Form 58 - Partnership Income Tax - 2013 (Page 7 of 35) in pdf

Item I

Do not enter on this line interest income

For guidance on how to complete lines 1

Publicly traded partnership

through 14 of Schedule FACT, see N.D.C.C.

from securities of the Federal Home Loan

If the partnership is a publicly traded

§ 57-38.1 and N.D. Admin. Code § 81-03-09.

Mortgage Corporation (Freddie Mac), Federal

partnership, mark the “Yes” circle. Otherwise,

National Mortgage Association (Fannie

mark “No.” A “publicly traded partnership” is

Instructions for

Mae), and Government National Mortgage

a partnership in which interests in it are either

Association (Ginnie Mae), nor from a federal

Schedule K

traded on an established securities market or

income tax refund or repurchase agreement.

are readily tradable on a secondary market.

Attach a statement identifying the speciﬁ c

(Form 58, page 3)

securities from which the interest was

Item J

derived.

Tiered partnership

All partnerships must complete Schedule K.

If the partnership holds an interest in one or

The purpose of this schedule is to show the

Line 4a

Renaissance zone exemption

more other partnerships or limited liability

total amount of North Dakota adjustments,

(Projects approved before 8/1/13)

companies, mark the “Yes” circle. Otherwise,

credits, and other items distributable to its

Enter on this line the amount from

mark “No.” If the “Yes” circle is marked,

partners. These items may be applicable to

Schedule RZ, Part 7, line 1c. Attach

the partnership must attach a statement to

the preparation of the partners’ North Dakota

Schedule RZ.

Form 58 on which it lists the name and

income tax returns.

federal employer identiﬁ cation number of

Line 4b

If the partnership is a partner in another North

each partnership or limited liability company

Renaissance zone exemption

Dakota partnership, include on the applicable

in which it holds an interest.

(Projects approved after 7/31/13)

lines of Schedule K the adjustments, credits,

Enter on this line the amount from

etc., shown on the North Dakota Schedule

Instructions for

Schedule RZ, Part 7, line 1h. Attach

K-1 (Form 58) received from the other

Schedule RZ.

Schedule FACT

partnership.

Line 5

(Form 58, page 2)

Line 1

New or expanding business income

Income from state, local, and

exemption

foreign securities and bonds

All partnerships must complete the applicable

If the partnership qualiﬁ ed for the new or

Enter on this line the total interest and

portions of Schedule FACT.

expanding business income exemption under

dividends from foreign securities and from

If the partnership has ONLY individual,

N.D.C.C. ch. 40-57.1, enter the exempt

securities (or bonds) of state and local

estate, and trust partners, complete

portion of the partnership’s business income.

governments exempt from federal income

Schedule FACT as follows:

See N.D. Admin. Code § 81-03-01.1-06 for

tax. Do not include interest income from

guidance on how to calculate the amount

securities (or bonds) issued by North Dakota

• 100% North Dakota partnership

of the exempt income. Attach a statement

or its political subdivisions. If any portion

If the partnership conducted all of its

showing the calculation of the exempt

of the non-North Dakota source income is

business within North Dakota during the

income.

treated as nonbusiness income subject to

tax year, skip lines 1 through 13 and enter

allocation under N.D.C.C. §§ 57-38.1-04

“1.000000” on line 14.

Line 6

through 57-38.1-08, do not include the

Eminent domain gain

• Multistate partnership

nonbusiness income portion on this

Enter on this line the taxable portion of a gain

If the partnership conducted its trade or

line. Include the nonbusiness portion on

from the disposition of property due to the

business both within and without North

Schedule K, line 24.

exercise of eminent domain.

Dakota during the tax year, complete

Line 2

lines 1 through 14. However, if all

Line 7a

State and local income taxes

of the partners consist of only North

Renaissance zone historic property

preservation tax credit

Enter on this line the total taxes measured by

Dakota resident individuals, estates, and

income that were incurred by the partnership

trusts, skip lines 1 through 13 and enter

Enter on this line the amount from

and deducted in calculating the partnership’s

Schedule RZ, Part 7, line 4. Attach

“1.000000” on line 14.

ordinary income (loss). Include franchise

Schedule RZ.

If the partnership has a partner

or privilege taxes measured by income paid

OTHER THAN an individual, estate,

Line 7b

to any taxing authority including a foreign

Renaissance fund organization

or trust, complete lines 1 through 14 of

country.

investment tax credit

Schedule FACT.

Enter on this line the amount from

Line 3

If the partnership received a North

Interest from U.S. obligations

Schedule RZ, Part 7, line 5. Attach

Dakota Schedule K-1 (Form 58) from

Schedule RZ.

Enter on this line all interest income from

another partnership, and the partnership is

U.S. obligations and from securities the

Line 7c

required to complete lines 1 through 14 of

interest from which is speciﬁ cally exempted

Renaissance zone nonparticipating

Schedule FACT, include the apportionment

from state income tax by federal statute.

property owner tax credit

factor amounts from the North Dakota

Include the portion of dividend income

Enter on this line the amount from

Schedule K-1 (Form 58), Part 6, lines 41

from a mutual fund attributable to the fund’s

Schedule RZ, Part 7, line 6.

and 42, in the amounts entered on the

investment in the same kinds of securities.

corresponding lines of Schedule FACT.

Form 58 - Partnership Income Tax - 2013 Page 7

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