Vermont Department of Taxes 

                     Schedule BI-477                                                                                                                 *234771100*

 Vermont Income Adjustment Calculation:                                                                                                              *234771100*
                                                                                                                                                                                           Page 9
            Pass-Through Nonresident
                                                                                                                                                     Include with Form BI-471

                             Entity Name (same as on Form BI-471)                                          Fiscal Year Ending (YYYYMMDD)                                        FEIN
  12345678901234567890123456789012(36)       20231231        123456789

SECTION 1  PASS-THROUGH PERSONAL INCOME ADJUSTMENT CALCULATION
PART I.                  INCOME DERIVED FROM OWNERSHIP OF PROPERTY
                                                                        Column A                                                Column B
                                                                        Federal Amount                                          Amount from Vermont  
                                                                                                                                Situs Property 
 1.   Net Rental Real Estate  
                    Income (loss)   . . . . . . . . . . . . .1A. 123456789012345       ________________________ .00 1B.  _________________________123456789012345    .00
 2.   Other Net Rental  
                    Income (loss)   . . . . . . . . . . . . .2A. 123456789012345       ________________________ .00 2B.  _________________________123456789012345    .00
                                                                                                                                                                                           FORM  (Place at FIRST page)
                     3. Royalties  . . . . . . . . . . . . . . . . .3A. 123456789012345       ________________________ .00 3B.  _________________________123456789012345    .00            Form pages 

PART II.                 GAINS FROM THE SALE OR EXCHANGE OF PROPERTY
                                                                        Column A                                                Column B
                                                                        Federal Amount                                          Amount from Vermont  
                                                                                                                                Situs Property 
                                                                                                                                                                                           9 - 11
 4.   Net Long Term Capital  
                    Gain (loss)   . . . . . . . . . . . . . . .4A. 123456789012345       ________________________ .00 4B.  _________________________123456789012345    .00
 5.   Net Short Term Capital 
                    Gain (loss)   . . . . . . . . . . . . . . .5A. 123456789012345       ________________________ .00 5B.  _________________________123456789012345    .00
 6.   Guaranteed Payments for  
                    Capital  . . . . . . . . . . . . . . . . . . .6A. 123456789012345       ________________________ .00 6B.  _________________________123456789012345    .00

                     7. Collectibles (28%) Gain (loss) 7A. 123456789012345       ________________________ .00 7B.  _________________________123456789012345    .00
 8.   Unrecaptured  
                    IRC § 1250 Gain  . . . . . . . . . . .8A. 123456789012345       ________________________ .00 8B.  _________________________123456789012345    .00

                     9. Net IRC § 1231 Gain (loss)  . . 9A. 123456789012345       ________________________ .00 9B.  _________________________123456789012345    .00

PART III.                WAGES, SALARIES, COMPENSATION TO PARTNERS
                                                                        Column A                                                Column B
                                                                        Federal Amount               Amount Received for Services
                                                                                                                                Performed in Vermont 

                      10. Wages and Salaries  . . . . . . . .10A. 123456789012345       ________________________ .00 10B.  _________________________123456789012345    .00

                      11. Other Compensation  . . . . . . .11A. 123456789012345       ________________________ .00 11B.  _________________________123456789012345    .00
  12. Guaranteed Payments for 
                    Services  . . . . . . . . . . . . . . . . .12A. 123456789012345       ________________________ .00 12B.  _________________________123456789012345    .00

                                                                                                                                                         Schedule BI-477
                                                                                                                                                                                Page 1 of 3
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                    Entity Name (same as on Form BI-471)
 12345678901234567890123456789012(36) 
                    FEIN                                             Fiscal Year Ending (YYYYMMDD)                                                  *234771200*
  123456789              20231231                                                                                                                   *234771200*
                                                                                                                                                                                                                                                                                                    Page 10
 PART IV.           BUSINESS INCOME
                                                              13. Vermont Sales and Receipts Factor as a percent of Everywhere (Section 2, Line 40)  . . . . . . . . . . . . . . . . . 13. . __________100.123456______________%
                                                                     Column A                                                 Column B
                                                                     Federal Amount                                           Derived within Vermont
                                                                                                                (Multiply Column A by Line 13)

                      14. Ordinary Business Income  . .14A. 123456789012345       ________________________ .00 14B.  _________________________123456789012345    .00
  15. Net adjustment to income 
       resulting from Vermont’s  
      disallowance of “bonus  
                    depreciation” (IRC 168(k))  . .15A. 123456789012345       ________________________ .00 15B.  _________________________123456789012345    .00
  16. Ordinary Business Income  
      with Bonus Depreciation  
      Disallowance  
                    (ADD Lines 14 and 15)  . . . .16A. 123456789012345       ________________________ .00 16B.  _________________________123456789012345    .00

                      17. Interest Income  . . . . . . . . . . .17A. 123456789012345       ________________________ .00 17B.  _________________________123456789012345    .00
  18. Dividends
      18i.       Ordinary  
                    Dividends  . . . . . . 18iA. .              123456789012345       ________________________ .00 18iB.  _________________________123456789012345    .00
      18ii.      Qualified  
                    Dividends  . . . . . .18iiA. 123456789012345       ________________________ .00  18iiB.  _________________________123456789012345    .00
      18iii.     Dividend  
                    Equivalents  . . . . 18iiiA. .              123456789012345       ________________________ .00  18iiiB.  _________________________123456789012345    .00
  19. Other Apportionable 
      Business Income  
       (Specify) _______________describes   19A. 123456789012345       ________________________ .00     19B.  _________________________123456789012345    .00

                      20. IRC § 179 Deduction  . . . . . .20A. 123456789012345       ________________________ .00 20B.  _________________________123456789012345    .00

