Form Tc-41 - Fiduciary Income Tax - 2012 Page 21
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312012 Utah Fiduciary Income Tax
Page 19
TC-41C – Bankruptcy Estate Schedule Instructions
The fi ling of a bankruptcy petition for an individual debtor
3. Federal Adjusted Gross Income
under chapter 7 or chapter 11 of the bankruptcy code
Subtract line 2 from line 1. (This amount must equal the
creates a separate taxable entity known as a bankruptcy
federal adjusted gross income shown on line 37 of the
estate. The trustee (for chapter 7 cases) or the debtor-
bankruptcy estate’s federal return, form 1040, attached
in-possession (for chapter 11 cases) must prepare and
to the federal fi duciary return, form 1041.
fi le the estate’s tax returns and pay its taxes. The debtor
4. Additions to Income
remains responsible for fi ling returns and paying taxes
on any income that does not belong to the estate.
Enter the code and amount of each addition to income.
Codes and explanations for these additions to income
Amended Return. If a bankruptcy case begins, but is
are in the TC-40 tax return instruction booklet.
later dismissed by the bankruptcy court, the estate is
not treated as a separate taxable entity. If tax returns
5. Add lines 3 and 4
have been fi led for the estate, amended returns must be
Enter the total of line 3 and line 4.
fi led to move income and deductions from the estate’s
returns to the debtor’s returns. If no returns have been
6. State Tax Refund Included on
fi led, report all income and deductions on the debtor’s
Federal Form 1040, Line 10
returns.
If you itemized your deductions on your 2011 federal form
Utah Instructions. For purposes of the TC-41C,
1040, enter the amount reported on your 2012 federal
references made to federal form 1040 refer to the federal
from 1040, line 10. Otherwise leave this line blank.
form 1040 that is attached as a schedule to federal form
7. Subtractions from Income
1041 that the trustee or debtor-in-possession fi les on
Enter the code and amount of each subtraction from
behalf of the bankruptcy estate with the Internal Revenue
income. Codes and explanations for these subtractions
Service.
from income are in the TC-40 tax return instruction
A trustee or debtor-in-possession of a bankruptcy estate
booklet.
(chapter 7 or chapter 11) must fi le form TC-41, Utah
Fiduciary Income Tax Return, and attach a completed
8. Utah Taxable Income (Loss)
TC-41C, Bankruptcy Estate Schedule. Leave lines 4
Subtract the sum of lines 6 and 7 from line 5.
through 21 of the TC-41 blank. Line 22 of the TC-41 is
9. Utah Tax
the tax calculated on the TC-41C, line 20.
Multiply the Utah Taxable Income on line 8 by 5% (.05).
•
Resident Bankruptcy Estate – Complete lines 23
Do not enter an amount less than “0.”
through 41 of the TC-41 according to the regular
fi duciary instructions. Complete and attach only page
Taxpayer Tax Credit (lines 10 - 19)
1 of TC-41C to your return; do not complete or attach
(UC §59-10-1018)
TC-41C, page 2.
•
Nonresident or Part-year Resident Bankruptcy
10. Personal Exemption
Estate – Complete lines 23 through 25 of form TC-41
A bankrupt estate exemption is $2,850.
according to the regular fi duciary instructions. Then
complete TC-41C, page 2 to calculate the Utah tax.
11. Standard or Itemized Deductions
Enter the apportioned tax from TC-41C, line 57 on
Enter $5,950 (standard deduction) or the bankruptcy
TC-41, line 26. Attach both pages 1 and 2 of TC-41C
estate’s federal itemized deductions from federal form
to your return.
1040, Schedule A (if greater) attached to the federal
fi duciary return, form 1041.
The estate’s tax liability is determined by completing the
TC-41C with information and calculations similar to the
12. Add Lines 10 and 11
Utah TC-40, Individual Income Tax Return.
Add the amounts on line 10 and line 11.
These special bankruptcy estate line number reference
13. State Income Tax Itemized on 2012
instructions override those for TC-41 and TC-41B, where
Federal Schedule A
there is a confl ict.
Enter the amount, if any, of state income tax deducted
1. Federal Total Income
on the bankruptcy estate’s federal Schedule A, line 5
Enter the amount from line 22 of the bankruptcy estate’s
attached to the federal fi duciary return, form 1041. If you
federal return, form 1040, attached to the federal fi du-
did not itemize your deductions on federal Schedule A,
ciary return, 1041.
leave this line blank.
2. Federal Adjustments to Income
14. Subtract Line 13 from Line 12
Enter the amount from line 36 of the bankruptcy estate’s
Subtract the amount on line 13 from line 12.
federal return, form 1040, attached to the federal fi du-
ciary return, form 1041.
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