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EFO00047p3
06-26-2009
Instructions for Idaho Form 49C
GENERAL INSTRUCTIONS in 2000 as the seventh year. Since the credit has not yet
been carried forward seven years, the unused credit may
Complete this form if an investment tax credit (ITC) be carried into tax years beginning on or after January 1,
carryover is included in the current year's available credit. 2000, and the carryover period is limited to 14 tax years
Once the Form 49C is completed, the carryover will be rather than seven.
carried to Form 49.
Conversion of a C Corporation to S Corporation
Carryover Period An investment tax credit carryover earned by a C
• For property acquired after 1989 but prior to tax years corporation that has converted to an S corporation is
beginning in 2000, the credit carryover is limited to allowed against the S corporation's tax on net recognized
seven tax years unless the credit has not been carried built-in gains and excess net passive income. The credit
over seven tax years before 2000. If the credit has is not allowed against the tax paid by an S corporation for
been carried forward less than seven tax years, and is nonresident shareholders. A separate Form 49C should
eligible for carryover to tax years beginning on or after be used to account for this credit carryover.
2000, the carryover period is limited to 14 tax years.
• For credit earned in tax years beginning on or after Use of Other Schedules
January 1, 2000, the credit carryover is limited to 14 If this form does not allow you to properly relect the
tax years. application of carryovers and recapture, you may provide
the information on a separate schedule.
For purposes of the carryover period, a short tax year
counts as one tax year. SPECIFIC INSTRUCTIONS
Examples Line 1. For each year, enter the credit earned less the
ITC was earned in a tax year beginning in 1992. The amount of credit for property moved out of Idaho after the
credit is eligible for carryover into the tax year beginning ive-year recapture period.
in 1999 as the seventh year. Since the carryover expires
in the tax year beginning in 1999, the credit may not be Lines 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22, 24, 26, and 28.
carried into tax years beginning on or after January 1, For each year, enter the amount of credit allowed against
2000. The carryover is limited to seven tax years. tax, the amount of credit you earned that was shared with
another member of the unitary group, and the amount of
ITC was earned in a tax year beginning in 1993. The credit that passed through to an owner or beneiciary.
credit is eligible for carryover into the tax year beginning
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