Form Rv F1406301 PDF Details

Understanding the Rv F1406301 form is essential for businesses operating within Tennessee, as it plays a crucial role in the calculation and amendment of franchise and excise taxes. This form helps taxpayers to report revisions to their federal income, which could affect their state tax liabilities. It is meticulously structured to ensure a thorough declaration of any changes to the taxpayer's income, including net adjustments, additions, and deductions. For instance, it includes specific entries for adjustments related to the Tennessee excise tax expense, capital gains, and particular deductions that were previously claimed on federal returns. Moreover, the form allows for the calculation of taxable income, taking into account business income, apportionment ratios, and non-business earnings, leading to the determination of the excise tax due. Taxpayers must provide a detailed account of potential tax credits and payments, which could influence the final additional excise tax calculation. Such comprehensive information gathering not only ensures compliance with Tennessee Department of Revenue requirements but also aids in the accurate assessment and adjustment of a business's tax responsibilities. By completing and submitting this form, taxpayers affirm, under penalty of perjury, the accuracy and completeness of the information provided, underscoring the form's significance in the state's tax administration process.

QuestionAnswer
Form NameForm Rv F1406301
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesf1406301 tn franchise and excise tax federal income revision form

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TENNESSEE DEPARTMENT OF REVENUE

FRANCHISE AND EXCISE TAX

FEDERAL INCOME REVISION FORM

Taxpayer Name

FEINAccount Number

Taxable Period Ending

Please submit to:

TN Department of Revenue ATTN: F&E Unit

P.O. Box 190644 Nashville, TN 37219-0644

 

 

As last reported

Net change

As amended

 

 

 

Increase (Decrease)

 

1.

Federal income or loss per Schedule J, Line 1

 

 

 

ADDITIONS

 

 

 

2.

Tennessee excise tax expense (to the extent reported for federal purposes)

 

 

 

3.

Contribution carryover from prior period(s)

 

 

 

4.

Capital gains offset by capital loss carryover or carryback

 

 

 

5.

Any depreciation permitted as a deduction in computing federal taxable

 

 

 

 

income solely as a result of the provision of the federal JCWA Act of 2002,

 

 

 

 

and any expense/depreciation deducted as a result of "safe harbor" lease

 

 

 

 

elections

 

 

 

6.

Other*________________________________________________

 

 

 

7.

Total additions - Add Lines 2 through 6

 

 

 

DEDUCTIONS

 

 

 

8.

Dividends received from subsidiaries, at least 80% owned

 

 

 

9.

Dividends received from corporations, at least 80% owned (Per PC 406

 

 

 

 

signed into law 6/17/99)

 

 

 

10.

Current year contributions in excess of amount allowed by the federal

 

 

 

 

government

 

 

 

11.

Portion of current year's capital loss not included in federal taxable income

 

 

 

12.

Any income included for federal tax purposes and any depreciation or other

 

 

 

 

expense that could have been deducted for "safe harbor" lease elections

 

 

 

13.

Depreciation under the provisions of IRC Section 168 prior to the

 

 

 

 

computation of depreciation under the federal JCWA Act of 2002, and any

 

 

 

 

excess gain or loss from the resulting basis adjustment

 

 

 

14.

Other*______________________________________________

 

 

 

15.

Total deductions - Add Lines 8 through 14

 

 

 

COMPUTATION OF TAXABLE INCOME

 

 

 

16.

Total business income (loss) - Add Lines 1 and 7, less Line 15 (If loss,

 

 

 

 

complete Schedule K on Page 2)

 

 

 

17.

Apportionment ratio (Schedule N, O, P, R, S, or SE, if applicable, or 100%)

%

%

%

 

 

 

18.

Apportioned business income (loss) (Line 16 multiplied by Line 17)

 

 

 

19.

Add: Non-business earnings directly allocated to TN (From Schedule M,

 

 

 

 

Line 9)

 

 

 

20.

Deduct: Loss carryover from prior years

 

 

 

21.

Income subject to excise tax (Add Lines 18 and Line 19, less Line 20)

 

 

 

22.

Excise tax due (Line 21 X 6%, or 6.5% for returns ending on or after

 

 

 

 

7/15/02)

 

 

 

23.

Less: Excise tax paid

 

 

 

24.

Less: Tax credits

 

 

 

25.Additional excise tax due (overpaid) per federal income revisions (Line 22 less Lines 23 and 24)

*Explanation for an entry on this line must be shown on form or attached documentation

I, the undersigned, declare under the penalty of perjury, that I have examined this form, including all accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power of Attorney YES

 

 

Taxpayer’s signature

 

Date

 

Title

 

 

Check Yes if this taxpayer’s signature certifies

 

 

 

 

that this preparer has the authority to execute

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax preparer’s signature

 

Date

 

Telephone

 

 

this form on behalf of the taxpayer and is

 

 

 

 

authorized to receive and inspect confidential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

tax information and to perform any and all

Tax preparer’s address

 

 

City

 

 

 

 

State

 

Zip

 

acts relating to respective tax matters.

RV – F1406301

Page 1

TENNESSEE DEPARTMENT OF REVENUE

FRANCHISE AND EXCISE TAX

FEDERAL INCOME REVISION FORM

Taxpayer Name

FEINAccount Number

Taxable Period Ending

SCHEDULE K – DETERMINATION OF LOSS CARRYOVER AVAILABLE

As last reported

Net change

As amended

 

Increase (Decrease)

 

1.Net Loss from Schedule J, Line 18 ADD:

2.Dividends and non-business earnings deducted on Schedule J

3.Amounts reported on Schedule J-1, Lines 5 and 6, and Schedule J-2, Line 8

4.Reduced loss – Add Lines 1 through 3 (If net amount is positive enter “0”)

5.

Excise tax ratio (Schedule N, O, P, R, S or SE, if applicable, or 100%

%

%

%

6.

Current year loss carryover available (Line 4 multiplied by Line 5)

 

 

 

 

 

 

 

 

Page 2

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1. Whenever completing the Form Rv F1406301, make sure to include all of the needed blank fields in its associated section. It will help hasten the work, enabling your details to be handled swiftly and correctly.

Simple tips to fill out Form Rv F1406301 part 1

2. Once your current task is complete, take the next step – fill out all of these fields - Portion of current years capital, expense that could have been, Depreciation under the provisions, computation of depreciation under, Other, Total deductions Add Lines, COMPUTATION OF TAXABLE INCOME, complete Schedule K on Page, Apportionment ratio Schedule N O, Line, Deduct Loss carryover from prior, Less Excise tax paid Less Tax, less Lines and, and Explanation for an entry on this with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

Step no. 2 of submitting Form Rv F1406301

3. Your next part is normally hassle-free - complete every one of the form fields in I the undersigned declare under, Date, Title, Power of Attorney YES Check Yes if, Tax preparers signature, Tax preparers address, Date, City, Telephone, State, Zip, and RV F Page to complete this segment.

Completing segment 3 of Form Rv F1406301

As for State and Zip, make sure you don't make any errors in this current part. These are the key fields in this page.

4. The following subsection needs your involvement in the following areas: Taxpayer Name FEIN Taxable Period, Account Number, SCHEDULE K DETERMINATION OF LOSS, As last reported, Net change, As amended, Increase Decrease, Net Loss from Schedule J Line, ADD, Dividends and nonbusiness, Amounts reported on Schedule J, Reduced loss Add Lines through, Excise tax ratio Schedule N O P R, and Current year loss carryover. Be sure to fill in all requested info to go forward.

Simple tips to prepare Form Rv F1406301 portion 4

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