                                                           12345678901234521. ADD Lines 1A through 6A, 9A through 12A, 16A through 19A, then SUBTRACT Line 20A  . . . . . . 21. . ________________________ .00

PART V.             INCOME ADJUSTMENT
  22. Interest Income not derived from Vermont activity  
                                                         123456789012345(SUBTRACT Line 17A from federal Form 1065, Sch. K, Line 5)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22. . ________________________ .00
  23. Dividends not derived from Vermont activity (SUBTRACT the SUM of Lines 18iA, 18iiA, and 
                                                         12345678901234518iiiA from the SUM of federal Form 1065, Sch. K, Lines 6a, 6b, and 6c)  . . . . . . . . . . . . . . . . . . . . . . 23. . ________________________ .00

                    24. Other Income (loss) (Specify) ______________________________________________ 123456789012345678901234567           . . . . . . . . . . . . . 24. . 123456789012345________________________ .00

                                                           12345678901234525. ADD Lines 21 through 24   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25. . ________________________ .00

                                                         123456789012345  26. Other Adjustments (Attach detailed explanation) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 26. .  . ________________________.  .  .  .  .  .  .  .  .  .  .  .  . .00

                                                         123456789012345  27. TAXABLE INCOME(ADD Lines 25 and 26)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27. . ________________________ .00
  28. VERMONT INCOME (ADD Lines 1B through 6B, 9B through 12B, 16B through 19B, then  
                                                         123456789012345SUBTRACT Line 20B)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28. . ________________________ .00
29.   INCOME ADJUSTMENT %  (DIVIDE Line 28 by Line 27.  MULTIPLY the result by 100 and  
                                                            carry the result out to the fourth decimal place.) Also enter on Schedule BI-473, Line 2 .  . . . . . . . . . . 29. . __________100.123456______________%

                                                                                                                                                                           Schedule BI-477
                                                                                                                                                                                             Page 2 of 3
5454                                                                                                                                                                                                       10/23

                        Entity Name (same as on Form BI-471)
 12345678901234567890123456789012(36) 
                           FEIN                                                            Fiscal Year Ending (YYYYMMDD)                                   *234771300*
  123456789              20231231                                                                                                                          *234771300*
                                                                                                                                                                                                                                                Page 11

SECTION 2  VERMONT APPORTIONMENT
PART VI.                   VERMONT SALES AND RECEIPTS FACTOR
                                                                                           Column A                                                Column B
                                                                                           Everywhere                                              Vermont
 
                    123456789012345          30. Sales or gross receipts   . . . . .30A.  ________________________ .00    

                                           123456789012345      31. Sales of services  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31B.  _________________________.00
  32. Sales of tangible personal property delivered or shipped to  
                                           123456789012345    purchasers in Vermont from outside Vermont  . . . . . . . . . . . . . . . . . . . . . . .32B.  _________________________.00
  33. Sales of tangible personal property delivered or shipped to 
                                           123456789012345    purchasers in Vermont from within Vermont   . . . . . . . . . . . . . . . . . . . . . . .33B.  _________________________.00

                                           123456789012345      34. Special Industries: Enter non-dollar sales factor figures here  . . . . . . . . . . . 34B. ._________________________.00
  35. Apportionable interest and                                                                                                                                                                                                                FORM  (Place at LAST page)
                    dividends  . . . . . . . . . . . . . . . .35A. 123456789012345       ________________________ .00     35B.  _________________________123456789012345    .00                                                                 Form pages 

                      36. Royalties  . . . . . . . . . . . . . . . .36A. 123456789012345       ________________________ .00 36B.  _________________________123456789012345    .00

                      37. Gross rents  . . . . . . . . . . . . . . 37A. 123456789012345       ________________________ .00 37B.  _________________________123456789012345    .00
  38. Other apportionable business                                                                                                                                                                                                              9 - 11
      income (attach detailed  
                    supporting statement)  . . . . . .38A. 123456789012345       ________________________ .00             38B.  _________________________123456789012345    .00
  39. Total GROSS RECEIPTS 
                    (ADD Lines 30 through 38) 39A.  ________________________123456789012345       .00                     39B.  _________________________123456789012345    .00
  40. Vermont Gross Receipt factor (DIVIDE Line 39B by 39A.  MULTIPLY the result by 100 and   
                                                            carry the result out to the sixth decimal place.)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40. . __________100.123456______________%

PART VII.                  PROPERTY FACTOR (Average value during year)
                                                                                           Column A                                                Column B
                                                                                           Everywhere                                              Vermont
 
                      41. Inventories   . . . . . . . . . . . . . .41A. 123456789012345       ________________________ .00 41B.  _________________________123456789012345    .00
  42. Buildings and other depreciable  
                    assets (original cost)  . . . . . . .42A. 123456789012345       ________________________ .00          42B.  _________________________123456789012345    .00
  43. Depletable assets  
                    (original cost)  . . . . . . . . . . . .43A. 123456789012345       ________________________ .00       43B.  _________________________123456789012345    .00

                      44. Land  .  .  .  .  .  .  .  .  .  .  .  .  . 44A. .  .  . 123456789012345       ________________________.  .  . .00 44B.  _________________________123456789012345    .00
  45. Other assets  
                    (Attach schedule)  . . . . . . . . .45A. 123456789012345       ________________________ .00           45B.  _________________________123456789012345    .00
  46. Rented real and personal property  
                    (Multiply annual rent by 8)  . .46A. 123456789012345       ________________________ .00               46B.  _________________________123456789012345    .00
  47. Total PROPERTY  
                    (ADD Lines 41 through 46) 47A.  ________________________123456789012345       .00                     47B.  _________________________123456789012345    .00

                                                                                                                                                                            Schedule BI-477
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