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Form BI-473 Partnership/Limited Liability Company Schedule
5 Royalties and other income or loss from Federal Form 1065 Schedule K Also include total recapture * 1 2 4 7 3 1 1 0 0 * * Provide explanation for any other adjustments to Line 5 *124731100* 133 State Street 17 Amount of income on Line 16 if any reported with composite return and taxed at entity level Enter here and on Form BI 471 Line 2 6 Non Vermont municipal bond income See instructions 6 7 Total Income or Loss (Add Lines 1 through 6) 8 U S Government interest included in Line 3 8 Amounts on Lines 1 5 should be adjusted to disregard Bonus depreciation provisions of IRC 168(K) for assets placed in service in 2008 and later and Section 1250 gain (other than due to casualty or theft) Federal are substantive changes they will be noted on the Department s website Attach to Form BI 471 BA 404; a copy of the first five pages of Federal Form 1065 or 1065 B as filed with the IRS; and all Schedules K 1VTs to: bonus depreciation provision all figures must be recomputed Business Name Distribution of estimated payments will not occur if Schedule K 1VTs are not complete and correct Do not complete this form if all owners are VT residents Enter your business name and Federal Employer Identification Federal Form 1065 Page 1 Federal Form 1065 Schedule K Federal ID Number For Those Entities Filing Federal Form 1065/1065 B and Having Vermont Nonresident Shareholders Form 1065 Schedule K Provide explanation Form BI 473 and the Schedule K 1 VT are used to distribute non resident estimated payments made with Form(s) WH 435 In order for partners or members to receive proper credit on their tax returns these forms must be prepared completely and accurately In accordance with statute payments will be distributed in proportion to the partners or members share of income FORM BI 473 INSTRUCTIONS PARTNERSHIP/LLC SCHEDULE Form BI 473 is used to determine the amount of VT sourced income distributed to partners/members who are not residents of VT income (Form 1065 Lines 12 13d deductions are pass through Income Allocated Everywhere (Form BA 402 Part 1 Line 1a or leave blank) Income or loss passed through to nonresidents (Multiply Line 14 by Line 15) information on composite filing IRS DRAFTS available at the time VT forms are finalized If there is not a valid entry While the proportion of ownership may have changed over the year an exact amount of income would have been reported to non residents You may need to back into this number from Line 11 Line 10: Income Allocated Everywhere Enter the amount from Form BA 402 Part 1 Line 1a If no Form BA 402 is attached Line 10 will be adjusted to 100% Line 11: Net Apportionable Income Line 4 Subtract Line 5 from Line 12: VT Apportionment Percentage Enter 100% or amount from Form BA 402 Line 22 Line 13: Net Income Apportioned to VT Multiply Line 11 by Line 12 Line 14: Total Net Income Allocated and Apportioned to VT Add Form BA 402 Part 1 Line 1b and Line 13 above Line 15: Enter the percent of VT source income or loss passed through to non resident partners or members Various Line 16: Enter the dollar amount of VT source income or loss passed through to non resident partners or members This is the basis amount for required estimated payments for non residents The current rate is 6 8% If total Form WH 435 payments (including catch up payment) are less than 6 8% of the amount on Line 16 plus apportioned part of guaranteed payments to partners the company will be subject to assessment for the underpayment interest and penalty Line 17: Enter the amount if any of VT source income distributed to non residents that is reported and taxed on a composite basis Enter this amount on Form BI 471 Line 2 See Technical Bulletins 05 and 06 for Line 6: Enter the amount of interest received by the partnership from non VT municipal bonds which are exempt from federal tax Interest received on bonds from states other than VT is taxable under VT income tax law Line 7: Total Income or Loss Add Lines 1 through 6 Line 8: Enter the amount of U S Government interest included in Line 3 above Line 9: Total Net Income subtract Line 8 from Line 7 Lines 1 5: Complete as directed on Side 1 Mail Forms BI 471 BI 473; and if applicable BA 402 and Montpelier VT 05633 1401 Net Apportionable Income or Loss (Subtract Line 10 from Line 9) Net income or loss apportioned to Vermont (Multiply Line 11 by Line 12) Net income or loss from rental real estate and other rental activities Net long and short term gain or loss net Section 1231 gain or loss NOT E: VT doe s not c onfor m to the spe c i al bonus depreciation provisions of IRC 168(k) for assets placed in service in 2008 and later If the company took advantage of the NOTE: Federal Schedule K 1 deductions and credits are allowed under VT statutes but as such are passed through to individual partners and members on their individual income tax returns and are not specific to this schedule NOTE: References to federal forms are based on the most recent Number (FEIN) of section 179 expense deduction reported to partners in Section 20 Other information of their Ordinary income or loss from trade or business activities Percentage of income or loss passed through to nonresidents Calculate percentage Place an X in the box left of the line number to indicate a loss amount Enter all amounts in whole dollars PLEASE PRINT CLEARLY in BLUE or BLACK INK ONLY Please use blue or black ink Portfolio income or loss from Federal Form 1065 Schedule K Schedule K 1s (Form 1065) and unrelated business taxable Schedule K 1VT: Taxpayer Services: (802) 828 5723 Email Address: tax corpincome@state vt us Web Site Address: http://tax vermont gov Fax: (802) 828 5787 Forms: (802) 828 2515 The required form for all shareholders Schedule K 1VT Shareholder s Partner s or Member s Information includes instuctions to the forms and line numbers of the VT Individual Income Tax Return to disregard its effects to partners/members) Attach schedule of included items Total Net Income or Loss (Subtract Line 8 from Line 7) Total Net Income or Loss Allocated and Apportioned to Vermont (Add Form BA 402 Part 1 Line 1b & Line 13 above ) Vermont apportionment percentage (Form BA 402 Line 22 or enter 100%) Calculate percentage to six places to the right of the decimal point 12 VT Department of Taxes VT DEPARTMENT OF TAXES 133 State Street Montpelier VT 05633 1401 / (802) 828 5723 With respect to each of its nonresident partners or members the entity shall for each taxable period be liable for all income taxes together with related interest and penalties imposed on the nonresident by VT Payments are generally due quarterly and are made with Form WH 435 See 32 V S A 5914 and Technical Bulletins 05 & 06 for more details