Form Preview Example

Do Not Include This Page

Guidelines

•· ......==- ........m u:

::::==· ===·=-·=

. •• ··=!!!:::!:•

Instructions

For Handwritten

Forms

NCD(i)• R

Before Sending

I NORTH CAROLINA DEPARTMENT OF REVENUE

Do not use red ink. Use blue or black ink.

Do not use dollar signs, commas, or other punctuation

marks.

, 1 t®I

Printing

Set page scaling to

"none." The Auto-Rotate and Center checkbox should be unchecked.

1�

ocopies of returns. Submit originals only.

,,___(8)

Do not mix form types.

Do not select "print on bothc;sides of paper."

;�1

Web 7-20

CD-401S

S-Corporation Tax Return 2020

For calendar year 2020, or

and ending

DOR

Use

other tax year beginning (MM-DD)

2 0

(MM-DD-YY)

Only

Legal Name (First 35 Characters)(USE CAPITAL LETTERS FOR YOUR NAME AND ADDRESS)

Federal Employer ID Number

Address

Secretary of State ID

NAICS Code

City

State

Zip Code

Fill in all

Initial Return

NC-Rehab is attached

Has Nonresident Shareholders

Gross Receipts / Sales

Final Return

NC-478 is attached

Has Escheatable Property

.00

applicable

circles:

Short Year Return

Amended Return

Qualified Subchapter S Subsidiary

Type of S-Corporation (select one, if applicable)

Total Assets per Balance Sheet

Parent of a Qualified Subchapter S Subsidiary

Qualified Subchapter S Subsidiary

.00

(If either circle above is filled in, see Schedule F, Line 7 to provide additional information.)

Federal Extension Were you granted an automatic extension to file your 2020 federal income tax return (Form 1120S)?

Yes

A Computation of Franchise Tax

B Computation of Corporate Income Tax

1. Net Worth		Holding	1.			,			,				,			.00
1. Net Worth		Holding	1.
(From Schedule C, Line 9)		Company
(From Schedule C, Line 9)		Company
2. Investment in N.C. Tangible Property		Exception				,			,				,			.00
		Exception
		(See instructions)	2.
(From Schedule D, Line 8)			2.
3. Appraised Value of N.C. Tangible Property			3.			,			,				,			.00
3. Appraised Value of N.C. Tangible Property
(From Schedule E, Line 2)
4. Taxable Amount			4.			,			,				,			.00
4. Taxable Amount
Line 1, 2, or 3, whichever is greatest
5. Total Franchise Tax Due			5.						,				,			.00
5. Total Franchise Tax Due
If Line 4 ≤ $1,000,000, the minimum tax due of $200 is applicable.
If Line 4 > $1,000,000, multiply the amount over $1,000,000 by .0015 and add $200.

6. Payment with Franchise Tax Extension (From Form CD-419, Line 9)			6.						,				,			.00
			6.
When filing an amended return see instructions.
When filing an amended return see instructions.
7. Tax Credits (From Form CD-425, Part 2, Line 14)			7.						,				,			.00
If a tax credit is taken on Line 7, Form CD-425 MUST be attached.			7.
				$
8. Franchise Tax Due - If the sum of Line 6 plus 7 is			8.						,				,			.00
8. Franchise Tax Due - If the sum of Line 6 plus 7 is
less than Line 5, enter difference here and on Page 2, Line 26

9. Franchise Tax Overpaid - If the sum of Line 6 plus 7 is			9.						,				,			.00
more than Line 5, enter difference here and on Page 2, Line 26			9.

10. Shareholders’ Shares of Corporation Income (Loss)			10.		,		,				,					.00
10. Shareholders’ Shares of Corporation Income (Loss)
(From Schedule H, Line 11 or Federal Schedule K, Lines 1-10)

11. Adjustments to Corporation Income (Loss)			11.			,			,				,			.00
11. Adjustments to Corporation Income (Loss)			11.
(From Schedule I, Line 3)	If amount on Line 10-14
(From Schedule I, Line 3)
12. N.C. Taxable Income			12.			,			,				,			.00

	or 16-19 is negative, fill
Add Lines 10 and 11	in circle.
Add Lines 10 and 11	in circle.
13. Nonapportionable Income	Example:		13.			,			,				,			.00
13. Nonapportionable Income
(From Schedule N, Line 1)


14. Apportionable Income			14.			,			,				,			.00
Line 12 minus Line 13			14.
Line 12 minus Line 13
15. Apportionment Factor - Enter to four decimal places			15.							.					%
15. Apportionment Factor - Enter to four decimal places			15.
(From Schedule O, Part 1; Part 2 - Line 9; or Part 3)
16. Income Apportioned to N.C.			16.			,			,				,			.00
Multiply Line 14 by factor on Line 15						,			,				,
Multiply Line 14 by factor on Line 15
17. Nonapportionable Income Allocated to N.C.			17.			,			,				,			.00
(From Schedule N, Line 2)			17.


