Form Tc-20 - Utah Corporation Franchise Or Income Tax Return Instructions - 2011 Page 10
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25Schedule A – Utah Net Taxable Income
and Tax Calculation Instructions
Line 1 – Unadjusted Income (Loss)
Line 15 – Utah Income (Loss) Before
Enter the federal taxable income or loss (before net
Utah Net Loss Deduction
operating loss deduction and special deductions) from
Add line 13 and line 14.
line 28 of your federal form 1120.
If there is a Utah net loss on line 15, the corporation must
If any member of the unitary group is a “controlling entity
carry the loss back to the three preceding years (subject
of a captive real estate investment trust,” include taxable
to the $1,000,000 limitation), unless an election was made
income from line 20 of each federal form 1120-REIT
to forego the federal loss carryback and carry the federal
on this line. A “controlling entity of a captive real estate
loss forward. If an election is made to forego the federal net
investment trust” is an entity that: (1) is treated as an
operating loss carryback, the federal election is considered
association taxable as a corporation under the Internal
made also for Utah tax purposes unless the corporation
Revenue Code; (2) is not exempt from federal income
makes a specifi c election to carry back the loss for Utah
tax under IRC §501(a); and (3) directly, indirectly or
purposes. Enter an “X” in the appropriate fi eld:
constructively holds more than 50 percent of the vot-
Yes, to forego the Utah net loss carryback
ing power or value of shares or benefi cial interests of
a captive real estate investment trust.
No, to treat the Utah net loss as a carryback
If neither box is X’d, the Utah net loss must be carried
Line 2 – Additions to Unadjusted Income
back to the earliest of the three preceding tax years. If
Enter the total additions from Schedule B, line 15.
not entirely used to offset income of that year, it must
be carried to the second year preceding the loss year.
Line 3 – Add line 1 and line 2
Any remaining loss must be carried to the taxable year
immediately preceding the loss year. Any remaining
Line 4 – Subtractions from Unadjusted Income
loss should be carried forward.
Enter the total subtractions from Schedule C, line 16.
Submit form TC-20L, Utah Application for Refund
Line 5 – Adjusted Income (Loss)
from a Corporation Loss Carryback, to claim any
Subtract line 4 from line 3.
refund resulting from a Utah net loss carryback.
Do not submit an amended return for the purpose
Line 6 – Nonbusiness Income Allocated to Utah
of claiming a loss carryback.
Enter the nonbusiness income allocated to Utah from
Schedule H, line 14.
Line 16 – Utah Net Loss Carried Forward
from Prior Years
Line 7 – Nonbusiness Income Allocated Out-
Losses incurred in years beginning on or after Jan. 1,
side Utah
1994, which remain after all carrybacks have been ap-
Enter the nonbusiness income allocated outside Utah
plied, may be carried forward for fi fteen taxable years
from Schedule H, line 28.
following the taxable year of the loss.
Line 8 – Total Nonbusiness Income
Attach documentation to the return to support the loss
Add line 6 and line 7.
amounts carried forward on Schedule A, line 16.
Line 9 – Apportionable Income Before
Line 17 – Net Utah Taxable Income (Loss)
Contributions Deduction
Subtract line 16 from line 15.
Subtract line 8 from line 5.
Line 18 – Calculation of Tax
Line 10 – Utah Contributions Deduction
Enter the greater of line 18a or line 18b.
Enter the amount of Utah contributions allowable for
Line 18a
the taxable year from Schedule D, line 6.
Multiply line 17 by 5% (.05). Do not enter an amount
Line 11 – Apportionable Income (Loss)
less than zero.
Subtract line 10 from line 9.
Line 18b
Line 12 – Apportionment Fraction (Decimal)
Enter the total minimum tax from Schedule M, line b.
If Schedule M does not apply, enter $100.
Enter 1.000000, or the fraction (decimal) from Schedule
J, line 9, 13 or 16, if applicable.
Line 19 – Interest on Installment Sales
Line 13 – Apportioned Income (Loss)
Generally, interest must be paid on the deferred tax
related to installment sales if the contract was entered
Multiply the apportionable income on line 11 by the
into on or after Jan. 1, 1994.
apportionment fraction on line 12.
The interest rate must be determined according to
Line 14 – Nonbusiness Income Allocated to Utah
IRC §453A. Enter the interest as an additional tax on
Enter the amount from line 6, above.
Schedule A, line 19.
Page 8
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