Schedule Ks - Shareholder'S Share Of Income, Credits And Modifications - 2012

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2012 KS
Shareholder’s Share of Income, Credits and Modifications 2012
S corporation: Complete and provide Schedule KS to each nonresident shareholder and Minnesota shareholder who has
adjustments to income.
Amended KS:
Tax year beginning
, 2012 and ending
Shareholder’s federal ID or Social Security number
S corporation’s federal ID number
S corporation’s Minnesota tax ID
Shareholder’s name
S corporation’s name
JOBZ ID number, if any
Address
Address
City
State
Zip code
City
State
Zip code
Entity of shareholder
Shareholder’s percentage of
Individual
Estate
%
(place an X in one box):
stock ownership for tax year:
Trust
Exempt Organization
Calculate lines 1–20 the same for all resident and nonresident shareholders. Calculate
lines 21–35 for nonresident shareholders only. Round amounts to the nearest whole dollar.
Form M1 filers,
Modifications to Federal Taxable Income
include on:
1
1 Interest income from non-Minnesota state and municipal bonds . . . . . . . .
M1M, line 4
2
2 State income tax deducted in arriving at ordinary or net rental income . . . .
M1M, line 8
3 Expenses deducted that are attributable to income not taxed by Minne-
3
sota (other than interest or mutual fund dividends from U .S . bonds) . . . . .
M1M, line 10
4 If the S corporation elected section 179 expensing, enter the share-
4
holder’s flow-through section 179 expensing for Minnesota purposes . . .
M1M, see line 7 inst .
5
5 100% of shareholder’s pro rata share of federal bonus depreciation . . . .
M1M, see line 6 inst .
6 Federal tax-exempt subsidies paid to employers for providing
6
prescription drug coverage for their retirees . . . . . . . . . . . . . . . . . . . . . . . . .
M1M, line 11
7 Fines, fees and penalties deducted federally
7
as a trade or business expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
M1M, line 12
8
8 Addition due to federal changes not adopted by Minnesota . . . . . . . . . . . .
M1M, line 16
9 Interest from U .S . government bond obligations, minus any expenses
9
deducted on the federal return that are attributable to this income . . . . . .
M1M, line 18
10
10 JOBZ business and investment income exemptions . . . . . . . . . . . . . . . . . . .
M1M, line 32
11
11 Subtraction due to federal changes not adopted by Minnesota . . . . . . . . .
M1M, line 37
12
12 Employer Transit Pass Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
M1C, line 4
13
13 Enterprise Zone Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
M1B, line 6
14
14 Credit for increasing research activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
M1B, line 1
15 Credit for historic structure rehabilita-
15
tion and enter NPS project number: . . . . .
. . .
M1B, line 3
16
16 Jobs Credit for participating in a JOBZ zone . . . . . . . . . . . . . . . . . . . . . . . . .
M1B, line 4
Relating to Alternative Minimum Tax
17
Lines 17–20 are used
17 Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
to compute M1MT,
18
18 Gross income from oil, gas and geothermal properties . . . . . . . . . . . . . . . .
lines 6 and 7. See
19
M1MT instructions for
19 Deductions allocable to oil, gas and geothermal properties . . . . . . . . . . . .
details.
20
20 Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Continued next page

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