18. Total Net Taxable Income - Add Lines 16 and 17			18.			,			,				,			.00
(Composite filers complete Lines 19 - 23; all others skip to Line 22)			18.


19. Amount of Line 18 Attributable to			19.			,		,				,		.00
19. Amount of Line 18 Attributable to
Nonresidents Filing Composite


20. Separately Stated Items of Income Attributable to						,		,				,		.00
20. Separately Stated Items of Income Attributable to
Nonresidents Filing Composite (See instructions)			20.
Nonresidents Filing Composite (See instructions)			20.

Page 2
CD-401S
Web		Legal Name
7-20		Legal Name
7-20
	21. North Carolina Income Tax - Add Lines 19 and 20;
		multiply the sum by 5.25% (.0525)
	22. Payments and Credits
		When filing an amended return, see instructions.
Tax		a. Income Tax Extension
Tax		(From Form CD-419, Line 10)
Income		b. Other Prepayments of Tax
		b. Other Prepayments of Tax

Corporate	On Lines 22c through 22e, enter only the amounts attributable

	to nonresidents filing composite.
	to nonresidents filing composite.
		c. Partnership (If a partnership payment is
		taken on Line 22c, a copy of Form D-403
		NC K-1 MUST be attached.)
of		d. Nonresident Withholding
of		(Include copy of 1099 or W-2)
Computation		(Include copy of 1099 or W-2)
Computation		e. Tax Credits (From Form CD-425, Part 4, Line 30)
		e. Tax Credits (From Form CD-425, Part 4, Line 30)
		If a tax credit is taken on Line 22e, Form CD-425
		MUST be attached.

	23. Add Lines 22a through 22e
B	24. Income Tax Due - If Line 23 is less than Line 21,
		enter difference here and on Line 27
	25. Income Tax Overpaid - If Line 23 is more than
		Line 21, enter difference here and on Line 27

FEIN

21. ,,,.00

22a.	,	,	.00
22a.



22b.	,	,		.00
22b.

22c. ,,.00

22d.	,	,	.00
22d.
				.00


22e.	,	,
22e.

23.,,.00

24.$ ,,.00

25. ,,.00

Tax Due or Refund

26.	Franchise Tax Due or Overpayment			26.
	(From Schedule A, Line 8 or 9)	If amount on Line 26-28		26.
	(From Schedule A, Line 8 or 9)	If amount on Line 26-28
			is an overpayment
27.	Income Tax Due or Overpayment		fill in circle.	27.
	(From Schedule B, Line 24 or 25)		Example:	27.
	(From Schedule B, Line 24 or 25)		Example:
28.	Balance of Tax Due or Overpayment			28.
	Add (or subtract) Lines 26 and 27
29.	a. Interest		29a.
	b. Penalties		29b.
	c. Add Lines 29a and 29b and enter the total on Line 29c			29c.
30. Total Due - Add Lines 28 and 29c and enter result here, but			Pay in U.S. Currency	30.
	not less than zero. If less than zero, enter amount on Line 31.		From a Domestic Bank	30.
	Pay your tax online. See instructions.
31.	Amount to be Refunded			31.

,,.00

,,.00 ,,.00

I declare and certify 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.

Corporate Phone Number

(Include area code)

Signature and Title of Officer:

Date

PAID PREPARER USE ONLY

Check here if you authorize the North Carolina Department of Revenue to discuss this return and attachments with the paid preparer below.

If prepared by a person other than taxpayer, this certification is based on all

Preparer’s FEIN, SSN, or PTIN

Preparer’s Contact Phone Number (Include area code)

information of which the preparer has any knowledge.

Fill in applicable circle:

FEIN

SSN

PTIN

Signature of Paid Preparer:

Date

MAIL TO: N.C. Dept. of Revenue, P.O. Box 25000, Raleigh, N.C. 27640-0500. Returns are due by the 15th day of the 4th month after the end of the income year.

