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5 Schedule 5
B
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Form CIT-120 W ADJUSTMENTS TO FEDERAL TAXABLE INCOME 2023
7 Adjustments Increasing Federal Taxable Income (§11-24-6 and 6a) 7
8 8
9 1. Interest or dividends on obligations or securities from any state or a political subdivision ............. 1 .00 9
10 10
2. US Government obligation interest or dividends not exempt from state tax, less related expenses
11 not deducted on federal return....................................................................................................... 2 .00 11
12 12
3. Income taxes or taxes based upon net income, imposed by this state or any other jurisdiction,
13 deducted on your federal return..................................................................................................... 3 .00 13
14 14
4. Federal depreciation/amortization for West Virginia water/air pollution control facilities – wholly
15 West Virginia corporations only. Multistate corporations must use CIT-120APT, Schedule A-2, line 11 4 .00 15
16 16
17 5. Unrelated business taxable income of a corporation exempt from federal tax (IRC §512)............ 5 .00 17
18 18
19 6. Federal net operating loss deduction.............................................................................................. 6 .00 19
20 20
7. Federal deduction for charitable contributions to Neighborhood Investment Programs, if claiming
21 the West Virginia Neighborhood Investment Programs Tax Credit................................................. 7 .00 21
22 22
23 8. Net operating loss from sources outside the United States (WV Code §11-24-6(b)(6)) 8 .00 23
24 24
25 9. Foreign taxes deducted on your federal return.............................................................................. 9 .00 25
26 26
10. Add back expenses related to certain REIT’s and Regulated Investment Companies and certain
27 interest and intangible expenses (WV Code §11-24-4b)................................................................ 10 .00 27
28 28
11. Other increasing adjustments
29 Provide a brief description: 11 .00 29
30 30
12. TOTAL INCREASING ADJUSTMENTS
31 (Add lines 1 through 11; enter here and on Schedule 1, line 2 or Schedule 2, line 2)................... 12 .00 31
32 Adjustments Decreasing Federal Taxable Income (§11-24-6) 32
33 33
13. Refund or credit of overpayment of income taxes or taxes based upon net income, imposed by
34 this state or any other jurisdiction, included in federal taxable income......................................... 13 .00 34
35 35
14. Interest expense on obligations or securities of any state or its political subdivisions, disallowed
36 in determining federal taxable income............................................................................................ 14 .00 36
37 37
15. US Government obligation interest or dividends subject to federal but exempt from state tax,
38 less related expenses deducted on your federal return.................................................................. 15 .00 38
39 39
40 16. Salary expense not allowed on federal return due to claiming the federal jobs credit................ 16 .00 40
41 41
42 17. Foreign dividend gross-up (IRC Section 78).................................................................................. 17 .00 42
43 43
44 18. Subpart F income (IRC Section 951)............................................................................................. 18 .00 44
45 45
46 19. Taxable income from sources outside the United States................................................................. 19 .00 46
47 20. Cost of West Virginia water/air pollution control facilities – wholly WV corporations only. 47
48 Multistate corporations must use CIT-120 APT, Schedule A-2, line 10.......................................... 20 .00 48
49 49
21. Employer contributions to medical savings accounts (WV Code §33-16-15) included in federal
50 taxable income less amounts withdrawn for non-medical purposes.............................................. 21 .00 50
51 51
52 22. Qualified Opportunity Zone business income (include IRS 8996) ................................................ 22 .00 52
53 53
23. Other decreasing adjustments
54 Provide a brief description: 23 .00 54
55 55
56 24. Schedule B-1 allowance (Schedule B-1, Line 9)............................................................................ 24 .00 56
57 25. TOTAL DECREASING ADJUSTMENTS (Add lines 13 through 24; enter here and on 57
58 Schedule 1, line 3 or Schedule 2, line 3)...................................................................................... 25 .00 58
59 59
60 60
61 61
62 62
63 *B30202305W* 63
B30202305W
67891011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556575859606162636465666768697071 727374757677787980