DIVISION OF REVENUE AND TAXATION COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS CORPORATE INCOME TAX RETURN

Transcription

1 DIVISION OF REVENUE AND TAXATION COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS CORPORATE INCOME TAX RETURN For calendar year 00 or tax year beginning, 00, ending, 0 Form 00 0-CM A Check if : B Name a Consolidated return attach Form b Life/nonlife consolidated return Personal holding company attach schedule PH Personal service corp see instructions Schedule M- attached Please type Number, street, and room or suite no If a PO box, see instructions or print City or town, state, and ZIP code in ink Income Deductions See instructions for limitations on deductions Tax, Refundable Credits and Payments D Total assets see instructions $ E Check applicable boxes: Initial return Final return Name change A INCOME WITHOUT SOURCE OF INCOME Sign Here C Date incorporated Address change C TOTAL B INCOME WITHIN a Gross receipts or sales a c b Less returns and allowances b c Bal Cost of goods sold Schedule A, line Dividends Schedule C, line Interest Gross rents Gross royalties Capital gain net income attach Schedule D Form 0 Net gain or loss from Form, Part II, line attach Form 0 Other income see instructions - attach schedule 0 Total income Add lines through 0 Salaries and wages less employment credits Repairs and maintenance Bad debts Rents Taxes and licenses Interest Charitable contributions 0 Depreciation from Form not claimed on Schedule A or 0 elsewhere on return attach From Depletion Advertising Domestic production activities deduction attach Form 0 Other deductions attach schedule Total deductions Add lines through Taxable income before net operating loss deduction and special deductions Subtract line from line a a Allocable percentage Less: a Net operating loss deduction see instructions a b Special deductions Schedule C, line 0 0 Taxable Income Subtract line c from line column C see instructions Total tax Schedule J, line 0 a 00 overpayment credited to 00 a b 00 estimated tax payments b c 00 refund applied for on Form c d Bal e Tax deposited with Form 00 f Credits: Form Form g Refundable credits from Form 00, line c, and Form, line c Estimated tax penalty see instructions Check if Form 0 is attached Amount owed If line h is smaller than the total of lines and, enter amount owed Overpayment If line h is larger than the total of lines and, enter amount overpaid Enter amount from line you want: Credited to 0 estimated tax see line, part A, page 00 c 0 b d e f g h Refunded Under penalties of perjury, 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 Declaration of preparer other than taxpayer is based on all information of which preparer has any knowledge May the Division of Revenue and Date Preparer s signature Paid Preparer s Firm s name or yours if Use Only self-employed, address, and ZIP code For Paperwork Reduction Act Notice, see separate instructions Taxation discuss this return with the preparer shown below see instructions? Yes No Title Date Check if self-employed PTIN EIN Phone No Form 0CM 00

2 Form 0CM 00 Part A Page Chapter Tax Adjustment See supplemental of instructions Tax underpaid before rebate offset Enter amount from line of Form OS-0A Tax overpaid before rebate offset Enter amount from line of Form OS-0A Late charges Enter all applicable late charges here Also include estimated tax penalty see supplemental instructions Rebateoffset amount Enter the amount from line of Form OS-0A Tax on overpayment of credit Enter the lesser of line of Form OS-0A or the total of lines f and g, as shown on page of this return If zero or less, enter -0- Total due or overpaid Add lines through of this part If this line shows amount due, pay this amount Stop here If line is an overpayment, enter amount you want credited to your 0 ESTIMATED TAX If line is an overpayment, enter amount you want credited to your 0 BUSINESS GROSS REVENUE TAX Net overpayment Subtract the total of lines and from line Schedule A Cost of Goods Sold See instructions Inventory at beginning of year Purchases Cost of labor Additional section A costs attach schedule Other costs attach schedule Total Add lines through Inventory at end of year Cost of goods sold Subtract line from line Enter here and on page, line a Check all methods used for valuing closing inventory: i Cost ii Lower of cost or market iii Other Specify method used and attach explanation b Check if there was a writedown of subnormal goods c Check if the LIFO inventory method was adopted this tax year for any goods if checked, attach Form 0 d If the LIFO inventory method was used for this tax year, enter percentage or amounts of closing inventory computed under LIFO d e If property is produced or acquired for resale, do the rules of section A apply to the corporation? f Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If Yes, attach explanation Schedule C a Dividends Received Dividends and Special Deductions See instructions b see instructions Dividends on certain preferred stock of less-than-0-owned public utilities Dividends on certain preferred stock of 0-or-more-owned public utilities Dividends from less-than-0-owned foreign corporations and certain FCSs 0 Dividends from 0-or-more-owned foreign corporations and certain FCSs 0 Dividends from wholly owned foreign subsidiaries 00 Total Add lines through See instructions for limitation Dividends from certain FSCs Dividends from foreign corporations not included on lines,,,,, or Income from controlled foreign corporations under subpart F attach Forms Foreign dividend gross-up IC-DISC and former DISC dividends not included on lines,, or Other dividends Total dividends Add lines through Enter here and on page, line Deduction for dividends paid on certain preferred stock of public utilities Special deductions a x b No c 0 0 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of No Yes 0 Yes 0 Total special deductions Add lines, 0,,, and Enter here and on page, line b 0 Form 0CM 00

