Fillable Schedule M2mt - Alternative Minimum Tax

2013 Schedule M2MT Instructions

Who Must File

• casualty losses deducted on prop e rty

Electing Small Business Trust

outside Minnesota,

Schedule M2MT

(ESBT) Alternate Instructions

• losses deducted on the operation of a

If you were required to complete federal

(using Schedule M2SB)

farm outside Minnesota,

Schedule I, Alternative Minimum Tax, or

• out-of-state losses from partnerships,

If you are completing Schedule M2MT

if the income shown on line 5, column A

S corporations and other fiduciaries,

for the S Portion of an Electing Small

of this schedule is more than $35,510, you

Business Trust (ESBT), check the box at

must complete Schedule M2MT and include

• losses deducted on the operation of a

the top of Schedule M2MT and use these

it when you file your Minnesota Form M2,

trade or business from sources out side

alternate instructions for the referenced

Income Tax Return for Estates and Trusts.

Minnesota, and

lines:

• losses deducted on the sale or other dis-

Line Instructions

position of stocks, bonds, securi ties and

Line 1

other intangible property by nonresident

Round amounts to the nearest whole dollar.

Under column A, enter the Federal

estates and trusts.

alternative minimum taxable income

For lines 1 through 5, column A, enter the

determined for the S Portion of the ESBT.

total amounts that are apportioned to the fi-

Line 3

include the federal computation when

duciary. Under column B, enter the income

Of the total amount of additions allocated

you file Form M2 and Schedules M2SB

amounts that are from Minnesota sources.

to the fiduciary (line 4 of Form M2), deter-

and M2MT. Under column B, enter the

mine the portion that is from lines 25, 28,

Line 1

amount assignable to Minnesota.

29, 31, 32 and 33 of Form M2.

Under column A, enter the amount from

Line 3

line 29 of federal Schedule I. Under column

Subtract any private activity bond interest

Enter the total of lines 12, 15, 16, 18, 19,

B, enter the amount assignable to Minne-

shown as a tax preference item on federal

and 20 of Schedule M2SB. Subtract any

sota.

Schedule I, but only to the extent the inter-

private activity bond interest used in the

est was from non-Minnesota source bonds.

Line 2

determination of the S Portion’s federal

Enter the result of these additions under

Direct expenses should be allocated to the

alternative minimum taxable income, but

column A. Enter the amount assignable to

income to which it is associated. Indirect

only to the extent the interest was from

Minnesota in column B.

expenses should be allocated to each class

non-Minnesota source bonds. Enter the

of income in the proportion that each class

result of these additions under column A.

Line 5

Enter the amount assignable to Minne-

of income bears to the total income. Only

Of the total amount of subtractions al-

sota in column B.

those expenses that relate to the non-Min-

located to the fiduciary (line 6 of Form M2),

nesota income should be added back on line

determine the portion that is from lines

Line 5

2 of Form M2MT.

35-42 of Form M2.

Enter the total of lines 22-29 of Schedule

Deductions not allowed by Minnesota.

M2SB. Enter the result in column A. En-

Enter the result in column A. Enter the

Interest and other expenses deducted on

ter the amount assignable to Minnesota

amount assignable to Minnesota in column

your federal return which relate to income

in column B.

or gains from non-Minnesota sources must

be added to your taxable income.

Line 16

Line 7

Enter the total tax from line 9 of Schedule

This ratio gives you the percentage of all

Include administration fees and ex penses,

M2SB.

sources of alternative minimum taxable

interest, taxes, depletion and other deduc-

income that is assigned to Minnesota.

tions (including the chari table deduction)

Line 17

that are connected with or al lowed against

Subtract line 16 from line 15 (if result is

Line 8

income or gains not taxed by Minnesota.

zero or less, enter 0). Also enter the result

This is the statutory maximum exclusion

An example of this would be expenses

on line 10 of Schedule M2SB.

that is allowed for estates and trusts.

incurred in connection with a probate

proceeding in another state. [M.S. 290.17,

Line 9

subd. 1(b)].

This is the statutory base income amount

Losses not allowed by Minnesota. In-

that is allowed for estates and trusts to limit

clude your total losses from non-Minnesota

or reduce the exclusion.

sources to the extent the losses are deducted

in determining your federal taxable income

or loss.

Common examples of losses to include on

line 2 are:

• losses deducted on the sale or other

disposition of real or tangible property

outside Minnesota,

Schedule M2mt - Alternative Minimum Tax - 2013 Page 2

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