Form 49c - Idaho Investment Tax Credit Carryover - 2011 Page 3

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EFO00047p3
07-14-11
Instructions for Idaho Form 49C
GENERAL INSTRUCTIONS
Conversion of a C Corporation to S Corporation
An investment tax credit carryover earned by a C
corporation that has converted to an S corporation is
Complete this form if an investment tax credit (ITC)
allowed against the S corporation's tax on net recognized
carryover is included in the current year's available credit.
built-in gains and excess net passive income. The credit
Once the Form 49C is completed, the carryover will be
is not allowed against the tax paid by an S corporation for
carried to Form 49.
nonresident shareholders. A separate Form 49C should
be used to account for this credit carryover.
Carryover Period
ITC earned in tax years beginning on or after
January 1, 2000, can be carried forward up to 14
Use of Other Schedules
succeeding tax years. Credit earned in tax years
If this form does not allow you to properly reflect the
beginning before 2000 can also be carried forward up
application of carryovers and recapture, you may provide
to 14 tax years if the 7 year carryover allowed for these
the information on a separate schedule.
years didn't expire before the first tax year beginning in
SPECIFIC INSTRUCTIONS
2000. For purposes of the carryover period, a short tax
year counts as one tax year.
Line 1. For each year, enter the credit earned that tax
Application of Credit — Situs Required
year. Don't include any carryover amounts.
The oldest available credit must be used before credit
earned in the current year is used. Credit carryover may
Lines 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22, 24, 26, and 28.
be claimed in a later year only if the carryover is for credit
For each year, enter the amount of credit allowed against
on qualified property that still has an Idaho situs. Property
tax, the amount of credit you earned that was shared with
has a situs in Idaho if it is used in Idaho at any time during
another member of the unitary group, and the amount of
the tax year.
credit that passed through to an owner or beneficiary.
Property that is no longer used in the business or used in
Lines 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27, 29,
Idaho during a tax year doesn't have a situs in Idaho in
and 30.
that tax year or in any later tax year. The credit from this
For each year, enter the total of the following amounts:
property must either be recaptured or removed from the
Credit recaptured. The credit must be recomputed
carryover.
if you disposed of the property before the end of the
five-year recapture period. This includes 100% of the
Unitary Taxpayers
credit for property used less than a full year.
Credit carried forward may be claimed by any member
Credit eliminated. The credit computed on property
of a unitary combined group of corporations as long as
that was used more than five years in Idaho, but is no
the member who earned the credit is still in the combined
longer used in the business or located in Idaho, must
group for the year the credit is being claimed.
be removed from the carryover amount.

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