revenue.ne.gov tax current f_1120n
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This document is a Nebraska Corporation Income Tax Return form for the 2008 tax year. It includes instructions and schedules to report a corporation's income, tax liability, payments, and credits. Key information includes: - The corporation's legal name, address, federal ID number, and business activity. - Computation of the corporation's federal and Nebraska taxable income, capital loss carryovers, and net operating loss carryovers. - Schedules to apportion income for multistate businesses based on sales, and to calculate foreign dividend and special foreign tax credits. - Lines to report total tax, nonrefundable credits, refundable credits, estimated payments, and amounts due or to be refunded.
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![NEBRASKA SCHEDULE A — Summary of Line 5 Adjustments
NEBRASKA SCHEDULE I — Apportionment for Multistate Business FORM
NEBRASKA SCHEDULE II — Foreign Dividend and Special Foreign
1120N
Tax Credit Deduction
Name as Shown on Form 1120N Nebraska Identification Number
24 —
Nebraska Schedule A — Summary of Line 5 Adjustments
•You must use Schedule A if you make an adjustment on line 5 of Form 1120N
1 State and local government interest and dividend income (see instructions) .................................................................................... 1
2 Qualified U.S. government interest deduction. See Reg. 24-048, attach supporting schedule ............. 2
Foreign dividends, gross-up, or special foreign tax credit deduction (line 12, Neb. Sch. II) .................. 3
3
4 4
Allocable, nonapportionable income
5 Less: Related expenses .......................................................................... 5
6 Interest expense disallowance ................................................................ 6
7 Net allocable, nonapportionable income (attach affidavit — see instructions) ....................................... 7
8 Nebraska College Savings Plan (see instructions)................................................................................ 8
9 Bonus depreciation subtraction (attach schedule — see instructions) .................................................. 9
10 Enhanced Section 179 expense subtraction (attach schedule — see instructions) ............................. 10
11 Other adjustments (attach detailed explanation and schedule)............................................................. 11
12 TOTAL adjustments (line 1 minus the total of lines 2, 3, 7, 8, 9, 10, and 11). Enter here and on line 5, Form 1120N ....................... 12
Nebraska Schedule I — Apportionment for Multistate Business
1 Adjusted federal taxable income (line 7, Form 1120N)....................................................................................................................... 1
.
2 Nebraska apportionment factor (line 15 below) .................................................................. 2 %
3 Taxable income apportioned to Nebraska (line 1 multiplied by line 2). Enter here and on line 8, Form 1120N ................................. 3
SALES OR GROSS RECEIPTS
Nebraska
Apportionment Factor Nebraska
Total Apportionment Factor
4 Sales or gross receipts minus returns and allowances ........ 4
5 Sales delivered or shipped to purchasers in Nebraska:
5
Shipped from outside Nebraska ...........................................................................................................
6 Shipped from within Nebraska.............................................................................................................. 6
7 Sales shipped from Nebraska to the U.S. government ......................................................................... 7
8 Interest on sales of tangible property .................................... 8 8
9 Interest, dividends, and royalties from intangible property ....... 9 9
10 Gross rents ............................................................................ 10 10
11 Net gain on sales of intangible property ................................ 11 11
12 Gross receipts from sales of tangible personal and real
property not included above .................................................. 12 12
13 Other income (attach schedule) ............................................ 13 13
14 TOTAL SALES OR GROSS RECEIPTS ................................ 14 14
15 Nebraska apportionment factor. Divide line 14, Nebraska column, by line 14, Total column, and round to six decimal
.
places. Enter as a percent here and on Schedule I, line 2 above .................................................................................... 15 %
NEBRASKA SCHEDULE II — Foreign Dividend and Special Foreign Tax Credit Deduction
• Attach Schedule C — Federal Form 1120
FOREIGN DIVIDEND DEDUCTION COMPUTATION
NOTE: The Nebraska Foreign Dividend Deduction calculated on lines 1 through 6 is only for those dividends included in federal taxable income from
corporations which are not subject to the Internal Revenue Code. This includes those corporations whose dividends do not qualify for the dividend received
deduction under IRC Section 243.
