Illinois Small Business Corporation Replacement Tax Return Form

In Illinois, if an entity is classified as a small business corporation (S Corporation) by the Internal Revenue Code (IRC), it is required to file Form IL-1120-ST annually.Download

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IL-1120-ST (R-12/12)	
   	Illinois Department of Revenue  	 	  	
   	2012 Form IL-1120-ST	   	
   	Small Business Corporation Replacement Tax Return	 	
   	Due on or before the 15th day of the 3rd month following the close of the tax year.	 	
 	If this return is not for calendar y	
ear 2012, write your fiscal tax year here.
 	Tax year beginning 	  2012, ending 	  20	     	month        day	   	month	 	day               y	 ear	
 	Step 1:	 Identify your small business corporation	
 A Write your complete legal business name. 	
 	 If you have a name change,	 check this box.	 	                                     	 	 	
   	Name:	 	
 B Write your mailing address. 	        	            	
   	If you have an address change or this is a first return, check this box.  	       	 	 	
   	C/O:	 	  	
 	 Mailing address: 	   	       	
   	City:	 	    	State: 	  	    ZIP:	  	
 C Check the applicable box if one of the following applies.	   	
   	  First return	 	 Final return (If final, write the date.  	 )	        	                                                                        \
   	mm    dd       yyyy	       	
 D If this is a final return because you sold this b usiness, write the date sold	
   	(mm dd  yy) 	 , and the new owner’s FEIN.	   	
   
 E Special Apportionment Formulas. If you use a special apportionment 	
   	formula, check the appropriate box, and see the Special Apportionment	
   	Formula instructions. 	
   	  Financial organizations 	   	  Transportation companies	
   	 Federally regulated exchanges	  	
 F Check this box if you attached Form IL-4562.	     	        	
 G Check this box if you attached Illinois Schedule M (for businesses).	   	
 H Check this box if you attached Schedule 80/20.	      	   	
 	I Check this box if you attached Schedule 1299-A.	     	      	
 	 If you owe tax on Line 62, complete a payment voucher, Form IL-1120-ST-V, make your check payable to                            	 	
   	“Illinois Department of Reven	ue” and attach them here.
 	  Write the amount of your payment on the top of this page in the space provided.	
 	 If a payment is not enclosed, 
mail this return to:  	  	   If a payment is enclosed,  
mail this return to: 	
   	Illinois Department of Reven	 ue	   	        	Illinois Department of Reven	 ue
   	P.O.	 Box 19032	   	              	P.O.	  Box 19053
   	Springfield, IL  62794-9032	              	Springfield, IL  62794-9053	
            
       	NS	 	DR	  	 	
Write the amount you are paying.
$	
J  Write your federal employer identification no. (FEIN).	
   
K   	  Check this box if you are a member of a 	   	 	
   	unitary business group, and write the FEIN of 	  	  
   	the member filing the Schedule UB, Combined 	  	
   	Apportionment for Unitary Business Groups.	   	 	
L   	Write your North American Industry Classification 	  	
   	System Code (NAICS). See instructions	.  
   
M   Write your Illinois corporate file (charter) number 	 	
   	issued by the Secretary of State	. 
   
N  Write the city, state, and zip code where your 	    	
   	accounting records are kept. (Use the tw	 o-letter 	 	
   	postal abbreviation, 	e.g.	, IL, GA, etc.)	 	
   	                                                                   	 	 City 	        	State	     	Zip	
O   	If you are making the business income election to 	 	
   	treat all nonbusiness income as business income,	 	
   	check this box and write “0” on Lines 36 and 44.   	 	
P  If you have completed the following federal forms, 	 	
   	check the box and 	attach them to this return.	
   	  Federal Form 8886	 	  Federal Sch. M-3	
Q   	If you are making a Discharge of Indebtedness 	  	
   	adjustment on Schedule NLD, or Form IL-1120-ST, 	 	
   	Line 48, check this box 	and	 attach federal 	     	
   	Form 982.	       	      	
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this 
information is REQUIRED. Failure to provide information could result in a penalty.	      Attach your payment and Form IL-1120-ST-V here.

