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Question 18. Enter the number of non-taxable members in the combined group.

Question 19. Certain large corporations are required to file federal Schedule M-3 with their U.S.

tax return. Enter the number of Schedules M-3 filed by members, including non-taxable members,

of the Massachusetts combined group. Treat the Schedule M-3 filing made with a federal

consolidated tax return as a single Schedule M-3 for the purpose of answering this question (e.g.,

in the instance where more than one member of the Massachusetts combined group is included

in a single federal Schedule M-3).

Taxpayers filing federal Schedule M-3 must file Massachusetts schedule NIR with their

Massachusetts income tax return. Enclose one Schedule NIR for each different Schedule M-3

filed with the I.R.S.

Question 20. Any member of a combined group that has a taxable year that is different than the

combined group’s taxable year for which the combined group’s taxable income is being

determined is required to adjust its income and expenses as shown on its U.S. tax return to

reflect its income and expenses as incurred during the combined group’s taxable year. Enter the

number of members that are subject to such a “fiscalization” adjustment.

Excise Tax Calculation

In order to complete the tax calculation, all applicable schedules must be completed first. The

amounts in lines 21 through 27 reflect the totals of the separately determined amounts for the

combined group’s taxable members. The amounts in lines 30 through 36 reflect the total of all

payments to be applied to the income excise, and also certain refundable credits, of such

individual members. Any refund due will be issued to the principal reporting corporation on behalf

of the group.

Line 21. Enter the total income excise, before credits, due from members that are taxed as

financial institutions as defined in c. 63, s. 2 or as financial institution S corporations under c. 63,

s. 2B. This total must match the total reported on line 37 of all Schedules U-ST filed for members

classified as financial institutions or financial institution S corporations.

Line 22. Enter the total income excise, before credits, due from members that are taxed as public

utilities under c. 63, s. 52A. This total must match the total reported on line 37 of all Schedules U-

ST filed for members classified as a utility.

Line 23. Enter the total income excise, before credits, due from members that are taxed as

business corporations (including members classified as manufacturing corporations and research

and development corporations) under c. 63, s. 39 or as S Corporations under c. 63, s. 32D. This

total must match the total reported on line 37 of all Schedules U-ST filed for members classified

as business corporations.

Line 25. Enter the total of individual members’ credits used to reduce the income excise of the

member that generated the credit. This total must match the total reported on line 38 of all

Schedules U-ST filed for all members.

Line 26. Enter the total of individual members’ credits used to reduce the income excise of any

member other than the member that generated the credit. This total must match the total reported

on line 39 of all Schedules U-ST filed for all members.

Line 27. Subtract the amounts on line 25 and line 26 from the total on line 24. This total must

match the total reported on line 41 of all Schedules U-ST filed for all members. This should also

match the total of column g amounts on Schedule U-TM.

Line 30. Enter the total of all members’ 2011 overpayments applied to 2012 estimated taxes as

shown on Schedule CG, Part 1, line 2.

Line 31. Enter the total of all members’ estimated tax payments for all installments as shown on

Schedule CG, Part 1, lines 3 through 6.

Instructions For Form 355u - Income Excise For Taxpayers Subject To Combined Reporting - 2012 Page 4

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