1 Dividends from foreign corporations and certain FSC’s subject to Section 245 deduction
1
(total of Federal Form 1120, Schedule C, lines 6 and 7, column [a]) .........................................................................................
2 Special deductions on line 1 amount (total of Federal Form 1120,
2
Schedule C, lines 6 and 7, column [c]) ......................................................................................
3 3
Net foreign dividends subject to Section 245 deduction included in federal taxable income (line 1 minus line 2) ......................
4 4
Other dividends from foreign corporations (Form 1120, Schedule C, line 13) ...........................................................................
5 5
Income from controlled foreign corporations under Subpart F (Form 1120, Schedule C, line 14) .............................................
6 6
Foreign dividend gross-up (Section 78) (Form 1120, Schedule C, line 15) ................................................................................
SPECIAL FOREIGN TAX CREDIT DEDUCTION COMPUTATION
NOTE: This deduction is only to be claimed when a corporation subject to the Internal Revenue Code is actually taxed by a foreign country or
one of its political subdivisions at a rate in excess of the maximum federal corporate tax rate.
7 Federal taxable income from qualifying foreign taxing jurisdiction(s)
7
List jurisdiction(s):
8 Foreign taxes paid on line 7 amount(s) for which foreign tax credit is taken ............................. 8
9 Line 7 minus line 8 .................................................................................................................... 9
10 Divide line 9 result by .65; enter result....................................................................................... 10
11 Special foreign tax credit adjustment (if line 10 is greater than or equal to line 7, enter -0-; if line 10 is less than line 7,
enter difference) .......................................................................................................................................................................... 11
12 Total foreign dividend and special foreign tax credit deduction, if applicable (total of
lines 3, 4, 5, 6, and 11). Enter here and on line 3, Nebraska Schedule A ................................................................................... 12
www.revenue.ne.gov, (800) 742-7474 (toll free in NE and IA), (402) 471-5729](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
revenue.ne.gov tax current f_1120n
- 1. Nebraska Corporation Income Tax Return FORM 1120N for the taxable year January 1, 2008 through 2008 December 31, 2008 or other taxable year beginning , 2008 and ending , PLEASE DO NOT WRITE IN THIS SPACE Name Doing Business As (dba) Please Type or Print Legal Name Street or Other Mailing Address Business Classification Code Date Business Began in Nebraska City or Town State Zip Code Principal Business Activity in Nebraska Federal Identification Number Nebraska Identification Number Check box if: Initial Nebraska Return Cooperative Organization 24 — Final Nebraska Return Exempt Organization Corporation Filing Status (Answer questions A through D, as applicable.) C. Are you filing as a unitary group in any other state? A. Is this a corporation that owns at least 50% of another (1) YES (2) NO corporation; or is it owned at least 50% by another corporation? D. Check the method used to determine Nebraska income (1) YES (2) NO (check only one): If Yes, attach Federal Form 851 or a schedule of affiliated (1) Combined report of a controlled group of corporations corporations and federal ID’s and answer questions B, C, and D. (2) Separate report by a member of a controlled group B. Is one single Nebraska return being filed for the entire group? of corporations (3) Alternate method (attach Department of Revenue approval) (1) YES (2) NO All corporations required to file must complete this page. Schedules A, I, II, III, and IV must be completed if appropriate. 1 1 Federal gross sales or receipts from attached Federal Form 1120 (see instructions) ................................. 2 2 Federal taxable income (see instructions).................................................................................................... 3 3 Federal net operating loss deduction ............................................................... 4 4 Federal capital loss carryover .......................................................................... 5 Other adjustments (enter line 12 from attached Nebr. Schedule A — see instr.) 5 6 6 Total adjustments (add lines 3 and 4, plus or minus line 5) ......................................................................... 7 7 Adjusted federal taxable income (line 2 plus or minus line 6) ...................................................................... 8 8 Nebraska taxable income before Nebraska carryovers (see instructions) ................................................... 