Schedule Kpc - Partner'S Share Of Income, Credits And Modifications - 20166 Page 3
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4Schedule KPC Instructions 2016
Corporation and partnership partners’ use of information provided on Schedule KPC .
Purpose of Schedule KPC
Line Instructions
Line 6—Expenses Attributable to
Exempt Income
Schedule KPC is a supplemental schedule
Line 1—Nonapportionable Minnesota
C corporations: Not applicable.
for partners who are corporations or part-
Source Income
C corporations: Include this amount on
nerships.
S corporations: Pass this information
Form M4T, line 4.
through, pro rata, to shareholders on Sched-
The partnership listed on the front of this
ule KS, line 3.
schedule has provided you with a completed
S corporations: Use this amount to help
schedule that reflects your specific share
determine your Minnesota taxable income.
Partnerships: Schedule KPI, line 3, or KPC,
of the partnership’s income, credits and
line 6.
Partnerships: Use this amount to help deter-
modifications. You will need this informa-
mine your Minnesota taxable income.
Line 7—Section 179 Expensing
tion to complete Form M4, Corporation
C corporations: Include this amount on the
Franchise Tax Return, Form M8, S Corpo-
Line 2—Total Nonapportionable Income
appropriate line in the worksheet for Form
ration Return, or Form M3, Partnership
C corporations: Include this amount on
M4I, line 2i. Enclose a copy of this schedule
Return, and you must include this schedule
Form M4I, line 8.
with Form M4.
when you file your return. If the schedule is
S corporations: Not applicable.
not included, the department will disallow
S corporations: Pass this information
any credits and assess the tax or reduce your
Partnerships: Pass this information through,
through, pro rata, to shareholders on Sched-
refund.
pro rata, to any corporate or partnership
ule KS, line 4.
partners on Schedule KPC, line 2. This line
These instructions are intended to help
Partnerships: Schedule KPI, line 4 or KPC,
does not apply to individual, estate or trust
you report your share of the partnership’s
line 7.
partners.
income, credits and modifications on your
Line 8—Federal Bonus Depreciation
Minnesota return.
Line 3—Partnership’s Minimum Fee
C corporations: Include this amount on
C corporations: Include this amount on
There may be other items that a corporate
Form M4I, line 2a.
Form M4I, line 2g. Enclose a copy of this
partner would need to know in order to
schedule with Form M4.
S corporations: Not applicable.
complete its corporate franchise tax return.
If applicable, the partnership should pass
S corporations: Pass this information
Partnerships: Pass this amount through,
that information through to you.
through, pro rata, to shareholders on Sched-
pro rata, on Schedule KPC, line 3, to your
ule KS, line 5.
If you received an amended Schedule KPC
corporate and partnership partners. Line 3
from the partnership and your income or
does not apply to individual, estate or trust
Partnerships: Schedule KPI, line 5, or KPC,
deductions have changed, you must file an
partners.
line 8.
amended Minnesota return.
Line 4—Exempt Interest Income
Line 9—Fines, Fees and Penalties
To file an amended return, use:
C corporations: Include this amount on
C corporations: Include this amount on
Form M4I, line 2c.
Form M4I, line 2j. Enclose a copy of this
• Form M4X, Amended Franchise Tax
schedule with Form M4.
Return, if you are a corporate partner;
S corporations: Pass this information
through, pro rata, to shareholders on Sched-
S corporations: Pass this information
• Form M8X, Amended S Corporation Re-
ule KS, line 1. Exclude any interest income
through, pro rata, to shareholders on Sched-
turn, if you are an S corporation partner;
from Minnesota state and municipal bonds.
ule KS, line 6.
or
Partnerships: Pass this information through,
• Form M3X, Amended Partnership Return,
Partnerships: Schedule KPI, line 6, or KPC,
pro rata, to partners on Schedule KPI, line 1,
if you are a partnership partner.
line 9.
or KPC, line 4.
Line 11—Net Interests on U.S. Bonds
Sale of a Partnership Interest
Line 5—State Income Tax Deducted
C corporations: Not applicable
C corporations: Include this amount on
Income from the sale of a partnership
S corporations: Pass this information
Form M4I, line 2a.
interest by an entity that is domiciled in
through, pro rata, to shareholders on Sched-
another state is assignable to Minnesota. To
S corporations: Pass this information
ule KS, line 8.
determine the amount assigned to Minne-
through, pro rata, to shareholders on Sched-
Partnerships: Schedule KPI, line 8, or KPC,
sota, divide the original cost of the partner-
ule KS, line 2.
line 11.
ship’s tangible property within Minnesota
Partnerships: Pass this information through,
by the original cost of all tangible property
pro rata, to partners on Schedule KPI, line 2,
of the partnership. If you don’t have these
or KPC, line 5.
numbers, contact the partnership.
If more than 50 percent of the value of the
partnership’s assets are intangibles, the gain/
loss is allocated to Minnesota using the
partnership’s prior year sales factor.
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Continued
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