Form CIT 2018 Montana Corporate Income Tax Return - Montana

Form CIT or the "Montana Corporate Income Tax Return" is a form issued by the Montana Department of Revenue.

A PDF of the latest Form CIT can be downloaded below or found on the Montana Department of Revenue Forms and Publications website.

Step-by-step Form CIT instructions can be downloaded by clicking this link.

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Clear Form
C
Form CIT
2018 Montana Corporate Income Tax Return
No
Staples!
Include a copy of federal Form 1120 as filed with the Internal Revenue Service
For calendar year 2018 or tax year beginning
and ending
M M D D 2 0 1
8
M M D D Y Y Y
Y
Name
-
FEIN
Mailing Address
Federal Business Code/NAICS
State Incorporated in
on
M M D D Y Y Y
Y
City
State
Zip + 4
Date Qualified in Montana
M M D D Y Y Y
Y
MT Secretary of State ID
Mark all that apply:
q
q
Initial Return
Amended Return
q
q
Final Return
Refund Return
Part I - Filing Method.
q
1.
Mark this box if you are protected under the provision of Public Law 86-272.
How many companies are claiming protection under Public Law 86-272?
If marked, Schedule K must be completed and included with your tax return; skip questions 2 through 5 of this part.
q
q
2. Are you a member (parent or subsidiary) of a consolidated group for federal purposes? ......................................
Yes
No
q
q
3. Are you filing a combined return for Montana purposes? ........................................................................................
Yes
No
4. If you answered “Yes” to questions 2 or 3 above, then mark one of the following filing methods and include Schedule M:
q
q
a. Separate Company
d. Domestic Combination
q
q
b. Separate Accounting
e. Limited Combination (Attach statement)
q
q
c. Worldwide Combination
f. Water’s Edge
(You must have a valid election and Schedule WE must be included.)
5. If you answered “Yes” to questions 2 or 3 above, you must include pages 1 through 5 of the parent’s consolidated federal
Form 1120 that you filed with the Internal Revenue Service, and enter:
a. Ultimate U.S. parent’s name as reported on federal tax return
-
b. Ultimate U.S. parent’s FEIN
Part II - Amended Return Only. Mark all that apply.
q
a. Federal Revenue Agent Report; include a complete copy of this report.
q
b. NOL carryback/carry forward; list year(s) of loss.
(Schedule NOL must be included.)
q
c. Apportionment factor changes; include a statement explaining all adjustments in detail.
q
d. Amended federal tax return (form 1120X); include a complete copy of the federal Form 1120X.
q
e. Application and/or change in tax credit; list type of credit being claimed.
q
f. Other; include a statement explaining all adjustments in detail.
Part III - General Questions. All questions must be answered.
a. Describe in detail the nature and location(s) of your Montana activities (if necessary, provide the description on an additional page).
b. How many members of the unitary group had property, payroll or receipts in Montana or have an interest in a pass-through entity
with Montana activity during the taxable period?
q
q
c. Is this your corporation’s first Montana tax return? .................................................................................................
Yes
No
If this corporation is a successor to a previously existing business, enter the predecessor’s information:
-
Name
FEIN
Office Use Only
*18EP0101*
Date Received
*18EP0101*
Clear Form
C
Form CIT
2018 Montana Corporate Income Tax Return
No
Staples!
Include a copy of federal Form 1120 as filed with the Internal Revenue Service
For calendar year 2018 or tax year beginning
and ending
M M D D 2 0 1
8
M M D D Y Y Y
Y
Name
-
FEIN
Mailing Address
Federal Business Code/NAICS
State Incorporated in
on
M M D D Y Y Y
Y
City
State
Zip + 4
Date Qualified in Montana
M M D D Y Y Y
Y
MT Secretary of State ID
Mark all that apply:
q
q
Initial Return
Amended Return
q
q
Final Return
Refund Return
Part I - Filing Method.
q
1.
Mark this box if you are protected under the provision of Public Law 86-272.
How many companies are claiming protection under Public Law 86-272?
If marked, Schedule K must be completed and included with your tax return; skip questions 2 through 5 of this part.
q
q
2. Are you a member (parent or subsidiary) of a consolidated group for federal purposes? ......................................
