2018 School Income Tax

                                                                               S Corporation Shareholder
                                                                 Worksheet to Calculate Regulatory Exclusion

To be used by S Corporation Shareholders who reported their pro-rata share of S Corporation net income on their   
                      2007 through 2013 School Income Tax Returns.

Taxpayer Name                                                                         Social Security Number

S Corporation Name                                                                    Employer ID Number

Calculation of Regulatory Exclusion for 2018 Net Taxable Distributions

 Line 1. Distributions from AAA (from 2018 Federal 1120S Schedule K-1 - Line 16D)
 Line 2. Pro rata S Corporation Income from 2018 Federal 1120S (If a loss enter zero).
 Line 3. Difference (Line 1- Line 2)
 * If Excess Distributions (Line 3 greater than 0) go to Line 4 to calculate the exclusion that can be taken.      
                                                                               
 **If Line 3   is less than or equal to 0 (i.e. negative number), report the distributions from Line 1 on Line 3 of the 2018 School       
 Income Tax return and do   not complete the rest of this Worksheet.

  Line 4.  Exclusion Base Available (Total from, Line 7 of the 2017 Worksheet)
  Line 5.  2018 Exclusion Allowed (Lower of Line 3 or Line 4)
  Line 6. Net Taxable Distributions (Line 1 - Line 5)
  ***Report the Net Taxable Distributions from Line 6 on the 2018 School Income Tax return Line 3.

  Line 7. Remaining Exclusion Base for 2019 SIT (Line 4 - Line 5)

Under the penalties of perjury, as set forth in 18 PA C.C. §§ 4902-4903 as amended, I swear that I have reviewed this worksheet and to the best
of my knowledge and belief, they are true and complete.

Taxpayer Signature :_____________ __________________________ Date:_____________ Phone No. _____________________
                                                                                       
Spouse's Signature :_______________________________________ Date:_____________ Phone No. _____________________
                                                                                       
Preparer Signature :_______________________________________ Date:______________Phone No. _____________________

                                                                                                        2018 SIT Worksheet  12-14-2018