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Step 2:  Figure your ordinary income or loss
 	1 Ordinary income or loss, or equivalent from federal Schedule K.	    	1 	00	
 	2 Net income or loss from all rental real estate activities. 	 	   	2 	00	
 	3 Net income or loss from other rental activities.	     	3 	00	
 	4 Portfolio income or loss.	     	4 	00	
 	5 Net IRC Section 1231 gain or loss.	 	   	5 	00	
 	6 All other items of income or loss that were not included in the computation of income or loss on	
   	Page 1 of U.S. Form 1120-S. See instructions. 	 Identify:______________________________	 	6 	00	
 	7 Add Lines 1 through 6. This is your ordinary income or loss. 	 	   	7 	00	   	 	
Step 3:  Figure your unmodified base income or loss
 	8 Charitable contributions. 	 	  	8 	00	
 	9 Expense deduction under IRC Section 179. 	     	9 	00	
 	10	 Interest on investment indebtedness . 	     	10	 	00	
 	11	 All other items of expense that were not deducted in the computation of ordinar y income or loss on	   	  	
   	Page 1 of U.S. Form 1120-S. See instructions. 	 Identify: _______________________________	 	11	 	00	
 	12	 Add Lines 8 through 11.  	      	12	 	00	
 	13	 Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss. 	   	13	 	00	
Step 4:  Figure your income or loss	 	
 	14	 Write the amount from Line 13. 	Unitary filers, write the amount from Schedule UB, Step 2, Col E, Line 30.	      	14	 	00	
 	15	 State, municipal, and other interest income excluded from Line 14.	 	                       15	 	00	
 	16	 Illinois replacement tax deducted in arriving at Line 14.	    	                      	16	 	00	
 	17	 Illinois special depreciation addition. 	Attach 	Form IL-4562.	    	                      	17	 	00	
 	18	 Related-party expenses addition.  	Attach 	Schedule 80/20.	    	                      	18	 	00	
 	19	 Distributive share of additions. Attach 	Schedule(s) K-1-P or K-1-T.	 	                      19	 	00	
 	20	 The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B.	              	20	 	00	
 	21	 Other additions. 	Attach Illinois Schedule M (for businesses).	    	                      	21	 	00	
 	22	 Add Lines 14 through 21. This amount is your income or loss. 	    	                      	22	 	00	
    
Step 5:  Figure your base income or loss
 	23	 Interest income from U.S. Treasury obligations or other exempt federal obligations.  	     	                    23	 	00	
 	24	 Share of income distributab le to a shareholder subject to replacement tax. 	Attach Schedule B	.                 24	 	00	
 	25	 Enterprise Zone or River Edge Redevelopment Zone 	 Dividend subtraction. 	Attach 	Schedule 1299-A.	        	25	 	00	
 	26	 Enterprise Zone or River Edge Redevelopment Zone 	 Interest subtraction. 	Attach	 Schedule 1299-A.	          	26	 	00	
 	27	 High Impact Business Dividend subtraction. 	Attach 	Schedule 1299-A.	    	                      	27	 	00	
 	28	 High Impact Business Interest subtraction. 	Attach	 Schedule 1299-A.	     	                      	28	 	00	
 	29	 Contribution subtraction. 	Attach	 Schedule 1299-A.	     	                      	29	 	00	
 	30	 Illinois Special Depreciation subtraction. 	Attach 	Form IL-4562.	    	                      	30	 	00	
 	31	 Related-party expenses subtr action. 	Attach 	Schedule 80/20.	    	                      	31	 	00	
 	32	 Distributive share of subtractions. 	Attach 	Schedule(s) K-1-P or K-1-T.	    	                      	32	 	00	
 	33	 Other subtractions. 	Attach 	Schedule M (for businesses).	 	                       33	 	00	
 	34	 Total subtractions. Add Lines 23 through 33.	     	                      	34	 	00	
 	35	 Base income or loss.	 Subtract Line 34 from Line 22. 	    	                      	35	 	00	
 	  	
      IL-1120-ST (R-12/12)