Page 3, CD-401S Web, 7-20

Legal Name

FEIN

CNet Worth


1.	Total assets (See instructions for definition)	1.		.00
2.	Total liabilities	2.			.00
3.	Line 1 minus Line 2	3.			.00
4.	Accumulated depreciation, depletion, and amortization permitted for income tax purposes	4.			.00
	(Attach Schedule)	4.			.00
5.	Line 3 minus Line 4	5.			.00
6.	Affiliated indebtedness (Attach schedule)				.00
		6.			.00
7.	Line 5 plus (or minus) Line 6	7.			00
			.		.
8. Apportionment factor (From Schedule O, Part 1; Part 2 - Line 9; or Part 3)		8.	.		%
9. Net Worth
	Multiply Line 7 by factor on Line 8 and enter result here and on Schedule A, Line 1.	9.		.00
	If amount on Line 9 is less than zero, enter zero on Schedule A, Line 1.	9.

DInvestment in N.C. Tangible Property

	Total value of inventories located in N.C.	Inventory valuation method:		1.		.00
1.	Total value of inventories located in N.C.	FIFO	Lower of cost or market Other	1.		.00
					.00
			(LIFO valuation not permitted)
2. Total value of furniture, fixtures, and machinery and equipment located in N.C.				2.
3.	Total value of land and buildings located in N.C.			3.		.00
4.	Total value of leasehold improvements and other tangible property located in N.C.			4.		.00
	Add Lines 1 through 4 and enter total			5.	.
5.	Add Lines 1 through 4 and enter total			5.		00
6.	Accumulated depreciation, depletion, and amortization with respect to N.C. tangible property				.
				6.
7.	Debts existing for the purchase or improvement of N.C. real estate				.
				7.

8. Investment in N.C. Tangible Property				8.	.00
	Line 5 minus Lines 6 and 7; enter amount here and on Schedule A, Line 2			8.	.00

E Appraised Value of N.C. Tangible Property

1. Total appraised value of all N.C. tangible property, including motor vehicles		1.		.00
(If tax year ends December 31, 2019 through September 30, 2020, enter the appraised county tax value		1.
of all real and tangible property located in N.C. as of January 1, 2019, including any motor vehicles

assessed during the tax year. Otherwise, enter value as of January 1, 2020.)
2. Appraised Value of N.C. Tangible Property		2.	.00
Multiply Line 1 by 55%; enter here and on Schedule A, Line 3		2.	.00
F Other Information - All Taxpayers Must Complete this Schedule


1. State of incorporation	Date incorporated

2.Date Certificate of Authority was obtained from N.C. Secretary of State

3. Regular or principal trade or business in N.C.

Everywhere

4.Principal place from which business is directed or managed

5.What was the last year the IRS redetermined the corporation’s federal taxable income?

Were the adjustments reported to N.C.?

Yes

If so, when?

6.Is this corporation subject to franchise tax but not N.C. income tax because the corporation’s income tax activities are protected

under P.L. 86-272? Yes (Attach detailed explanation) No

7.If corporation is a Qualified Subchapter S Subsidiary, enter parent’s name and FEIN below, and attach a schedule of affiliates.

Parent Name

FEIN

If corporation is the Parent of a Qualified Subchapter S Subsidiary, attach a schedule of affiliates.

Page 4, CD-401S Web, 7-20

Legal Name

GOrdinary Income (Loss) from Trade or Business Activities

(Complete this schedule only if you do not attach a copy of your federal income tax return.)

1. a. Gross receipts or sales		.00
	b. Returns and allowances			.00

	c. Balance (Line 1a minus Line 1b)			.00
		.
2.	Cost of goods sold (Attach schedule)			00
3.	Gross profit (Line 1c minus Line 2)	.00
4.	Net gain (loss) (Attach schedule)			.00
5.	Other income (loss) (Attach schedule)			.00
6.	Total Income (Loss)			.00
	Add Lines 3 through 5

7.	Compensation of officers		.00
	(Attach schedule, including addresses)

8.	Salaries and wages		.00
	(Less employment credits)
9.	Repairs and maintenance		.00
10.	Bad debts	.00
11.	Rents		.00
12.	Taxes and licenses		.00
13.	Interest		.00

14.a. Depreciation

	b. Depreciation included
	in cost of goods sold			.00
	c. Balance (Line 14a minus 14b)			.00
15.	Depletion			.00
16.	Advertising			.00
	Advertising			.00
17.	Pension, profit-sharing,	.00
17.	Pension, profit-sharing,
	and similar plans			.00
18.	Employee benefit programs			.00
19.	Other deductions (Attach schedule)			.00
20.	Total Deductions			.00
	Add the amounts shown in the far
	right column for Lines 7 through 19