Yes
No
q
q
3. Are you filing a combined return for Montana purposes? ........................................................................................
Yes
No
4. If you answered “Yes” to questions 2 or 3 above, then mark one of the following filing methods and include Schedule M:
q
q
a. Separate Company
d. Domestic Combination
q
q
b. Separate Accounting
e. Limited Combination (Attach statement)
q
q
c. Worldwide Combination
f. Water’s Edge
(You must have a valid election and Schedule WE must be included.)
5. If you answered “Yes” to questions 2 or 3 above, you must include pages 1 through 5 of the parent’s consolidated federal
Form 1120 that you filed with the Internal Revenue Service, and enter:
a. Ultimate U.S. parent’s name as reported on federal tax return
-
b. Ultimate U.S. parent’s FEIN
Part II - Amended Return Only. Mark all that apply.
q
a. Federal Revenue Agent Report; include a complete copy of this report.
q
b. NOL carryback/carry forward; list year(s) of loss.
(Schedule NOL must be included.)
q
c. Apportionment factor changes; include a statement explaining all adjustments in detail.
q
d. Amended federal tax return (form 1120X); include a complete copy of the federal Form 1120X.
q
e. Application and/or change in tax credit; list type of credit being claimed.
q
f. Other; include a statement explaining all adjustments in detail.
Part III - General Questions. All questions must be answered.
a. Describe in detail the nature and location(s) of your Montana activities (if necessary, provide the description on an additional page).
b. How many members of the unitary group had property, payroll or receipts in Montana or have an interest in a pass-through entity
with Montana activity during the taxable period?
q
q
c. Is this your corporation’s first Montana tax return? .................................................................................................
Yes
No
If this corporation is a successor to a previously existing business, enter the predecessor’s information:
-
Name
FEIN
Office Use Only
*18EP0101*
Date Received
*18EP0101*
-
2018 Form CIT, Page 2
Period End Date
M M D D Y Y Y
Y
FEIN
Part III - continued
q
q
d. Is this your corporation’s final Montana tax return? ................................................................................................
Yes
No
If “Yes,” please include detailed statement and indicate whether your corporation has:
q
q
q
q
Withdrawn
Merged
Dissolved
Reorganized
Date of withdrawal, dissolution, merger, or reorganization
M M D D Y Y Y
Y
-
If applicable, enter the successor’s name
FEIN
e. For any tax period(s), has the Internal Revenue Service issued an official notice of change or correction that
q
q
you have not filed with the Montana Department of Revenue? ..............................................................................
Yes
No
If “Yes,” indicate what period(s)
f.
Are any statute of limitation waivers currently in force that have been executed with the Internal Revenue
q
q
Service?..................................................................................................................................................................
Yes
No
If “Yes,” which taxable year(s) is covered and what is the expiration date(s) of the waiver(s)?
q
q
g. Have you filed an amended federal tax return for any of the last five taxable periods? .........................................
Yes
No
If “Yes,” for which years have you filed amended Montana returns?
h. Did an individual at the end of the taxable year own, directly or indirectly, 50% or more of the voting stock of
q
q
this corporation? If “Yes,” enter name
and % of ownership
.....
Yes
No
i.
Did a partnership, corporation, estate or trust at the end of the taxable year own, directly or indirectly,
q
q
50% or more of the voting stock of this corporation? .............................................................................................
Yes
No
If “Yes,” enter name
and % of ownership
j.
If the answer to question (h) or (i) is “Yes,” did the same individual, partnership, corporation, estate or trust
at the end of the taxable year also own, directly or indirectly, 50% or more of the voting stock of another
q
q
(brother-sister) corporation? ...................................................................................................................................
Yes
No
k. Did this corporation or any member of the consolidated group own, directly or indirectly, 50% or more of the
q
q
outstanding voting stock of a domestic corporation that is not included in the consolidated group? .....................
Yes
No
If “Yes,” how many corporations?
l.
Did this corporation or any member of the consolidated group own, directly or indirectly, 50% or more of the
q
q
outstanding voting stock of a foreign corporation? If “Yes,” how many corporations?
