As a taxpayer, you may be familiar with Form 1040, the standard federal income tax form. But did you know that there is also a Form 112Cr? This form is for taxpayers who have income from controlled foreign corporations (CFCs). If you have CFC income, it's important to understand how the IRS will treat it and to make sure you're reporting it correctly. In this blog post, we'll take a closer look at Form 112Cr and explain how to complete it. We'll also discuss some of the most common mistakes taxpayers make when filing this form. So if you have CFC income, keep reading!
| Question | Answer |
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| Form Name | Form 112Cr |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | inkind, 2011, 2009 colorado form 112 fillable return, colorado 112 fill in form |
Form 112CR (10/03/13) |
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COLORADO DEPARTMENT OF REVENUE |
Form 112CR |
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Denver, CO |
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2013 |
2013 Credit Schedule for Corporations |
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*130112CR19999*
Submit the following information with your tax return
•Use this schedule to determine which tax credits you are eligible to claim.
•Be sure to submit the required supporting documentation for each credit.
•Most software products and tax preparers have the ability to submit this schedule and attachments electronically. Revenue Online can also be used to ile your return and attachments electronically. Otherwise, attach all required documents to your paper return.
•Dollar amounts shall be rounded to the nearest whole dollar. Calculate percentages to the second decimal place.
Name of Corporation |
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Colorado Account Number |
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Ownership % |
Entity Account Number |
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Enter in Column (A) the total credit generated in 2013 and any carryforward credit that is available from a prior year. Enter in Column (B) the portion of the credit in Column (A) that is being used to offset tax in 2013. If Column (A) is larger than Column (B) and the credit can be carried forward to future years, enter the carryforward amount on line 26.
1. Tax liability from line 17, Form 112 |
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1 |
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A. The New Investment Tax Credit |
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Column (A) |
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Column (B) |
2. |
$1,000 minus amount on line 7 |
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3. |
Current year qualiied investment |
3 |
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4. |
1% of the amount on line 3 |
4 |
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5. |
New investment tax credit carried over from prior year |
5 |
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6.Enter in Column (A) the total of lines 4 and 5. Enter in Column (B) the
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lesser of the amount in Column (A) or the amount on line 2 |
6 |
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B. Other Credits |
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7. |
Old investment tax credit |
7 |
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8. |
Crop and livestock contribution credit |
8 |
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9. |
Historic property preservation credit (see FYI Income 1 for limitations) |
9 |
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Child care contribution credit (see FYI Income 35 for limitations)
10.Enter the sum of all DR 1317 line 4 amount(s) donated
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in 2013 |
10 |
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11. Enter previous year deferred & carryforward amount(s) |
11 |
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12. Add lines 10 and 11 |
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12 |
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Column (A) |
Column (B) |
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13. Enter in column (A) 50% of line 12. Enter in column (B) the portion |
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of (A) being used to offset 2013 tax |
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13 |
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14. |
Child care center/family care home investment credit |
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14 |
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Employer child care facility investment credit |
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15 |
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*130112CR29999*
Column (A) |
Column (B) |
16. |
16 |
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17. |
Colorado works program credit |
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18. |
Contaminated land redevelopment credit carried forward from a prior year |
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19. Aircraft manufacturer new employee credit |
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Job growth incentive credit |
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Gross conservation easement credit |
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22. Alternative fuel refueling facility credit |
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23. |
Certiied auction group license fee credit |
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year |
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25.Total nonrefundable credits, add amounts in Column (B) lines 6 through 24
Enter here and on line 18 of Form 112 |
25 |
Limitation: The total credits entered on line 25 on this Form 112CR may not exceed the tax on line 1. Most unused |
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portion(s) of the credits on this form [the difference between the amounts in Column (A) and Column (B)] for each line may be carried forward to the next income tax year. Please list any credits to be carried forward to tax year 2014 below.
26. Credits to be carried forward to 2014 |
26 |