FINAL DRAFT 10/2/23

2023 DIV, Deduction for Dividends Received
Complete Schedule DIV to determine your deduction for dividends received.

Name of Corporation/Designated Filer                                                                                                    FEIN    Minnesota Tax ID Number
                                                                                                                                                                                                       You must round amounts 
                                                                                                                                                                                                       to nearest whole dollar.
  1 Total dividends and inclusions  
    (from federal Form 1120, line 4; unitary businesses, see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  1  

  2 This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . .  . 2 
 
  3 This line intentionally left blank  . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . .  . 3 

  4 Add lines 1 through 3   .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . .  . 4 

  5 Dividends from less-than-20-percent-owned companies   .  .  .  .  .  .  .  .  .  .  .  .  .  .  5  
 
  6 Dividends from foreign sales corporations    . . .  . . . . . .  . . . . .  . . . . . . .  . . . .  .  6  
 
  7 Combined intercompany dividends  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  .  7  
 
  8 Gross-up for foreign taxes deemed paid    . . .  . . . . . .  . . . . .  . . . . . . .  . . . . . 8 .  .  
    (from federal Form 1120, Sch. C, line 18) 
  9 Dividends received from a real estate investment trust (REIT)                . . .  . . . . . . 9 .  

 10 Dividends on debt-financed stock  
   (see inst.)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  .  10  
 
 11 Other dividends not already listed on line 5 through 10  
    (see inst.)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  .  11  
 
 12 Total subtractions (add lines 5 through 11)    . .  . . . . .  . . . . .  . . . . . .  . . . . .  . 12  

 13 Dividends subject to 50 percent deduction  
    (subtract line 12 from line 4) . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . . 13  
 
 14 Deduction percentage   . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . 14                       50%
 
 15 Minnesota deduction (multiply line 13 by line 14)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .  15  
 16 Dividends from less-than-20-percent-owned companies 
    (from line 5 above)   . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .  .  16  
 
 17 Deduction percentage   . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . 17                       40%
 
 18 Minnesota deduction (multiply line 16 by line 17)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .  18  
 
 19 Dividends subject to apportionment (add lines 15 and 18)    . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . .  19  
    Use this amount to calculate Form M4T, line 8.

                                                                                       9995

                                                  FINA LDRAFT 10/2/23

2023 Schedule DIV Instructions

Complete Schedule DIV to determine your deduction for dividends received.
Purpose of Schedule DIV
Use Schedule DIV, Deduction for Dividends Received, to calculate your deduction for dividends received by a member of your combined 
group. The dividend must be paid by a corporation outside the combined group.
The dividend received deduction is allowed for dividends that are included in the corporation’s Minnesota taxable net income for the taxable 
year. For tax years beginning after December 31, 2022, Global Intangible Low Taxed Income is included in the calculation of Minnesota 
dividends for the Dividend Received Deduction. 
The dividends received deduction is not allowed if the corporation does one of the following:
• Includes the stock in its inventory 
• Holds the stock primarily for sale to customers in the ordinary course of business 
• Conducts business that consists mainly of holding the stocks and collecting income and gains from them
Line Instructions
Line 1
Enter your dividends and inclusions received from federal Form 1120, line 4.
Unitary businesses: Enter the sum of the dividends received by each corporation included on your combined return.
Line 7
Enter any dividends from line 1 that are received by a corporation included on your combined return from a corporation included on your 
combined return.
Line 10
Enter any dividends included on line 1 that are received on debt-financed stock under IRC section 246A and not allowed a federal dividends 
received deduction.
Line 11
Enter any dividends included on line 1 from federal Form 1120, Schedule C:
•  Amount of Section 965(a) inclusion
•  Line 20 - Other dividends