3 Form 0CM 00 Schedule E Page See instructions for page, line Note: Complete Schedule E only if total receipts line a plus lines through 0 on page, Form 0CM are $00,000 or more Subtract line from line Enter the result here and on page, line Schedule J Percent of corporation stock owned c Percent of time devoted to business b Social security number a d Common f Amount of compensation e Preferred Tax Computation See instructions Check if the corporation is a member of a controlled group attach Schedule O Form 0 Alternative minimum tax attach Form Add lines and a Foreign tax credit attach Form b Credits from Form, line a b c d Credit for prior year minimum tax attach Form d e Bond credits from e Form Other attach schedule 0 c General business credit Attach Form 00 Total credits Add lines a through e Subtract line from line Personal holding company tax attach Schedule PH Form 0 Other taxes Check if from: Form Form Form Form 0 0 Total tax Add lines through Enter here and on page, line Schedule K Other information see instructions Check method of accounting: a Cash b Accrual c Other specify See the instructions and enter the: a Business activity code no b Business activity _ c Product or service _ YES NO If Yes, enter name and EIN of the parent corporation At the end of the tax year: a Did any foreign or domestic corporation, partnership including any entity treated as a partnership or trust or tax exempt organization own directly 0 or more, or own, directly or indirectly, 0 or more of the total voting power of all classes of the corporation s stock entitled to vote? If Yes, complete Part I of Schedule G Form 0 attach Schedule G b Did any individual or estate own directly 0 or more, or own, directly or indirectly, 0 or more of the total voting power of all classess of these stock entitled to vote? If Yes, complete Part II of Schedule G Form 0 attach Schedule G Form 0CM 00

4 Form 0CM 00 Schedule K Page Continued NO YES At the end of the tax year, did the corporation: a Own directly 0 or more, or own, directly or indirectly, 0 or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation not included on Form, If Yes, complete i through iv i Name of Corporation ii Employer Identification Number if any iv Pecentage Owned in Voting Stock iii Country of Incorporation b Own directly an interest of 0 or more, or own, directly or indirectly, an interest of 0 or more in any foreign or domestic partnership including an If Yes, complete i through iv i Name of Entity ii Employer Identification Number if any iv Maximum Pecentage Owned in Profit, Loss, or Capital iii Country of Organization During this tax year, did the corporation pay dividends other than stock dividends and distributions in exchange for stock in excess of the Form, Corporate Report of Nondividend Distributions If this is a consolidated return, answer here for the parent corporation and on Form for each subsidiary At any time during the tax year, did one foreign person own, directly or indirectly, at least of a the total voting power of all classes of the corporation s stock entitled to vote or b the total value of all classes of the corporation s stock? For rules of attribution, see section If Yes, enter: i Percentage owned and ii Owner s country c Form, Information Return of a Foreign-Owned CNMI Corporation or a Foreign Corporation Engaged in a CNMI Trade or Business Enter the number of Forms attached _ Check this box if the corporation issued publicly offered debt instruments with original issue discount Form, Information Return for Publicly Offered Original Issue Discount Instruments Enter the amount of tax-exempt interest received or accrued during the tax year $ 0 Enter the number of shareholders at the end of the tax year if 00 or fewer _ If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here election will not be valid Enter the available NOL carryover from prior tax years do not reduce it by any deduction on line a $ Are the corporation s total receipt line a plus lines through 0 on page for the tax year and its total assets at the end of the tax year less than $0,000? If Yes, the corporation is not required to complete schedules L, M-, and M- on page Instead, enter the total amount to cash distributions and the book value of property distributions other than cash made during the tax year $ Is the corporation required to file Schedule UTP Form 0, Uncertain Tax Position Statement see instructions? If Yes, complete and attach Schedule UTP Form 0CM 00