...................
Yes
No
m. Was your corporation owned 50% or more, directly or indirectly, by a corporation or entity that was
q
q
organized or incorporated outside the U.S.? ..........................................................................................................
Yes
No
If “Yes,” enter name
and % of ownership
n. Did this corporation or any member of the consolidated group directly or indirectly have an interest in a
q
q
domestic partnership? If “Yes,” how many partnerships?
..............................................................
Yes
No
o. Did this corporation or any member of the consolidated group directly or indirectly have an interest in a
q
q
foreign partnership? If “Yes,” how many partnerships?
..................................................................
Yes
No
If you answered “Yes” to any of the above questions (i) through (o), you need to complete and include Schedule M.
p. For multistate taxpayers, when computing the Montana receipts apportionment factor using market sourcing,
q
q
was reasonable approximation used to assign receipts? (see instructions) If “Yes,” provide a brief description
Yes
No
Part IV - Reporting of Special Transactions.
Mark “Yes” if you filed any of the following forms with the Internal Revenue Service. You need to include
with your Montana tax return a complete copy of any of these applicable forms.
q
q
a. I filed federal Form 8886 – Reportable Transaction Disclosure Statement with the Internal Revenue Service.
Yes
No
Form 8886 is used to disclose information for each reportable transaction in which you participated.
q
q
b. I filed federal Schedule UTP - Uncertain Tax Position Statement with the Internal Revenue Service.
Yes
No
Schedule UTP is used to disclose uncertain tax positions.
q
q
c. I filed IRC Section 965 Transaction Tax Statement as part of my 2017 federal income tax filings.
Yes
No
q
q
d. I filed IRC Section 965 Transaction Tax Statement as part of my 2018 federal income tax filings.
Yes
No
*18EP0201*
*18EP0201*
-
2018 Form CIT, Page 3
Period End Date
M M D D Y Y Y
Y
FEIN
Computation of Montana Taxable Income and Net Amount Due
1. Taxable income reported on your federal tax return (line 28) (include a copy of signed
00
federal Form 1120) .................................................................................................................................1.
2. Additions
2a. State, local, foreign and franchise taxes based on income (include
00
breakdown of your Form 1120, line 17) ...............................................2a.
00
2b. Federal tax exempt interest .................................................................2b.
00
2c. Contributions used to compute qualified endowment credit ................ 2c.
2d. Income/loss of foreign parent and foreign subsidiaries for worldwide
00
combined filers ....................................................................................2d.
2e. Income/loss of unitary corporations not included in federal
00
consolidated return ..............................................................................2e.
00
2f. Deemed dividends—Water’s Edge filers only (include Schedule WE) . 2f.
2g. Income/loss of corporations incorporated in tax havens—Water’s
00
Edge filers only ....................................................................................2g.
2h. Federal capital loss carry-over utilized on federal return (include
00
Schedule D) .........................................................................................2h.
00
2i. All of your other additions (include a detailed breakdown) ................... 2i.
00
Add lines 2a through 2i and enter the result. This is the total of your additions. ...............................2.
3. Reductions
00
3a. IRC Section 243 dividend received deduction .....................................3a.
00
3b. Nonapportionable income (include a detailed breakdown) ................. 3b.
00
3c. Montana recycling deduction (include Form RCYL) ............................ 3c.
3d. Income/loss of nonunitary corporations included in federal
00
consolidated return ..............................................................................3d.
00
3e. Income/loss of 80/20 companies—Water’s Edge filers only ................ 3e.
00
3f. Capital loss incurred in current year (include federal Schedule D)....... 3f.
00
3g. All of your other reductions (include a detailed breakdown) ................ 3g.
00
Add lines 3a through 3g and enter the result. This is the total of your reductions.............................3.
00
4. Add lines 1 and 2, then subtract line 3 and enter the result. This is your adjusted taxable income. .4.
Combined filers with more than one entity with Montana activity must use Schedule K-Combined for
lines 5 through 10 below. (See instructions)
00
5. Income apportioned to Montana (multiply line 4 x
% from Schedule K, line 5) ...........5.
