Form 2147 - South Dakota Franchise Tax On Financial Institutions Page 2

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Income And Adjustment Schedule

Federal Income

Taxable income before net operating loss and special deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

*1120 S- page 1, line 21

1065 page 1, line 22

1040 page 1, line 12 or Schedule C, line 31

Less (a) net operating loss (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2a

(b) special deductions (Federal Schedule I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b

$0.00

Taxable Income (Line 1 less Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

(In certain cases Line 3 may not be less than 0. See Instruction S.)

State Additions

Net operating or capital losses incurred prior to July 1, 1978 (H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Interest and dividends from state and municipal obligations (I) . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . . 5

*1120 S- Schedule M-1, line 5a

1065 - Schedule M-1, line 6a

State income, franchise or privilege taxes paid or accrued (J) [attach schedule]. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Bad debts recoveries (K,L) [attach schedule] . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Bad debts deducted on Federal return (K,L) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Federal income tax refund (M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

10. Dividends received from other corporations (N)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

11. “Net Income” of cash over accrual method of accounting (T) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

12. Capital loss to be included pursuant to SDCL 10-43-10.2(9) (U) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

$0.00

13. Total - Add lines 3 through 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

State Deductions

14. Bad debts ascertained to be worthless and charged off (K,L) [attach schedule] . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

15. Federal income taxes paid or accrued (O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

16. Interest and dividends prohibited from state taxation [attach schedule and give authority] (P) . . . . . . . . . . . . . . .16

17. Dividends from financial institutions subject to taxation under SDCL 10-43 (Q) . . . . . . . . . . . . . . . . . . . . . . . . . 17

18. Additional depreciation expenses (R) Section 179 [attach schedule] . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . 18

19. Interest expense disallowed for Federal purposes by IRC Sections 265(b) & 291(e)(1)(B ). . . . . . . . . . . . . . . . . . 19

20. “Net Income” of accrual over cash method of accounting (V) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

21. Meal and entertainment expense disallowed under SEC.274(N) of IRC(W) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

*1120 S- Schedule M-1 line 3b.

1065 Schedule M-1, line 4b

1040 Schedule C, line 24b

22. Capital gain to be deducted pursuant to SDCL 10-43-10.3(8)(X) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

23. Bad debt reserve adjustments added pursuant to Sec. 585(c) of IRC

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 __________________

$0.00

24. Total - Add Lines 14 through 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

25. Net Income after adjustments - Line 13 minus Line 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

$0.00

If all income is derived from sources within this state, transfer amount of line 25, page 2 to line 1, page 1. If income is derived from

sources within and without this state, complete the apportionment schedule on page 4.

*This is an indication of where, on the Federal Income Tax return, the information may be found. This is a reference guide only.

Questions should be directed to your tax preparer.