NEAR FINAL DRAFT 8/30/24

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2024 Schedule M2SB, Income Tax Computation for S Portion of ESBT 

Name of Trust                                                                                                                                                      Federal ID Number                                          Minnesota ID Number

Name of S-Corporation S Portion of ESBT Holds Stock In                                                                                                             Federal ID Number of S-Corporation

Additional S-Corporation S Portion of ESBT Holds Stock In                                                                                                          Federal ID Number of Additional S-Corporation                      

 1  Federal taxable income of S portion (enclose federal computation)   . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . .  1   

 2  Fiduciary’s deductions and losses not allowed by Minnesota (enclose Schedule M2NM)                                                                                             . . .  . . . . . .  . . . . .  . .  2   

  3  Additions (from line 27, on page 2 of this schedule)                                                               . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . .  3   

 4  Add lines 1 through 3  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . .4. . . .      

  5  Subtractions (from line 43, on page 3 of this schedule)    . . .  . . . . . .  . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  .  5   
 6  Fiduciary’s income from non-Minnesota sources  
                             Schedule M2NM) (enclose                          . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . .6. .  . .      
 
 7  Add lines 5 and 6    . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . 7.  . .  .      

 8  Minnesota taxable net income. Subtract line 7 from line 4   . . . . .  . . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  .   8   

 9  Tax tablefrom                                    M2 in instructions Form                        . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . . .  . . . . .  . . 9. . .  .      

 10  Total of tax from Schedule M2MT (enclose Schedule M2MT)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   10   
 
 11  Total of 2024 tax for S portion. Add lines 9 and 10 and include amount on line 11 of Form M2    . .  . . . . .  . .  11   

You must include this schedule and a copy of federal computations for the S portion of the ESBT when you file Form M2.

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2024 M2SB, page 2
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Additions to Income

  12                                       State and municipal bond from outside Minnesotainterest                                    . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . .12 . .  .  

    13                                     State taxes deducted in arriving at net income   . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  .  13   
  14                                       Expenses deducted on your federal return that are attributable to income not taxed  
        by Minnesota (other than interest or mutual fund dividends from U.S. bonds)                                                                                  . . .  . . . . . .  . . . . .  . . . . . . .  . . . .  .  14   
  15                                       80 percent of the suspended loss from 2001–2005 or 2008–2023 on your  
        federal return that was generated by bonus depreciation (see Form M2 instructions)   . . . . .  . . . . .  . . . . . .  . . .  .  15   

  16                of federal80   percent bonus depreciation                                           . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .   16 . . . . 

    17                                     199ASection qualified business income                     . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .17 .  . .  .  

    18                                     This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .   18   

    19                Net operating loss carryover adjustment   . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .  .  19   

  20                                       Foreign derived intangible income (FDII) deduction . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  .  20                            

  21                                       This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  .  21   

     22                                    This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .      22   

  23                                       This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .      23   

  24                                       This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .      24   

  25                                       This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .      25   

  26                                       This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .      26   

  27                                       Add lines 12 through 26. Enter the result here and on line 3   . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . .                               27   

Subtractions from Income

  28                                       Interest on U.S. government bond obligations, minus any expenses  
        deducted on your federal return that are attributable to this income                                                                        . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  .   28   

    29                State income tax refund included on federal return   . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . .                                               29   

  30                  Federal bonus depreciation subtraction (see Form M2 instructions)                                                            . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . .   30   

  31                                       This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .   31   

  32                                       Subtraction for railroad maintenance expenses  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .   32   

  33                  Net operating loss carryover adjustment   . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . .   33   

  34                  Deferred foreign income (section 965)  . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . .   34   

  35                  Disallowed section 280E expenses of a licensed cannabis or hemp business  . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  .   35   

     36                                    Delayed business interest  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  36   

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2024 M2SB, page 3
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  37  Delayed net operating loss deduction  .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . .  .  37   

   38 This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .   38   

  39  This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .   39   

  40  This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .   40   

  41  This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .   41   

  42  This line intentionally left blank  . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .   42   

 43   Add lines 28 through 42. Enter the result here and on line 5  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . .  .  43   

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