00
6. Enter the income that you allocated directly to Montana (include a detailed breakdown) ......................6.
7. Montana taxable income before net operating loss (add lines 5 and 6 or enter amount reported
00
on line 4) .................................................................................................................................................7.
q
q
If line 7 is a loss, do you wish to forego the net operating loss carry-back provision?
Yes
No
Note: If you have reported a loss on line 7 and have not marked either box, the loss has to be
carried back first.
00
8. Enter your Montana net operating loss carried over to this period .........................................................8.
Use Schedule NOL of Form CIT on page 14 to calculate your net operating loss carryover.
00
9. Subtract line 8 from line 7 and enter the result here. This is your Montana taxable income..............9.
10. Multiply line 9 by 6.75% (or line 9 by 7% if you have a valid Water’s Edge election). This is your
00
Montana tax liability. (This amount cannot be less than the minimum tax liability of $50.) ................10.
q
Mark this box if you are calculating your tax liability using the Alternative Tax method (please see the
Form CIT instructions before checking this box).
Questions? Call us at (406) 444-6900, or Montana Relay at 711 for hearing impaired.
*18EP0301*
*18EP0301*
-
2018 Form CIT, Page 4
Period End Date
M M D D Y Y Y
Y
FEIN
Computation of Montana Taxable Income and Net Amount Due (continued)
00
11. Your Montana tax liability from line 10 ................................................................................................... 11.
12. Payments
00
12a. 2017 overpayment ......................................................................................... 12a.
00
12b. Tentative payment ......................................................................................... 12b.
00
12c. Quarterly estimated tax payments ..................................................................12c.
00
12d. Montana mineral royalty tax withheld (include Form(s) 1099) ....................... 12d.
00
12e. Montana tax withheld from pass-through entities
.....12e.
(include MT Schedule(s) K-1)
00
12f. All other payments. Describe.
....... 12f.
00
12g. Previously issued refunds. (Do not include any overpayments to 2019.)
12g.
.......
00
Add lines 12a through 12f and subtract line 12g; enter the result. This is the total of your payments. ........ 12.
00
13. Enter total credits (from Schedule C) ....................................................................................................13.
00
14. Add lines 12 and 13, then subtract from line 11 and enter result. This is your tax due or overpayment
14.
. .....
00
15. Enter the amount of overpayment that you want to be applied to your 2019 estimated tax .................. 15
.
00
16. Add lines 14 and 15; enter the result. This is your net tax due or overpayment...............................16.
00
17. Enter interest on all the tax paid after the due date (see instructions) ..................................................17.
00
18. Enter estimated tax underpayment interest (include Form CIT-UT) ......................................................18.
q
Mark this box if you are using the annualized income or adjusted seasonal income method.
19. Penalty
00
19a. Enter your late filing penalty (see instructions) ..............................................19a.
00
19b. Enter your late payment penalty (see instructions) .......................................19b.
00
Add lines 19a and 19b; enter the result. This is your total penalty. ..............................................19.
20. Add lines 16 through 19; enter the result on line 20a or 20b below.
00
20a. If the result is positive, enter the amount due here. This is your total amount due. ........................20a.
Visit our website at revenue.mt.gov for electronic payment options or include your remittance payable to Montana Department of Revenue.
00
20b. If the result is negative, enter the refund due here. This is your total refund. ..................................20b.
Direct Deposit
1. RTN#
2. ACCT#
Your Refund
3. If using direct deposit, you are required to mark one box. ►
Checking
Savings
Complete 1, 2, 3 and 4
(see instructions).
4. Is this refund going to an account that is located outside of the United States or its territories?
Yes
No
Under penalties of false swearing, I declare that I have examined this return, including accompanying schedules and statements, and to
the best of my knowledge and belief, it is true, correct, and complete.
Signature of Officer
Date
Printed Name and Title
Telephone Number
M
M
D
D
Y
Y
Y
Y
X ____________________________________________
Print/Type Preparer’s Name
Preparer’s Signature
Date
PTIN
M M D D Y Y Y
Y
____________________________________
Firm’s Name
Firm’s Address
Telephone Number
Firm’s FEIN
May the DOR discuss this tax return with your tax preparer?
