schedule D, line 9 or Form 2, Schedule D. Each shareholder

1, 1-NR/PY; or 2, Schedule B.

should enter the correct Massachusetts amount in Form 1 or 1-

NR/PY, Schedule D, line 11 or Form 2, Schedule D, line 13. Each

Each shareholder should make adjustments in Form 1 or 1-NR/PY,

shareholder should enclose a statement with the shareholder’s

Schedule B, line 15, or Form 2, Schedule B. Each shareholder

Massachusetts tax return and explain any adjustments.

should enclose a statement with the shareholder’s Massachusetts

tax return and explain any adjustments.

Shareholder’s Basis Information

Line 17

The information in lines 22 through 26 may be needed by the

shareholder to determine the limitation of losses passed through to

Enter the shareholder’s share of the S corporation’s long-term capi-

the shareholder, or the gain or loss from sale or other disposition of

tal gain or loss from Schedule S, line 39. For a nonresident share-

the shareholder’s stock and indebtedness.

holder eligible to apportion, enter the shareholder’s share of the

long-term capital gain or loss multiplied by the apportionment per-

Line 23

centage in Schedule E, line 5.

For a calendar year S corporation, enter in line 23 the number of

The correct Massachusetts amount of the shareholder’s share of

the shareholder’s shares and the amount of the shareholder’s fed-

long-term capital gain or loss may differ from the comparable U.S.

eral basis as of December 31, 1985. If the S corporation was a fis-

total reported on Form 1, 1-NR/PY, or 2, Schedule D, line 1.

cal year entity, enter the number of the shareholder’s shares and

the amount of the shareholder’s federal basis as of the last day of

Each shareholder should make adjustments in Form 1, 1-NR/PY,

the taxable year prior to becoming a Massachusetts S corporation.

Schedule D, line 9; or Form 2, Schedule D, to reflect the correct

Instructions For Form 63 Fi - Massachusetts Financial Institution Excise Tax Return - 2012 Page 10

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