Form 60 - North Dakota S Corporation Income Tax Bokklet - 2012 Page 7
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Instructions for
Multistate corporation
Do not enter on this line interest income
•
If the corporation conducted its trade or
from securities of the Federal Home Loan
Schedule K
business both within and without North
Mortgage Corporation (Freddie Mac), Federal
(Form 60, page 3)
Dakota during the tax year, complete
National Mortgage Association (Fannie
lines 1 through 14 of Schedule FACT.
Mae), or Government National Mortgage
Association (Ginnie Mae), nor from a federal
However, if all of the shareholders consist
All corporations must complete Schedule K.
income tax refund or repurchase agreement.
of only North Dakota resident individuals,
The purpose of this schedule is to show the
estates, and trusts, skip lines 1 through
Attach a statement identifying the specifi c
total amount of North Dakota adjustments,
13, and enter 1.000000 on line 14 of
securities from which the interest was
credits, and other items distributable to its
Schedule FACT.
derived.
shareholders. These items may be applicable
to the preparation of the shareholders’ North
For guidance on completing Schedule FACT,
Line 2
Dakota income tax returns.
see N.D.C.C. § 57-38.1 and N.D. Admin.
Renaissance zone exemption
Code § 81-03-09.
If the corporation is a partner in a North
Enter on this line the amount from Schedule
Dakota partnership, include on the applicable
RZ, Part 1, line 16. Attach Schedule RZ.
Instructions for
lines of Schedule K similar adjustments,
Line 3
credits, etc., received from the partnership
Schedule BG
New or expanding business income
as shown on the North Dakota Schedule K-1
exemption
(Form 60, page 2)
(Form 58) received from the partnership.
If the corporation qualifi ed for the new
An S corporation that is subject to the federal
Line 1
or expanding business income exemption
income tax on excess net passive income
Interest from U.S. obligations
under N.D.C.C. ch. 40-57.1, enter the
or built-in gains is subject to North Dakota
exempt portion of the corporation’s trade
Enter on this line interest income from U.S.
income tax on the same income and must
or business income. See N.D. Admin. Code
obligations and from securities the interest
complete Schedule BG.
§ 81-03-01.1-06 for guidance on calculating
of which is specifi cally exempted from state
the amount of the exempt income. Attach a
income tax by federal statute. Include the
Line 4
statement showing the calculation of the
portion of dividend income from a mutual
Apportionment factor
exempt income.
fund attributable to the fund’s investment in
Enter the amount from Schedule FACT,
the same kinds of securities.
Line 14.
Note: If all shareholders are residents of
North Dakota in a multistate corporation
Line 6 Worksheet (for Schedule BG)
and the corporation is required to complete
North Dakota net operating loss deduction
Schedule BG, complete Schedule FACT
1. Net recognized built-in gain from Form 60,
and enter the amount from Schedule FACT,
Schedule BG, line 2 ............................................................ 1 _________________
Line 14.
2. Apportionment factor from Schedule BG, line 4 ...................... 2 __.__ __ __ __ __ __
Line 6
3. North Dakota apportioned built-in gain.
North Dakota NOL deduction
Multiply line 1 by line 2 ....................................................... 3 _________________
If the corporation has always been an S
4. Accumulated North Dakota net
corporation, enter zero on this line. However,
operating loss as of the end of the
if a corporation changed from a C corporation
last tax year as a C corporation.
to an S corporation under an election fi rst
Enter as a positive number ..................4 _________________
made on or after January 1, 1987, it may
5. Portion of line 4 that was previously
carry forward an unused North Dakota net
deducted for North Dakota income tax
operating loss incurred while a C corporation
purposes by the corporation.
Enter as a positive number ..................5 _________________
and deduct it from the apportioned built-in
gain subject to North Dakota tax. Complete
6. Remaining North Dakota net operating loss.
the Line 6 Worksheet on this page to
Subtract line 5 from line 4. If less than zero, enter -0- ........... 6 _________________
calculate the amount to enter on Schedule
7. North Dakota net operating loss deduction. Enter smaller of
BG, line 6. Attach a copy of the worksheet to
line 3 or line 6. Enter result on Schedule BG, line 6 ................ 7 _________________
Form 60.
2012 Corporation Tax Rate Schedule
If the amount on
Schedule BG, line 7 is:
The tax is equal to:
Over
But not over
$
0
$
25,000 ...................................... 1.68% of the amount on line 7
25,000
50,000 ...... $
420.00 +
4.23% of the amount over $ 25,000
50,000 ................................ 1,477.50 +
5.15% of the amount over
50,000
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