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Idaho Free Printable Form 47, Mine License Tax Return and Instructions for 2020 Idaho Idaho Mine License Tax Return

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Idaho Mine License Tax Return
Form 47, Mine License Tax Return and Instructions

Form 47 Mine License Tax Return ▪ Amended Return? Check the box. See instructions for the reasons for amending and enter the number. ▪ Mo For tax year beginning Day Year Mo Day Year ending Federal Employer Identification Number (EIN) Name of owner or lessee of mining property Current business mailing address Name of mine City State ZIP Code Mine license account number from Tax Commission Check the box if your mining operation includes a cyanidation facility. Initial Return ▪ Type of ore extracted Total tons of ore extracted during the year Final Return ▪ A. If tax is being computed according to section 47-1202(a), use lines 1 through 3. 1. Net income from mining property or gross receipts from royalties. Include computation ........ ▪ 1 2. Depletion expense. Include a copy of the computation of depletion expense from your federal income tax return .......................................................................... ▪ 2 3. Net value to be used as a measure of tax. Subtract line 2 from line 1 .................................... ▪ 3 B. If tax is being computed according to section 47-1202(b), use lines 4 through 8. 4. Gross value of ores as determined by the U.S. Department of Interior. Include computation ▪ 4 5. Cost of extracting, mining and transporting ore. See instructions ........................................... 5 6. Allowable depletion expense. Include computation ................................................................. 6 7. Add lines 5 and 6 ..................................................................................................................... ▪ 7 8. Net value to be used as a measure of tax. Subtract line 7 from line 4 .................................... ▪ 8 9. Taxable net value. Enter the amount from line 3 or line 8 ....................................................... ▪ 9 Tax Computation. 10. Idaho mine license tax. Multiply line 9 by 1% .......................................................................... ▪ 10 11. Interest from due date ............................................................................................................. ▪ 11 12. Penalty .................................................................................................................................... ▪ 12 13. Total due. Add lines 10 through 12 .................................................................................. ▪ 13 Amended Return Only. Complete this section to determine your tax due or refund. 14. Total due (Line 13) on this return ............................................................................................. 14 15. Taxes paid with original mine license return ............................................................................ 15 16. Amended tax due or refund. Subtract line 15 from line 14 ...................................................... 16 ▪ Within 180 days of receiving this return, the Idaho State Tax Commission may discuss this return with the paid preparer identified below. Under penalties of perjury, I declare that to the best of my knowledge and belief this return is true, correct and complete. Signature of officer Date Title Phone number Sign ▪ Here Paid preparer’s signature ▪ ▪ Phone number Address EFO00048 Preparer’s EIN, SSN or PTIN 08-05-2019  Form 47 — Instructions Mine License Tax Return File Form 47 for each year you mine or receive royalties from mining any of the following: quartz, quartzite, gold, silver, copper, lead, zinc, coal, phosphate, limestone, stone quarries or other metals or minerals. Even if no tax is due, you must file Form 47 each year until mining operations have permanently ceased. Use the same tax year on your Form 47 as you used on your federal income tax return. The tax is due on the 15th day of the fourth month following the end of the tax year. If you have an automatic six-month extension of time to file your income tax return, you have the same extension of time to file your Form 47. File a separate return for each mine or group of mines. If you own two or more separate mines, only those mines grouped to compute the depletion allowable for federal income tax purposes can be treated as one property. Use Method A or Method B to compute the mine license tax if you mine ores on public lands that the U.S. Department of Interior computes mineral values for federal royalty purposes. Include your written election with the first Idaho Mine License Tax Return you file. To change methods, you must get written permission from the Tax Commission before your tax return is due. If you receive royalties or if you don’t elect Method B, you must use Method A. Determine the net value separately if your mining activity includes both receiving royalties and extracting ores. The separate determinations can’t be netted together or offset against each other. Amended Returns You can use this form as an original return or an amended return. If you’re filing this form as an amended return, check the box at the top of the form. Enter the applicable reasons for amending as listed below. Complete the entire form using the corrected amounts. 1. Federal Audit 2. Other - Include an explanation Mine License Account Number Enter the nine-digit mine license account number provided by the Tax Commission for this mine or group of mines. If this is the initial return for this mine or group of mines, leave this line blank. File a separate return for each account number. EIN00085 08-05-2019  Cyanidation Facilities Cyanidation is the method of extracting precious metals from ores by treatment with cyanide solution as the primary leaching agent for extraction. If your mining operation includes a cyanidation facility, check the box in the area above line 1. Initial Return If this is your first year of mining this location in Idaho, check the Initial Return box in the area above line 1. Final Return Filing using Method A. If you’ve permanently ceased all mining operations at this location and sold all stockpiled inventory, check the Final Return box in the area above line 1. Filing using Method B. If you’ve permanently ceased all mining operations at this location, check the Final Return box in the area above line 1. How to Compute the Tax Method A Use this method if you receive royalties or if you didn’t elect Method B. This method of computing net value of ores mined or royalties received is found in Idaho Code section 47-1202(a). Line 1. Enter the taxable income from mining (defined in Section 613 of the Internal Revenue Code and Treasury Regulation 1.613-5) or the gross amount received as royalties. This is the amount used in your federal percentage depletion expense computation. Line 2. Enter the depletion expense allowed on your federal income tax return related to the receipts reported on line 1 of this return. Include a copy of the federal depletion expense computation. Method B Line 4. Enter the gross value of ores mined as determined by the U.S. Department of the Interior. Include a schedule detailing your computation. Line 5. Enter the total of all direct mining and Idaho transportation costs attributable to the production of the ores to the point at which the ores were valued for line 4 above. Include a schedule itemizing these mining costs. Page 1 of 2 Form 47 — Instructions Line 6. Enter the allowable portion of the depletion expense deducted on your federal income tax return computed as follows: Gross value of ores (line 4) Gross value of ores for federal depletion expense purposes X Depletion expense allowed on the federal income tax return = Deductible portion of federal depletion expense 2019 (continued) Amended Return Only Complete lines 14 through 16 only if you’re filing this return as an amended return. Mail to: Idaho State Tax Commission PO Box 56 Boise ID 83756-0056 Include a copy of your federal depletion expense computation. Line 13. Total due. Tax payments of $100,000 or more must be paid by electronic funds transfer. If you’re making an electronic funds transfer for the first time, contact the Tax Commission at (208) 334-7660 for further information. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00085 08-05-2019  Page 2 of 2
Extracted from PDF file 2019-idaho-form-47.pdf, last modified November 2019

More about the Idaho FORM 47 Corporate Income Tax TY 2019

We last updated the Idaho Mine License Tax Return in March 2020, so this is the latest version of FORM 47, fully updated for tax year 2019. You can download or print current or past-year PDFs of FORM 47 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 42 Idaho Apportionment And Combined Reporting Adjustments
FORM 56 Idaho Net Operating Loss
FORM PTE-12 Idaho Schedule For Pass-Through Owners with Instructions
FORM 41ES Quarterly Estimated Tax/Extension of Time Payment

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 47 from the State Tax Commission in March 2020.

Show Sources >

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 47

We have a total of seven past-year versions of FORM 47 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 FORM 47

Form 47, Mine License Tax Return and Instructions

2018 FORM 47

Form 47, Mine License Tax Return

2017 FORM 47

Form 47 - Idaho Mine License Tax Return

2016 FORM 47

Form 47 - Idaho Mine License Tax Return


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