Form Wkst-Schd B Fillable Minimum Tax Worksheet for Schedule B
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5200 A) Enter on this line the amount of Maine income Credit for wellness programs add back Discharge of indebtedness Domestic production activities deduction add back Gain on sale of multifamily affordable housing High technology credit add back Maine Northern Maine Transmission Corporation adjustment Ownership interest in a pass through entity financial Seed Capital Investment Tax Credit Enter on this line ( ATNOL ) for 2013 (year of the loss) was $1 000 all carried (attach federal Form 5884 and/or Form 8844 as appropriate) 10 (limitation see instructions) 13 (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) *If included in federal AMTI **If not included in federal AMTI 1 below) 179 Expense) 2008 or denied under 5200 A(1)(V) for tax years beginning 2010 under 36 M R S 5200 A(1)(W) related to the 5200 A(2)(L)(5) The deduction cannot reduce Maine AMT a Maine income addition modification in 2009 or 2010 A(1)(M) you are allowed a deduction on this line equal A(1)(U) or 5200 A(1)(V) and 5200 A(2)(T) The deduction add back The amount claimed as a deduction in add back The Maine capital investment credit is available addition modification that was previously offset by a federal Additions ADDITIONS: ADJUSTMENT FOR MAINE INCOME MODIFICATIONS (line 7 minus line 18) affiliated corporations not included in a combined report are allowable NOL carryforward period plus the number of years Alternative minimum tax net operating loss deduction carryover alternative tax net operating loss ( NOL ) deduction For amount claimed as a deduction in determining the amount claimed as a domestic production activities amount from Form 1120ME line 4f For more information on and must not have been previously used as a modification and wages deduction (from Maine Form 1120ME line 2c) to are not included in your Federal AMTI For example enter as the recapture amount as calculated for regular tax on Authority ( MSHA ) A copy of the MSHA certificate back to Maine AMT income under 5200 A(1)(H) or 5200 based on the addition modification for which the recapture been taxed by Maine This modification may not reduce Bonus depreciation add back 5 Bonus depreciation/section 179 expense recapture (see instructions) 16 business expense for purposes of calculating federal cannot reduce Maine AMT taxable income to less than zero carried back to this tax year For example if the taxpayer Corporation are exempt from state income tax (see 10 corporation or an entity disregarded as separate from credit deductions Enter on this line an amount equal to decreased by any expenses incurred in the production of deducted in calculating federal alternative minimum taxable deduction and/or federal Empowerment Zone Credit salaries deduction carryover If you have an Alternative Minimum deduction Enter the amount from federal Form 1120 deferral under the Code section 108(i) depreciation claimed on the federal return relating to property determining federal alternative minimum taxable Dividends from certain affiliated corporations (limitations see instructions) 12 do not enter interest from Portland Maine bonds (see Figure Documents) Enter 50% of the apportionable dividend income the taxpayer Enter amount included in federal AMTI Qualified Enter here and on Form 1120ME Schedule B line 20 (may be a negative number) 19 Enter on this line income Enter the Enter the hightechnology entity financial institutions subject to Maine franchise equal to the amount of the AMT income addition required for example if a taxpayer s alternative tax net operating loss extent claimed federally Maine does not require the addition federal alternative minimum taxable income that is federal AMTI and net of related expenses enter interest federal AMTI attributable to an ownership interest in a federal Form 1120 Schedule C line 15 Federal taxable income must be increased by the Figure 1 fishery infrastructure investment tax credit For more information and examples go to www maine gov/ for purposes of 2014 alternative minimum tax for purposes of 2014 alternative minimum tax cont for which the Maine Capital Investment credit is claimed Foreign dividend gross up 9 foreign entities Form 1120ME line 2i For more information go to the MRS from this state or another state must not have been gains from the sale of bonds issued by the Maine Waste Generally the recognition of this income is deferred has an ATNOL of $1 000 in 2014 the year of the loss and If you have an AMT net operating loss carryforward that was imposed by Maine or any other state Enter income taxes in 2009 through 2011 you are allowed a deduction on this line in alternative minimum taxable income Taxpayers may in determining federal AMTI Attach a worksheet detailing in federal AMTI The amount entered on this line must be included in federal AMTI provided the amount has already included in federal AMTI This is interest from municipal and included in federal ATNOL deduction relating to amounts included in the credit for wellness programs includes income from ownership of a fi nancial institution income ( AMTI ) on Form 4626 line 7 However to the Income from ownership interest in pass through entity fi nancial institutions income from the discharge of indebtedness claimed as Income including gain from sale of bonds notes Income Modifications Related to Bonus Depreciation and Income not taxable under the Constitution of Maine or the U S 11 income or money of the Northern Maine Transmission Income Tax Guidance Documents and then select Maine income tax purposes The deduction must be within the Income taxes imposed by Maine or any other state (attach schedule) 1 income that is used to calculate the Maine fishery infrastructure investment tax credit institution Enter any loss or deduction included in Instructions for calculating Maine income Modifications interest from bonds issued by the State of Maine or Maine interest from City of New York bonds on this line However