21.	Ordinary Business Income (Loss)
	Line 6 minus Line 20; enter amount		.00
	here and on Schedule H, Line 1		.00

FEIN

H Computation of Income (Loss)

1.	Ordinary business income (loss)					.00
2.	Net rental real estate income (loss)					.00
3.	Other net rental income (loss)				.00
4.	Interest income		.00
4.	Interest income
5.	Ordinary dividends				.00
	Ordinary dividends				.00
6.	Royalties (Attach Schedule)				.00
	Royalties (Attach Schedule)				.00
7.	Net short-term capital gain (loss)				.00
8.	Net long-term capital gain (loss)				.00
9.	Net section 1231 gain (loss)					.00
10.	Other income (loss) (Attach schedule)					.00
11.	Total Income (Loss)
11.	Total Income (Loss)		.00
	Add Lines 1 through 10 and enter amount
	here and on Schedule B, Line 10

	I	Adjustments to Income (Loss)

1.	Additions	to Federal Adjusted
	Gross Income (Loss): (See Form						.00
	D-400 Income Tax instructions before
	completing Line 1) (Attach schedule)
	completing Line 1) (Attach schedule)
2.	Deductions from Federal Adjusted
	Gross Income (Loss): (See Form			.00
	D-400 Income Tax instructions before
	completing Line 2) (Attach schedule)
	completing Line 2) (Attach schedule)
3.	Adjustments to Income (Loss)
	Line 1 minus Line 2; enter result here		.00
	and on Schedule B, Line 11		.00

JExplanation of Changes for Amended Return

Page 5, CD-401S Web, 7-20

Legal Name

FEIN

K Shareholders’ Pro Rata Share Items

	Shareholder 1		Shareholder 2		Shareholders’ Total

1. Identifying Number

2.Name

3.a. Address

b. Is shareholder a nonresident?

Yes

Percentage of ownership

Share of income (loss)

(From Schedule H, Line 11)

Additions to income (loss)

(From Schedule I, Line 1)

Deductions from income (loss)

(From Schedule I, Line 2)

Income subject to N.C. tax

Add (subtract) Lines 5, 6, and 7

Share of tax credits

(See instructions)

10.

Share of tax withheld from

nonwage compensation

11.

Amount of Line 8 apportioned or

allocated to N.C. (nonresidents only)

12.

Separately stated items of

income (nonresidents only)

13.

Net tax paid for shareholder by

corporation (nonresidents only)

14.

Is the corporation filing a

Nonresident Shareholder

Yes

Agreement, Form NC-NA, for

this shareholder with this return?

15.

Has the corporation filed a

Nonresident Shareholder

Yes

Agreement, Form NC-NA, for

this shareholder in a previous

tax year?

If yes, what tax year?

(Enter tax year end date)

(MM-DD-YY)

(Attach additional pages if needed)

Page 6,

L Balance Sheet per Books

M-1 Federal Schedule

N.C. AAA

M-2 Analysis of

CD-401S Web, 7-20

Legal Name

FEIN

Assets

Beginning of Tax Year

End of Tax Year

Cash

a. Trade notes and accounts receivable

b. Less allowance for bad debts

(

)

(

)

3.Inventories

4.a. U.S. government obligations b. State and other obligations

5.Tax-exempt securities

6.Other current assets (Attach end of year schedule)

7.Loans to shareholders

8.Mortgage and real estate loans

9.Other investments (Attach end of year schedule)

10.	a. Buildings and other depreciable assets
	b. Less accumulated depreciation	(	)	(	)
	b. Less accumulated depreciation
11.	a. Depletable assets
	b. Less accumulated depletion	(	)	(	)
	b. Less accumulated depletion
12.	Land (net of any amortization)
13.	a. Intangible assets (amortizable only)
	b. Less accumulated amortization	(	)	(	)
14.	Other assets (Attach end of year schedule)

15.Total Assets


Liabilities and Shareholders’ Equity
16.	Accounts payable
17.	Mortgages, notes, and bonds payable
	in less than 1 year
18.	Other current liabilities (Attach end of year schedule)
19.	Loans from shareholders
20.	Mortgages, notes, and bonds payable
	in 1 year or more
21.	Other liabilities (Attach end of year schedule)
22.	Capital stock
23.	Additional paid-in capital
24.	Retained earnings
25.	Adjustments to shareholders’ equity
	(Attach end of year schedule)
26.	Less cost of treasury stock	(	)	(	)

