Business Tax Return - City Of Forest Park - 2016 (Page 4 of 5) in pdf

Part B – DECLARATION OF ESTIMATED TAX FOR 2017

A declaration is required if your 2017 liability after credits exceeds $200.

The taxpayer shall base the estimated tax on the preceding full year's tax liability, or on the preceding three-month period, annualized

for the remainder of the year, and updating this estimate by amendment as necessary each succeeding three-month period so that at

least 90 percent of the annual Forest Park tax liability to be ultimately determined shall have been paid by the due date of each

installment payment.

LINE 15: Enter the amount of estimated income for 2017 using one of the two safe harbors above.

LINE 16: Enter the total estimated tax due for 2017.

LINE 17: Divide Line 16 by 4 to determine the amount of estimated tax due for the first quarter.

LINE 18: Enter the amount of credits from Line 14.

LINE 19: Enter and remit the net estimated tax due if Line 17 minus Line 18 is greater than zero. This is the first of four quarterly

estimated tax payments. The second payment is due on the 15

day of the 6

month after the beginning of the year and is equal to the

total estimated tax on Line 16 divided by 4 less any overpayment still available from prior years. Third payment is due on the 15

day

of the 9

month after the beginning of the year and the final estimated payment is due on the 15

day of the 12

month after the

beginning of the taxable year.

LINE 20: TOTAL AMOUNT DUE WITH RETURN

Combine Line 11 and Line 19

Schedule X – Reconciliation with the Federal Return as Provided by ORC Section 718

A. Enter the amount included in Line 1 of the Business Tax Return related to the sale, exchange, or other disposition of an asset

described in section 1221 or 1231 of the Internal Revenue Code. This would include the 1231 loss reported on Form 4797.

B. Enter any taxes on or measured by net income included as a deduction in computing Line 1.

C. Enter any guaranteed payments or similar payments made to partners, members or other owners that were deducted in arriving at

the income amount on Line 1of the Business Tax Return. This includes amounts related to self-employed retirement plans and

health or life insurance for an owner or owner-employee.

Enter 5% of the intangible income included in Line 1 of the Business Tax Return that is not directly related to the sale, exchange

or other disposition of property described in Section 1221 or 1231 of the Internal Revenue Code.

Add Real Estate Investment Trust distribution deductions allowed as a deduction in the computation of Federal Taxable Income.

F. Enter Federal deducted amounts paid or accrued to or for qualified self-employed retirement plans, health insurance plans, and

life insurance for an owner or owner-employee of a non-C corp entity.

Other. Please provide a complete explanation. Examples: losses from flow-thru entities, 10% charitable contribution limitation.

Add Lines A through G.

Enter the amount of the income that is included on Line 1 of the Business Tax Return that is directly related to the sale, exchange,

or other disposition of an asset described in Section 1221 or 1231 of the Internal Revenue Code less the income and gain included

in this amount that is described in Section 1245 or 1250 of the Internal Revenue Code.

Enter the total amount of intangible (interest, dividends, royalties) income included in Line 1 of the Business Tax Return.

K. Enter and explain other exempt income.

L. Add lines I – K.

M. Deduct Line L from Line H. Insert the net amount as an addition (or deduction) on Part A, Line 2.

Schedule Y – Apportionment to Forest Park

Step 1. Compute the percentage of the original average cost of the real and tangible personal property owned or used by the taxpayer

in the City of Forest Park during the taxable period to the original average cost of all of the real and tangible personal property owned

or used by the taxpayer during the same period, wherever situated.

Real property shall include property rented or leased by the taxpayer. The value of such property shall be determined by multiplying

the annual rental thereon by eight (8).

Step 2. Compute the percentage of total compensation paid during the period to persons employed in the business for services

performed in the City of Forest Park to total compensation paid during the same period to persons employed in the business

everywhere. Do not include amounts paid to contractors.

Step 3. Compute the percentage of gross receipts of the business or profession from sales made and services performed during the

taxable period in the City of Forest Park to gross receipts of the business or profession during the same period from sales and services,

wherever made or performed.

Step 4. Calculate the total of the percentages derived in Steps 1 through 3.

Step 5. Divide the total derived in Step 4 by the number of percentages used. Insert this percentage on Part A, Line 4 of the return.

Business Tax Return - City Of Forest Park - 2016 Page 4

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