2017 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 income from an S Corporation for Tax Years 2007 through 2013.) 

 Taxpayer Name                                                                           Social Security Number 

 S Corporation Name                                                                      Employer ID Number 
                                                                                                                                                
 Calculation of Regulatory Exclusion for 2017 Net Taxable Distributions               
                                                                                                    
  Line 1. Distributions from AAA (from 2017 Federal 1120S Schedule K-1 - Line 16D) 
  Line 2. Pro rata S Corporation Income from 2017 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 2017 School       
  Income Tax return and do not complete the rest of this Worksheet. 

  Line 4.  Exclusion Base Available (Total from Part B, Line 7 of the 2016 Worksheet) 
                                                                                                    
  Line 5.  2017 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 2017 School Income Tax return Line 3. 

  Line 7. Remaining Exclusion Base for 2018 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. _____________________ 
  
 Rev. 1-19-2018