Form It-40 - Indiana Full-Year Resident Individual Income Tax Instruction Booklet - 2011 Page 16
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60Section 451(i)(3) of the IRC pertaining to special rule for sales or
*If you need to add this back for the 2010 tax year and have not yet
dispositions to implement Federal Energy Regulatory Commission
done so (either when you filed your 2010 tax return or by filing an
or state electric restructuring policy for qualified electric utilities.
amended return), you may do so now. Just enter code 329 on
(The federal amendment provides that the sale or other disposition
Schedule 1 under line 7 if reporting this add-back for the 2010 tax year.
of property used by a qualified electric utility to an independent
transmission company will allow the electric utility to elect to
Qualified preferred stock add-back
113
recognize gain from the transaction ratably over an eight year period
You may have had a loss from the sale or exchange of preferred stock
beginning in the year of the sale if the amount realized from the sale is
in:
used to purchase exempt utility property within the applicable period.
•
The Federal National Mortgage Association, established under the
This amortization is disallowed for Indiana purposes for 2010 and
Federal National Mortgage Association Charter Act (12 U.S.C.
2011).
1716 et seq.), or
•
The Federal Home Loan Mortgage Corporation, established
Enter code 135 on Schedule 1 under line 7 if reporting this add-back
under the Federal Home Loan Mortgage Corporation Act (12
for the 2011 tax year.
U.S.C. 1451 et seq.).
*If you need to add this back for the 2010 tax year and have not yet
If you treated this as an ordinary loss under Section 301 of the
done so (either when you filed your 2010 tax return or by filing an
Emergency Economic Stabilization Act of 2008 in the current taxable
amended return), you may do so now. Just enter code 335 on
year or in an earlier taxable year, add an amount equal to the amount
Schedule 1 under line 7 if reporting this add-back for the 2010 tax year.
of adjusted gross income that would have been computed had the loss
not been treated as an ordinary loss.
Qualified environmental remediation costs add-back
121 (321 for 2010*)
Enter code 113 on Schedule 1 under line 7 if reporting this add-back.
If you claimed a deduction for qualified environmental remediation
Qualified refinery property add-back
111
costs under Section 198 of the Internal Revenue Code, add the amount
necessary to make your adjusted gross income (AGI) equal to the
If you made an election under Section 179C of the IRC to expense
amount of AGI that would have been computed had the deduction not
costs for qualified refinery property, add the amount necessary to
been claimed.
make your adjusted gross income (AGI) equal to the amount of AGI
that would have been computed had the election not been made for
Enter code 121 on Schedule 1 under line 7 if reporting this add-back
that year.
for the 2011 tax year.
Enter code 111 on Schedule 1 under line 7 if reporting this add-back.
*If you need to add this back for the 2010 tax year and have not yet
done so (either when you filed your 2010 tax return or by filing an
Qualified restaurant property add-back
108
amended return), you may do so now. Just enter code 321 on
If you placed qualified restaurant property in service during the year
Schedule 1 under line 7 if reporting this add-back for the 2010 tax year.
that was classified as 15-year property under Section 168(e)(3)(E)(v)
of the IRC, add the amount necessary to make your adjusted gross
Qualified film or television production add-back 112
income (AGI) equal to the amount of AGI that would have been
If you made an election under Section 181 of the IRC to expense costs
computed had the classification not applied to the property in the year
for a qualified film or television production tax purposes, add the
that it was placed in service.
amount necessary to make your adjusted gross income (AGI) equal to
the amount of AGI that would have been computed had the election
Enter code 108 on Schedule 1 under line 7 if reporting this add-back.
not been made for that year.
Qualified retail improvement property add-back 109
Enter code 112 on Schedule 1 under line 7 if reporting this add-back.
If you placed qualified retail improvement property in service during
the year that was classified as 15-year property under Section 168(e)
Qualified leasehold improvement property
add-back
(3)(E)(ix) of the IRC, add the amount necessary to make your adjusted
129 (329 for 2010*)
gross income (AGI) equal to the amount of AGI that would have been
computed had the classification not applied to the property in the year
If you excluded income because of qualified leasehold improvement
that it was placed in service.
property (as provided in Section 168(e)(3)(E)(iv) of the Internal
Revenue Code) placed into service in the taxable year, add the amount
Enter code 109 on Schedule 1 under line 7 if reporting this add-back.
of income excluded so that your adjusted gross income (AGI) is
equal to the amount of AGI that would have been figured without the
Qualified transportation fringe expenses
add-back
exclusion.
127 (327 for 2010*)
Enter code 129 on Schedule 1 under line 7 if reporting this add-back
If you excluded any income as a result of qualified transportation
for the 2011 tax year.
fringe provided by an employer, add the amount, if any, of excluded
Page 16
IT-40 Booklet 2011
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