Form Ft 1120s - Notice Of S Corporation Status

FT 1120S

Rev. 9/07

2008

Notice of

07150303

S Corporation Status

S corporation name

Federal employer I.D. number

General Information

Each Ohio resident is subject to the Ohio individual income tax

through entity in which the S corporation or QSSS has an owner-

ship interest did business in Ohio, owned or used a part or all of

on the resident’s distributive share of income from an S corpo-

ration even if the S corporation does no business in Ohio. How-

its capital or property in Ohio, or otherwise had nexus with Ohio

ever, Ohio residents may claim a resident credit for income sub-

under the Constitution of the United States.

jected to income tax in another state.

If an investor in the S corporation is not a resident of Ohio and if

the S corporation has nexus with Ohio, the S corporation must

Each nonresident whose federal adjusted gross income in-

cludes a distributive share of income directly or indirectly from

each year also file either (i) an Annual Composite Income Tax

an S corporation is subject to the Ohio individual income tax if,

Return for Investors in Pass-Through Entities, Ohio form IT 4708

and quarterly forms IT 4708ES on behalf of, and as agent for, its

for any portion of the period to which the distributive share re-

lates, the S corporation, the S corporation’s qualified subchap-

electing nonresident shareholders or (ii) the Pass-Through En-

ter S subsidiary (QSSS), a disregarded entity in which the S

tity and Trust Withholding Tax Return, Ohio form IT 1140 and

quarterly forms IT 1140ES.

corporation or QSSS has an ownership interest, or a pass-

Each S Corporation and Qualified Subchapter S Subsidiary Must Furnish the Following Information

franchise tax on the income of the merged C corporation

Effective date of S election or QSSS election

transferor. See the following: (i) general instruction #7 and

the instructions for schedule A, line 9 in the year 2008 fran-

chise tax instruction booklet, (ii) Ohio Revised Code sections

Effective date of S termination (if applicable)

(R.C.) 5733.06(H) and 5733.053 and (iii) the Department of

Taxation’s Sept. 24, 1992 information release entitled, “Ap-

plication of R.C. 5733.053 (Transferor Statute) to the Merger

During any portion of calendar year 2007, or other taxable

of a C Corporation Into an S Corporation.”

year ending in 2007, was this corporation a C corporation

Has the corporation or the Internal Revenue Service redeter-

other than a qualified Subchapter S subsidiary?

mined the shareholders’ share of any prior year’s S corpora-

tion income or deductions that have not previously been re-

Yes

ported to Ohio?

If yes, in addition to filing this notice the corporation is subject

to the year 2008 franchise tax and must also file the year

Yes

2008 Ohio form FT 1120.

If yes, the shareholders or the S corporation must report such

During 2006 or 2007 did a C corporation that was subject to

changes to the Ohio Department of Taxation in the form of

the Ohio franchise tax merge into this S corporation?

amended Ohio income tax returns (form IT 1040X, amended

form IT 1140 or amended form IT 4708).

Yes

If yes, the C corporation may be subject to the 2008 “exit tax,”

or the transferee S corporation may be subject to the 2008

2008

FT 1120S

pg. 3 of 4

Form Ft 1120s - Notice Of S Corporation Status - 2008 Page 3

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