Yes
No
Please mail your completed Form CIT to: Montana Department of Revenue, PO Box 8021, Helena, MT 59604-8021
*18EP0401*
*18EP0401*
-
2018 Form CIT, Page 5
Period End Date
M M D D Y Y Y
Y
FEIN
Schedule K - Apportionment Factors for Multi-State Taxpayers
Enter dollar values in columns A and B. Enter percentages in column C.
A. Everywhere
B. Montana.
C. Factor
For combined filers, also complete Schedule-K Combined (see instructions)
1.Property Factor: Enter average values for real and tangible personal property.
00
00
1a. Land.......................................................................................1a.
00
00
1b. Buildings ................................................................................1b.
00
00
1c. Machinery .............................................................................. 1c.
00
00
1d. Equipment .............................................................................1d.
00
00
1e. Furniture and fixtures.............................................................1e.
00
00
1f. Leases and leased property ...................................................1f.
00
00
1g. Inventories .............................................................................1g.
00
00
1h. Depletable assets ..................................................................1h.
00
00
1i. Supplies and other.................................................................. 1i.
00
00
1j. Property of foreign subs included in combined group ............ 1j.
00
00
1k. Property of unconsolidated subs included in combined group .... 1k.
00
00
1l. Property (pro-rata share) of pass-throughs included in group .... 1l.
00
00
1m. Multiply amount of rents by 8 and enter result...................... 1m.
00
00
Total Property Value - add lines 1a through 1m
%
Divide the total in column B by the total in column A. Multiply that result by 100. This is your property factor. ........ 1.
2.Payroll Factor:
00
00
2a. Compensation of officers .......................................................2a.
00
00
2b. Salaries and wages ...............................................................2b.
Payroll included in:
00
00
2c. Costs of goods sold ............................................................... 2c.
00
00
2d. Other deductions ...................................................................2d.
00
00
2e. Payroll of foreign subs included in combined group .............. 2e.
00
00
2f. Payroll of unconsolidated subs included in combined group .... 2f.
00
00
2g. Payroll (pro-rata share) of pass-throughs included in group ... 2g.
00
00
Total Payroll Value - add lines 2a through 2g
%
Divide the total in column B by the total in column A. Multiply that result by 100. This is your payroll factor. ........... 2.
3.Gross Receipts Factor: 2018 Change to Market Sourcing
00
3a. Gross receipts, less returns and allowances ......................... 3a.
3b. Receipts delivered or shipped to Montana purchasers:
00
(1) Shipped from outside Montana ....................................................................................... 3b.(1)
00
(2) Shipped from within Montana.......................................................................................... 3b.(2)
3c. Receipts shipped from Montana to:
00
(1) United States government............................................................................................... 3c.(1)
00
(2) Purchasers in a state where the taxpayer is not taxable .................................................... 3c.(2)
3d. Receipts other than receipts of tangible personal property
00
(for example, service income)...............................................................................................3d.
00
00
3e. Net gains reported on federal Schedule D and federal Form 4797 3e.
00
00
3f. Other gross receipts (rents, royalties, interest, etc.) ............... 3f.
00
00
3g. Receipts of foreign subs included in combined group ........... 3g.
00
00
3h. Receipts of unconsolidated subs included in combined group .....3h.
00
00
3i. Receipts (pro-rata share) of pass-throughs included in group .... 3i.
00
00
3j. Less: All intercompany transactions ....................................... 3j.
00
00
Total Receipts Value - add lines 3a through 3j
%
Divide the total in column B by the total in column A. Multiply that result by 100. This is your receipts factor. ......... 3.
%
4.Add the percentages on lines 1, 2, and 3 in column C. This is the sum of your factors. .......................................... 4.
5.Divide the total percentage on line 4, column C, by the number of factors that can be included in the calculation. If
a property, payroll or receipts factor is 0%, it is included in the calculation for line 4 if there is a value in Column A
%
(see instructions). Enter the results here and also on Form CIT, page 3, line 5. This is your apportionment factor. 5.
*18EP0501*
*18EP0501*

Download Form CIT 2018 Montana Corporate Income Tax Return - Montana

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