Instructions For Schedule U-Msi - Member'S Apportioned Share Of Group Income - 2012 Page 2
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10double weighted sales to the combined group’s taxable income to determine the
apportioned Massachusetts income that derives from the corporation’s non-
mutual fund sales business. The two amounts will be combined on Schedule U-
ST.
H
S
U-MSI
EADER FOR
CHEDULE
For each Schedule U-MSI filed, enter the name of the taxable member (as shown
on the federal income tax return, if filed), its Federal Identification number and
the beginning and ending dates of the combined group’s taxable year.
Check one box to indicate whether the financial institution excise, the utility
corporation excise or the business corporation excise applies. S corporations
taxable under M.G.L. Ch. 63, sec. 2B are considered financial institutions. S
corporations taxable under M.G.L. Ch. 63, sec. 32D are considered business
corporations.
Check one box to indicate the group type. A financial group is a combined group
all of whose members, including members not taxable on their income in
Massachusetts, are entities that are financial institutions under the definition set
forth in M.G.L. Ch. 63, sec. 1. A non-financial group is a combined group none of
whose members, including non-taxable members, are financial institutions. A
mixed group is any combined group that includes at least one member that is a
financial institution and at least one member that is not a financial institution.
Enter the name and Federal Identification number of the principal reporting
corporation. Also enter the unitary business identifier corresponding to the
specific Schedule U-E that reports the income to be apportioned (if the group is
not separately apportioning income from 2 or more different unitary businesses,
this number is “1”).
G
I
ENERAL
NFORMATION
Question 1. Is any member of the group taxable in any other state on this income?
Check “yes” if, in the case where no affiliated group election has been made, a
member of the combined group is taxable with respect to the activities of the
unitary business in another state, or, in the case where an affiliated group
election has been made, one member of the group is taxable in another state.
If no member of the group is taxable on the combined group’s income in another
state as noted, combined reporting is still required but special attribution rules
apply to determine each member’s share of the combined group’s taxable
income. In particular, if the income referenced on Schedule U-E is not taxable in
another state, this income is to be attributed among group members using the
average of each member’s respective share of the unitary business’ property and
payroll (or the property and payroll of the combined group where an affiliated
group election has been made). In such a case, the property and payroll figures
2
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial