Free 2004 Utah Regulated Investment Company Tax Return, TC-20R - Utah


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Preview 2004 Utah Regulated Investment Company Tax Return, TC-20R
What's New?
· Interest Rate: The Utah interest rate for the 2005 calendar year is 4 percent. · Farm Operation Hand Tools Credit: A new refundable credit replaces the exemption from sales tax for hand tools purchased and used in a farm operation in Utah. See Utah TC-20 instructions, page 11. · Paid Preparer Authorization: The corporation may now designate the paid preparer to discuss the return with the Tax Commission. See page 5.

Important Information Regarding Extension of Time to File
An extension of time to file your tax return is NOT an extension of time to pay your taxes. Tax must be paid by the due date. You are automatically allowed an extension of up to six months to file your return. However, if the prepayment requirements have not been met on or before the original due date, penalties will be assessed. Need more information? Telephone (801) 297-2200 or 1-800-662-4335 Forms (801) 297-6700 or 1-800-662-4335 ext. 6700 You can find additional tax information and forms on the Tax Commission's web page, tax.utah.gov If you need an accommodation under the Americans with Disabilities Act, contact the Tax Commission at (801) 297-3811 or Telecommunications Device for the Deaf (TDD) (801) 297-2020. Please allow three working days for a response.

Online Services
Visit our website for detailed tax information and all Utah State tax forms and instructions.

References
UCA: Utah Code Annotated IRC: Internal Revenue Code

tax.utah.gov
Pay tax due and make payments online with a credit card or e-check.

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Clear form
Utah State Tax Commission 210 N 1950 W, Salt Lake City, UT 84134

2004
TC-20R
Rev. 12/04

Utah Regulated Investment Company Tax Return
Start Here --->

This return is for the calendar year ending Dec. 31, 2004, or fiscal year beginning _________________________ and ending ________________________. FOR AMENDED RETURN - ENTER CODE (1 - 4) from page 4.

Check box(es) if this Corporation name is a new address: Address Physical address Mailing address

Employer Identification Number Utah Incorporation/Qualification Number Telephone Number ( ) State Zip code

City

1. Net income/loss (federal form 1120-RIC, line 26)........................................................................ 1

$

00 00 00

2. Municipal interest as determined in IRC Section 852(b)(2) .................................................. 3. Exclusion of net capital gain as determined in IRC Section 852(b)(2) .................................. 4. Net taxable income (add lines 1 through 3) .......................................................................... 5. Deduction for capital gain dividends (defined in IRC Sections 852 (b)(3)(c) and 852 (b)(5)) ....... 6. Exempt interest dividends (defined in IRC Sections 852 (b)(3)(c) and 852 (b)(5)) ........................ 7. Total net taxable income (line 4 less lines 5 and 6) ............................................................. 8. Tax (line 7 multiplied by .05, or $100 minimum tax due, whichever is greater) .................... 9. Total the penalties and interest listed below and enter on this line ......................................
Extension penalty $ ______________ Late payment penalty $ ______________ Interest Late filing penalty $ ______________ $ ______________

2 3 4 5 6 7 8 9
$ $

00 00 00 00 00 00

10. Utah use tax, if $400 or less (see instructions) ..................................................................... 11. Total tax, penalties and interest due (add lines 8, 9 and 10) ................................................. 12. Total prepayments (Schedule E, line 4) ................................................................................ 13. Total tax due (if line 11 is greater than line 12, subtract line 12 from line 11) .....................
Make check payable to: UTAH STATE TAX COMMISSION

10 11 12 13 14 1
$ $

00 00 00 00 00
2 3 4

14. Total refund (if line 12 is larger than line 11, subtract line 11 from line 12) ......................... 15. Check box(es) corresponding with installments that qualify for exceptions ......................... (See "Exceptions to Penalty on Estimated Tax" in the instructions.) Attach supporting documentation.

OFFICE USE ONLY

Under penalties of perjury, I declare that to the best of my knowledge and belief, this return and accompanying schedules are true, correct and complete.
Signature of officer

Don't forget to sign & date this return before filing with the Utah State Tax Commission.
Preparer's signature Date signed Telephone

Title

Date

Check here if the Tax Commission may discuss this return with the preparer shown below (see page 5) Preparer's SSN/PTIN Preparer's EIN

Paid Preparer's Section
Firm's name (or yours, if self-employed) Preparer's complete address (street, city, state, zip code)

IMPORTANT: To protect your privacy, use the "Clear form" button when you are finished.

Clear form

General Instructions and Information
Regulated investment companies should refer to the Corporation Franchise or Income Tax instructions, form TC-20, to obtain information regarding the following: · Corporation changes · Suspension for failure to file or pay tax due

Supplemental Information to be Supplied by All Regulated Investment Companies
NOTE: An automatic extension of the statute of limitations relating to assessments of tax is provided by UCA §59-7-519 for failure to fully report the information required. 1. What is the last year for which a federal examination has been completed?

Under separate cover, send a summary and supporting schedules for the federal adjustments and the federal tax liability for each year for which federal audit adjustments have not been reported to the Tax Commission and indicate date of final determination. Forward information to Auditing Division, Utah State Tax Commission, 210 North 1950 West, Salt Lake City, UT 84134-2000. 2. For what years are federal examinations now in progress or final determination of past examinations still pending?

3. For what years have extensions for proposing additional assessments of federal tax been agreed to with the Internal Revenue Service?

Schedule E - Prepayments of Any Type - Enter the total from line 4 below on line 12 of TC-20R
1. Overpayment applied from prior year ................................................................................................ 2. Extension prepayment Date _____________ Check number _____________ 3. Other prepayments (attach additional pages if necessary) (a) Date _____________ (b) Date _____________ (c) Date _____________ (d) Date _____________ Check number _____________ Check number _____________ Check number _____________ Check number _____________ 3(a) 3(b) 3(c) 3(d) ................. 1 2 00 00

00 00 00 00 3 4 00 00

Total of other prepayments (add lines 3(a) through 3(d)) ............................................................. 4. Total prepayments (add lines 1, 2 and 3) Enter here and on TC-20R, line 12. ................................

TC-20R (2) Rev. 12/04

General Instructions and Information
Corporation Identification Numbers
The Utah State Tax Commission uses the Federal Employer Identification Number (EIN) as the corporation's taxpayer identification with the state. The Utah Department of Commerce also issues a registration number upon incorporation or qualification in Utah. Enter both the EIN and Utah Incorporation/Qualification Number in the fields provided. These numbers are used for proper identification of the corporate tax return and any correspondence.

Who Must File
The Tax Commission does not mail returns for filing corporate taxes to corporations registered with the state. If the corporation does not use software that provides the forms, you may obtain Utah forms by downloading copies from the Tax Commission website at tax.utah.gov, or by calling the Forms Hotline at (801) 297-6700 or 1-800-662-4335, ext. 6700. Homeowners Association A homeowners association incorporated in Utah (domestic), qualified in Utah (foreign), or doing business in Utah, whether qualified or not, must file a homeowners association tax return, form TC20HA, when it has taxable income for federal purposes and has filed federal form 1120-H. Attach a copy of your federal form 1120-H as filed with the IRS to your Utah return. Other detail schedules should NOT be included with the initial filing. The Auditing Division of the Tax Commission may request these detail schedules at a later date. Regulated Investment Company (RIC) Every regulated investment company (RIC) or fund of such company, as defined in IRC Sections 851(a) or 851(h), that is organized under the laws of Utah must file form TC-20R. Attach a copy of your federal form 1120-RIC as filed with the IRS to your Utah return. Other detail schedules should NOT be included with the initial filing. The Auditing Division of the Tax Commission may request these detail schedules at a later date. Real Estate Investment Trust (REIT) Every real estate investment trust (REIT) or fund of such company, as defined in IRC Section 856, that is registered or doing business in Utah must file form TC-20REIT. Doing business in Utah includes owning an interest in Utah real property. Attach a copy of your federal form 1120-REIT as filed with the IRS to your Utah return. Other detail schedules should NOT be included with the initial filing. The Auditing Division of the Tax Commission may request these detail schedules at a later date. Exempt Corporation with Unrelated Business Income An exempt corporation incorporated in Utah (domestic), qualified in Utah (foreign), or doing business in Utah whether qualified or not, must file an unrelated business income tax return, form TC20UBI, when it has unrelated business income. Attach a copy of your federal form 990-T as filed with the IRS to your Utah return. Other detail schedules should NOT be included with the initial filing. The Auditing Division of the Tax Commission may request these detail schedules at a later date. One-day Utah Corporation (IRC Section 338) Transactions for which an election has been made or considered to be made for federal purposes under IRC Section 338 are treated as provided in UCA §59-7-114. An election is not available for state purposes unless an election is made or considered to be made for federal purposes.

Corporation Changes
Corporation changes (e.g., name change, physical and/or mailing address changes, merger, or ceasing to do business in Utah) must be reported to both: Division of Corporations Department of Commerce 160 E 300 S Salt Lake City, UT 84145 and Master File Maintenance Utah State Tax Commission 210 N 1950 W Salt Lake City, UT 84134-3310

Dissolution or Withdrawal
Corporations that cease to do business in Utah must either dissolve or withdraw the corporation. Corporations incorporated in Utah must file Articles of Dissolution with the Department of Commerce. In addition, Utah corporations should obtain a Certificate of Tax Clearance from the Tax Commission prior to dissolution. Corporations incorporated outside of Utah (foreign) MUST obtain a Certificate of Tax Clearance from the Tax Commission before withdrawing from Utah. Foreign corporations must file an Application for Withdrawal with the Department of Commerce. To request a Certificate of Tax Clearance, complete form TC-2001 and submit it to the attention of the Customer Services Call Unit at the Tax Commission address above. To close related tax accounts (sales, withholding, etc.), send a letter, with the account number(s) and the last date of business, to the attention of Master File Maintenance at the Tax Commission address above.

Rounding Off to Whole-Dollar Amounts
Round off cents to the nearest whole dollar. Round down if cents are under 50 cents; round up if cents are 50 cents and above. Do not enter cents anywhere on the return.

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If an election is made or considered to be made for federal purposes under IRC Section 338, other than under Subsection 338(h)(10), the target corporation must file a separate entity one-day tax return for state purposes, as is required for federal purposes. The target corporation must include in that return the gain or loss on the deemed sale of assets in its adjusted income (UCA §59-7-114). Apportionment Fraction: The gain or loss on the deemed sale of assets must be apportioned to Utah using the apportionment fraction, calculated to six decimals, of the target corporation, calculated on a separate entity basis for the most recent preceding taxable year consisting of 180 days or more. If an election is made for federal purposes under IRC Subsection 338(h)(10) or IRC Section 336(e), do not use this form, use form TC-20. Attach a copy of your federal return including the IRC Section 338 gain or loss and federal form 8023 or 8023A.

less of whether the corporation exercises its right to do business. The minimum tax does not apply to homeowners associations, exempt corporations with unrelated business income, or one-day (section 338) corporations.

Prepayment of Minimum Tax
Corporations subject to the minimum tax that meet the prepayment requirement in the current year and that had a tax liability of $100 (the minimum tax) for the previous year may choose to prepay the minimum tax amount of $100 on the 15th day of the 12th month instead of four increments of $25. Corporations subject to the minimum tax that met the prepayment requirement in the previous year and have a tax liability of $100 (the minimum tax) in the current year may choose to prepay the minimum tax amount of $100 on the 15th day of 12th month instead of four increments of $25. In this scenario, the corporation must pay $100, not 90 percent. Corporations subject to the minimum tax not making the required tax prepayments are subject to a penalty as stated in "Penalties," below.

Taxable Year
The taxable year for Utah tax purposes must match the taxable year used for federal tax purposes. When the taxable year changes for federal purposes, the taxable year must be adjusted accordingly for Utah tax purposes.

Prepayment Requirements
(does not apply to Section 338 corporations) Extension Prepayments The required extension prepayments must equal 90 percent of the tax due for the current year's tax liability (or the $100 minimum tax, whichever is greater) or 100 percent of the previous year's tax liability. Typically, corporations that make estimated prepayments using form TC-559, "Utah Corporation Franchise/ Income Tax Payment Coupon," will have complied with the 90percent requirement and may not need to make additional prepayments to avoid extension penalties. Quarterly Payments Every corporation having a Utah tax liability of $3,000 or more in the current taxable year, or a tax liability of $3,000 or more in the previous taxable year, must make quarterly estimated tax payments. A corporation is not subject to the estimated tax payment requirements the first year the corporation is required to file a return in Utah if the corporation makes a payment on or before the due date, without the automatic extension, equal to or greater than the minimum tax. Quarterly estimated tax payments are due in four equal payments on the 15th day of the 4th, 6th, 9th and 12th months of the corporation's taxable year. Corporations may elect to make the quarterly estimated tax payments equal to 90 percent of the current year's tax or 100 percent of the prior year's tax. As defined in IRC Section 6655, the applicable percentage of the required payment for annualized income installments, for adjusted seasonal installments, and for estimated tax payments based on the current year tax liability, is the following:

Due Date
Returns must be filed on or before the 15th day of the fourth month following the close of the taxable year. If the due date falls on a weekend or legal holiday, the due date becomes the next business day. The due date of the one-day return (TC-20(338)) is the same as the due date of the return that includes the taxable period of the target corporation immediately preceding the one-day return.

Where to File
Mail the completed return and any payment to: Utah State Tax Commission 210 N 1950 W Salt Lake City, UT 84134-0300

Filing Extension
Corporations are automatically allowed an extension of up to six months to file a return without filing an extension form. This is an extension of time to file the return ­ NOT an extension of time to pay taxes. To avoid penalty and interest, the prepayment requirements must be met on or before the original return due date and the return must be filed within the six-month extension period.

Minimum Tax
There is a minimum tax (privilege tax) of $100 on every regular C corporation, regulated investment company (RIC), and real estate investment trust (REIT) regard-

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Installment Percentage 1st 22.5 2nd 45.0 3rd 67.5 4th 90.0 If a taxpayer elects a different annualization period than the period used for federal purposes, the taxpayer must make an election with the Tax Commission at the same time as provided in IRC Section 6655. Estimated tax payments should be made with form TC-559, "Utah Corporation Franchise/Income Tax Payment Coupon." Corporations not making the required tax prepayments are subject to a penalty as stated in "Penalties," below.

alized exception at the federal level for any installment, check the appropriate box(es) on form Utah form: TC-20HA, line 10 TC-20R, line 15 TC-20REIT, line 15 TC-20UBI, line 13 Recurring Seasonal Exception A corporation with recurring seasonal income may annualize its income before determining the amount of each installment. It is recommended federal guidelines be followed in determining seasonal income. If the corporation meets the seasonal exception at the federal level for any installment, check the appropriate box(es) on Utah form: TC-20HA, line 10 TC-20R , line 15 TC-20REIT, line 15 TC-20UBI, line 13 Prepayment of Minimum Tax Requirement Corporations that meet the prepayment requirement in the current year and that had a tax liability of $100 (the minimum tax) for the previous year may choose to prepay the minimum tax amount of $100 on the 15th day of the 12th month instead of four increments of $25. Corporations that met the prepayment requirement in the previous year and have a tax liability of $100 (the minimum tax) in the current year may choose to prepay the minimum tax amount of $100 on the 15th day of the 12th month instead of four increments of $25. In this scenario, the corporation must pay $100, not 90 percent. NOTE: The prepayment penalty does not apply to a one-day corporation under IRC Section 338.

