Forms 4907 To 4910 - Michigan Corporate Income Tax For Financial Institutions - 2014 Page 21
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28Instructions for Form 4910
Corporate Income Tax (CIT) Unitary Business Group
Combined Filing Schedule for Financial Institutions
○ A bank holding company, a national bank, a state
Purpose
chartered bank, a state chartered savings bank, a federally
The purpose of this form is to:
chartered savings association, or a federally chartered
farm credit system institution.
• Identify all members of a Unitary Business Group (UBG)
○ Any person, other than a person subject to the tax
that are reporting on this return.
imposed under Chapter 12 of the CIT Act (Insurance Tax),
• Gather tax return data for each member included in the
that is directly or indirectly owned by an entity described
financial institution’s combined return on a separate basis,
above and is a member of the UBG.
make appropriate eliminations, and determine combined UBG
○ A UBG of entities described in either or both of the
data for the tax return.
preceding two bullets.
NOTE: This is not the primary return. It is designed to support
NOTE: Because the definition of financial institution for CIT
the CIT Annual Return for Financial Institutions (Form 4908)
submitted on behalf of the UBG by the Designated Member
purposes includes any entity (except an insurance company)
(DM). Even if there is only one financial institution member in
that is owned by a bank or other entity (as described above) and
a UBG, that member must file this form in support of its Form
is a member of a UBG with its owner, this may cause an entity
that is not commonly thought of as a financial institution to be
4908.
treated as one for return filing purposes.
General Information About UBGs in CIT
To complete this form and prepare a combined return, the UBG
Unitary Business Group means a group of United States
must select a DM. For purposes of a combined return filed by
persons, other than a foreign operating entity, that satisfies
financial institution members of a UBG, Designated Member
the control test and relationship test. If an Affiliated Group
means a financial institution member that has nexus with
Election is made (see instructions for Form 4891), the UBG
Michigan and that will file the combined CIT return on behalf
also includes all members of the affiliated group, as defined
of all financial institution members of the UBG. If the financial
in IRC 1504 except that the group includes only US persons
institution member that owns or controls the other financial
(no foreign persons or foreign operating entities) that are
institution members has nexus with Michigan, that controlling
corporations, financial institutions or insurance companies that
member must serve as DM.
satisfy the control test and have made the election to file as a
UBG. Once the election is made, the Affiliated Group is treated
If that controlling member does not have nexus with Michigan,
it may appoint any financial institution member of the UBG
as a UBG for all purposes.
with nexus to serve as DM. That DM must continue to serve
United States person is defined in Internal Revenue Code (IRC)
as such every year, unless it ceases to be a UBG member or the
§ 7701(a)(30). A foreign operating entity is defined by statute in
controlling member attains Michigan nexus.
Michigan Compiled Laws (MCL) 206.607(3).
If a UBG is comprised of both standard members (not owned
For more information on UBGs, see the CIT Forms and
by and unitary with a financial institution in the UBG) and
Instructions for Standard Taxpayers (Form 4890), or
financial institutions, the UBG will have two DMs (one for the
go online to the Department of Treasury Web site at
standard members completing Form 4891 and related forms,
and one for the financial institution members completing Form
4908 and related forms).
Filing Procedures for UBGs
If this UBG also includes standard and/or insurance company
By definition, a UBG can include standard taxpayers,
members, those members will not report tax data on this form,
insurance companies, and financial institutions. Note that an
but will be listed as excluded affiliates in Part 3.
entity that would otherwise be standard but is owned by and
unitary with a financial institution is defined by statute to be a
Standard members will combine and report their data using CIT
financial institution. In some cases, however, not all members
Unitary Business Group Affiliates Excluded from the Return
of the UBG will be included on the same return. Financial
of Standard Taxpayers (Form 4896), CIT Data for Unitary
institution members file a combined return on Form 4908
Business Group Members (Form 4897), and CIT Annual Return
with Form 4910 filed in support.
(Form 4891).
NOTE: Insurance company members will file separately, using
Form 4910 is used to gather and combine data from each
financial institution member of the UBG to support the group’s
Insurance Company Annual Return for Corporate Income and
Form 4908 and related forms. This form must be completed
Retaliatory Taxes (Form 4905). Because insurance companies
before the group’s Form 4908 and related forms are completed.
always file separately, rather than on a combined return, there is
no CIT insurance form that serves a function similar to that of
Financial institutions include any of the following:
Forms 4897 and 4910.
19
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 4910 - Michigan Corporate Income Tax Unitary Business Group Combined Filing Schedule For Financial Institutions - 2014
Financial
Form 4910 - Michigan Corporate Income Tax Unitary Business Group Combined Filing Schedule For Financial Institutions - 2012
Financial
Related Categories
Parent category: Financial