Instructions For Form M2 - Minnesota Income Tax For Estates And Trusts (Fiduciary) - 2016 Page 8
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13Lines 37–42
Line 37
Worksheet for Line 37
Federal Bonus Depreciation Subtraction
If you claimed bonus depreciation as an addition on your 2011 Form M2:
You may be able to reduce your taxable
1 Portion of lines 28 and 29 of your 2011 Form M2 allocated
income if you:
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
• deducted bonus depreciation on your
2 Net operating loss generated for tax year 2011 (line 25, Schedule A of
2011 through 2015 federal return, and
2011 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 2
• reported 80 percent of the federal bonus
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
depreciation as an addition to income on
4 Multiply step 3 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
your 2011 through 2015 Form M2, or
• received a federal bonus depreciation
If you claimed bonus depreciation as an addition on your 2012 Form M2:
subtraction in 2016 from another estate or
5 Portion of lines 28 and 29 of your 2012 Form M2 allocated
trust.
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
To determine the amount, see Worksheet for
6 Net operating loss generated for tax year 2012 (line 25, Schedule A of
Line 37.
2012 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 6
7 Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Line 39
8 Multiply step 7 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Subtraction for Prior Addback of Reac-
quisition of Indebtedness Income
If you claimed bonus depreciation as an addition on your 2013 Form M2:
If you included in this year’s federal tax-
9 Portion of lines 28 and 29 of your 2013 Form M2 allocated
able income any discharge of indebtedness
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
income from reacquisition of business debt
10 Net operating loss generated for tax year 2013 (line 25, Schedule A of
which you elected to defer federally in a
2013 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 10
prior year, enter that amount on line 39.
11 Subtract step 10 from step 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Line 41
12 Multiply step 11 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Net Operating Loss (NOL) from 2008 or
If you claimed bonus depreciation as an addition on your 2014 Form M2:
2009
13 Portion of lines 28 and 29 of your 2014 Form M2 allocated
Minnesota did not adopt the provisions of
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
the Worker, Homeownership, and Business
14 Net operating loss generated for tax year 2014 (line 25, Schedule A of
Assistance Act of 2009 (WHBA). If you
2014 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 14
chose this federal option, you are limited
15 Subtract step 14 from step 13 (if zero or less, enter 0) . . . . . . . . . . . . . 15
on your Minnesota return to a carryback
16 Multiply step 15 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
period of two years preceding the loss.
If you claimed bonus depreciation as an addition on your 2015 Form M2:
On line 41, enter the amount you are
carrying forward for 2016 for Minnesota
17 Portion of lines 28 and 29 of your 2015 Form M2 allocated
purposes.
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
18 Net operating loss generated for tax year 2015 (line 25, Schedule A of
For complete information on how to
determine line 41 and any amount to carry
2015 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 18
forward, go to our website at
19 Subtract step 18 from step 17 (if zero or less, enter 0) . . . . . . . . . . . . . 19
state.mn.us.
20 Multiply step 19 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
If you received a subtraction in 2016 from an estate or trust:
21 Total of any bonus depreciation subtraction amounts you received
as a beneficiary of an estate or trust (from line 12 of Schedule KF) . . 21
Total subtraction
22 Add steps 4, 8, 12, 16, 20, and 21.
Enter here and on line 37 of Form M2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Continued
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