9 9 Nebraska capital loss carryover (see instructions) ....................................................................................... 10 10 Line 8 minus line 9 ....................................................................................................................................... 11 11 Nebraska net operating loss carryover (see instructions – attach worksheet) ............................................. 12 12 Net Nebraska taxable income (line 10 minus line 11) .................................................................................. 13 13 Nebraska tax (from tax rate schedule in instructions) .................................................................................. 14 Credit for in lieu of intangible tax paid (see instructions — attach schedule) .... 14 15 Nebraska Charitable Endowment Tax credit (attach statement) ...................... 15 16 CDAA credit (see page 3 instructions — attach forms) .................................... 16 17 Form 3800N nonrefundable credit (attach Form 3800N) ................................. 17 18 18 Total nonrefundable credits (total of lines 14, 15, 16, and 17) ..................................................................... 19 19 Subtract line 18 from line 13 (if line 18 is more than line 13, enter -0-)........................................................ 20 Form 3800N refundable credit (attach Form 3800N) ........................................ 20 21 Tax deposited with Form 7004N........................................................................ 21 22 2008 estimated tax payments (minus any Form 4466N adjustment) ................ 22 23 Beginning Farmer credit (attach certificate) ...................................................... 23 24 24 Total payments (total of lines 20, 21, 22, and 23) ......................................................................................... 25 Check this box if payment is made by Electronic Funds Transfer TAX DUE (line 19 minus line 24) (EFT) If over $400 attach Form 2220N and include penalty in line 25 and show here: 99 $ 25 26 OVERPAYMENT (line 24 minus line 19) ....................................................................................................... 26 27 Amount on line 26 you want CREDITED to 2009 estimated tax ................................................................... 27 28 Amount to be REFUNDED (line 26 minus line 27). Complete lines 29a, 29b, and 29c to receive your refund electronically 28 29a Routing Number 29b Type of Account 1 = Checking 2 = Savings 29c Account Number (See instructions page 5) Under penalties of perjury, I declare that as taxpayer or preparer I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is correct and complete. sign here Signature of Officer Date Signature of Preparer Other than Taxpayer Date ( ) ( ) Title Daytime Phone Number Address Daytime Phone Number E-Mail Address A TRUE COPY OF THE FEDERAL RETURN AND SUPPORTING SCHEDULES MUST BE ATTACHED TO THIS RETURN. Mail this return and payment to: NEBRASKA DEPARTMENT OF REVENUE, P.O. BOX 94818, LINCOLN, NE 68509-4818 8-270-2008
- 2. NEBRASKA SCHEDULE A — Summary of Line 5 Adjustments NEBRASKA SCHEDULE I — Apportionment for Multistate Business FORM NEBRASKA SCHEDULE II — Foreign Dividend and Special Foreign 1120N Tax Credit Deduction Name as Shown on Form 1120N Nebraska Identification Number 24 — Nebraska Schedule A — Summary of Line 5 Adjustments •You must use Schedule A if you make an adjustment on line 5 of Form 1120N 1 State and local government interest and dividend income (see instructions) .................................................................................... 1 2 Qualified U.S. government interest deduction. See Reg. 24-048, attach supporting schedule ............. 2 Foreign dividends, gross-up, or special foreign tax credit deduction (line 12, Neb. Sch. II) .................. 3 3 4 4 Allocable, nonapportionable income 5 Less: Related expenses .......................................................................... 5 6 Interest expense disallowance ................................................................ 6 7 Net allocable, nonapportionable income (attach affidavit — see instructions) ....................................... 7 8 Nebraska College Savings Plan (see instructions)................................................................................ 8 9 Bonus depreciation subtraction (attach schedule — see instructions) .................................................. 9 10 Enhanced Section 179 expense subtraction (attach schedule — see instructions) ............................. 10 11 Other adjustments (attach detailed explanation and schedule)............................................................. 11 12 TOTAL adjustments (line 1 minus the total of lines 2, 3, 7, 8, 9, 10, and 11). Enter here and on line 5, Form 1120N ....................... 