Form 355 - Massachusetts Corporation Excise Return - 2012 Page 16
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Line by Line Instructions
Part 1. Income and Expenses
Schedule NIR
Corporations filing U.S. Form 1120 on a separate
company basis enter on lines 1 through 28 the
Schedule NIR, Net Income Reconciliation recon-
amounts from their U.S. return. S Corporations,
ciles income reported to shareholders with the in-
and any other corporations not filing U.S. Form
come reported on the taxpayer’s consolidated U.S.
1120, if required to file Schedule M-1, must com-
tax return and is similar to U.S. Schedule M-3,
plete lines 1 through 28 on a pro-forma basis as a
Part 1.
C corporation. Corporations filing in Massachu-
setts and participating in a U.S. consolidated re-
Taxpayers must file Schedule NIR if required to file
turn must complete Schedule M-1 on a separate
a U.S. Schedule M-3 with their U.S. return. This in-
company basis.
cludes corporations that are part of a consolidated
return that as a group meets the requirement to file
Part 2. Corporate Ownership
U.S. Schedule M-3. For corporations that are filing
as members of a Massachusetts combined group,
Line 1
only one Schedule NIR need be filed and it must
If any corporation or other listed entity owned di-
be filed by the principal reporting corporation.
rectly or indirectly more than 50% of the total vot-
ing power of all of the corporation's stock entitled
Schedule NIR and instructions are available at
to vote, identify the owner here. In making this de-
termination if a partnership, estate, trust or corpo-
ration owns, directly or indirectly, more than 50%
of the voting control of a corporation, it shall be
considered to own all the stock or other owner-
ship or control interests in such corporation as
provided in 830 CMR 63.32B.2(2). Where, be-
cause of a chain of ownership, more than one cor-
poration meets this criteria (e.g. A owns 60% of B
which owns 60% of C, so that both A and B are
considered to own more than 50% of C), the entire
ownership chain must be reported with the excep-
tion of subsidiary corporations in federal tax con-
solidated groups and disregarded entities.
Line 2
If the corporation filing Schedule M-1 owns, di-
rectly or indirectly, 50% or more of the total voting
power of any other business corporation, identify
all such corporations.
Schedule CIR
Schedule CIR, Consolidated Income Reconcilia-
tion, reconciles the net income of corporations fil-
ing in Massachusetts that are part of a U.S.
consolidated return with the consolidated net in-
come reported to the IRS.
Taxpayers must file this schedule if their income is
included in a U.S. consolidated return. For corpo-
rations that are filing as members of a Massachu-
setts combined group, only one schedule CIR
must be filed. It must be filed by the principal re-
porting corporation.
Schedule CIR and instructions are available at
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