Form Fit-20 - Financial Institution Tax Booklet - 2012 Page 8
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28The additional depreciation may be excluded in subsequent years
as 15-year property under Section 168(e)(3)(E)(v) of the
from the amounts to be added back on line 11B, or 11C when
IRC. (3-digit code: 108)
excess IRC Section 179 deduction or bonus depreciation was
•
Add back the deduction for qualified retail improvement
elected.
property. Enter an amount equal to the amount claimed
as a deduction for federal income tax purposes for
See Commissioner’s Directive #19, ,
qualified retail improvement property. The property must
for information on the allowance of depreciation for state tax
have been placed in service during the taxable year and
purposes.
have been classified as 15-year property under Section
168(e)(3)(E)(ix) of the IRC. (3-digit code: 109)
Line 11C. Enter your share of the IRC Section 179 adjustment
claimed for federal tax purposes that exceeds the amount
•
Add back the deduction for qualified disaster assistance
recognized for state tax purposes. Add or subtract the amount
property. Add or subtract an amount equal to the amount
necessary to make the adjusted gross income of the taxpayer that
claimed as a deduction for the special allowance for
placed any IRC Section 179 property in service in the current
qualified disaster assistance property under Section
taxable year or in an earlier taxable year equal to the amount of
168(n) of the IRC for federal income tax purposes.
adjusted gross income that would have been computed had an
(3-digit code: 110)
election not been made for the year in which the property was
placed in service to take deductions, as defined in IRC Section 179
•
Add back the deduction for qualified refinery property.
in a total amount exceeding $25,000.
Enter an amount equal to the amount claimed as a
deduction for expense costs for qualified refinery
Line 11D. Deduct the amount of income from qualified utility
property under Section 179C of the IRC for federal
and plant patents included in federal taxable income. Note: Use a
income tax purposes. (3-digit code: 111)
minus sign to denote the negative amount. For tax years beginning
after Dec. 31, 2007, this income is exempt from Indiana AGI. For
•
Add back the deduction for qualified film or television
more information, see Information Bulletin #104 at
production. Enter an amount equal to the amount
claimed as a deduction for expense costs for qualified film
or television production under Section 181 of the IRC for
Indiana adopted the former expensing limit provided by The
federal income tax purposes. (3-digit code: 112)
Jobs Creation and Workers Assistance Act of 2002 and has since
specified an expensing cap of $25,000. The additional depreciation
•
Add back the deduction for qualified preferred stock.
may be excluded in subsequent years from the amounts to be
Enter an amount equal to the amount claimed as
added back on line 6 when excess IRC Section 179 deduction or
a deduction for a loss from the sale or exchange of
bonus depreciation was elected.
preferred stock that was treated as an ordinary loss under
Section 301 of the Emergency Economic Stabilization Act
If line 11C’s amount is negative, use a minus sign.
of 2008 in the current taxable year or in an earlier taxable
year. (3-digit code: 113)
Lines 12A, B, C, and D. Total Addbacks
The stock must be preferred stock in one of the following:
Enter any addbacks and deductions on lines 12A through 12D.
o The Federal National Mortgage Association,
Enter the name of the addback/deduction, its 3-digit code, and its
established under the Federal National Mortgage
amount. Use a minus sign to denote a negative amount. Attach
Association Charter Act (12 U.S.C. 1716 et seq.);
additional sheets if necessary.
or
The following addbacks and deductions should be entered on lines
o The Federal Home Loan Mortgage Corporation,
12A through 12D:
established under the Federal Home Loan
Mortgage Corporation Act (12 U.S.C. 1451 et
•
Add back the deduction for deferral of business
seq.);
indebtedness discharge and reacquisition. Enter an
amount equal to the amount claimed as a deferral of
•
Add back the deduction for qualified environmental
income arising from business indebtedness discharged in
remediation costs. If you claimed a deduction for
connection with the reacquisition after Dec. 31, 2008, and
qualified environmental remediation costs under Section
before Jan. 1, 2011, of an applicable debt instrument (as
198 of the IRC, enter an amount equal to the amount
provided in Section 108(i) of the IRC), for federal income
claimed as a deduction. (3-digit code: 121)
tax purposes. (3-digit code: 107)
•
Add back the deduction for qualified advanced mine
•
Add back the deduction for qualified restaurant property.
safety equipment. If you claimed a deduction for the
Enter an amount equal to the amount claimed as a
expense of qualified advanced mine safety equipment
deduction for federal income tax purposes for qualified
under Section 179 of the IRC, enter an amount equal to
restaurant property. The property must have been placed
the amount claimed as a deduction. (3-digit code: 126)
in service during the taxable year and have been classified
8
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