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IL-1120-ST (R-12/12)	
  Step 6:  Figure your income allocable to Illinois  	(Complete only if you checked the box on Line B, above.)	 	
       	36	  Nonbusiness income or loss. Attach 	Schedule NB.	 	       	36	 	00	
       	37	  Trust, estate, and	 non-unitary partnership business income or loss included in Line 35.	   	37	 	00	
       	38	  Add Lines 	36 and 37.	 	       	38	 	00	
       	39	  Business income or loss. Subtr
act Line 38 from Line 35. 	    	    	39	 	00	
       	40	  Total sales everywhere. This amount cannot be negative.	 	40	 	
       	41	  Total sales inside Illinois. This amount cannot be negative.	 	41	 	
       	42	  Apportionment factor. Divide Line 41 by Line 40 (carry to six decimal places).	 42	 	   	
       43	  Business income or loss apportionable to Illinois. Multiply Line 39 by Line 42.	 	       	43	 	00	
       	44	  Nonbusiness income or loss allocable to Illinois. 	Attach 	Schedule NB.	 	      	44	 	00	
       	45	  Trust, estate, and non-unitary partnership business income or loss apportionable to Illinois.	 	45	 	00	
       46	  Base income or loss allocable to Illinois.	 Add Lines 43 through 45.  	   	    	46	 	00	
Step 7:  Figure your net income
 	47	 Base income or net loss from Step 5, Line 35, or Step 6, Line 46.	 	      	47	 	00	
 	48	 Discharge of Indebtedness adjustment. 	Attach federal Form 982. See instructions.	    	48	 	00	
 	49	 Adjusted base income or net loss. Add Lines 47 and 48.	  	    	49	     	00	
 	50	 Illinois net loss deduction. 	Attach Schedule NLD. 	
   	If Line 49 is zero or a negative amount, wr	 ite “0”.	    	  	50	     	00	
 	51	 Net income	. Subtract Line 50 from Line 49.   	   	      	51	    	00	
Step 8:  Figure your net replacement tax 
 	52	 Replacement tax. Multiply Line 51 by 1.5% (.015).   	 	   	52	 	00	
 	53	 Recapture of investment credits. 	Attach 	Schedule 4255.	 	   	53	 	00	
 	54	 Replacement tax before investment credits. Add Lines 52 and 53. 	  	  	54	 	00	
 	55	 Investment credits. 	Attach Form IL-477.	       	 55	 	00	
 	56	 Net replacement tax. Subtract Line 55 from Line 54. Write “0” if this is a negative amount.	 	56	 	00	
Step 9:  Figure your refund or balance due
 	57	 Payments	.	
     	a Credit from 2011 overpayment.	 	57a	 	00	
     	b Form IL-505-B (extension) payment. 	 	57b	 	00	
     	c Pass-through entity payments. Attach	 Schedule(s) K-1-P or K-1-T.	 	57c	 	00	
     	d Gambling withholding. Attach	 Form(s) W-2G.	 	57d	 	00	
 	58	 Total payments. Add Lines 57a through 57d.	       	  	58	     	00	
 	59	 Overpayment. If Line 58 is greater than Line 56, subtract Line 56 from Line 58. 	   	 	59	    	00	
 	60	 Amount to be credited to 2013.	 	    	 60	    	00	
 	61	 Refund.	 Subtract Line 60 from Line 59. This is the amount to be refunded.	     	   	61	   	00	
 	62	 Tax Due.	 If Line 56 is greater than Line 58, subtract Line 58 from Line 56.	     	                  	
   	This is the amount you ow	 e.	   	     	62	    	00	
Step 10:  Sign here
Under penalties of perjury, I state that I have examined this return and, to the best of my knowledge, it is true, correct, and complete. 	         	
   	
   A  If the amount on Line 35 is derived inside Illinois only,  check this box and write the amount from Step 5, Line 35  	on Step 7, Line 47. 	You may not complete Step 6. (You must leave Step 6, Lines 36 through 46 blank.)
   
B   If any portion of the amount on Line 35 is derived outside Illinois, check this box and complete all lines of Step 6. 
 	See instructions.	
Check this box if we may
discuss this return with the
preparer shown in this step.	Signature of authorized officer
Signature of preparer
Preparer’s firm name (or yours, if self-employed) Address Phone
Date
Date
Title
Preparer’s Social Security number or firm’s FEIN Phone
(          )
(          )

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 	Illinois Department of Revenue	 	Year ending	
 	Schedule B 	  	
 	Partners’ or Shareholders’ Identification	 	 
Month	        Year	
            	Attach to your Form IL-1065 or Form IL-1120-ST	
Write your name as shown on your Form IL-1065 or Form IL-1120-ST.	 	Write your 	federal employer identification number (FEIN).	
 	 	
 	
Step 1:	 Provide the following information	
 1 	Write the amount of base income or net loss from your Form IL-1065 or Form IL-1120-ST, Line 47.	 	1  	
 2 	Write the apportionment factor from your Form IL-1065 or Form IL-1120-ST, Line 42.	   	2  	
Step 2:	 Identify your partner	 s or shareholders. 	Attach additional sheets if necessary.	
     	A 	B 	 C   	D   	   E	 	F  	G	       	    	              	Total amount of	   	   Member	 	Pass-through	 	Excluded from	 	           	Partner or	   	base income (loss)	       subject to Illinois 	 entity payment	 	pass-through	          	Shareholder type	 	distributab	 le  	   	    replacement tax	 	amount	 	entity payments	     	Name and Address	 	 SSN or FEIN	 	(See instructions.)	 	 (See instr.)	   	    (See instr.)	 	(See instr.)	 	(See instr.)	
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 7 Add the amounts shown in Column D for partners or 	
   	shareholders for which you ha	ve entered a check mark 
   	in Column E.  	 Write the total here.	  (See instructions.)	 	7   	
 	
     Schedule B (R-12/12)	
IL Attachment no. 1