- 1 -
|
LOCATED IN LOCATED SCHEDULE D – BUSINESS ALLOCATION FORMULA
PERCENTAGE MUSKEGON HTS. EVERYWHERE
I I÷I CITY OF MUSKEGON HEIGHTS INCOME TAXII I
$$ Average net book value of real and tangible personal property 1.
2012 CORPORATION RETURN
Instructions for Form MH-1120 for CORPORATIONS doing business in Muskegon Heightsa. Gross annual rent paid for real property only , multiplied by 8
% b. TOTAL(Add Lines 1 and 1a)
%FILINGDATE Totalwages, salaries, commissions and other compensation of all employeesThe portion of Line 2 that represents net capital loss carryover is to be2.
entered on Line 12 in accordance with the instructions for that Line. The
CalendaryeartaxpayersmustfilebyApril30,2013.
% amountofgainorlossoccurringafterJanuary1,1990istobedeterminedbyGross receipts from sales made or services rendered 3.
Fiscal year taxpayers must file within 4 months after the end of their fiscal either (1) computing the difference between the January 1, 1990 fair market
year. Totalpercentages – add the three percentages computed for Lines 1b, 2 and 3 which you entered in the last column (you mustvalue (December 31, 1989 closing price for traded securities) or the cost if 4.
% thedateacquiredwassubsequenttoJanuary1,1990,andtheproceedsfromcompute a percentage for each of lines 1b, 2 and 3)
REMITTANCE the dale or exchange, or (2) by using the gain or loss for the entire holding
%The tax due, if one dollar ($1.00) or more, must be paid when filing theAverage percentage (one-third of Line 4) - enter here and on Page 1, Line 10period, as computed for Federal income tax purposes, and computing the 5.
return.Makeremittancepayableto:CITYTREASURER.NOTE: In determining the average percentage (Line 5), a factor shall be excluded from the computation only when such factortaxable portion of such gain or loss on the ratio that the number of months
held in the period subsequent to January 1, 1990 is to the total time the
MAILINGADDRESSdoes not exist anywhere insofar as the taxpayer's businesspropertywasheld.operation is concerned and, in such cases, the sum of the percentages
Mailyourreturnandremittanceto: shall be divided by the number of factors actually used.
CITYINCOMETAXDIVISIONIn the case of a taxpayer authorized by the IncomeTax AdministratorDo not includeto usecapitalonegainsof theandspeciallossesformulas,on the saleattachor exchangeexplanationof Unitedand use the
2724PECKSTREET States obligations since such gains and losses are excluded from taxationlines provided below:
MUSKEGONHEIGHTS,MI49444 undertheMuskegonHeightsOrdinance.
and on Page 1, Line 10 c.PercentageLine 12.(a ÷Enterb) hereon this line the net capital loss carryovera.Numeratorand net operating
EFFECTIVEDATEOFTAX
losscarryoverapplicabletoMuskegonHeights.
The City of Muskegon Heights income tax became effective January 1,d.Date of Administrator's approval letter b.Denominator
1990. corporations are required to pay the tax each year on that part of their Net capital losses sustained by a corporation for periods subsequent to
net income attributable to business activity conducted in Muskegon January 1, 1990, may be carried forward in the same manner as under the
Heights, commencing with their first year, calendar or fiscal, ending after Federal Internal Revenue Code. No deduction will be allowed for capital
January1,1990. losses sustained prior to January 1, 1990. Net operating losses carried
forward are to be shown on Line 12 of this return. No deduction will be
CORPORATIONSREQUIREDTOFILE allowed for net operating losses sustained prior to January 1, 1990.There is
Every corporation doing business in the city, whether or not it has an office noprovisionforcarrybacklosses. SCHEDULE E
orScheduleplace of businessE is usedintotheadjustcity, andthehavingincomeincomereportedtaxableon Pageunder1,theLineordi-1 to give effectCarryoverto the requirementslosses are to beofallocatedthe Muskegonto MuskegonHeightsHeightsIncomeTat theaxpercentageOrdinance. The
periodnance, isofrequiredtime usedto fileto computean annual CityitemsofforMuskegonScheduleHeightsE mustCorporationbe the same as the timeof businessperiodconductedused to reportin Muskegonincome onHeightsLine 1.in theScheduleyear in whichE entriesthe lossare allowed
only to the extent directly related to net income as shown on Line 1 on Page 1.