27.Total Liabilities and Shareholders’ Equity

Net income (loss) per books

Income recorded on books this year not

Income included on Federal Schedule K,

included on Federal Schedule K, Lines 1

through 10 (itemize):

Lines 1, 2, 3c, 4, 5a, 6, 7, 8a, 9 and 10 not

Tax-exempt interest $

recorded on books this year (itemize):

Expenses recorded on books this year

Deductions included on Federal Schedule

not included on Federal Schedule K, Lines 1

K, Lines 1 through 12, and 14l not charged

through 12, and 14l (itemize):

against book income this year (itemize):

a. Depreciation $

Depreciation $

b. Travel and entertainment $

Add Lines 5 and 6

Income (Loss) (Federal Schedule K,

Add Lines 1 through 3

Line 18) Line 4 minus Line 7

N.C. Accumulated Adjustments

N.C. Other Adjustments

Undistributed income previously taxed

1. Balance at beginning of year

Ordinary income from Schedule G, Line 21

3.Other additions

4.	Loss from Schedule G, Line 21	(	)
		(	)

5.	Other reductions	(	)	(	)

6.Combine Lines 1 through 5

7.Distributions other than dividend distributions

8.Balance at end of tax year (Line 6 minus Line 7)

Page 7, CD-401S Web, 7-20

Legal Name

FEIN

N Nonapportionable Income

Complete this schedule if you have income classified as nonapportionable income. See the instructions for an explanation of what is apportionable income and what is nonapportionable income.

(A) Nonapportionable Income

(B) Gross

(D) Net Amounts

(E) Net Amounts Allocated

Amounts

Expenses*

(Column B minus Column C)

Directly to N.C.

1.	Nonapportionable Income (Enter the total of Column D here and on Schedule B, Line 13)	.00
		.00
2.	Nonapportionable Income Allocated to N.C. (Enter the total of Column E here
2.			.00
	and on Schedule B, Line 17)		.00

Explanation of why income listed in chart is nonapportionable income rather than apportionable income:

(Attach additional sheets if necessary)

*For an acceptable means of computing related expenses, see 17 N.C.A.C. 5C .0304.

Part 1.	Domestic and Other Corporations Not Apportioning Franchise or Income Outside N.C.	100.0000	%
	Enter 100% on Schedule B, Line 15 and Schedule C, Line 8		%

Computation of Apportionment Factor

Part 2. Corporations Apportioning Franchise or Income to N.C. and to Other States


Note: Apportionment factors must be calculated 4 places to the right of the decimal.		Example:


	1. Within North Carolina

1.Gross Receipts Subject to Apportionment

2.Gross Rents Subject to Apportionment

3.Gross Royalties Subject to Apportionment

4.Dividends Subject to Apportionment

5.Interest Subject to Apportionment

6.Other Apportionable Income

7.Share of Receipts from Noncorporate Entities Subject to Apportionment

8. Total (Add Lines 1 through 7 for each column)

9.N.C. Apportionment Factor

(Divide Line 8 Column 1 by Line 8 Column 2; enter the factor here, on Schedule B, Line 15, and Schedule C, Line 8. See instructions and G.S. 105-130.4 for more information.)

99.9999 %

2. Total Everywhere

Part 3.	Special Apportionment Formulas
Part 3.	Special apportionment formulas apply to certain types of corporations such as banks, wholesale
	content distributors, electric power companies, air transportation companies, water transportation

	companies, pipeline companies, and railroad companies. If you use a special apportionment	%
	formula, enter the computed apportionment factor here, on Schedule B, Line 15, and on Schedule

	C, Line 8. Attach a schedule to support the special apportionment calculation. (See instructions and

G.S. 105 -130.4, 130.4A, and 130.4B for more information.)

Question	Answer
Form Name	Form Cd 401S
Form Length	8 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	2 min
Other names	both sides of paper

Form Cd 401S – Fill Out and Use This PDF

Form Cd 401S PDF Details

Form Preview Example

Form Cd 401S isn’t the one you’re looking for?

Form Cd 401S – Fill Out and Use This PDF

Form Cd 401S PDF Details

Form Preview Example

Form Cd 401S isn’t the one you’re looking for?

Related Documents