10.
Partnership Income from Form 1065
Depreciation
(+)
(+)
Depletion
(+)
(+)
Amortization or Casualty loss
(+)
(+)
Mortgage, Notes, Bonds Payable in Less than One Year
(-)
(-)
Other Nonrecurring Income or Loss
(+/-)
(+/-)
Meals and Entertainment Exclusion
(-)
(-)
Multiply Total by Percentage of Ownership (on K-1)
(x) ________
(x) ________
Partnership Total
11.
S-Corporation Income from Form 1120s
Depreciation
(+)
(+)
Depletion
(+)
(+)
Amortization or Casualty Loss
(+)
(+)
Mortgage, Notes, Bonds Payable in Less than One Year
(-)
(-)
Other Nonrecurring Income or Loss
(+/-)
(+/-)
Meals and Entertainment Exclusion
(-)
(-)
Multiply Total by Percentage of Ownership (on K-1)
(x) ________
(x) ________
S-Corporation Total
12.
Corp Income from Form 1120
Depreciation
(+)
(+)
Depletion
(+)
(+)
Amortization or Casualty Loss
(+)
(+)
Net Operating Loss
(+)
(+)
Taxable Income or Loss
(+/-)
(+/-)
Total Tax
(-)
(-)
Mortgage, Notes, Bonds Payable in Less than One Year
(-)
(-)
Other Nonrecurring Income or Loss
(+/-)
(+/-)
Multiply Total by Percentage of Ownership (From the Corporate
Resolution or “Compensation of Officers” Section of the 1120)
(x) ________
(x) ________
Corporation Total
Grand Total of Qualifying Income
Income Calculation
YTD Income*= ________ minus deductions________ (ave. business expenses, etc) = ___________
+ Yr 1 income=___________
+ Yr 2 income =___________
Total= ___________
Divided by number of months _____=___________
*YTD income required when calculating commission income
2
Volume 1
Single-Family Seller/Servicer Guide
Page F91–
Bulletin 2009-22
04/01/10