12 Nebraska Schedule I — Apportionment for Multistate Business 1 Adjusted federal taxable income (line 7, Form 1120N)....................................................................................................................... 1 . 2 Nebraska apportionment factor (line 15 below) .................................................................. 2 % 3 Taxable income apportioned to Nebraska (line 1 multiplied by line 2). Enter here and on line 8, Form 1120N ................................. 3 SALES OR GROSS RECEIPTS Nebraska Apportionment Factor Nebraska Total Apportionment Factor 4 Sales or gross receipts minus returns and allowances ........ 4 5 Sales delivered or shipped to purchasers in Nebraska: 5 Shipped from outside Nebraska ........................................................................................................... 6 Shipped from within Nebraska.............................................................................................................. 6 7 Sales shipped from Nebraska to the U.S. government ......................................................................... 7 8 Interest on sales of tangible property .................................... 8 8 9 Interest, dividends, and royalties from intangible property ....... 9 9 10 Gross rents ............................................................................ 10 10 11 Net gain on sales of intangible property ................................ 11 11 12 Gross receipts from sales of tangible personal and real property not included above .................................................. 12 12 13 Other income (attach schedule) ............................................ 13 13 14 TOTAL SALES OR GROSS RECEIPTS ................................ 14 14 15 Nebraska apportionment factor. Divide line 14, Nebraska column, by line 14, Total column, and round to six decimal . places. Enter as a percent here and on Schedule I, line 2 above .................................................................................... 15 % NEBRASKA SCHEDULE II — Foreign Dividend and Special Foreign Tax Credit Deduction • Attach Schedule C — Federal Form 1120 FOREIGN DIVIDEND DEDUCTION COMPUTATION NOTE: The Nebraska Foreign Dividend Deduction calculated on lines 1 through 6 is only for those dividends included in federal taxable income from corporations which are not subject to the Internal Revenue Code. This includes those corporations whose dividends do not qualify for the dividend received deduction under IRC Section 243. 1 Dividends from foreign corporations and certain FSC’s subject to Section 245 deduction 1 (total of Federal Form 1120, Schedule C, lines 6 and 7, column [a]) ......................................................................................... 2 Special deductions on line 1 amount (total of Federal Form 1120, 2 Schedule C, lines 6 and 7, column [c]) ...................................................................................... 3 3 Net foreign dividends subject to Section 245 deduction included in federal taxable income (line 1 minus line 2) ...................... 4 4 Other dividends from foreign corporations (Form 1120, Schedule C, line 13) ........................................................................... 5 5 Income from controlled foreign corporations under Subpart F (Form 1120, Schedule C, line 14) ............................................. 6 6 Foreign dividend gross-up (Section 78) (Form 1120, Schedule C, line 15) ................................................................................ SPECIAL FOREIGN TAX CREDIT DEDUCTION COMPUTATION NOTE: This deduction is only to be claimed when a corporation subject to the Internal Revenue Code is actually taxed by a foreign country or one of its political subdivisions at a rate in excess of the maximum federal corporate tax rate. 7 Federal taxable income from qualifying foreign taxing jurisdiction(s) 7 List jurisdiction(s): 8 Foreign taxes paid on line 7 amount(s) for which foreign tax credit is taken ............................. 8 9 Line 7 minus line 8 .................................................................................................................... 9 10 Divide line 9 result by .65; enter result....................................................................................... 10 11 Special foreign tax credit adjustment (if line 10 is greater than or equal to line 7, enter -0-; if line 10 is less than line 7, enter difference) .......................................................................................................................................................................... 11 12 Total foreign dividend and special foreign tax credit deduction, if applicable (total of lines 3, 4, 5, 6, and 11). Enter here and on line 3, Nebraska Schedule A ................................................................................... 12 www.revenue.ne.gov, (800) 742-7474 (toll free in NE and IA), (402) 471-5729