Embarking on the complexities of state tax obligations can be as daunting as navigating a labyrinth, especially for small business owners whose focus is ideally on growth and innovation rather than deciphering tax codes. Enter the Illinois Form IL-1120-ST, a crucial document designed for small business corporations to report their income, deductions, and credits to the Illinois Department of Revenue. This form not only serves as a Small Business Corporation Replacement Tax Return, but it also diligently outlines the fiscal responsibilities of businesses operating within the state's jurisdiction, marking its due date on or before the 15th day of the 3rd month following the close of the tax year. With its comprehensive structure, the form delves into various aspects, including identifying the business, its tax year information, income or loss calculations, apportionment for unitary business groups, adjustments for additions and subtractions, and specifics about tax payments or refunds. The form intricately combines sections meant to capture the ordinary income or loss, unmodified base income or loss, and figures intricately tied to Illinois-specific tax implications, adjustments, and potential credits. Conclusively, its design is not merely for compliance but for ensuring that the nuances of business earnings and activities are accurately captured and taxed in alignment with state laws, a testament to the symbiotic relationship between governance and commerce.
| Question | Answer |
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| Form Name | Form 1120 St |
| Form Length | 4 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min |
| Other names | IL 1120 ST form 1120 st |
Illinois Department of Revenue |
*332701110* |
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2013 Form |
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Small Business Corporation Replacement Tax Return |
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Due on or before the 15th day of the 3rd month following the close of the tax year. |
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If this return is not for calendar year 2013, write your fiscal tax year here. |
Write the amount you are paying. |
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Tax year beginning |
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, ending |
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month day |
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year |
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month day |
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year |
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Step 1: Identify your small business corporation
AWrite your complete legal business name. If you have a name change, check this box.
Name:
BWrite your mailing address.
If you have an address change or this is a first return, check this box.
C/O:
Mailing address:
JWrite 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.
LWrite your North American Industry Classification System Code (NAICS). See instructions.
City: |
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State: |
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ZIP: |
CCheck the applicable box if one of the following applies.
First return |
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Final return (If final, write the date. |
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mm dd |
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yyyy |
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MWrite your Illinois corporate file (charter) number issued by the Secretary of State.
DIf this is a final return because you sold this business, write the date sold
(mm dd yy) |
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, and the new owner’s FEIN. |
ESpecial 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
FCheck this box if you attached Form
GCheck this box if you attached Illinois Schedule M (for businesses).
HCheck this box if you attached Schedule 80/20.
ICheck this box if you attached Schedule
NWrite the city, state, and zip code where your accounting records are kept. (Use the
City |
State |
Zip |
OIf 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.
PIf you have completed the following federal forms, check the box and attach them to this return.
Federal Form 8886 |
Federal Sch. |
QIf you are making a Discharge of Indebtedness adjustment on Schedule NLD, or Form
Form 982.
Step 2: Figure your ordinary income or loss
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1 |
Ordinary income or loss, or equivalent from federal Schedule K. |
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here. |
2 |
Net income or loss from all rental real estate activities. |
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Net income or loss from other rental activities. |
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Portfolio income or loss. |
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ST- |
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Net IRC Section 1231 gain or loss. |
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All other items of income or loss that were not included in the computation of income or loss on |
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IL |
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Page 1 of U.S. Form |
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Form |
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7 |
Add Lines 1 through 6. This is your ordinary income or loss. |
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and |
Step 3: Figure your unmodified base income or loss |
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payment |
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8 |
Charitable contributions. |
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your |
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Expense deduction under IRC Section 179. |
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Interest on investment indebtedness. |
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Attach |
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All other items of expense that were not deducted in the computation of ordinary income or loss on |
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Page 1 of U.S. Form |
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1 |
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2 |
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4 |
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5 |
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7 |
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11 |
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12 |
Add Lines 8 through 11. |
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12 |
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13 |
Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss. |
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Page 1 of 4 |
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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 |
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State, municipal, and other interest income excluded from Line 14. |
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Illinois replacement tax deducted in arriving at Line 14. |
16 |
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Illinois special depreciation addition. Attach Form |
17 |
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18 |
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Distributive share of additions. Attach Schedule(s) |
19 |
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The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B. |
20 |
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Other additions. Attach Illinois Schedule M (for businesses). |
21 |
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Add Lines 14 through 21. This amount is your income or loss. |
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Step 5: Figure your base income or loss |
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Interest income from U.S. Treasury obligations or other exempt federal obligations. |
23 |
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Share of income distributable to a shareholder subject to replacement tax. Attach Schedule B. |
24 |
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25 |
River Edge Redevelopment Zone Dividend subtraction. Attach Schedule |
25 |
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River Edge Redevelopment Zone Interest subtraction. Attach Schedule |
26 |
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High Impact Business Dividend subtraction. Attach Schedule |
27 |
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High Impact Business Interest subtraction. Attach Schedule |
28 |
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Contribution subtraction. Attach Schedule |
29 |
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Illinois Special Depreciation subtraction. Attach Form |
30 |
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31 |
31 |
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32 |
Distributive share of subtractions. Attach Schedule(s) |
32 |
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Other subtractions. Attach Schedule M (for businesses). |
33 |
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34 |
Total subtractions. Add Lines 23 through 33. |
34 |
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35 |
Base income or loss. Subtract Line 34 from Line 22. |
35 |
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AIf 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.)