Penalties
Utah law provides for uniform tax penalties for failure to file tax returns, failure to pay tax due, and failure to file information returns or supporting schedules. The penalty for failure to file a tax due return by the due date is the greater of $20 or 10 percent of the unpaid tax. If a tax balance is still unpaid 90 days after the due date, a second penalty of $20 or 10 percent of the tax balance, whichever is greater, will be added for failure to pay timely. The penalty for failure to pay tax due as reported on a timely filed return, or within 30 days of a notice of deficiency, is $20 or 10 percent of the tax due, whichever is greater. The penalty for underpayment of the extension prepayment is 2 percent per month of the unpaid tax during the extension period. If the return is not filed by the extension due date, failure to file and failure to pay penalties will apply as if the extension has not been granted. The penalty for failure to file an information return or a complete supporting schedule is $50 for each return or schedule up to a maximum of $1,000. The penalty for each underpayment of required estimated tax or required quarterly installment is determined by applying the state interest rate(s) in effect for the period of the underpayment, plus four percentage points to the amount of the underpayment for the period of the underpayment. For a list of additional penalties that may be imposed, refer to UCA §59-1-401 and Pub 58. The Tax Commission will calculate the penalty for underpayment of required prepayments. Taxpayers who would like to calculate their own penalty may contact the Tax Commission at (801) 297-7790 or 1800-662-4335, ext. 7790 for assistance.

Interest
Interest will be assessed at the rate prescribed by law from the original due date until any outstanding liability is paid in full. The interest rate for most taxes and fees administered by the Tax Commission for the 2005 calendar year is 4 percent. Pub 58, which contains applicable interest rates, is available on the Internet at tax.utah.gov or by calling or writing the Tax Commission.

Suspension for Failure to Pay Tax Due
Utah law provides for suspension of the corporation's right to do business in Utah if the corporation fails to pay tax due before 5:00 p.m. on the last day of the 11th month after the due date. If a corporation owes tax and is unable to pay all or a portion of the amount owed, the corporation may complete form TC-804B, Payment Agreement Request. The form can be obtained online at tax.utah.gov.

Exceptions to Penalty on Estimated Tax
Annualized Exception
A corporation may annualize its income before determining the amount of each installment. It is recommended federal guidelines be followed in determining annualized income. If the corporation meets the annu-

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Instructions For Completing Return
Corporation Name and Address Area
Enter the corporation name, address and telephone number, including area code. If the address has changed, check the physical address and/or mailing address box. To make additional changes, see "Corporation Changes" in the General Instructions. Remember: Except for the amounts amended, the amounts entered on the return must match the original return.

Utah Use Tax
(not applicable for forms TC-20HA, TC-20UBI, or TC-20(338)) Use tax is required on all taxable items purchased for storage, use or consumption in Utah, if Utah sales and use tax was not paid at the time of purchase. Purchases include amounts paid or charged for purchases made on the Internet or through catalogs. Credit is allowed for sales and use tax paid to another state, but not to a foreign country. If the sales tax rate in the other state is lower than Utah's sales tax rate, the consumer is required to pay the difference. If the sales

Corporation Identification Numbers
Enter the Employer Identification Number (EIN) and Utah Incorporation/Qualification Number issued by the Department of Commerce in the appropriate fields.

Filing Period
If the return is being filed for a period other than the calendar year ending Dec. 31, 2004, enter the beginning and ending filing period dates.

Use Tax Rate Chart (Effective Dec. 31, 2004)
.0600 .0700 .0600 .0625 .0700 .0610 .0635 Beaver County Beaver City Box Elder County Brigham City, Perry, Willard Snowville Cache County Cache Valley Transit, Hyde Park, Hyrum, Logan, Millville, Nibley, N.Logan, Providence, Richmond, River Heights, Smithfield Carbon County Price, Wellington Daggett County Davis County Duchesne County Roosevelt Emery County Green River Garfield County Boulder, Panguitch, Tropic Grand County Moab Iron County Brian Head Juab County Nephi Kane County Kanab, Orderville Millard County Morgan County Piute County Rich County Garden City Salt Lake County Alta .0600 .0650 .0600 .0625 .0600 .0625 .0610 .0735 .0635 .0600 .0625 San Juan County Monticello Sanpete County Ephraim, Gunnison Sevier County Richfield, Salina Summit County Park City Snyderville Basin Transit Tooele County Erda, Grantsville, Lakepoint, Lincoln, Stansbury Park, Tooele City Uintah County Vernal Utah County Alpine, American Fork, Cedar Hills, Highland, Lehi, Lindon, Mapleton, Orem, Payson, Pleasant Grove, Provo, Provo Canyon, Salem, Spanish Fork, Springville Wasatch County Heber Park City East Washington County Hurricane, Ivins, La Verkin, St. George, Santa Clara, Washington City Springdale Wayne County Weber County

