Vermont Department of Taxes 

          Schedule BI-477                                                                                   *234771100*

 Vermont Income Adjustment Calculation:                                                                     *234771100*
                                                                                                                                           Page 9
        Pass-Through Nonresident
                                                                                                                   Include with Form BI-471

                        Entity Name (same as on Form BI-471)                           Fiscal Year Ending (YYYYMMDD)      FEIN

SECTION 1  PASS-THROUGH PERSONAL INCOME ADJUSTMENT CALCULATION
PART I.             INCOME DERIVED FROM OWNERSHIP OF PROPERTY
                                                     Column A                          Column B
                                                     Federal Amount                    Amount from Vermont  
                                                                                       Situs Property 
 1.   Net Rental Real Estate  
      Income (loss)   . . . . . . . . . . . . .      1A.  ________________________ .00 1B.  _________________________ .00
 2.   Other Net Rental  
      Income (loss)   . . . . . . . . . . . . .      2A.  ________________________ .00 2B.  _________________________ .00
                                                                                                                                           FORM  (Place at FIRST page)
 3.   Royalties  . . . . . . . . . . . . . . . . .   3A.  ________________________ .00 3B.  _________________________ .00                  Form pages 

PART II.            GAINS FROM THE SALE OR EXCHANGE OF PROPERTY
                                                     Column A                          Column B
                                                     Federal Amount                    Amount from Vermont  
                                                                                       Situs Property 
                                                                                                                                           9 - 11
 4.   Net Long Term Capital  
      Gain (loss)   . . . . . . . . . . . . . . .    4A.  ________________________ .00 4B.  _________________________ .00
 5.   Net Short Term Capital 
      Gain (loss)   . . . . . . . . . . . . . . .    5A.  ________________________ .00 5B.  _________________________ .00
 6.   Guaranteed Payments for  
      Capital  . . . . . . . . . . . . . . . . . . . 6A.  ________________________ .00 6B.  _________________________ .00

 7.   Collectibles (28%) Gain (loss)                 7A.  ________________________ .00 7B.  _________________________ .00
 8.   Unrecaptured  
      IRC § 1250 Gain  . . . . . . . . . . .         8A.  ________________________ .00 8B.  _________________________ .00

 9.   Net IRC § 1231 Gain (loss)  . .                9A.  ________________________ .00 9B.  _________________________ .00

PART III.           WAGES, SALARIES, COMPENSATION TO PARTNERS
                                                     Column A                          Column B
                                                     Federal Amount                    Amount Received for Services
                                                                                       Performed in Vermont 

  10. Wages and Salaries  . . . . . . . . 10A.  ________________________ .00           10B.  _________________________ .00

  11. Other Compensation  . . . . . . . 11A.  ________________________ .00             11B.  _________________________ .00
  12. Guaranteed Payments for 
      Services  . . . . . . . . . . . . . . . . . 12A.  ________________________ .00   12B.  _________________________ .00

                                                                                                                       Schedule BI-477
                                                                                                                          Page 1 of 3
5454                                                                                                                      10/23

                    Entity Name (same as on Form BI-471)

                    FEIN                     Fiscal Year Ending (YYYYMMDD)                            *234771200*
                                                                                                      *234771200*
                                                                                                                                                                                                                                Page 10
 PART IV.           BUSINESS INCOME
  13. Vermont Sales and Receipts Factor as a percent of Everywhere (Section 2, Line 40)  . . . . . . . . . . . . . . . . .  . 13.  __________ . ______________%
                                                 Column A                       Column B
                                             Federal Amount                     Derived within Vermont
                                                                                (Multiply Column A by Line 13)

  14. Ordinary Business Income  . . 14A.  ________________________ .00          14B.  _________________________ .00
  15. Net adjustment to income 
       resulting from Vermont’s  
      disallowance of “bonus  
      depreciation” (IRC 168(k))  . . 15A.  ________________________ .00        15B.  _________________________ .00
  16. Ordinary Business Income  
      with Bonus Depreciation  
      Disallowance  
      (ADD Lines 14 and 15)  . . . . 16A.  ________________________ .00         16B.  _________________________ .00

  17. Interest Income  . . . . . . . . . . . 17A.  ________________________ .00 17B.  _________________________ .00
  18. Dividends
      18i.   Ordinary  
             Dividends  . . . . . .  .18iA.  ________________________ .00       18iB.  _________________________ .00
      18ii.  Qualified  
             Dividends  . . . . . . 18iiA.  ________________________ .00      18iiB.  _________________________ .00
      18iii. Dividend  
             Equivalents  . . . .  .18iiiA.  ________________________ .00     18iiiB.  _________________________ .00
  19. Other Apportionable 
      Business Income  
      (Specify) _______________              19A.  ________________________ .00 19B.  _________________________ .00

  20. IRC § 179 Deduction  . . . . . . 20A.  ________________________ .00       20B.  _________________________ .00

  21. ADD Lines 1A through 6A, 9A through 12A, 16A through 19A, then SUBTRACT Line 20A  . . . . . .  . 21.  ________________________                                                                                         .00

