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State of Rhode Island Division of Taxation
2024 Schedule S for RI-1120S
Excess Net Passive Income Tax Calculation 24110499990101
Name Federal employer identification number
TO BE FILED WITH FORM RI-1120S
TO BE COMPLETED ONLY BY SUBCHAPTER S CORPORATIONS TAXABLE FOR FEDERAL PURPOSES AND REQUIRED TO COMPLETE
LINE 22a AND/OR 22b OF FEDERAL FORM 1120S
1 Excess net passive income from line 10 of Worksheet for line 23a of Federal 1120S ................................................ 1
2 Taxable income from Federal Form 1120S, Schedule D, line 20................................................................................. 2
3 Taxable income. Add lines 1 and 2 ............................................................................................................................. 3
4 Apportionment ratio (six (6) decimal places) from Form RI-1120S, Schedule I, line 5 ................................................ 4
_ . ______
5 Rhode Island taxable income. Multiply line 3 by line 4 ............................................................................................... 5
6 TAX - 7%. Multiply line 5 by 7% (0.07) and enter here............................................................................................... 6
7 Minimum tax from Form RI-1120S............................................................................................................................... 7
400 00
8 TAX. Line 6 or line 7, whichever is larger. Enter here and on Form RI-1120S, page 1, line 7a................................. 8
DRAFT
10/15/2024