Forms 4907 To 4910 - Michigan Corporate Income Tax For Financial Institutions - 2014 Page 23
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28complete one copy of Part 2B for each financial institution in the
an entity will be included and reported on the return (or on
the copy of Form 4910) filed by the entity’s owner, as if that
UBG whose net capital is reported on this return. Note that an
entity that would otherwise be a standard member but is owned
activity was conducted directly by the owner.
by and unitary with a financial institution is defined by statute to
Line 11: If this member has nexus with Michigan, check this
be a financial institution. If a financial institution member (other
box.
than the DM) has two or more federal tax periods ending with or
Line 12: This line does not apply to the first CIT return filed
within the filing period of this return, use a separate copy of Part
2B for each of that member’s federal periods.
by this UBG. For subsequent tax periods, check this box if this
member was not included in the UBG’s preceding CIT return.
Line 6: List the member’s tax year, for federal income tax
Line 13: Check if this member is a member of the UBG
purposes, from which business activity is being reported on
by virtue of an affiliated group election. In the Form 4908
this copy of Part 2B.
instructions, see the “Public Act 266 of 2013” section and
Line 7: If due to acquisition or disposition the control test and
the instructions for line 8a for further explanation of that
relationship test were not both satisfied for this member’s entire
election. If this checkbox is checked, line 8a on Form 4908
federal tax year, enter the beginning and ending dates of the
MUST contain a date.
period within this member’s federal tax year during which both
tests were satisfied. If this member is part of a UBG based on
Franchise Tax Base
the affiliated group election, and was not a member of the UBG
The following tax base calculation involves a five-year average
for this member’s entire federal tax year, enter the beginning
of net capital. Enter data from the current year and four most
and ending dates of the period within this member’s federal tax
recent CIT and Michigan Business Tax (MBT) tax years to
year during which the control test was satisfied. These dates
complete the five-year table. For purposes of this table, treat a
constitute a short tax period for CIT purposes, even if there is
partial year as a full year. If the current and four preceding tax
no corresponding short federal tax period. This member must
years include any short periods, the years printed in column
prepare a pro forma federal return calculation for the portion of
headings for this part will not apply accurately. For example,
its federal year during which it was a member of this UBG, and
assuming no short periods reported for federal purposes, a
financial institution with a fiscal year-end of August 31, 2015
use that pro forma calculation as the basis for reporting the tax
data required by Part 2B.
would average the net capital for the short state tax years (due
to the MBT-CIT transition) ending December 31, 2011 and
Line 8: Enter the taxpayer’s six-digit North American Industry
August 31, 2012, and the full tax years ending August 31, 2013,
Classification System (NAICS) code. For a complete list of six-
August 31, 2014, and August 31, 2015.
digit NAICS codes, see the U.S. Census Bureau Web site at
, or enter the same NAICS
NOTE: In completing the combined return, a member of a
code used when filing Schedule K of U.S. Form 1120.
unitary business group of financial institutions eliminates its
investment in the positive Equity Capital of other members
Line 9: Enter the date, if applicable, on which this member
of the same group. Eliminations occur to Equity Capital at
went out of existence. Examples include dissolution of an entity
the member level. Because each member of the group must
and a merger in which this member was not the surviving
compute the Net Capital tax base in accordance with GAAP,
entity. Include any event in which the FEIN ceases to be used
each member should represent a positive or zero Equity Capital
by this entity. If this member continues to exist, DO NOT
before Eliminations.
use this column to report that this member has stopped doing
business in Michigan. To complete the discontinuance for
Line 14: Enter equity capital as of the last day of this member’s
Michigan taxes, file Form 163, which is available at www.
filing period, as computed in accordance with generally
michigan.gov/treasuryforms.
accepted accounting principles. If the member does not
maintain its books and records in accordance with generally
Line 10: Identify the organization type of this member:
accepted accounting principles, net capital must be computed in
• Fiduciary (a decedent’s estate, and a Trust taxed federally
accordance with the books and records used by the member, so
as a Trust under Subchapter J of the IRC. A grantor Trust or
long as the method fairly reflects the member’s net capital for
“revocable living Trust” established by an Individual is not
purposes of this tax. Each member of the unitary group must
taxed as a separate entity, and is not within this Fiduciary
follow this rule in computing its tax base as part of the group.
category.);
Thus, the resulting unitary return for CIT may not exactly
• C Corporation (including an LLC, Trust, or other entity taxed
correlate to the group’s federal returns or consolidated GAAP
federally as a Corporation under Subchapter C of the IRC).
equity but will comply with the requirements of the CIT.
• S Corporation (including an LLC, Trust, or other entity taxed
Line 15: In completing the combined return, a member of a
federally as a Corporation under Subchapter S of the IRC).
unitary business group of financial institutions eliminates its
• Partnership (including an LP, LLP, LLC, Trust, or any other
investment in the positive Equity Capital of other members of
entity taxed federally as a Partnership).
the same group. Eliminations occur to Equity Capital at the
member level.
NOTE: An entity that is disregarded for federal income tax
Enter on this line the member’s investment in the positive
purposes also will be disregarded for Michigan CIT purposes.
Therefore, as with the federal treatment, the activity of such
Equity Capital of other members of the same group.
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