Form Kpi - Partner'S Share Of Income, Credits And Modifications - 2012 Page 4
Download a blank fillable Form Kpi - Partner'S Share Of Income, Credits And Modifications - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Kpi - Partner'S Share Of Income, Credits And Modifications - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Schedule KPI Instructions 2012
(continued)
Line 35. Your Minnesota source distributive
Sale of a Partnership Interest
income is considered your Minnesota tax-
If you sell any portion of your interest in
able income from this partnership.
a partnership, some or all of the gain may
be taxable. Or you can use any loss on the
Line 36. If you elected, the composite tax
sale to offset other Minnesota income to
paid on your behalf equals 7.85 percent of
the extent the losses are deducted on your
your Minnesota taxable income (line 35),
federal return.
minus your share of any credits on lines 12,
13, 15 and 16. (You are not entitled to your
To determine the ratio of gain or loss that
share of the Increasing Research Activities
is assigned to Minnesota at the time of the
Credit if you elected composite income tax.)
sale, divide the original cost of the partner-
ship’s tangible property in Minnesota by the
You are not required to file Form M1.
original cost of all tangible property of the
Line 37. If you did not elect composite in-
partnership. (Tangible property includes
come tax, the partnership may be required
real estate, inventory and equipment.) If
to withhold tax from your Minnesota
you don’t have these numbers, contact the
source distributive income. The amount
partnership.
withheld equals 7.85 percent of your Min-
If more than 50 percent of the value of the
nesota taxable income (line 35), minus your
partnership’s assets are intangibles, the
share of any credits on lines 12-16.
gain/loss is allocated to Minnesota using
To claim nonresident withholding when
the partnership’s prior year sales factor.
you file your Form M1, you must enclose
Include the result on Schedule M1NR, line
this schedule showing Minnesota tax was
4, column B.
withheld.
2
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial