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Meridian Idaho Form Instructions 1120-S: What You Should Know

SPECIFIC INSTRUCTIONS. An organization claiming an exemption for a specified amount in return of an alternative minimum tax penalty, credit, or refund may not claim the exemption or make an election that would otherwise preclude making a specific tax payment or payment on its income. See 12. “General Information.” Use Form 8873, Alternative Minimum Tax Return, to report your organization's specified amount. If it is necessary to report an amount on Form 8691 for purposes related to calculating or claiming the exemption, complete its current Form 8873, and submit it to the Idaho County Tax Commissioner. An organization claiming an exemption for a specified amount in return of an alternative minimum tax penalty, credit, or refund may not claim the exemption, make an election that would otherwise preclude making a specific tax payment or payment on its income, or make any other change to the exempt status of the organization that will result in payment of the tax. If your organization's specified amount is equal to or less than your organization's taxable income derived from specified sources, report it on your return as taxable income. You must allocate your organization's tax-deductible expenses in all tax years to a payment of specified amounts received as described in section 15. If your organization has actual knowledge of taxable income or of a claim or expectation that the organization may have an exemption from the alternative minimum tax, report the actual amount of such income or exemption on your return. In addition, you must pay an income tax in the year on the actual amount of income or exemption to you, but not on any amount that you know may be exempt from the alternative minimum tax. See 13. “Other Information.” Use Form 8878, Alternative Minimum Tax Reporting on a Partnership, to report the actual distribution to or income from all partners. If you wish your partner to claim an exemption instead of receiving an interest in the entity that is the subject of the partnership tax return, provide a copy of your partnership return to your partner. An organization claiming an exemption for a specified amount in return of an alternative minimum tax penalty, credit, or refund may not claim the exemption, make an election that would otherwise preclude making a specific tax payment or payment on its income, or make any other change to the exempt status of the organization that will result in payment of the tax. Report your organization's specific amount of income, interest, or penalty for all tax years, unless your organization may be able to file this information electronically under section 6662. 12. “General Information.

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