Amended Returns
To amend a return, use the tax form and instructions for the year you are amending.

An amended state return should be filed promptly if:
1. An error is discovered on your state or federal return after it has been filed; or 2. Your federal return is audited or adjusted by the IRS and the audit or adjustment affects your state return. You must report such changes or corrected net income within 90 days of the IRS's final determination. Do not submit an amended return for the purpose of claiming a loss carryback refund. The Tax Commission automatically calculates any carryback. Any refund will be mailed to the corporation. To amend a previously filed return enter a number in the box titled "For Amended Return ­ Enter Code (1-4)" at the top of page one of the form that best corresponds to your "REASON FOR AMENDING." See codes below:
.0600 .0625 .0600 .0650 .0600 .0625 .0575 .0750 .0700 .0800 .0600 .0775 .0600 .0775 .0600 .0625 .0675 .0775 .0575 .0600 .0600 .0600 .0700 .0660 .0810

.0650 .0675 .0600 .0625

.0600 .0625 .0725 .0600 .0625

The Reasons for Amending
1. You filed an amended return with the IRS (attach a copy of your amended federal return). 2. You made an error on your state return (attach an explanation of the adjustments made). 3. Federal audit adjustments which resulted in changes in federal taxable income were issued and became final (attach a copy of the IRS adjustment). 4. Other (attach explanation to return). Complete the return, entering the corrected figures. Enter other amounts shown on the original return. When filing an amended return, enter the amount of tax paid with the original return and/or subsequent payments of the tax prior to filing the amended return less any previous refunds (exclude refund interest).

.0750 .0600 .0650

Worksheet for Computing Utah Use Tax
(Retain this worksheet for your records.)
1. Total amount of purchases subject to use tax ...... $___________ 2. Use tax rate (decimal from chart) ................................ _________ 3. Use tax (multiply line 1 by line 2) .......................... $___________ 4. Credit for sales tax paid to another state .............. $___________ 5. Use tax due (line 3 less line 4) Enter ZERO if less than zero ................................ $___________

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tax rate in the other state is greater than Utah's sales tax rate, no sales or use tax credit or refund applies. Enter use tax of $400 or less. If the amount exceeds $400, the purchaser is required to obtain a sales and use tax license and to pay the use tax on a Utah Sales and Use Tax Return. Sales and use tax rates vary throughout Utah. Use the "Use Tax Rate Chart" on page 4 to find the tax rate for the Utah location where the merchandise was delivered, stored, used or consumed. If the city is not listed, use the county tax rate. Complete the worksheet to determine the amount of use tax due. Credit for sales taxes paid to another state cannot exceed the Utah tax otherwise due on those items. If sales taxes were paid to more than one state, complete a worksheet for each state. Enter the sum of the use tax from each worksheet.

· Call the Tax Commission for information about the processing of the return or the status of any refund or payment(s), and · Respond to certain Tax Commission notices about math errors, offsets, and return preparation. The corporation is not authorizing the preparer to receive any refund check, bind the entity to anything (including any additional tax liability), or otherwise represent the entity before the Tax Commission. If the corporation wants to expand the preparer's authorization, a power of attorney must be completed and submitted to the Tax Commission. The authorization cannot be revoked. However, the authorization will automatically end no later than the due date (without regard to extensions) for filing the entity's 2005 tax return.

Signature and Date
Sign and date the return. A refund will not be granted unless the return is signed and dated.

