Form Wv/fotc-1 - Schedule Fotc-1 Financial Organization Transition Credit
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1WV/FOTC-1
WEST VIRGINIA STATE TAX DEPARTMENT
Org. 08/2009
SCHEDULE FOTC-1
FINANCIAL ORGANIZATION TRANSITION CREDIT
BUSINESS NAME
IDENTIFICATION NUMBER
TAX PERIOD
TO
MM
DD
YYYY
MM
DD
YYYY
I
F
O
T
C
,
W. V
. C
§11-24-3a(11).
N ORDER TO CLAIM A
INANCIAL
RGANIZATION
RANSITION
REDIT
THE CLAIMANT MUST BE A FINANCIAL ORGANIZATION AS DEFINED IN
A
ODE
Financial Organization Transition Credit Calculation
1. Adjusted Base Year Liability (Corporation Net Income Tax Liability for the tax year ending immediately on or before 12/31/2008)
Tax Year Ending
Corporation Net
Taxpayer filing the combined return
A.
(mm/dd/yyyy)
Income Tax Liability
Affiliates, subsidiaries, and related entities included in Taxpayer’s current year combined report, but which were
B.
not included in the Taxpayer’s base year filing configuration (attach extra pages, if necessary)
Affiliates, Subsidiaries,
Affiliates, subsidiaries, and related
and related entities ID
Tax Year Ending
Corporation Net
entities Business Names
(mm/dd/yyyy)
numbers (FEIN)
Income Tax Liability
B. Total Tax Liability
C.
Affiliates, subsidiaries, and related entities included in Taxpayer’s base year filing configuration, but which are not
included in the Taxpayer’s current year combined report (attach extra pages, if necessary)
Affiliates, Subsidiaries,
Tax Year Ending
Corporation Net
Affiliates, subsidiaries, and related
and related entities ID
(mm/dd/yyyy)
entities Business Names
Income Tax Liability
numbers (FEIN)
C. Total Tax Liability
Total Adjusted Base Year Liability (Add amounts
D.
from 1.A. and 1.B., then subtract the amount from 1.C.)
2.
Adjusted Primary Tax Liability (Taxpayer’s Current Year Corporation Net Income Tax Liability).
3.
Increase in Adjusted Primary Tax Liability (Subtract the amount on Line 1D from the amount
on Line 2. If the result is greater than zero, enter the result, otherwise enter 0).
4.
Allowable Portion
If the current tax year began on or after 1/1/2009, enter 0.80
If the current tax year began on or after 1/1/2010, enter 0.60
If the current tax year began on or after 1/1/2011, enter 0.40
If the current tax year began on or after 1/1/2012, enter 0.20
If the current tax year began on or after 1/1/2013, enter 0.10
If the current tax year began on or after 1/1/2014, enter 0
Allowable Portion
Allowable Credit (If the Adjusted Primary Tax Liability (Line 2) is $1,000,000, or less, enter $0, otherwise
5.
enter the product of the Increase in Adjusted Primary Tax Liability (Line 3) and the Allowable Portion (Line
4)). Also enter this amount on the Summary of Corporation Net Income Tax / BusinessFranchise Tax
Credits (Schedule/Form WV/CNF-120TC).
Under penalties of perjury, I declare that I have examined this credit claim form (including accompanying schedules and statements) and to the best of
my knowledge it is true, and complete.
Signature of Taxpayer
Name of Taxpayer: Type or Print
Title
Date
Person to Contact Concerning this Return
Telephone Number
Signature of Preparer other than Taxpayer
Address
Title
Date
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