PART V.             INCOME ADJUSTMENT
  22. Interest Income not derived from Vermont activity  
      (SUBTRACT Line 17A from federal Form 1065, Sch. K, Line 5)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . 22.  ________________________                                                                 .00
  23. Dividends not derived from Vermont activity (SUBTRACT the SUM of Lines 18iA, 18iiA, and 
      18iiiA from the SUM of federal Form 1065, Sch. K, Lines 6a, 6b, and 6c)  . . . . . . . . . . . . . . . . . . . . . .  . 23.  ________________________                                                                  .00

  24. Other Income (loss) (Specify) ______________________________________________  . . . . . . . . . . . . .  . 24.  ________________________                                                                               .00

  25. ADD Lines 21 through 24   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . 25.  ________________________                                 .00

  26. Other Adjustments (Attach detailed explanation) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 26.  ________________________ .00

  27. TAXABLE INCOME (ADD Lines 25 and 26)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . 27.  ________________________                                                     .00
  28. VERMONT INCOME (ADD Lines 1B through 6B, 9B through 12B, 16B through 19B, then  
      SUBTRACT Line 20B)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . 28.  ________________________                                   .00
29.   INCOME ADJUSTMENT %  (DIVIDE Line 28 by Line 27.  MULTIPLY the result by 100 and  
      carry the result out to the fourth decimal place.)  Also enter on Schedule BI-473, Line 2 .  . . . . . . . . . .  . 29.  __________ . ______________%

                                                                                                                                                                                               Schedule BI-477
                                                                                                                                                                                               Page 2 of 3
5454                                                                                                                                                                                           10/23

                    Entity Name (same as on Form BI-471)

                    FEIN                                            Fiscal Year Ending (YYYYMMDD)                                  *234771300*
                                                                                                                                   *234771300*
                                                                                                                                                                                     Page 11

SECTION 2  VERMONT APPORTIONMENT
PART VI.            VERMONT SALES AND RECEIPTS FACTOR
                                                                    Column A                                               Column B
                                                                    Everywhere                                             Vermont
 
  30. Sales or gross receipts   . . . . . 30A.  ________________________ .00                        

  31. Sales of services  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31B.  _________________________ .00
  32. Sales of tangible personal property delivered or shipped to  
      purchasers in Vermont from outside Vermont  . . . . . . . . . . . . . . . . . . . . . . . 32B.  _________________________ .00
  33. Sales of tangible personal property delivered or shipped to 
      purchasers in Vermont from within Vermont   . . . . . . . . . . . . . . . . . . . . . . . 33B.  _________________________ .00

  34. Special Industries: Enter non-dollar sales factor figures here  . . . . . . . . . . .  .34B.  _________________________ .00
  35. Apportionable interest and                                                                                                                                                     FORM  (Place at LAST page)
      dividends  . . . . . . . . . . . . . . . . 35A.  ________________________ .00                                  35B.  _________________________ .00                             Form pages 

  36. Royalties  . . . . . . . . . . . . . . . . 36A.  ________________________ .00                                  36B.  _________________________ .00

  37. Gross rents  . . . . . . . . . . . . . . 37A.  ________________________ .00                                    37B.  _________________________ .00
  38. Other apportionable business                                                                                                                                                   9 - 11
      income (attach detailed  
      supporting statement)  . . . . . . 38A.  ________________________ .00                                          38B.  _________________________ .00
  39. Total GROSS RECEIPTS 
      (ADD Lines 30 through 38) 39A.  ________________________                                     .00               39B.  _________________________.00
  40. Vermont Gross Receipt factor (DIVIDE Line 39B by 39A.  MULTIPLY the result by 100 and   
      carry the result out to the sixth decimal place.)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . 40.  __________ . ______________%

PART VII.           PROPERTY FACTOR (Average value during year)
                                                                    Column A                                               Column B
                                                                    Everywhere                                             Vermont
 
  41. Inventories   . . . . . . . . . . . . . . 41A.  ________________________ .00                                   41B.  _________________________ .00
  42. Buildings and other depreciable  
      assets (original cost)  . . . . . . . 42A.  ________________________ .00                                       42B.  _________________________ .00
  43. Depletable assets  
      (original cost)  . . . . . . . . . . . . 43A.  ________________________ .00                                    43B.  _________________________ .00

  44. Land  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 44A.  ________________________ .00               44B.  _________________________ .00
  45. Other assets  
      (Attach schedule)  . . . . . . . . . 45A.  ________________________ .00                                        45B.  _________________________ .00
  46. Rented real and personal property  
      (Multiply annual rent by 8)  . . 46A.  ________________________ .00                                            46B.  _________________________ .00
  47. Total PROPERTY  
      (ADD Lines 41 through 46) 47A.  ________________________                                     .00               47B.  _________________________.00

                                                                                                                                                     Schedule BI-477
                                                                                                                                                         Page 3 of 3
5454                                                                                                                                                     10/23