5 Form 0CM 00 Schedule L a b 0a b a b a b 0 Page Balance Sheets per Books Assets Cash Trade notes and accounts receivable a Less allowance for bad debts b Inventories US government obligations Tax-exempt securities see instructions Other current assets attach schedule Loans to shareholders Mortgage and real estate loans Other investments attach schedule Buildings and other depreciable assets 0a Less accumulated depreciation b Depletable assets a Less accumulated depletion b Land net of any amortization Intangible assets amortizable only a Less accumulated amortization b Other assets attach schedule Total assets Liabilities and Shareholders Equity Accounts payable Mortgages, notes, bonds payable in less than year Other current liabilities attach schedule Loans from shareholders Mortgages, notes, bonds payable in year or more 0 Other liabilities attach schedule Capital stock: a Preferred stock a b Common stock b Additional paid-in capital Retained earnings - Appropriated attach schedule Retained earnings - Unappropriated Adjustments to shareholders equity attach schedule Less cost of treasury stock Total liabilities and shareholders equity Schedule M- Net income loss per books NMTIT per books Excess of capital losses over capital gains Income subject to tax not recorded on books this year itemize: Income recorded on books this year not included on this return itemize: Tax-exempt interest $ Deductions on this return not charged against book income this year itemize: a Depreciation $ b Charitable contributions $ Expenses recorded on books this year not deducted on this return itemize: a Depreciation $ _ c Travel and entertainment $ Add lines through Schedule M- d b Charitable contributions $ _ End of tax year c b Reconciliation of Income Loss per Books With Income per Return Note: Schedule M- required instead of Schedule M- if total assets are $0 million or more-see instructions Beginning of tax year a Add lines and 0 Income page, line - line less line 0 Analysis of Unappropriated Retained Earnings per Books Line, Schedule L a b Stock b c Property c Other decreases itemize: Add lines and Balance at end of year line less line Balance at beginning of year Net income loss per books Other increases itemize: Add lines,, and Distributions: a Cash Form 0CM 00

6 DIVISION OF REVENUE AND TAXATION COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS APPLICATION FOR REBATE ON CNMI SOURCE INCOME TAX Do not write in this space Form OS-0A Please type or print in ink FOR USE WITH FORM 0CM See instructions on reverse side Corporate Name TIN Contact person Telephone number Mailing Address 00 PART A - NON-REFUNDABLE CREDITS Business gross revenue tax Tax ID No Name a a b b c c User fees paid Fees and taxes imposed under CMC 0h see instructions Total non-refundable credits add lines through PART B - REBATE COMPUTATION Allocable percentage: a Tax without the CNMI a b Tax within the CNMI b Total NMTIT on all sources Total NMTIT payments made Tax on sources without the CNMI multiply line by the percentage as shown on line a Tax on sources within the CNMI multiply line by the percentage as shown on line b 0 Total non-refundable credits enter amount from line, PART A 0 Rebate offset base CNMI source tax subtract line 0 from line If zero or less, enter -0- Total CNMI and Non-CNMI source tax after non-refundable credits add lines and NMTIT overpayment If line is greater than line, subtract line from line Otherwise enter -0- NMTIT underpayment If line is greater than line, subtract line from line Otherwise enter -0- Rebate offset amount enter here and on line, page, PART A of form 0CM PART C - Business Gross Revenue Tax Credit Allocation Enter the TIN and amount you want credited from line, Part A, page The total credit allocation shall be equal to the amount on line, Part A, page TIN TAX TYPE 0G 0AF 0MW AMOUNT Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete Declaration of preparer other than taxpayer is based on all information of which preparer has any knowledge SIGN HERE PAID PREPARER S USE ONLY Title Preparer s signature Date Firm s name or yours if self-employed address, and ZIP code Date *If received after the due date, show post mark Check if selfemployed PTIN EIN Telephone no Form OS-0A 00

