Montana Corporate Income Tax Return (formerly CLT-4)

Corporate Income Tax Return (formerly CLT-4)
2025 Montana Corporate Income Tax Return
Sta No
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s

Clear Form

2025 Montana Corporate Income Tax Return

Form CIT

Include a copy of federal Form 1120 as filed with the Internal Revenue Service

2025v1
7/2025

For calendar year 2025 or tax year beginning M M D D 2 0 2 5 and ending M M D D Y Y Y Y

Name

FEIN

Mailing Address

City

State Incorporated in

State ZIP Code

on

M M D D Y Y Y Y

Date Qualified in Montana

M M D D Y Y Y Y

MT Secretary of State ID
Mark all that apply:
Initial Return
Final Return
Refund Return

Amended Return – Filers need to complete the entire form using the corrected amounts.
00
Paper-Filed Return – Enter Total Gross Receipts:

Part I – Filing Method
1

2
3
4

5
6
7

Mark this box if you are protected under Public Law 86-272
If marked, Schedule K must be completed and included with your tax return; skip questions 2 through 5 of this part
Are you a member (parent or subsidiary) of a consolidated group for federal purposes?
2
Yes
No
Are you filing a combined return for Montana purposes?
3
Yes
No
If you answered Yes to questions 2 or 3, mark one of the following filing methods and include Schedule M:
d Domestic Combination
a Separate Company
e Limited Combination (Attach statement)
b Separate Accounting
f Water’s Edge
c Worldwide Combination
(You must have a valid election and Schedule WE must be included.)
How many members of the unitary group have property, payroll, or receipts in Montana or have an interest in a pass-through entity
with Montana activity during the taxable period?
Are all members of the unitary group 100% Montana corporations?
6
Yes
No
If you answered Yes to Questions 2 or 3 above, you must include pages 1 through 5 of the
parent’s consolidated federal Form 1120 as filed with the Internal Revenue Service, and enter:
a Ultimate U.S. parent’s name as reported on federal tax return
b Ultimate U.S. parent’s FEIN

Part II – Amended Return Only (mark all that apply)
a
b
c
d
e
f

Federal Revenue Agent Report; include a complete copy of this report.
NOL carryback/carry forward; list year(s) of loss.
(Schedule NOL must be included.)
Apportionment factor changes; include a statement explaining all adjustments in detail.
Amended federal tax return (Form 1120X); include a complete copy of the federal Form 1120X.
Application and/or change in tax credit; list type of credit being claimed.
Other; include a statement explaining all adjustments in detail.

*25EP0101*
*25EP0101*

Name

FEIN

Part III – General Questions

a Is this your corporation’s first Montana tax return?
If this corporation is a successor to a previously existing business, enter the predecessor’s information:
Name
FEIN
b Is this your corporation’s final Montana tax return?
If Yes, please include detailed statement and indicate whether your corporation has
Withdrawn
Merged
Dissolved
Reorganized
Date of withdrawal, dissolution, merger, or reorganization M M D D Y Y Y Y
If applicable, enter the successor’s name
FEIN
c For any tax period(s), has the Internal Revenue Service issued an official notice of change or
correction you have not filed with the Montana Department of Revenue?
If Yes, indicate what period(s)
d Are any statute of limitation waivers currently in force that have been executed with the
Internal Review Service?
If Yes, which taxable year(s) is covered and what is the expiration date(s) of the waiver(s)?

a

Yes

No

b

Yes

No

c

Yes

No

d

Yes

No

e Have you filed an amended federal tax return for any of the last five taxable periods?
If Yes, indicate what period(s)
f Did an individual at the end of the taxable year own, directly or indirectly, 50% or more of the
voting stock of this corporation?
If Yes, enter name
and % of ownership
g Did a partnership, corporation, estate, or trust at the end of the taxable year, own, directly or indirectly,
50% or more of the voting stock of this corporation?
If Yes, enter name
and % of ownership
h Did the same individual, partnership, corporation, estate or trust designated above in question f or g, at
the end of the taxable year also own, directly or indirectly, 50% or more of the voting stock of another
(brother-sister) corporation?
i Did this corporation or any member of the consolidated group own, directly or indirectly, 50% or more of
the outstanding voting stock of a domestic corporation that is not included in the consolidated group?
If Yes, how many corporations?
j Did this corporation or any member of the consolidated group own, directly or indirectly, 50% or more
of the outstanding voting stock of a foreign corporation?
If Yes, how many corporations?
k Was your corporation owned 50% or more, directly or indirectly, by a corporation or entity that was
organized or incorporated outside the U.S.?
If Yes, enter name
and % of ownership
l Did this corporation or any member of the consolidated group directly or indirectly
have an interest in a domestic partnership?
If Yes, how many partnerships?
m Did this corporation or any member of the consolidated group directly or indirectly
have an interest in a foreign partnership?
If Yes, how many partnerships?

e

Yes

No

f

Yes

No

g

Yes

No

h

Yes

No

i

Yes

No

j

Yes

No

k

Yes

No

l

Yes

No

m

Yes

No

If you answered Yes to any of questions (g) through (m), you need to complete and include Montana Schedule M.

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Form CIT – Page 2 – 2025

Name

FEIN

Computation of Montana Taxable Income and Net Amount Due

1 Taxable income reported on your federal tax return (line 28).
00
Include a copy of signed federal Form 1120
1
2 Additions
2a State, local, foreign and franchise taxes based on income.
00
Include breakdown of your Form 1120, line 17
2a
00
2b Federal tax-exempt interest
2b
00
2c Contributions used to compute qualified endowment credit
2c
2d Income/loss of foreign parent and foreign subsidiaries for
00
worldwide combined filers (attach schedule)
2d
2e Income/loss of unitary corporations not included in federal
00
consolidated return (attach schedule)
2e
2f Deemed dividends – Water’s Edge filers only.
00
Include Schedule WE
2f
2g Federal capital loss carry-over utilized on federal return.
00
Include Schedule D
2g
00
2h All other additions. Include a detailed breakdown
2h
00
Add lines 2a through 2h and enter the result.	
This is the total of your additions. 2
3 Reductions
00
3a IRC Section 243 dividend received deduction
3a
00
3b Nonapportionable income (include a detailed breakdown)
3b
00
3c Montana recycling deduction (include Form RCYL)
3c
3d Income/loss of nonunitary corporations included in federal
00
consolidated return (attach schedule)
3d
3e Income/loss of 80/20 companies – Water’s Edge filers only
00
(attach schedule)
3e
00
3f Capital loss incurred in current year. Include federal Schedule D 3f
00
3g All other reductions. Include a detailed breakdown
3g
00
Add lines 3a through 3g and enter the result.	
This is the total of your reductions. 3
00
4 Add lines 1 and 2, then subtract line 3 and enter the result.	
This is your adjusted taxable income. 4
Combined filers with more than one entity with Montana activity must use Schedule K-Combined for lines 5 through 10 below.
(See instructions)
00
5 Income apportioned to Montana (multiply line 4 x
% from Schedule K, line 13) 5
00
6 Enter the income that you allocated directly to Montana. Include a detailed breakdown
6
00
7 Montana taxable income before net operating loss (add lines 5 and 6 or enter amount reported on line 4) 7
If line 7 is a loss, do you wish to forgo the net operating loss carry-back provision?
Yes
No
00
8 Enter your Montana net operating loss carried over to this period
8
Use Schedule NOL of Form CIT on page 13 to calculate your net operating loss carryover.
00
9 Subtract line 8 from line 7 and enter the result here.	
This is your Montana taxable income. 9
10 Multiply line 9 by 6.75% (or line 9 by 7% if you have a valid Water’s Edge election).
00
	
This is your Montana tax liability. 10
(This amount cannot be less than the minimum tax liability of $50.)
Mark this box if you are calculating your tax liability using the Alternative Tax method
(please see the Form CIT instructions before checking this box).
Questions? Call us at (406) 444-6900, or Montana Relay at 711 for the hearing impaired.

*25EP0301*
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Form CIT – Page 3 – 2025

Name

FEIN

Computation of Montana Taxable Income and Net Amount Due (continued)

00
11 Your Montana tax liability from line 10
11
12 Payments
00
12a 2024 Overpayments
12a
00
12b Tentative payment
12b
00
12c Quarterly estimated tax payments
12c
00
12d Montana mineral royalty tax withheld. Include Form(s) 1099
12d
12e Montana tax withheld from pass-through entities.
00
Include MT Schedule(s) K-1
12e
00
12f All other payments.	 Describe
12f
00
12g Previously issued refunds. (Do not include any overpayments to 2026.)
12g
00
Add lines 12a through 12f and subtract line 12g; enter the result.	
This is the total of your payments. 12
00
13 Enter total credits (from Schedule C)
13
00
14 Add lines 12 and 13, then subtract from line 11 and enter the result.	This is your tax due or overpayment. 14
00
15 Enter the amount of overpayment that you want to be applied to your 2026 estimated tax
15
00
16 Add lines 14 and 15; enter the result.	
This is your net tax due or overpayment. 16
00
17 Enter interest on all the tax paid after the due date (See instructions)
17
00
18 Enter estimated tax underpayment interest. Include Form CIT-UT
18
Mark this box if you are using the annualized income or adjusted seasonal income method
19 Penalty
00
19a Enter the late filing penalty (See instructions)
19a
00
19b Enter your late payment penalty (See instructions)
19b
00
Add lines 19a and 19b, enter the result.	
This is your total penalty. 19
20 Add lines 16 through 19, enter the result on line 20a or 20b below
00
20a If the result is positive, enter the amount due here.	
This is your total amount due. 20a
Visit our website at revenue.mt.gov for electronic payment options or include your remittance payable to Montana Department of Revenue.
00
20b If the result is negative, enter the refund due here.	
This is your total refund. 20b

Direct Deposit Your Refund Complete 1, 2, and 3. (See instructions)

1 Routing Number
2 Account Number
Checking
Savings
3
Mark this box if this refund is going to an account that is located outside of the United States or its territories.

REQUIRED – Signature, Paid Preparer, and Third-party Designee

Under penalties of false swearing, I declare that I have examined this return, including accompanying schedules and statements,
and to the best of my knowledge and belief, it is true, correct, and complete.
Officer
Signature x
Date Signed M M D D Y Y Y Y
Printed Name
Phone
Tax Preparer
Signature
Date Signed M M D D Y Y Y Y
Printed Name
Phone
Mark this box if you allow the DOR to discuss this tax return with your tax preparer.
PTIN
Tax Preparation Firm
Firm Name
Firm’s FEIN
Mailing Address
City
State
ZIP

*25EP0401*
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Form CIT – Page 4 – 2025

2025 Montana Form CIT Schedule K –
Apportionment Factors for Multi-State Taxpayers
Name

2025v1
7/2025

FEIN

Part I – Gross Receipts Factor

A
Everywhere

1 a Total receipts (gross receipts less returns and allowances)
1a
b Receipts delivered or shipped to Montana purchasers from
outside Montana
1b
c Receipts delivered or shipped to Montana purchasers from
within Montana
1c
d Receipts shipped from Montana to the United States government 1d
e Receipts shipped from Montana to a state where the taxpayer
is not taxable
1e
f Receipts from services
1f
2 Dividends (total dividends less allowable Montana dividend deduction) 2
3 Interest
3
4 Rents, leasing, or licensing of property
4
5 Royalties
5
6 Net gains reported on federal Schedule D and federal Form 4797 6
7 Other receipts (attach schedule)
7
8 Receipts of foreign affiliates (attach schedule)
8
9 Receipts from partnerships (pro-rata share) (attach schedule)
9
10 Less: all intercompany transactions
10
11 Less: receipts from non-apportionable income
11
12 Total Receipts Value – add all lines 1a through 11
12
13 Divide the total in Column B by the total in column A. Multiply that result by 100.
	
This is your receipts factor. Enter factor here and on page 3, line 5.
See instructions for additional guidance completing this schedule

B
Montana

00

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

00
00
00
00
00
00
00
00
00
00
00
13

Part II – General Receipts Questions (Attach additional sheets if necessary).
1 Describe the nature and locations of your Montana business activities
2

Mark this box if you used a reasonable approximation method to assign receipts reported on Part I, line 1f.
Attach a statement. (See instructions)

Part III – General Montana Activity Questions

1 If you had employees that performed services in Montana during the tax period, please
provide your total Montana payroll
2 If you owned or rented property in Montana during the tax period, please provide the total
value of your Montana property

1

00

2

00

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Form CIT – Page 5 – 2025

2025 Montana Form CIT Schedule M –
Affiliated Entities
Name

2025v1
7/2025

FEIN

Complete the schedules below if your corporation has an affiliated relationship with another business entity. Please note that all
schedules must be completed if your corporation is a member of a U.S. consolidated group and has affiliated relationships with other
business entities.

1 Members of a U.S. Consolidated Group

Include your information in the following schedule for all members of your U.S. consolidated group. If additional space is needed,
attach another copy of the Schedule M for this section. Federal Form 851 is not an acceptable substitution for this section.
A
Federal
Employer
Identification
Number
(FEIN)

B
Name of affiliate/subsidiary/parent corporation

G
F
E
D
C
Percentage Considered a Included Have any Mark if filing
Montana
of ownership Disregarded in this activities
Form CIT
in
Montana
Entity?
separate
unitary Montana?
from this
filing?
Yes No Yes No unitary filing
Yes
No

*25EP0601*
*25EP0601*

Form CIT – Page 6 – 2025

2025 Montana Form CIT Schedule M –
Affiliated Entities (Continued)
Name

FEIN

Complete the schedules below if your corporation has an affiliated relationship with another business entity. Please note that all
schedules must be completed if your corporation is a member of a U.S. consolidated group and has affiliated relationships with other
business entities.

2 Affiliated Entities

Include information in the following schedule for all business entities that are not included in the U.S. consolidated group, i.e.,
partnerships, limited liability companies, foreign disregarded entities, foreign subsidiaries owned greater than 50%, or unconsolidated
subsidiaries owned greater than 50%. Include entities that are owned by your corporation and entities that are owned by all members
of your U.S. consolidated group. If additional space is needed, attach another copy of the Schedule M for this section.
F
E
D
C
B
A
Percentage of Included Have any Type of entity,
Name of entity
Federal
in this activities i.e., foreign
ownership
Employer
in
Montana
Identification
subsidiary,
unitary Montana? unconsolidated
Number
filing?
(FEIN)
subsidiary,
partnership,
Yes No LLC, LLP, DER
Yes No

*25EP0701*
*25EP0701*

Form CIT – Page 7 – 2025

2025 Montana Form CIT Schedule M –
Affiliated Entities (Continued)
Name

FEIN

Complete the schedules below if your corporation has an affiliated relationship with another business entity. Please note that all
schedules must be completed if your corporation is a member of a U.S. consolidated group and has affiliated relationships with other
business entities.

3 Foreign Parent and Affiliated Entities

If you are owned directly or indirectly greater than 50% by a corporation incorporated in a foreign country, provide the name of the
foreign parent and any foreign subsidiaries owned greater than 50% by the foreign parent. If additional space is needed, attach another
copy of the Schedule M for this section.
F
C
B
A
E
D
Type of entity,
Percentage of
Name of entity
Federal
Included Have any
i.e., foreign
ownership
Employer
in this activities
subsidiary,
Identification
in
Montana
foreign
Number
unitary Montana?
partnership,
(FEIN)
filing?
foreign
disregarded
entity
Yes No
Yes No

*25EP0801*
*25EP0801*

Form CIT – Page 8 – 2025

2025 Montana Form CIT Schedule C –
Tax Credits
Name

2025v1
7/2025

FEIN
A
Current Year Earned

Type of Credit

Nonrefundable Credits

B
Total Available

C
Current Year Applied

1
2
3

00

00
00
00

00
00
00

4
5
6

00
00
00

00
00
00

00
00
00

7
8
9
10
11
12

00

00
00
00
00
00
00

00
00
00
00
00
00

13

00

00

00

14
15

00
00

00
00

00
00

16

00

00

00

17

00

00

00

18

00

00

00

19

00

00

00

20 Unlocking Public Lands Credit
20
21 Enter the amount from Line 20.
	
This is your refundable credits. 21

00

00

00

00

00

00

1
2
3
4

5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Montana Dependent Care Assistance Credit
Montana Recycle Credit (include Form RCYL)
Alternative Energy Production Credit
Contractor’s Gross Receipts Tax Credit
(include supporting schedule)
C G R
CGR Account ID
Infrastructure Users Fee Credit (include Form IUFC)
Qualified Endowment Credit (include Form QEC)
Historical Buildings Preservation Credit
(include federal Form 3468)
Increase Research and Development Activities Credit
Mineral and Coal Exploration Incentive Credit
Empowerment Zone Credit
Biodiesel Blending and Storage Credit
Geothermal System Credit
Innovative Education Program Credit
Credit Confirmation Code
Student Scholarship Organization Credit
Credit Confirmation Code
Apprenticeship Tax Credit
Trades Education and Training Tax Credit
(include Form TETC)
MEDIA Credit
UCRN
Jobs Growth Incentive Credit (include Form JGI)
Credit Certificate Number
Add lines 1 through 18 and enter the result.
	
This is your total nonrefundable credits.

Refundable Credits

Tax Credits Recapture
22
23
24
25

Qualified Endowment Credit Recapture
Historical Buildings Preservation Credit Recapture
Biodiesel Blending and Storage Credit Recapture
Add lines 22 through 24 and enter the result.
	