IncomeTaxReturn,FormMH-1120. wassustained.IfallbusinesswasnotconductedinMuskegonHeightsinthe
Corporationscannotelecttofileandbetaxedaspartnerships. to year in which the loss was sustained, use the businessPERIOD:allocationFrompercentage
formulatoarriveatthedeductibleportionoftheloss.
The ordinance specifically exempts from taxation state and national banks,
trust companies, insurance companies,COLUMNbuilding2 and loan and savings and Attach a schedule showing your computationCOLUMNfor1the amount reported on
Deduct – Items NotTaxable and Allowable Deductionsloan associations, credit unions, safety and collateral deposit companies, thisline. Add – Items Not Deductible
and any other association,5.jointIntereststockfromcompanyU.S.obligationsor corporationand fromat leastUnited90%States SCHEDULED–INSTRUCTIONS 1. All expenses (including interest) incurred
of whose assets consist of intangible personal property and at least 90% of
whose gross income consists$ of dividends or interest or othergovernmentcharges units The business allocation percentage formulain connectionmust bewithusedderivationby corporationsof income not
with business activity both within$ and withoutsubjectthetoCityMuskegonof MuskegonHeights income tax
resultingfromtheuseofmoneyorcredit.$ 6. Dividends – Received deduction
Heightswhohavenotbeenapprovedtousetheseparateaccountingmethod.
FILINGDATE $ 2. Muskegon Heights income tax paid or accrued
7. Dividend gross up of foreign taxes Line1. EnterinColumnItheaveragenetbookvalueofallrealandtangible
TaxpayersonacalendaryeararerequiredtofilebyApril30,2013,thoseon personal property owned by the business, regardless of location; and in3.Other (submit schedule)
afiscalyearmustfilebythelastdayofthefourthmonthfollowingtheendof8. Foreign tax deduction ColumnIIshowthenetbookvalueoftherealandtangiblepersonalproperty
the fiscal year. Returns shall be for the same calendar year, fiscal year, or owned and located or used in the City of Muskegon Heights. The average
other accounting period as the taxpayer uses for Federal9. Otherincome(submittax pur-schedule) net book value of real and tangible personal property may be determined by
poses. adding the net book values at the beginning of the year and the net book
EXTENSIONS valuesattheendoftheyearanddividingthesumthusobtainedbytwo.
Upon filing the form APPLICATION FOR EXTENSION OF TIME TO Line 1a. Enter in Column I the gross annual rent multiplied by 8 for all
FILEMUSKEGONHEIGHTSINCOMETAXRETURN(obtainablefrom rented real property regardless of location. In Column II show the gross
ourofficeonrequest)onorbeforethedateforfilingareturn,theIncomeTax annual rent multiplied by 8 for$rented real property4. TotalAdditionslocated(enterin the Cityon Pageof 1, Line 4)
Administrator may extend$ the time10.for filingTotalDeductionsup to six months.(enter onWhenPagean1, Line 6) Muskegon Heights. Gross annual rent refers to real property only, rented or
extensionisrequested,thetentativetaxestimatedtobeduemustbepaid. leased during the taxable period, and should include the actual sums of
moneyorotherconsiderationpayable,directlyorindirectly,bythetaxpayer
When the application form is filed, it may be assumed that the extension is fortheuseorpossessionofsuchproperty.
automatically granted unless otherwise notified. When the extended
Muskegon Heights IncomeTax Return is filed, a copy of the application for Line 2. Enter in Column I the total compensation paid to all employees
extension must accompany it. If the return is filed after the extended due during the year and in Column II show the amount of compensation paid to
date,penaltyandinterestforlatefilingwillapplyfromtheoriginalduedate. employees for work or services performed within the City of Muskegon
Heightsduringtheyear.
INSTRUCTIONSFORPAGE1
Line 3. Enter in Column I the total gross revenue from all sales or services
Line 8. Only the amount of the gain or loss occurring from January 1, 1990 rendered during the year and in Column II show the amount of revenue
to date of disposition shall be recognized for purposes of the Muskegon derived from sales made or services rendered in the City of Muskegon
Heights income tax.Adjustment for this is to be made here by removing the Heights during the year. If there is no regularly maintained sales force
gainorlossonLine2andinserting,onLine8,onlytheportionofthegainor outside of the city, this allocation factor must be 100% for businesses with
loss applicable to the holding period subsequent to January 1, 1990 to the nootherbusinessactivityoutsidethecity.
dateofdisposition.AnynetcapitallosscarryoverincludedinLine2ofPage
1shouldbeexcludedbeforeentryonLine8.
|