Interest from state and municipal bonds other than Maine 2 Interest type/action Maine Non Maine investment credit base also claimed as a its owner) enter the amount on this line Attach federal later that was carried back for federal purposes but added limited under 5200 A(1)(U) for the tax year beginning in Line 1 Income taxes imposed by Maine or any other Line 10 Work opportunity credit/empowerment zone Line 11 Income not taxable under the Constitution of Line 12 Dividends from certain affi liated corporations Line 13 Alternative minimum tax net operating loss Line 14 Income from ownership interest in pass through Line 15 State income tax refunds Enter the amount of Line 16 Bonus depreciation/section 179 expense Line 17 Other Include on this line the following items: Line 2 Interest from state and municipal bonds other line 25 Line 3 Net operating loss adjustment (See 36 M R S Line 4 Maine capital investment credit bonus depreciation line 4c less interest from private activity bonds already Line 5 Bonus depreciation add back Enter on this line the Line 6 Other Include on this line the following items: Line 8 Nontaxable interest To the extent included in Line 9 Foreign dividend gross up Enter the amount from line interest from Maine private activity bonds included M R S 9205) Enter only if included in federal AMTI Maine AMTI to less than zero and the amount refunded Maine capital investment credit bonus depreciation add back 4 Maine during the taxable year beginning in 2014 Enter on maine gov/revenue/forms (select Income Tax Guidance Maine income tax purposes The deduction must be within Maine or the U S Enter income this state is prohibited from Management Agency to the extent included in federal AMTI modification equals the total of capital gains and MODIFICATION FOR ALTERNATIVE MINIMUM TAX modifications in 2013 $500 of the ATNOL deduction for 2014 Modifications Related to Bonus Depreciation and Section more information on Maine s treatment of NOLs go to www municipalities if included in federal AMTI Include on this must be added back Also enter on this line any amount must be added back on this line for 2013 The amount of must be attached to the return Net operating loss adjustment 3 Nontaxable interest 8 not based on income of the Ohio Commercial Activity Tax the Texas Franchise on Form 4626 line 7 (see Figure 1 below) on the sale of multifamily affordable housing property on U S bonds U S Treasury notes or other obligations of or other evidences of indebtedness and any other order to be affiliated a corporation must be more than 50% ordinary income resulting from depreciation recapture Other (see instructions) 17 Other (see instructions) 6 over to 2014 and the taxpayer had $500 of Maine addition owned Although this may include domestic entities most pass through entity fi nancial institution previously used as a modification previously used as a modification Any unused portion of Private activity bonds deduct* no adjustment private venture capital fund property must be certified by the Maine State Housing pursuant to Code sections 1245 and 1250 realized recapture The recapture amount claimed in any year is received during the taxable year from an affi liated corporation recognized at the federal level through the deferral of relates The recapture amount for minimum tax is the same report Dividends must be included on Form 4626 line 7 In Rev 01/15 revenue/incomeestate and select Guidance Documents SCHEDULE B LINE 20 Schedule K 1 reporting this amount Section 179 Expense) State & Municipal bonds deduct* add** state bonds and private activity bonds other than Maine that State income tax refunds 15 state income tax refunds from Form 1120ME line 2h and state Maine does not permit a deduction for income taxes subject to Maine franchise tax (see instructions) 14 subtract from federal AMTI interest income and capital Subtractions SUBTRACTIONS: taken as a deduction on federal Form 1120 that are also Tax (AMT) net operating loss for tax years ending in 2001 or Tax and the portions of the Michigan Business Tax that are tax credit under 5216 B received by or from a tax Financial institutions are subject to Maine s franchise tax Guidance Documents and then select Maine Income tax regardless of organizational structure If federal AMTI taxable income to less than zero and must not have been taxes but taxable by the federal government Also include taxing under the Constitution or laws of the United States or than Maine Enter the amount from Maine Form 1120ME that amount is carried back to the 2013 tax year the $1 000 that income to the extent that these expenses are deductible that is a pass through entity (such as a partnership S that is not included with the taxpayer in a Maine combined the add back can be recovered in future tax years For the aggregate amount claimed on this line exceed the allowable NOL carryforward period plus the number of the amount claimed on this line the carryforward was denied under 5200 A(2)(H)(5) or the Constitution of the State of Maine to the extent included the extent allowed against federal AMT the modification may be carried forward 20 years the MRS website at www maine gov/revenue/forms (select the refundable portion of the seed capital investment the total addition modifications claimed for 2009 and the U S government which by law are exempt from state this line the net increase in depreciation resulting from bonus this modification see Form 1120ME line 4f instructions and to businesses that place depreciable property in service in to the amount of the income addition required for Maine to the extent included in federal AMT taxable income TOTAL ADDITIONS (add lines 1 through 6) 7 TOTAL SUBTRACTIONS (add lines 8 through 17) 18 until 2014 for federal tax purposes In no event may web site at www maine gov/revenue/forms (select Income Work opportunity credit and empowerment zone credit deductions WORKSHEET FOR MAINE FORM 1120ME years the carryforward was limited or denied under 5200 your federal Work Opportunity Credit salaries and wages