I know we have a lot of MN preparers here, and hoping someone can set me straight.
KPI is for a non resident partner. MN apportionment factor is 10% TOTAL federal bonus depreciation is 4,000. Shouldn't the amount on Lin 4 be 320 (4000 * .1 * .8)?
KPI received is 4,800 on line 4. I don't see how that is possible.
National CPA firm prepared the KPI which is a holding company. When I questioned them on it, they said they apportioned amount on their KPI from parent company was over 500K. My client owns 1% of holding company, which would mean total bonus taken on federal would be 400K. 400K times 10% MN times 20% reductions means it should be 32K.
Are there other items that may be on line 4 besides bonus depr????
KPI is for a non resident partner. MN apportionment factor is 10% TOTAL federal bonus depreciation is 4,000. Shouldn't the amount on Lin 4 be 320 (4000 * .1 * .8)?
KPI received is 4,800 on line 4. I don't see how that is possible.
National CPA firm prepared the KPI which is a holding company. When I questioned them on it, they said they apportioned amount on their KPI from parent company was over 500K. My client owns 1% of holding company, which would mean total bonus taken on federal would be 400K. 400K times 10% MN times 20% reductions means it should be 32K.
Are there other items that may be on line 4 besides bonus depr????