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Idaho Free Printable Form 42, Apportionment and Combined Reporting Adjustments and Instructions for 2021 Idaho Idaho Apportionment And Combined Reporting Adjustments

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Idaho Apportionment And Combined Reporting Adjustments
Form 42, Apportionment and Combined Reporting Adjustments and Instructions

Form 42 Apportionment and Combined Reporting Adjustments Include with Idaho Income Tax Return as Page 3 Federal Employer Identification Number (EIN) Name as shown on return Part I. Apportionment Formula Property (Owned Property at Original Cost) Beginning of Year Total 1. Inventories ...................................................................... 1 ▪ 2. Real and tangible personal property .............................. Ending of Year 3. Inventories ...................................................................... 2 ▪ 4. Real and tangible personal property .............................. 4 ▪ 5. Total of lines 1 through 4 ................................................ 5 Idaho ▪ ▪ 3 ▪ 6. Average. Line 5 divided by 2 .......................................... 6 7. Rented property (capitalized at 8 times rents paid) ........ 7 ▪ 8. Total property. Add lines 6 and 7 .................................... 8 ▪ Percentage ▪ ▪ ▪ ▪ 9. Idaho property percentage. Compute percentage to four decimal places ........................................... 9 Sales (Gross Receipts) 10. Gross sales, less returns and allowances ...................... 10 ▪ % ▪ ▪ ▪ ▪ ▪ 11. Sales delivered or shipped to Idaho purchasers ............ 11 12. Idaho “throwback” sales ................................................. 12 13. Sales of services ............................................................ 13 ▪ 14. Other business gross receipts ........................................ 14 ▪ 15. Total gross receipts. Add lines 10 through 14 ................. 15 ▪ 16. Idaho sales percentage. Compute percentage to four decimal places .............................................. 16 % % 17. Idaho sales percentage doubled. Multiply line 16 by 2. Utility companies see instructions ............... 17 Payroll 18. Total wages and salaries ................................................. 18 ▪ ▪ 19. Idaho payroll percentage. Compute percentage to four decimal places ............................................ 19 % % % 20. Total Percentage. Add lines 9, 17, and 19. Utility companies add lines 9, 16, and 19 ..................... 20 21. Idaho Apportionment Factor. See instructions ............................................................................... 21 Part II. Combined Reporting Adjustments Additions 1. Income of unitary foreign subsidiaries. See instructions .................................. Water’s Edge ▪ ▪ 1 2. Federal taxable income of unitary subsidiaries not included on the federal return .... 2 ▪ 3. Income of foreign corporations subject to federal taxation ............................... 3 ▪ 4. Intercompany transactions eliminated on the federal return ............................ 4 ▪ 5. Other additions. Include explanation ................................................................ 5 ▪ 6. Total additions. Add lines 1 through 5. Enter on Form 41, line 17 .................... 6 Worldwide ▪ ▪ Subtractions 7 ▪ 7. Federal taxable income of nonunitary subsidiaries included on the federal return 8. Exclusion for foreign dividends a. Foreign dividends ......................................................................................... 8a ▪ b. Enter 80% if no spreadsheets filed or 85% if spreadsheets filed ................. 8b c. Dividend exclusion. Multiply line 8a by line 8b ............................................. 8c ▪ 9. Intercompany dividends included on the combined return ............................... 9 ▪ 10. Intercompany transactions included on the federal return ............................... 10 ▪ 11. Other subtractions. Include explanation ........................................................... 11 ▪ 12. Total subtractions. Add lines 7, 8c, 9, 10, and 11. Enter on Form 41, line 29 ..... 12 EFO00029 08-20-2020 ▪ % ▪ ▪ ▪ Form 42 — Instructions Apportionment and Combined Report Adjustments Part I of this form provides the computation of the Idaho apportionment factor and is used by taxpayers who have income from business activity that’s taxable in Idaho and another state or country. If the taxpayer is a partner in a partnership or a shareholder in an S corporation, the taxpayer must take into account the activity of the pass-through entity in determining whether the taxpayer has income from business activity that’s taxable in Idaho and another state or country. Include the taxpayer’s share of the pass-through entity’s property, payroll, and sales numbers from Form ID K-1 in the amounts reported on this form. Part II of this form provides the worldwide and water’s-edge adjustments to compute combined income. Part II is used by a corporation that has ownership in at least one foreign affiliate. Partnerships don’t use Part II. Factor information is available at tax.idaho.gov. Part I Specific Instructions Instructions are for lines not fully explained on the form. Compute all percentages to four places to the right of the decimal point (00.0000%). Include a schedule showing apportionment detail by company if filing for a unitary group. Property Lines 1 through 4. Enter the beginning and end of the year total property and Idaho property amounts. Line 9. Divide Idaho property by total property (amounts on line 8). Sales Lines 11 and 12. Enter the amounts from line 10 that were delivered or shipped to Idaho buyers (line 11) or that were throwback sales to Idaho (line 12). A sale made in a state with no jurisdiction to tax the seller is a throwback sale. Line 14. Include a detailed schedule. Line 16. Divide Idaho gross receipts by total gross receipts (amounts on line 15.) Electrical and telephone utilities, this is your single-weighted sales factor. Go to line 18. EIN00099 08-20-2020  Line 17. For all taxpayers other than electrical and telephone utilities, multiply the amount on line 16 by two. This is your double-weighted sales factor. Payroll Line 19. Divide Idaho wages and salaries by total wages and salaries (amounts on line 18). Total Percentage Line 20. For all taxpayers other than electrical and telephone utilities, add the percentages on lines 9, 17, and 19. For electrical and telephone utilities, add the percentages on lines 9, 16, and 19. Idaho Apportionment Factor Line 21. For all taxpayers