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Screen MAGen - Massachusetts Excise Tax Return (1120)
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General Information
Final return
Enter
1
if this is a final Massachusetts return. If this box is blank and the federal return is a final return, the application assumes the Massachusetts return is a final return and marks the Yes
checkbox on the return.note
Returns marked as final in the previous year won't proforma to the current year. If the federal return is marked as final, the client won't appear in the list of clients that are available to proforma.
Massachusetts date of incorporation or first date of business
For a domestic corporation, enter the date of incorporation in Massachusetts. For a foreign corporation, enter the first date of business in Massachusetts if different from the date of incorporation. If this box is blank, the application assumes that the date of incorporation in Massachusetts or the first date of business in Massachusetts is the same as the federal date of incorporation.
Type of corporation
Enter
1
if the corporation is a research and development corporation. Enter 2
if the corporation is a classified manufacturing corporation. The application automatically enters 0
(zero) on Schedule B, line 4 and on Schedule C, line 2c when 2
is entered. Enter 3
if the corporation is a RIC. Enter 4
if the corporation is a Public REIT. The application calculates Schedule RNW when 4
is entered and an amount is entered in Intangible assets allocated to Massachusetts
in the MABSC screen.Corporation is included in a 355U filing
If the corporation is participating in the filing of Form 355U, Excise for Taxpayers Subject to Combined Reporting, enter
1
to mark the checkbox on the return and to suppress the calculation of Form 355 for C corporations or Form 355S, Schedules A, B, C, D, and E for S corporations. Enter 2
or leave this box blank to calculate the forms and schedules.FID of principal reporting corporation
If filing as part of a unitary return, enter the federal identification number of the principal reporting corporation in this box if different from the federal. If this box is blank, the application uses information from
EIN
in the federal OthInfoC screen.Corporation’s tax year end in a different month than the 355U
If the corporation is participating in the filing of Form 355U and has a tax year that ends in a different month than the combined group’s tax year, enter
1
. When the corporation is participating in the filing of Form 355U and 1
is entered in this box, the non-income measure of excise tax will calculate on Form 355 or 355S.note
For this purpose, taxpayers with a 52-53 week year are considered to have a tax year ending on the last day of the calendar month closest to the actual last day of the taxable year.
Corporation has non-unitary income, different end month, and no affiliated group election
If the corporation is participating in the filing of Form 355U, has a tax year that ends in a different month than the combined group’s tax year, and isn't subject to an affiliated group election, enter
1
. When the corporation is participating in the filing of Form 355U and 1
is entered, Form 355 or 355S, Page 7, Schedule E will calculate and an amount will need to be entered in Unitary income adjustments
in the MAAdj screen.note
For this purpose, taxpayers with a 52-53 week year are consider to have a tax year ending on the last day of the calendar month closest to the actual last day of the taxable year.
Title, if signing as authorized delegate of appropriate corporate officer
Enter the title of the signer if signing as an authorized delegate of the corporate officer. If a title is entered, the application marks the
Yes
checkbox for the questionAre you signing as an authorized delegate of the appropriate officer of the corporation?
If the title is blank, the officer title from the federal Contact screen transfers to the form and the No checkbox is marked.Is the corporation a qualified life sciences company
Enter
1
if the corporation is a qualified life science company. If 1
is entered the application will calculate the net operating loss carry forward using an extended carry forward period. Refer to Massachusetts Technical Information Release 08-23 for further information.Suppress calculation of shareholder basis worksheet (S Corp)
Enter
X
to suppress the calculation of the shareholder basis worksheet. If you enter X
, the application doesn't proforma the suspended losses in View, Shareholder Information, Massachusetts, then Shareholder Basis window.Corporate Ownership
Corporation’s total voting power is owned more than 50% by another corporation, partnership or trust
Enter the required information in this statement window. The application transfers detail from the
Corporation’s total voting power is owned 20% or more directly, or 50% or more indirectly by: Foreign or domestic corporation, partnership, or trust
statement window in the federal OthInfoC screen to the statement window. The application completes Schedule M-1, Part 2, line 1 for each statement window item with a percent owned greater than 50 percent. To exclude an item from the state return, delete the entire line item from the statement.Corporation owns 50% or more of the voting power of another corporation
Enter the required information in this statement window.
- For C Corporations, the application transfers detail from theCorporation owns 20% or more directly, or 50% or more indirectly of the voting power of: A foreign or domestic corporation not included on Form 851statement window in the federal OthInfoC screen to this statement window.
- For S Corporations, the application transfers detail from theCorporation at year end owns 20% or more directly, or 50% or more indirectly of: Total stock of any foreign or domestic corporationstatement window in the federal OthInfoS screen to this statement window.
The application completes Schedule M-1, Part 2, line 2 for each statement window item with a percent owned greater than or equal to 50 percent. To exclude an item from the state return, delete the entire line item from the statement.