Schedule K Individual - Industry Or Business Income - Government Of Puerto Rico - 2011
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1Schedule K Individual
INDUSTRY OR BUSINESS INCOME
2011
Rev. Mar 9 12
Taxable year beginning on _________________, _____ and ending on ________________, _____
Taxpayer's name
Social Security Number
Part I
Questionnaire
Date operations began:
65
Fill in here if this is your
Day_____ Month_____ Year_____
Employer Identification Number
Number of employees
Industry or Business Income (fill in one):
principal industry or
Fully Taxable
(01)
1
2
Taxpayer
Spouse
business
Tax Incentives under:
Merchant's Registration Number
(02)
Location of Industry or Business - Number, Street and City
Act No. 26 of 1978
(03)
Act No. 8 of 1987
(04)
Act No. 148 of 1988
(05)
Act 78-1993
(06)
Case or Concession Number
Act 75-1995
(07)
Act 14-1996
(08)
Act 135-1997
(09)
Act 362-1999
(10)
Act 178-2000
Code
Nature of industry or business (i.e. hotel, rent of equipment, etc.)
Industrial Code
(11)
Act 73-2008
(12)
Act 83-2010
Indicate if you claimed expenses related to the ownership, use, maintenance and depreciation of the following concepts (fill in as applicable). Also, indicate if the business derived
more than 80% of the total income from activities related exclusively to fishing, passenger or freight transportation or leasing in the case of vessels, passenger or freight transportation
or leasing in the case of airships, or leasing of property to non related persons in the case of residential property outside of Puerto Rico.
Concept
Indicate if you claimed expenses
Indicate if you derived 80% or more of the income from this activity
1 automobiles
Yes
No
Yes
No
Yes
No
Yes
No
2 vessels
3 airships
Yes
No
Yes
No
4 residential property outside of Puerto Rico
Yes
No
Yes
No
Part II
Determination of Gain or Loss
71
1.
Net sales ...........................................................................................................................................................................
(01)
00
2.
Cost of goods sold or direct costs of production:
00
a)
Beginning inventory ......................................................................................................
(02)
00
b)
Plus: Purchases ..........................................................................................................
(03)
c)
00
Direct salaries ..............................................................................................................
(04)
d)
00
Other direct costs .........................................................................................................
(05)
00
e)
Total (Add lines 2(a) through 2(d))...................................................................................
(06)
00
f)
Less: Ending inventory .................................................................................................
(07)
g)
TOTAL COST OF GOODS SOLD (Subtract line 2(e) from line 2(f)) ....................................................................................
00
(08)
3.
Gross income (Subtract line 2(g) from line 1)) .............................................................................................................................
00
(09)
4.
Income earned through corporation of individuals, partnerships and special partnerships ……..............................................…....……
00
(10)
5.
Less: Operating expenses and other costs (Detail in Part III) .....................................................................................
00
(11)
6.
Net income (Subtract line 5 from the sum of lines 3 and 4) .................................................................................................................
00
(12)
7.
Less: Net operating loss from previous years (Submit schedule, see instructions) ..........................................................................
00
(13)
8.
Adjusted net income .............................................................................................................................................................
00
(14)
9.
Less exempt amount: _______%
of line 8 (See instructions) ..................................................................................
00
(15)
10.
Gain (or loss) (Transfer the total to page 2, Part 1, line 2 I of the return or line 3 I, Column B or C of Schedule CO Individual,
as applicable. If it is a loss, see instructions. On the other hand, if it is a gain taxable at a reduced rate under an Incentives
Act, transfer the total to the corresponding Column of line 2(i) of Schedule A2 Individual, according to the tax rate applicable
to the gain)
..................................................................................................................................................................................
00
(20)
Part III
Operating Expenses and Other Costs
81
A. Expenses allowable against alternate basic tax:
00
1.
Salaries, commissions and allowances to employees .................................................................
(01)
2.
Payroll expenses ……………………..................................................................................….
00
(02)
3.
Medical or hospitalization insurance ……............................................................................….…
00
(03)
4.
Rent paid …………………………………............................................................................…….
00
(04)
5.
Property taxes ………………………...........................................................................………….
00
(05)
6.
Other taxes, patents and licenses …......................................................................………………
00
(06)
7.
Utilities ……………………………................................................................................…………
00
(07)
8.
Depreciation and amortization (Submit Schedule E) .....................................................................
00
(08)
9.
Federal self employment tax (See instructions) ….......................................................................
00
(09)
10.
Subtotal (Add lines 1 through 9) …............................................................................……………
(10)
00
B. Other deductions:
11.
Commissions to businesses …………………..........................................................…………
00
(11)
Contributions to pension plans ……....................................................………………………
00
12.
(12)
Contributions to deferred income plans …..............................………………………………
00
13.
(13)
Interest on business debts ..................................................……………………………..…
00
14.
(14)
Repairs…………………….........................…............................………………………………
00
15.
(15)
Motor vehicles expenses (Mileage ___________) (See instructions)….....................……………
00
16.
(16)
Insurance ………...............................................................……………………………………
00
17.
(17)
Advertising ............................................................……………………………………………
00
18.
(18)
00
19.
Travel expenses …….........................................................................…………………………
(19)
00
20.
Meal and entertainment expenses (Total expenses $_______________) (See instructions) ……........……….
(20)
00
21.
Professional services ……….....................................................................………………………
(21)
00
22.
Materials and supplies …………………...........................................................................………
(22)
00
23.
Bad debts ………………………………………………....................................................…………
(23)
24.
Other expenses (Submit detailed schedule) …............................................................……………
00
(24)
25.
Subtotal (Add lines 11 through 24) ………................................................................…………….
(25)
00
26.
Total (Add lines 10 and 25. Transfer to Part II, line 5 of this Schedule ) …............................………
(30)
00
Retention Period: Ten (10) years
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