Paid Preparer
The paid preparer must enter his or her name, address, and social security number or PTIN in the section below the corporate officer's signature on the return.

Paid Preparer Authorization
If the corporation wants to allow the Tax Commission to discuss their 2004 return with the paid preparer who signed it, check the box on the right side of the signature area of the return. This authorization applies only to the individual whose signature appears in the "Paid Preparer Section" of the return. It does not apply to the firm, if any, shown in that section. If the box is checked, the corporation is authorizing the Tax Commission to call the paid preparer to answer any questions that may arise during the processing of the return. The paid preparer is also authorized to: · Give the Tax Commission any information that is missing from the return,

Preparer Penalties
The person who prepares, presents, procures, advises, aids, assists or counsels another on a return, affidavit, claim or similar document administered by the Tax Commission, and who knows or has reason to believe it may understate a tax, fee or charge is subject to both a civil penalty ($500 per document) and criminal penalties (second degree felony with a fine between $1,500 to $25,000). See Utah Code Sections 59-1401(9) and (10) for specific details.

Instructions For Schedule E - Prepayments of Any Type
Line 1
Enter the total amount of all refunds applied from the prior year to the current year's liability.

Line 4
Add lines 1, 2 and 3. Enter the total on this line and on the appropriate line of the return, as follows: TC-20HA, line 5 TC-20R, line 12 TC-20REIT, line 12 TC-20UBI, line 8 TC-20(338), line 9

Line 2
List the date, check number and amount of extension prepayment.

Line 3
List the date, check number and amount of all prepayments made for the filing period. Enter the total amount on line 3. Attach additional pages, if necessary.

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TC-20R Line-by-Line Instructions
Line 1 ­ Net Income/Loss
Enter the RIC taxable income from federal form 1120RIC, line 26.

Line 15 ­ Quarterly Estimated Prepayments Meeting Exception
Check boxes corresponding to the four quarterly prepayments for those quarters in which penalty exceptions exist. Refer to "Exceptions to Penalty on Estimated Tax" in the General Instructions for more information. Attach supporting documentation.

Line 2 ­ Municipal Interest
Enter the municipal interest as determined by IRC Section 852(b)(2).

Line 3 ­ Exclusion for Net Capital Gain
Enter net capital gain exclusion as determined by IRC Section 852(b)(2). Page 2 ­ Supplemental Information to be Supplied by all Corporations All RICs must complete this section, located on the back of the return.

Line 4 ­ Net Taxable Income
Add lines 1 through 3.

Line 5 ­ Deduction for Capital Gain Dividends
Enter the deduction for capital gain dividends as defined in IRC Sections 852(b)(3)(c) and 852(b)(5).

Line 6 ­ Exempt Interest Dividends
Enter the exempt interest dividends as defined in IRC Sections 852(b)(3)(c) and 852(b)(5).

Line 7 ­ Total Net Taxable Income
Line 4 less lines 5 and 6.

Line 8 ­ Tax Calculation
Multiply line 7 by .05, or enter the $100 minimum tax due, whichever is greater.

Line 9 ­ Total Penalties and Interest
Enter any applicable penalty and interest amounts on the appropriate lines. Enter the total amount on this line. The Tax Commission will calculate the penalty for underpayment of required prepayments. See "General Instructions" regarding penalties and interest.

Line 10 ­ Utah Use Tax
Enter any use tax calculated on the worksheet in the General Instructions. If sales taxes were paid to more than one state, complete a worksheet for each state and enter the sum of the use tax from each worksheet.

Line 11 ­ Total Tax, Penalties and Interest Due
Add lines 8, 9 and 10.

Line 12 ­ Total Prepayments
Enter the total from Schedule E, line 4.

Line 13 ­ Total Tax Due
If line 11 is larger than line 12, subtract line 12 from line 11. Make check or money order payable to the Utah State Tax Commission. Do not mail cash. The Tax Commission assumes no liability for loss of cash placed in mail. Attach a schedule for any nonrefundable credits claimed.

Line 14 ­ Total Refund
If line 12 is larger than line 11, subtract line 11 from line 12.

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