Form 4255 - Recapture Of Investment Credit Page 4

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Form 4255 (Rev. 12-2012)

Page

Caution. Disallowed passive activity

you figured the increase in tax. Do not

You are not required to provide the

credits (as defined in section 469(d)(2))

adjust the increase in tax for any unused

information requested on a form that is

can be used on line 12 only to the extent

investment credit. Partnerships, S

subject to the Paperwork Reduction Act

that credits from passive activities are

corporations, estates, and trusts,

unless the form displays a valid OMB

included on line 11. Unused credits other

determine the increase in tax at the

control number. Books or records

than “specified credits” (as defined in

entity level. This amount will be allocated

relating to a form or its instructions must

section 38(c)(4)(B)) and ESBCs can be

to the entity owners as a credit

be retained as long as their contents

recapture.

may become material in the

used on line 12 only to the extent that

credits other than specified credits and

administration of any Internal Revenue

Line 15. Enter the line 15 amount on the

ESBCs are included on line 11.

law. Generally, tax returns and return

appropriate line of your tax return (for

information are confidential, as required

Note. Be sure to adjust your current

example, 2012 Form 1120, Schedule J,

by section 6103.

unused credit to reflect any unused

line 9a). Partnerships (other than electing

portion of the original credit that was

large partnerships), enter the amount

The time needed to complete and file

entered on line 12 of this form.

from line 15 on Form 1065, Schedule K,

this form will vary depending on

line 20c using Code H. See the

individual circumstances. The estimated

Special rule for electing large

Instructions for Form 1065 for more

burden for individual taxpayers filing this

partnerships. Electing large

information on how to allocate this

form is approved under the OMB control

partnerships must enter zero on line 12.

amount to the partners. S corporations,

number 1545-0074 and is included in the

These partnerships are required to

enter the amount from line 15 on Form

estimates shown in the instructions for

determine the amount of investment

1120S, Schedule K, line 17d using code

their individual income tax return. The

credit recapture as if the credit subject

G. See the Instructions for Form 1120S

estimated burden for all other taxpayers

to recapture had been fully used to

for more information. Estates and Trusts,

who file this form is shown below.

reduce tax.

enter the amount from line 15 on Form

Recordkeeping .

4 hr., 4 min.

Line 13. Special rule for electing large

1041, Schedule G, line 5. See the

Learning about the

partnerships. Subtract the current year

Instructions for Form 1041 for more

law or the form .

credit, if any, shown on Form 3468, from

4 hr., 6 min.

information.

the amount on line 11. Enter the result

Preparing and sending

(but not less than zero) on line 13.

the form to the IRS

. 6 hr., 45 min.

Paperwork Reduction Act Notice. We

Line 14. Recapture of qualifying

If you have comments concerning the

ask for the information on this form to

therapeutic discovery project grant.

accuracy of these time estimates or

carry out the Internal Revenue laws of

Enter the amount of any qualifying

suggestions for making this form

the United States. You are required to

therapeutic discovery project grant

simpler, we would be happy to hear from

give us the information. We need it to

required to be recaptured under section

you. See the instructions for the tax

ensure that you are complying with these

9023(e) of the ACA. Do not complete

return with which this form is filed.

laws and to allow us to figure and collect

lines 1 through 13 to figure this increase

the right amount of tax.

in tax. Attach a statement showing how

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