Form It-204 - Partnership Return - 2012 Page 2

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Page 2 of 8 IT-204 ( 2012 )

Section 2 – Federal ordinary business income (loss)

Part 1 – Income from federal Form 1065

1a Merchant card and third party payments (including

amounts reported on Form 1099-K) .................................. 1a

1b Gross receipts or sales not reported on line 1a .................... 1b

1c Total (

....................................................... 1c

add lines 1a and 1b)

2 Returns and allowances plus any other adjustments to line 1a ..

3 Subtract line 2 from line 1c ...........................................................................................................

4 Cost of goods sold .......................................................................................................................

5 Gross profit

............................................................................................

(subtract line 4 from line 3)

6 Ordinary income (loss) from other partnerships, estates, and trusts

................

(submit statement)

7 Net farm profit (loss)

...........................................................

(submit federal Form 1040, Schedule F)

8 Net gain (loss) from federal Form 4797, Part II, line 17

........................

(submit federal Form 4797)

9 Other income (loss)

..........................................................................................

(submit statement)

10 Total income (loss)

...............................................................................

(combine lines 5 through 9)

Part 2 – Deductions from federal Form 1065

11 Salaries and wages (other than to partners) (less employment credits) ......................................

12 Guaranteed payments to partners ...............................................................................................

13 Repairs and maintenance ............................................................................................................

14 Bad debts .....................................................................................................................................

15 Rent ..............................................................................................................................................

16 Taxes and licenses .......................................................................................................................

17 Interest .........................................................................................................................................

18 Depreciation

.................. 18

(if required, submit federal Form 4562)

19 Depreciation reported on federal Form 1125-A

and elsewhere on return .................................................... 19

20 Subtract line 19 from line 18 ........................................................................................................

21 Depletion

.................................................................................

(do not deduct oil and gas depletion)

22 Retirement plans, etc ...................................................................................................................

23 Employee benefit programs .........................................................................................................

24 Other deductions

..............................................................................................

(submit statement)

25 Total deductions

....................................................

(add lines 11 through 17 and lines 20 through 24)

26 Ordinary business income (loss)

.......................................................

(subtract line 25 from line 10)

Section 3 – Cost of goods sold

(from federal Form 1125-A; see instructions)

27 Inventory at beginning of year ......................................................................................................

28 Purchases ....................................................................................................................................

29 Cost of labor .................................................................................................................................

30 Additional IRC section 263A costs

....................................................................

(submit statement)

31 Other costs

.......................................................................................................

(submit statement)

32 Total

.........................................................................................................

(add lines 27 through 31)

33 Inventory at end of year ...............................................................................................................

34 Cost of goods sold

.............................................................................

(subtract line 33 from line 32)

35 Methods used for valuing closing inventory

(mark an X in applicable boxes)

Cost

Lower of cost or market

Other

(specify method used and explain)

36 Was there a writedown of subnormal goods? ........................................................................................................ Yes

37a Was LIFO inventory method adopted this tax year for any goods?

...................... Yes

(If Yes, submit federal Form 970.)

37b If the LIFO inventory method was used for this tax year, enter the amount of closing inventory

computed under LIFO ............................................................................................................... 37b

38 Do the rules of IRC section 263A (for property produced or acquired for resale) apply to the partnership? ........ Y es

39 Was there any change in determining quantities, cost, or valuations between opening and closing inventory? ..... Y es

If Yes, explain

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