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If the S corporation became a Massachusetts S corporation after

Line 28

December 31, 1985, enter in line 23 the number of the share-

If the S corporation has selected the “Withholding” oval under the

holder’s shares and the amount of the shareholder’s federal basis

declaration election code, the S corporation should indicate on line

as of the last day of the taxable year prior to becoming a Massachu-

28 the amount of Massachusetts tax that the S corporation withheld

setts S corporation. If reporting a federal basis other than Decem-

on the shareholder’s distributive share and paid for the year on the

ber 31, 1985, specify the year.

shareholder’s behalf.

Line 25

Line 29

Enter the net amount of the adjustments made share of S corpora-

If the S corporation has selected the “Composite” oval under the

tion income, decreased by distributions to the shareholder, and oth-

Declaration election code and the S corporation itself made esti-

erwise adjusted to reflect changes that affect the basis of the stock.

mated payments on behalf of the shareholder, the S corporation

Make comparable entries for adjustments to the shareholder’s

should indicate on line 29 the estimated payments that the S corpo-

Massachusetts indebtedness.

ration made on behalf of the shareholder.

More detailed information on Massachusetts basis adjustment is

This number should be shareholder’s share of the amount entered

provided in Regulation 830 CMR 62.17A.1.

on line 13 of the Form MA NRCR, the composite return. This num-

ber is informational only, and is not to be used by the partnership or

Line 26

the partner for any other purpose.

Enter the net amount of the adjustments made to the shareholder’s

federal basis for the taxable year.

Line 30

If the S corporation is a member of one or more lower-tier entities,

Make comparable entries for adjustments to the shareholder’s fed-

and amounts were withheld for the S corporation by one or more of

eral indebtedness.

those entities, the S corporation should indicate how much of the

Declaration Election Code

total amount withheld by all lower-tier entities of which the S corpo-

Under declaration election code, the S corporation should indicate

ration is a member should be allocated to this shareholder.

how the shareholder will be meeting its Massachusetts tax obliga-

Line 31

tion.

If the S corporation is a member of one or more lower-tier entities,

The S corporation should select the “Composite” oval if it is filing a

and composite returns with estimated payments were made on be-

composite return on behalf of the shareholder, or if a lower-tier

half of this shareholder by one or more of those entities, the S cor-

pass-through entity has filed a composite return on behalf of the

poration should indicate the amount of estimated payments made

shareholder.

on behalf of this shareholder. This number should be the share-

holder’s share of the amount entered on line 13 of the Form MA

The S corporation should select the “Member self-file” oval if the

NRCR, the composite return. This number is informational only, and

shareholder has indicated to the S corporation on the Form PTE-EX

is not to be used by the S corporation or the shareholder for any

that the shareholder will be filing its own return (i.e., has checked

other purpose.

box 3 under Individual Certification, or boxes 2 or 3 under Organiza-

tion Certification).

For more information about the Form PTE-EX, see the Guide for

Pass-Through Entities.

The S corporation should select “Exempt PTE” if the shareholder

has indicated to the S corporation, by checking box 4 under Organi-

zation Certification on the Form PTE-EX, that the shareholder is a

pass-through entity all of whose members are exempt from with-

holding.

The S corporation should select “Non-profit” if the shareholder has

checked box 1 under Organization Certification on the form

PTE-EX.

If the shareholder has not made a declaration to the S corporation

that the shareholder is exempt from withholding, the S corporation

should select the “Withholding” oval.

If the S corporation has selected the “Composite” oval under the

Declaration election code and the S corporation itself made esti-

mated payments on behalf of the shareholder, the S corporation

should indicate on line 34 the estimated payments that the S corpo-

ration made on behalf of the shareholder.

This number should be the shareholder’s share of the amount en-

tered on line 13 of the Form MA NRCR, the composite return. This

number is informational only, and is not to be used by the partner-

ship or the partner for any other purpose.

Instructions For Form 63 Fi - Massachusetts Financial Institution Excise Tax Return - 2012 Page 11

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