7 00 OS-0A INSTRUCTIONS for 0CM General Name and address Fill in name and address PART A NON-REFUNDABLE CREDITS Enter the amount of business gross revenue tax paid or accrued during the taxable year under CMC Chapter For partners and/ or the equity, whichever is applicable If you have more than one business name, list each one separately with its respective TIN and amount of BGRT This is the tax imposed under CMC 0 Enter the amount of user fees paid during the taxable year under CMC Enter the amount of fees and taxes paid or accrued during the taxable year under CMC 0h, in lieu of the tax imposed under CMC 0 Add all amounts shown in lines through PART B REBATE COMPUTATION a Enter the percentage allocable ratio of tax without the CNMI This should be the percentage shown on Form 0CM, page, line a, column A b Enter the percentage allocable ratio of tax within the CNMI This should be the percentage shown on Form 0CM, page, line a, column B Enter the tax from Form 0CM, line Enter the total payments made for the taxable year from Form 0CM, line h Multiply the amount on line by the percentage of tax without the CNMI as shown on line a Multiply the amount on line by the percentage of tax within the CNMI as shown on line b 0 Enter the total non-refundable credits from line, part A Rebate offset base Subtract line 0 from line If zero or less, enter zero Add lines and If line is greater than line, subtract line from line Otherwise enter zero If line is greater than line, subtract line from line Otherwise enter zero Compute the amount on line as shown on the rebate table below REBATE TABLE IF REBATE OFFSET BASE line IS: THE REBATE OFFSET AMOUNT IS: EXAMPLE: Not over $0,000 0 of the rebate offset base Rebate offset base x 0 $0,000-$00,000 $,000 plus 0 of the rebate offset base over $0,000 Rebate offset base - 0,000 x 0 +,000 Over $00,000 $,000 plus 0 of the rebate offset base over $00,000 Rebate offset base - 00,000 x 0 +,000 PART C BUSINESS GROSS REVENUE TAX CREDIT ALLOCATION the amount on line, Part A, page DIVISION OF REVENUE AND TAXATION POST OFFICE BOX CHRB SAIPAN, MP 0 Form OS-0A 00

8 DIVISION OF REVENUE AND TAXATION COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS 00 Supplemental Instructions for Form 0CM INCOME Lines through 0 Allocate the income being reported on these lines between income from without and within the Commonwealth based on their sources Enter the figures in the appropriate column Line Total the income entered on lines through 0 for each column and enter the total in their respective columns DEDUCTIONS Lines through Allocate the deductions being reported based on the source of the income they are attributable to Enter the figures in the appropriate column INSTRUCTIONS FOR PART A, PAGE of Form 0-CM To fill in part A, you must first complete Form OS-0A Part A, provides adjustments for the non-refundable credit and tax rebate that may be available Follow the instructions for every line item If line is an amount due, please pay that amount and make your check payable to: CNMI TREASURER Caution: Make sure that the figures in brackets are added correctly as negative figures Attach Form OS-0A to the return when filing Line Total the deductions entered on lines through for each column and enter the total in their respective columns Part A CHAPTER TAX ADJUSTMENT Line Subtract line from line for columns A, B, and C Enter amount from line of Form OS-0A Place a bracket around the figure Line a Make a percentage allocation of the taxable income from each source in proportion to the total taxable income by dividing the taxable income on line, columns A and B, respectively by the total taxable income from line, column C Enter all applicable late charges here, based on the underpaid tax Also include estimated tax penalty For purposes of late charges, the underpaid tax is the amount shown on line over the amount on line of Form OS-0A The purpose of estimated tax penalty, the current year tax is the amount shown on line of Form OS-0A as compared to total payments as shown on line Form OS-0A Example: Percentage Allocation for line a, column A Line, column A = Percentage allocation for line a, column A divided by Line, column C Percentage Allocation for line a, column B Line, column B = Percentage allocation for line a, column B divided by Line, column C Caution: If the percentage allocation is less than zero, enter zero If more than 00, enter only 00 TAX AND PAYMENTS Line 0 Subtract line c from line, column C Line Leave the line for 00 estimated tax blank The amount of overpayment available for estimated tax may be more as a result of tax rebate Make your estimated tax carry over election on line, Part A Enter amount from line of Form OS-0A Enter the amount from line of Form OS-0A Place a bracket around the figure Enter the lesser of line of Form OS-0A or f and g as shown in page of this return If zero or less, enter Total due or overpaid Add lines through of this part If this line shows amount due, pay this amount If this line shows an overpayment, place a bracket around the figure and continue on lines and If line is an overpayment, enter amount you want credited to 0 ESTIMATED TAX This line supersedes line, page of the return Enter remaining overpayment from line you want credited to your 0 BUSINESS GROSS REVENUE TAX, after deduction of 0 ESTIMATED TAX, if any Net overpayment Subtract lines and from line