Form Tc-20 - Corporation Franchise Or Income Tax - 2012 Page 16
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26This does not include (but is not limited to) the following:
Line 28 – Prepayments from Schedule E
golf courses, horse racing, boat operations, highway
Credit is allowed for advance payments made as quarterly
seeding, vehicles registered for highway use, hobbies,
estimated tax payments, prepayments and extension
and personal farming, etc.
payments (form TC-559). Include any overpayment from
a prior year that was applied to this year. Use Schedule
Credit calculation:
E to compute the total prepayment.
Gallons _______ x .245 = Credit _______
Line 29 – Amended Return Only
There is no form for this credit. Keep all related docu-
This line is only for an amended return. Enter the amount
ments with your records.
of tax paid with the original return and/or subsequent
payments made prior to fi ling this amended return
(48) Farm Operation Hand Tools Credit
less any previous refunds (exclude refund interest).
(UC §59-7-614.1)
A net refund should be entered as a negative amount
This credit is for sales and use tax paid on hand tools
(preceded by a minus sign).
purchased and used or consumed primarily and directly
in a farming operation in Utah. The credit only applies
Line 30 – Total Refundable Credits
if the purchase price of a tool is more than $250.
and Prepayments
There is no form for this credit. Keep all related docu-
Add lines 27 through 29. Carry this amount to TC-20,
ments with your records.
page 1, line 8.
Schedule B – Additions to
Unadjusted Income Instructions
Line 2e – Business and Occupation Taxes
Line 1 – Interest from State Obligations
Paid to Any State
Enter interest from bonds, notes and other evidences of
indebtedness issued by any state of the United States,
Enter business and occupation taxes deducted for
including any agency and instrumentality of a state of
federal purposes.
the United States.
Line 3 – Safe Harbor Lease (SHL) Adjustments
Lines 2a - 2e – Add Taxes Deducted to
SHLs originated from adjustments primarily available
Determine Income
to businesses during the years 1981 and 1982 under
ERTA. These provisions allowed transfers of certain
Amounts included in federal taxable income from re-
tax benefi ts for federal tax purposes. However, Utah
funds of the following taxes should be netted against
did not adopt these provisions and the effects of any
similar taxes on the appropriate lines.
remaining SHL adjustments must be reversed for Utah
Line 2a – Income Taxes Paid to Any State
purposes.
Enter taxes imposed by and paid to any state that are
Add to income:
measured by income.
SHL Purchaser/Lessor
Line 2b – Franchise or Privilege Taxes Paid to
1. Interest expense
Any State
2. Depreciation claimed on SHL property
Enter franchise taxes paid by a corporation to any
SHL Seller/Lessee
state for the privilege of doing business or exercising
its corporate franchise.
1. Amount of gain on the sale of federal tax benefi ts
2. Rental expense on SHL property
Line 2c – Corporate Stock Taxes Paid to
Any State
Line 4 – Capital Loss Carryover
Enter corporate stock taxes paid to any state.
Enter any capital losses deducted on a Utah corporate
return in previous years, but used to offset capital gains
Line 2d – Taxes Paid to a Foreign Country
on this year’s federal return.
Enter any income, franchise, or capital stock taxes im-
posed by a foreign country, a United States possession
or the Commonwealth of Puerto Rico and paid during
the taxable year.
Page 14
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