Instructions For Form M2 - Minnesota Income Tax For Estates And Trusts (Fiduciary) - 2017 Page 8
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14Lines 37–41
Line 36
Worksheet for Line 37
State Income Tax Refunds
If you claimed bonus depreciation as an addition on your 2012 Form M2:
Income tax refunded by Minnesota or any
1 Portion of lines 28 and 29 of your 2012 Form M2 allocated
other taxing jurisdiction that was included
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
as income on the federal return is not taxed
2 Net operating loss generated for tax year 2012 (line 25, Schedule A of
by Minnesota. [M.S. 290.01, subd. 19b(2)]
2012 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . 2
Line 37
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Federal Bonus Depreciation Subtraction
4 Multiply step 3 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
You may be able to reduce your taxable
If you claimed bonus depreciation as an addition on your 2013 Form M2:
income if you:
5 Portion of lines 28 and 29 of your 2013 Form M2 allocated
• deducted bonus depreciation on your
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2012 through 2016 federal return, and
6 Net operating loss generated for tax year 2013 (line 25, Schedule A of
• reported 80 percent of the federal bonus
depreciation as an addition to income on
2013 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . 6
your 2012 through 2016 Form M2, or
7 Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
• received a federal bonus depreciation
8 Multiply step 7 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
subtraction in 2017 from another estate or
If you claimed bonus depreciation as an addition on your 2014 Form M2:
trust.
9 Portion of lines 28 and 29 of your 2014 Form M2 allocated
To determine the amount, see Worksheet for
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Line 37.
10 Net operating loss generated for tax year 2014 (line 25, Schedule A of
Line 38
2014 federal Form 1045). Enter as a positive number . . . . . . . . . . . . 10
11 Subtract step 10 from step 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Subtraction Due to Federal Changes Not
12 Multiply step 11 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Adopted by Minnesota
Enter the amount of any subtraction from
If you claimed bonus depreciation as an addition on your 2015 Form M2:
federal taxable income that is required when
13 Portion of lines 28 and 29 of your 2015 Form M2 allocated
you recompute your federal taxable income
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
without regard to provisions included in
14 Net operating loss generated for tax year 2015 (line 25, Schedule A of
the federal Disaster Tax Relief and Airport
2015 federal Form 1045). Enter as a positive number . . . . . . . . . . . 14
and Airway Extension Act of 2017 (Pub. L.
15 Subtract step 14 from step 13 (if zero or less, enter 0) . . . . . . . . . . . 15
115-63), and Tax Cuts and Jobs Act (Pub. L.
16 Multiply step 15 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
115-97) (see Federal Adjustments for Busi-
If you claimed bonus depreciation as an addition on your 2016 Form M2:
nesses on page 10).
17 Portion of lines 28 and 29 of your 2016 Form M2 allocated
Line 39
to fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Subtraction for Prior Addback of Reacqui-
18 Net operating loss generated for tax year 2016 (line 25, Schedule A of
sition of Indebtedness Income
2016 federal Form 1045). Enter as a positive number . . . . . . . . . . . 18
If you included in this year’s federal tax-
19 Subtract step 18 from step 17 (if zero or less, enter 0) . . . . . . . . . . . 19
able income any discharge of indebtedness
20 Multiply step 19 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
income from reacquisition of business debt
which you elected to defer federally in a
If you received a subtraction in 2017 from an estate or trust:
prior year, enter that amount on line 39.
21 Total of any bonus depreciation subtraction amounts you received
as a beneficiary of an estate or trust (from line 13 of Schedule KF)
21
Line 41
Total subtraction
Net Operating Loss (NOL) from 2008 or
22 Add steps 4, 8, 12, 16, 20, and 21.
2009
Enter here and on line 37 of Form M2 . . . . . . . . . . . . . . . . . . . . . . . . . 22
Minnesota did not adopt the provisions of
the Worker, Homeownership, and Business
Assistance Act of 2009 (WHBA). If you
chose this federal option, you are limited on
your Minnesota return to a carryback period
of two years preceding the loss.
On line 41, enter the amount you are
carrying forward for 2017 for Minnesota
purposes.
For complete information on how to
determine line 41 and any amount to carry
forward, go to our website at
state.mn.us.
Continued
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