BIf any portion of the amount on Line 35 is derived outside Illinois, check this box and complete all lines of Step 6. See instructions. (If you are a unitary filer, you must complete Lines 40 through 42).
Step 6: Figure your income allocable to Illinois |
(Complete only if you checked the box on Line B, above.) |
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36 |
Nonbusiness income or loss. Attach Schedule NB. |
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36 |
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Trust, estate, and |
37 |
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Add Lines 36 and 37. |
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38 |
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Business income or loss. Subtract Line 38 from Line 35. |
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39 |
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40 |
Total sales everywhere. This amount cannot be negative. |
40 |
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41 |
Total sales inside Illinois. This amount cannot be negative. |
41 |
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42 |
Apportionment factor. Divide Line 41 by Line 40 (carry to six decimal places). 42 |
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43 |
Business income or loss apportionable to Illinois. Multiply Line 39 by Line 42. |
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43 |
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Nonbusiness income or loss allocable to Illinois. Attach Schedule NB. |
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44 |
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Trust, estate, and |
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Base income or loss allocable to Illinois. Add Lines 43 through 45. |
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46 |
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Page 2 of 4 |
*332702110* |
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*332703110* |
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Step 7: Figure your net income |
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47 |
Base income or net loss from Step 5, Line 35, or Step 6, Line 46. |
47 |
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48 |
Discharge of Indebtedness adjustment. Attach federal Form 982. See instructions. |
48 |
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49 |
Adjusted base income or net loss. Add Lines 47 and 48. |
49 |
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50Illinois net loss deduction. Attach Schedule NLD.
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If Line 49 is zero or a negative amount, write “0”. |
50 |
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51 |
Net income. Subtract Line 50 from Line 49. |
51 |
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Step 8: Figure your net replacement tax and surcharge |
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52 |
Replacement tax. Multiply Line 51 by 1.5% (.015). |
52 |
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53 |
Recapture of investment credits. Attach Schedule 4255. |
53 |
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54 |
Replacement tax before investment credits. Add Lines 52 and 53. |
54 |
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55 |
Investment credits. Attach Form |
55 |
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56 |
Net replacement tax. Subtract Line 55 from Line 54. Write “0” if this is a negative amount. |
56 |
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57 |
Compassionate Use of Medical Cannabis Pilot Program Act Surcharge. Fiscal filers only. See instr. |
57 |
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58 |
Total net replacement tax and surcharge. Add Lines 56 and 57. |
58 |
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Step 9: Figure your refund or balance due
59Payments.
a |
Credit from 2012 overpayment. |
59a |
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b Form |
59b |
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59c |
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d Gambling withholding. Attach Form(s) |
59d |
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60 |
Total payments. Add Lines 59a through 59d. |
60 |
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61 |
Overpayment. If Line 60 is greater than Line 58, subtract Line 58 from Line 60. |
61 |
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62 |
Amount to be credited to 2014. |
62 |
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63 |
Refund. Subtract Line 62 from Line 61. This is the amount to be refunded. |
63 |
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64Complete to direct deposit your refund
Routing Number |
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Checking or |
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Savings |
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Account Number |
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65Tax Due. If Line 58 is greater than Line 60, subtract Line 60 from Line 58.
This is the amount you owe. |
65 |
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If you owe tax on Line 65, complete a payment voucher, Form
Write the amount of your payment on the top of Page 1 in the space provided.
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.
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Signature of authorized officer |
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Date |
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Signature of preparer |
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Date |
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Preparer’s Social Security number or firm’s FEIN |
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Preparer’s firm name (or yours, if |
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Address |
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Check this box if we may discuss this return with the preparer shown in this step.
()
Phone
If a payment is not enclosed, mail this return to: |
If a payment is enclosed, mail this return to: |
Illinois Department of Revenue |
Illinois Department of Revenue |
P.O. Box 19032 |
P.O. Box 19053 |
Springfield, IL |
Springfield, IL |
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.
Page 3 of 4
Illinois Department of Revenue |
*330801110* |
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Schedule B
Partners’ or Shareholders’ Identification
Year ending
Month Year
Attach to your Form |
IL Attachment no. 1 |
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Write your name as shown on your Form |
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 |
1 |
2 |
Write the apportionment factor from your Form |
2 |
Step 2: Identify your partners or shareholders. Attach additional sheets if necessary.
A |
B |
C |
D |
E |
F |
G |
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Partner’s or shareholder’s |
Member |
Excluded from |
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Partner or |
distributable amount of |
subject to Illinois |
entity payment |
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Shareholder type |
base income or loss |
replacement tax |
amount |
entity payments |
Name and Address |
SSN or FEIN |
(See instructions.) |
(See instr.) |
(See instr.) |
(See instr.) |
(See instr.) |
1
2
3
4
5
6
7 Add the amounts shown in Column D for partners or |
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shareholders for which you have entered a check mark |
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in Column E. Write the total here. (See instructions.) |
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Page 4 of 4 |
Schedule B |