This is your total recapture of tax credits.
26 Add totals of lines 19 and 21; then subtract line 25.
Enter the result here	 This is the total of your credits.
	 Enter the total in column C on Form CIT, page 4, line 13.

22
23
24

00
00
00

25

00

26

00

00

00

To receive these credits, you will have to include this Schedule C and the applicable credit forms or other required information.
For combined filers, Column C is obtained from Schedule K-Combined on page, line 30.

*25EP0901*
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Form CIT – Page 9 – 2025

2025 Montana Form CIT Schedule K-Combined –
Separate Corporation Calculations

2025v1
7/2025

Name

Receipts Factor

1 a Total receipts (gross receipts less returns and allowances)
b Receipts delivered or shipped to Montana purchasers from outside Montana
c Receipts delivered or shipped to Montana purchasers from within Montana
d Receipts shipped from Montana to the United States government
e Receipts shipped from Montana to a state where the taxpayer is not taxable
f Receipts from services
2 Dividends (total dividends less allowable Montana dividend deduction)
3 Interest
4 Rents, leasing, or licensing of property
5 Royalties
6 Net gains reported on federal Schedule D and federal Form 4797
7 Other receipts
8 Receipts of foreign affiliates
9 Receipts from partnerships (pro-rata share)
10 Less: all intercompany transactions
11 Less: receipts from non-apportionable income
12 Total Montana receipts (Add lines 1b through 11)
13 Total Everywhere receipts
(Enter in each column the total of the everywhere receipts from column A, lines 1a through 11)
14 By-Entity Receipts Factor (Divide line 12 by line 13 and multiply the result by 100)
15 Total Receipts Factor (Add all columns from line 14)

FEIN

A
Everywhere
Activity
1a
1b
1c
1d
1e
1f
2
3
4
5
6
7
8
9
10
11
12
13
14

Montana Separate Corporation
Activity
Corporation Name Corporation Name
FEIN
FEIN

%

%
15

B
Grand Total
of Montana
Columns

%

* Please include the amounts in columns A and B on Schedule K

Form CIT – Page 10 – 2025

2025 Montana Form CIT Schedule K-Combined –
Separate Corporation Calculations (Continued)
Name

Montana Taxable Income
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Montana adjusted taxable income (Enter the amount from CIT, page 3, line 4)
Income apportioned to Montana (In each column, multiply line 14, on page 10 by line 16
Total income apportioned to Montana. (Add columns on line 17. Enter this amount on CIT, page 3, line 5)
Income directly allocated to Montana
Total income directly allocated to Montana. (Add columns on line 19. Enter this amount on CIT, page 3, line 6)
Montana taxable income before net operating loss (In each column, add lines 17 and 19)
Total Montana taxable income. (Add columns on line 21. Enter this amount on CIT, page 3, line 7)
Montana net operating loss (NOL) carryover on a by-entity basis
Total NOL carryover (Add columns on line 23. Enter this amount on CIT, page 3, line 8)
Montana taxable income (Subtract line 23 from line 21 and enter the result.)
Total Montana Taxable Income (Add all columns on line 25. Enter this amount on CIT, page 3, line 9)
Montana tax liability (Multiply line 25 by 6.75%, or 7% if you have a valid water’s edge election.) If line 25 is a loss, enter $50
Total Montana tax liability (Add all columns on line 27. Enter this amount on CIT page 3, line 10)
Montana credits on a by-entity basis (Attach applicable form(s).)
Total Montana Credits. (Add columns on line (29)) Enter this amount on CIT, Schedule C, line 26)

FEIN

16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Montana Separate Corporation
Activity
Corporation Name Corporation Name
FEIN
FEIN

B
Grand Total
of Montana
Columns*

*These totals must be reported on lines 5 through 10 on CIT, page 3

Form CIT – Page 11 – 2025

2025 Montana Form CIT Schedule NOL –
Net Operating Loss (NOL) Deduction
Name

2025v1
7/2025

FEIN

1 Corporation name
2 Corporation’s Federal Tax Identification Number (FEIN)
3 Date of merger/consolidation (See instructions)
4 2025 Montana separate corporation taxable income
before NOL deduction
(enter Schedule K-Combined, line 21)

Montana Separate Corporation NOL Application
Corporation Name
Corporation Name
FEIN
FEIN
M M D D Y Y Y Y
M M D D Y Y Y Y
B
A
B
A

