SCHEDULE C PROFIT OR LOSS FROM BUSINESS OR PROFESSION
| (NOTE - If Column
A is used, disregard Column B)
1. Net Profit or loss per your Federal Income Tax Return Form 1040 |
COLUMN A As shown by Federal Return |
COLUMN B Allocable to Village |
| $ | $ | |
| 2. Add items not deductible under Village Income Tax Ordinance (Schedule X) | ||
| 3. Deduct items not taxable under Village Income Tax Ordinance (Schedule X) | ||
| 4. Adjusted Net Profit | $ | $ |
| 5. ____________% (as determined by Business Allocation Formula) of line 4, Col. A |
xxxxxxxxxxxx |
|
| 6. Net Profit - Line 5, Column A; or Line 4, Column B | $ | $ |
| 7. Deduct Allocable net loss per previous Village Income Tax returns filed - See Note (1) below. | ||
| 8. Net profit subject to Village Income Tax - Line 6 less Line 7 (Enter on Line 3 - Page 1) | $ | $ |
SCHEDULE X
ADJUSTMENT OF NET PROFIT OR LOSS LINE 1, SCHEDULE C ABOVE, TO EXCLUDE INCOME NOT
TAXABLE, AND EXPENSES NOT ALLOWABLE, UNDER VILLAGE INCOME TAX ORDINANCE
Schedule X entries are allowable only to the extent directly included in determination of net profits as shown in your Federal Return.
|
Items Not Deductible - ADD |
Items Not Taxable - DEDUCT | ||
| a. Withdrawal by proprietor or partners, if included in any expense accounts | $ | e. Interest Received | $ |
| b. All income taxes paid or accrued | f. Income from Royalties, Patents and Copyrights | ||
| c. Net operating loss carry-forward, from Federal Return | g. Dividends Received | ||
| d. Capital losses | h. Capital gains | ||
| Total Additions (enter on line 2, Schedule C above) |
$ | Total Deductions (enter on line 3, Schedule C above) |
$ |
SCHEDULE G INCOME FROM RENTS not included in Schedule C above (Copy from Federal Income Tax schedule)
| Location of Property | Amount of Rent | Depreciation | Repairs | Other Expense | Net Income | |
| ______________________________________ | $______________ | $___________ | $__________ | $____________ | $__________ | |
| ______________________________________ | ______________ | ___________ | __________ | ____________ | __________ | |
| ______________________________________ | ______________ | ___________ | __________ | ____________ | __________ | |
|
Total |
$______________ | $___________ | $__________ | $____________ | $__________ | |
| (If total gross monthly rental from all properties does not exceed $100.00, DO NOT show any Net Income here) - - - | $_________ | |||||
SCHEDULE H
OTHER TAXABLE INCOME not included in Schedules C or G, such as individual's distributive share of income from resident or non-resident partnership
on which city income tax has not been paid by the partnership entity; estates and trusts; director's and other fees; farm and from other sources.
| Received From | For | ||
| ______________________________________ | ____________________________________ | $__________________ | |
| ______________________________________ | ____________________________________ | __________________ | |
| ______________________________________ | ____________________________________ | __________________ | $________________ |
SCHEDULE Y Business Allocation Formula
Use Dollars Only
|
a. |
b. |
c. |
||
| Step 1. Average Value of Real & Tangible Personal Property | $______________ | $____________ |
xxxxx |
|
| Gross Annual Rentals multiplied by 8 | $______________ | $____________ |
xxxxx |
|
| Total Step 1 | $______________ | $____________ |
___________% |
|
| Step 2. Sales Factor - Net Sales | $______________ | $____________ | ___________% | |
| Step 3. Wages, Salaries Paid | $______________ | $____________ | ___________% | |
|
Step 4. Total Percentages xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx |
___________% | |||
| Step 5. Average percentage (Divide total percentages by number of percentages used; Carry to line 5 Schedule C above) |
___________% |
|||
NOTE (1) NET LOSS CARRY-FORWARD
Net Loss incurred prior to January 1, not allowed for carry forward purposes. Carry-forward loss limited to five years. Net loss
carry-back not allowed under any circumstances