Form Il-1120-St - Small Business Corporation Replacement Tax Return - 2011 Page 2
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4Step 2: Figure your ordinary income or loss
*132702110*
1
1
Ordinary income or loss, or equivalent from federal Schedule K.
_______________ 00
2
2
_______________ 00
Net income or loss from all rental real estate activities.
3
3
Net income or loss from other rental activities.
_______________ 00
4
4
Portfolio income or loss.
_______________ 00
5
5
Net IRC Section 1231 gain or loss from involuntary conversions due to casualty and theft.
_______________ 00
6
All other items of income or loss that were not included in the computation of income or loss on
6
Page 1 of U.S. Form 1120-S. See instructions. Identify:______________________________
_______________ 00
7
7
Add Lines 1 through 6. This is your ordinary income or loss.
_______________ 00
Step 3: Figure your unmodified base income or loss
8
8
Charitable contributions.
_______________ 00
9
9
Expense deduction under IRC Section 179.
_______________ 00
10
10
Interest on investment indebtedness.
_______________ 00
11
All other items of expense that were not deducted in the computation of ordinary income or loss on
11
Page 1 of U.S. Form 1120-S. See instructions. Identify: _______________________________
_______________ 00
12
12
Add Lines 8 through 11.
_______________ 00
13
13
Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss.
_______________ 00
Step 4: Figure your income or loss
14
14
Write the amount from Line 13.
_______________ 00
15
15
State, municipal, and other interest income excluded from Line 14.
_______________ 00
16
16
Illinois replacement tax deducted in arriving at Line 14.
_______________ 00
17
17
Illinois special depreciation addition. Attach Form IL-4562.
_______________ 00
18
18
Related-party expenses addition. Attach Schedule 80/20.
_______________ 00
19
19
Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.
_______________ 00
20
20
The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B.
_______________ 00
21
21
Other additions. Attach Illinois Schedule M (for businesses).
_______________ 00
22
22
Add Lines 14 through 21. This amount is your income or loss.
_______________ 00
Step 5: Figure your Illinois base income or net loss
23
23
Interest income from U.S. Treasury obligations or other exempt federal obligations.
_______________ 00
24
24
.
Share of income distributable to a shareholder subject to replacement tax. Attach Schedule B
_______________ 00
25
25
Enterprise Zone or River Edge Redevelopment Zone Dividend subtraction. Attach Schedule 1299-A.
_______________ 00
26
26
Enterprise Zone or River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-A.
_______________ 00
27
27
High Impact Business Dividend subtraction. Attach Schedule 1299-A.
_______________ 00
28
28
High Impact Business Interest subtraction. Attach Schedule 1299-A.
_______________ 00
29
29
Contribution subtraction. Attach Schedule 1299-A.
_______________ 00
30
30
Illinois Special Depreciation subtraction. Attach Form IL-4562.
_______________ 00
31
31
Related-party expenses subtraction. Attach Schedule 80/20.
_______________ 00
32
32
Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.
_______________ 00
33
33
Other subtractions. Attach Schedule M (for businesses).
_______________ 00
34
34
Total subtractions. Add Lines 23 through 33.
_______________ 00
35
35
Base income or net loss. Subtract Line 34 from Line 22.
_______________ 00
If the amount on Line 35 is derived inside and outside Illinois, complete Step 6; otherwise go to Step 7.
IL-1120-ST (R-12/11)
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