other than electrical and telephone utilities, divide the total on line 20 by four. For electrical and telephone utilities, divide the total on line 20 by three. If any of the factors don’t apply to your business, divide the total on line 20 by the number of factors used. For example, if your business has no employees anywhere, your factor is reduced by one. Part II Specific Instructions To the extent that amounts listed for water’s-edge filers are different than the amounts listed for worldwide filers, separate instructions are listed. Additions Line 1 Income From Unitary Foreign Subsidiaries Water’s-edge Filers. Disregard this line and go to line 2. If foreign affiliates aren’t included in a consolidated federal return, the corporation can select one of the following options. The option selected must be used for all foreign affiliates not included in a consolidated federal return and must be adjusted for the Idaho additions and subtractions listed on Form 41. Option 1. Enter the net income before income taxes stated on each affiliate’s profit and loss statement prepared for the United States Securities and Exchange Commission (SEC). If the profit and loss statement isn’t filed with the SEC, enter the net income or loss before income taxes reported on the profit and loss statement that’s prepared for reporting to shareholders is subject to review by an independent auditor. Page 1 of 2 Form 42 — Instructions (continued) Option 2. The net income or loss reported on the profit and loss statements may be adjusted to tax accounting standards as would be required by the Internal Revenue Code (IRC) if the corporation were incorporated in the United States. If a corporation chooses to make the book-to-tax adjustments, all book-to-tax adjustments must be made for all unitary foreign corporations not included in the consolidated federal return. The book-to-tax adjustments must be consistently applied each year the group files a worldwide return. Include a schedule of the foreign affiliate income by corporation. Also include schedules of the book-to-tax adjustments, if any. Line 2 Federal Taxable Income of Nonconsolidated Unitary Subsidiaries Enter the federal taxable income of unitary subsidiaries incorporated in the United States that are more than 50% commonly owned and that weren’t included in the federal consolidated return. This is the amount reported on the subsidiary’s federal income tax return, Form 1120, adjusted for the Idaho additions and subtractions listed on Form 41. Include a schedule identifying this income by corporation. Line 3 Income of Foreign Corporations Subject to Federal Taxation Water’s-edge Filers. Enter the federal taxable income reported by corporations incorporated outside the United States that are required to file a federal income tax return. This includes foreign corporations filing a federal Form 1120F. Worldwide Filers. The income of foreign corporations is included on line 1. Include a schedule identifying this income by corporation and also include copies of the federal income tax returns filed by each. Line 4 Intercompany Eliminations Enter the amount of intercompany transactions between the combined group and nonunitary subsidiaries eliminated on the federal consolidated return. The income of the nonunitary subsidiaries is a subtraction on line 7. Include a schedule identifying the intercompany transactions by corporation. Line 5 Other Additions Enter any miscellaneous Idaho additions. Include a schedule identifying each miscellaneous addition by corporation. Subtractions Line 7 Federal Taxable Income of Nonunitary Subsidiaries Included on the Federal Return Enter the federal taxable income of nonunitary subsidiaries included in the federal consolidated return. Include a schedule identifying the income or loss by corporation. Line 8 Dividend Exclusion The following dividend exclusions are applicable only to water’s-edge filers. a. Foreign Dividends. Enter the total amount of dividends paid by foreign affiliates. Include the amounts of income from controlled foreign corporations under subpart F if included in federal taxable income. Enter the income from possession corporations included in line 2. Don’t include on this line any actual dividends paid by the possession corporations. b. Exclusion Percentage. If you elected to forgo filing the water’s-edge spreadsheets as shown on line 8b, Form 41, enter 80%. Enter 85% if you’re filing the water’s-edge domestic disclosure spreadsheets. Line 9 Intercompany Dividends Included on the Combined Return Enter the amount of dividends paid by one member to another member of the unitary group that haven’t been subtracted elsewhere on this form or Form 41. Include a schedule identifying payors, payees and dividend amounts regardless of the filing method. Line 10 Intercompany Transactions Included on the Federal Return Enter the intercompany transactions between members of the combined group that haven’t otherwise been eliminated. Line 11 Other Subtractions Enter any miscellaneous Idaho deductions. Include a schedule identifying each miscellaneous deduction by corporation. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00099 08-20-2020  Page 2 of 2
Extracted from PDF file 2020-idaho-form-42.pdf, last modified September 2020

More about the Idaho FORM 42 Corporate Income Tax TY 2020

We last updated the Idaho Apportionment And Combined Reporting Adjustments in April 2021, so this is the latest version of FORM 42, fully updated for tax year 2020. You can download or print current or past-year PDFs of FORM 42 directly from TaxFormFinder. You can print other Idaho tax forms here.

Other Idaho Corporate Income Tax Forms:

TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
FORM 41 Idaho Corporation Income Tax Return
FORM 66 Idaho Fiduciary Income Tax
FORM PTE-NROA Idaho Nonresident Owner Agreement
FORM 75 Fuels Use Report
FORM 41ESR Underpayment of Estimated Tax by Corporations

Download all ID tax forms View all 66 Idaho Income Tax Forms


Form Sources:

Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 42 from the State Tax Commission in April 2021.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Idaho FORM 42

We have a total of eight past-year versions of FORM 42 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 FORM 42

Form 42, Apportionment and Combined Reporting Adjustments and Instructions

2019 FORM 42

Form 29, Apportionment and Combined Reporting Adjustments and Instructions

2018 FORM 42

Form 42, Apportionment and Combined Reporting Adjustments


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