Carryforward deductions
5

6

7

8

9

5a
5b
5c
5d
5e
6a
6b
6c
6d
7a
7b
7c
7d
8a
8b
8c
8d
9a
9b
9c
9d

10
10a
10b
10c
10d
11
11a
11b
11c
11d
12

Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
5a
NOL applied to periods other than to 2025
5b
NOL carryforward to 2025
5c
NOL expired due to carryforward limitation
5d
NOL available for carryforward
5e
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
6a
NOL applied to periods other than to 2025
6b
NOL carryforward to 2025
6c
NOL available for carryforward
6d
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
7a
NOL applied to periods other than to 2025
7b
NOL carryforward to 2025
7c
NOL available for carryforward
7d
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
8a
NOL applied to periods other than to 2025
8b
NOL carryforward to 2025
8c
NOL available for carryforward
8d
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
9a
NOL applied to periods other than to 2025
9b
NOL carryforward to 2025
9c
NOL available for carryforward
9d
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
10a
NOL applied to periods other than to 2025
10b
NOL carryforward to 2025
10c
NOL available for carryforward
10d
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
11a
NOL applied to periods other than to 2025
11b
NOL carryforward to 2025
11c
NOL available for carryforward
11d
Total separate corporation NOL carryforward to 2025.
Add column B lines 5 through 11
12

Form CIT – Page 12 – 2025

2025 Montana Form CIT Schedule NOL –
Net Operating Loss (NOL) Deduction (Continued)
Name

FEIN

Corporation name
Corporation’s Federal Tax Identification Number (FEIN)
2025 Montana separate corporation taxable income before
NOL deduction (enter Schedule K-Combined, line 21)

Montana Separate Corporation NOL Application
Corporation Name
Corporation Name
FEIN
FEIN
B
A
B
A

AMENDED RETURNS - carryback deductions

13
13a
13b
13c
13d
14
14a
14b
14c
14d
15
15a
15b
15c
15d
16
17
18

Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
13a
NOL applied to periods other than to 2025
13b
NOL carryback to 2025 (Total carryback for all
entities limited to $500,000)
13c
Net NOL for taxable period
13d
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
14a
NOL applied to periods other than to 2025
14b
NOL carryback to 2025 (Total carryback for all
entities limited to $500,000)
14c
Net NOL for taxable period
14d
Taxable period of NOL
M M D D Y Y Y Y
Total NOL for taxable period
15a
NOL applied to periods other than to 2025
15b
NOL carryback to 2025 (Total carryback for all
entities limited to $500,000)
15c
Net NOL for taxable period
15d
Total separate corporation NOL carryback to 2025 16
Total separate corporation NOL carryforward
to 2025 from previous page, line 12.
17
Total separate corporation NOL deduction for 2025
(add lines 16 and 17 and enter total on
page 3, line 8 – for combined filers, enter on
18
Schedule K-Combined, line 23)

Form CIT – Page 13 – 2025

2025 Montana Form CIT Schedule WE –
Water’s Edge Schedule
Name

2025v1
7/2025

FEIN

Part I. Water’s Edge Election

1 Enter the tax periods for which you received an approval letter from the department for a valid Water’s Edge Election:

Part II. Calculation of Deemed Dividends Received from 80/20 Companies

1 Enter the positive federal line 30 income of your 80/20 companies. (See instructions)
1
2 Enter your consolidated 1120 positive federal line 30 income. (See instructions)
2
3 Divide the amount on line 1 by the amount on line 2.
	
This is the ratio of your 80/20 positive income to your consolidated 1120 positive income. 3
4 Enter the tax liability, after tax credits, which you reported on your consolidated 1120
4
5 Multiply line 3 by line 4.	
This is the federal tax liability associated with your 80/20 companies. 5
6 Enter the section 78 gross-up received by your 80/20 companies (include schedule)
6
7 Subtract the total of lines 5 and 6 from line 1; enter the result.
	
This is the after-tax net income of your 80/20 companies. If the result is less than zero, enter zero. 7
8 Enter the after-tax net income of all unconsolidated 80/20 companies
8
9 Add lines 7 and 8; enter the result.	
This is your total after-tax net income. 9
10 Multiply line 9 by 20% and enter the result here and on line 2(f) of Form CIT, page 3.	
This is your 20% deemed dividend. 10

Part III. List your 80/20 Companies. Include a separate sheet if necessary.
A
Name

B
FEIN

Totals

C
Income/Loss
Reported on Line 28

00
00
00
00
00
00
00
00

D
Income/Loss
Reported on Line 30

00
00
%

00
00
00
00
00
00
00

E
Dividends Received

00
00
00
00
00
00
00
00

00
00
00
00
00
00
00
00

Form CIT – Page 14 – 2025