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Form 1041N-Wkst Fillable 2013 Electing Small Business Trust Tax Calculation Worksheet (1/2014)
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
(Line 1 + Line 4) (Line 3 + Line 5) (Ratio) (Line 13) 18 1 Total federal income 1 10 Nebraska taxable income (from line 6 above) 10 11 Nebraska income tax (use the tax rate schedule on page 8 of the Form 1041N instructions to calculate 12 Nebraska minimum or other tax 12 13 Total Nebraska tax (line 11 plus line 12) 13 14 Income derived from Nebraska sources except capital and ordinary gain (loss) 14 15 Nebraska capital and ordinary gain (loss) 15 16 Adjustments as applied to Nebraska income if any 17 Nebraska adjusted gross income (line 14 plus or minus lines 15 and 16) 17 18 Nebraska share of line 13 Compute below and enter result here and include on Form 1041N page 1 line 9 2 Federal taxable income 2 3 Income from U S government bonds or other U S obligations 3 4 Income from non Nebraska state and local bond interest and other Nebraska adjustments 5 Nebraska adjustments decreasing federal taxable income List the types and enter the total amount on line 5 6 Nebraska taxable income (line 2 plus line 4) minus (lines 3 and 5) 6 7 Nebraska income tax (use the tax rate schedule on page 8 of the Form 1041N instructions to calculate 8 Nebraska minimum or other tax 8 9 Total Nebraska tax (line 7 plus line 8) Enter here and include on Form 1041N page 1 line 9 9 Any loss from an S corporation or LLC which was not from Nebraska sources; and Calculate the ratio to five decimal places and round to four Federal net operating or capital losses deducted in computing federal taxable income increasing federal taxable income List the types and enter the total amount on line 4 Line 17 List: 16 Non Nebraska state or local obligations exempt from federal taxation; Nonresident ESBTs should not make entries on lines 7 8 or 9 of this worksheet Nonresident ESBTs must complete the Computation the amount of tax) 11 the amount of tax) 7 8 599 2013 A nonresident ESBT will not use lines 7 8 and 9 of the Worksheet A nonresident ESBT must complete lines 10 through 18 Adjustments and used to calculate the separate federal tax If the separate federal tax was based on distributions received from more than as a separate trust All amounts entered on this Worksheet must be related to the amounts received from the S corporation be found in the instructions for line 9 of the Form 1041N Computation of Nebraska Tax For Nonresident ESBT dividend income which can be included on line 3 Interest income from repurchase agreements involving U S government Electing Small Business Trust (ESBT) ESBT s federal income tax return ESBT Worksheet federal taxable income as indicated in the instructions for line 4 and line 5 of this worksheet Fiduciary Income Tax Regulation 23 004 Taxation of Resident and Nonresident Estates and Trusts lists U S interest and FORM 1041N Gains or losses from the sale or other disposition of federal securities are taxable for state income tax purposes and should If the S corporation has business activity in more than one state only a portion of the income is included on line 14 The Instructions Line 1 Enter the ESBT s share of the total federal income received from the S corporation Line 12 Use the Nebraska Minimum or Other Tax Worksheet to calculate the amount to enter on line 12 The worksheet Line 14 Enter the entire net income or loss distributed from the S corporation to the ESBT Line 15 Enter the taxable amount of Nebraska capital and ordinary gain and loss distributed from the S corporation Line 16 The adjustments must relate to Nebraska income amounts reported on lines 14 and 15 Include a schedule Line 18 The ratio used in the division calculation of this line must be computed to five decimal places and rounded to four Line 2 Enter the ESBT s federal taxable income This amount should be included in the supplemental information of the Line 3 Enter the amount of interest and dividend income from U S government obligations exempt from state taxation Line 4 Enter the total adjustments increasing federal taxable income This income includes but is not limited to: Line 5 The net income received from an S corporation that is not related to Nebraska sources is deducted from federal Line 7 A resident ESBT will compute and report its tax liability on lines 7 and 8 of the Worksheet and enter the total on Line 8 Use the Nebraska Minimum or Other Tax Worksheet to calculate the amount to enter on line 8 The worksheet may line 9 of the Worksheet This total will also be carried to line 9 of Form 1041N where it will be added to any tax computed may be found in the instructions for line 9 of the Form 1041N Name on Form 1041N Nebraska ID Number not be included on line 3 obligations is not deductible as U S government interest of Nebraska Tax for Nonresident ESBT section (below) to determine their Nebraska tax of the Worksheet to determine its Nebraska tax liability on the Form 1041N Minimum or Other Tax Worksheet one S corporation this worksheet should include the aggregate amounts received portion included will be based on the S corporation s Nebraska apportionment factor Reminder: ESBTs receiving income or losses from S corporations doing business in more than one state must adjust their Resident and Nonresident Estates and Trusts S corporation doing business in Nebraska and which is taxed under Internal Revenue Code (IRC) 641(c) Specific Instructions Under IRC 641(c) an ESBT receiving income from an S corporation is required to calculate its specifically identifying the adjustments claimed Tax Calculation Worksheet tax liability as a separate trust Nebraska also requires an ESBT to calculate its Nebraska tax on the S corporation income taxable income For information on other deductions see Nebraska Fiduciary Income Tax Regulation 23 004 Taxation of the Form 1041N Minimum or Other Tax Worksheet This total calculated on this line will also be carried to line 9 of Form 1041N where it will be added to any tax computed on When and Where to File This worksheet must be completed and attached to the Nebraska Fiduciary Income Tax Return Who Must File This worksheet must be filed by an Electing Small Business Trust (ESBT) which receives income from an