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Massachusetts Business or Manufacturing Corporation
Form 355

FOR PRIVACY ACT NOTICE, SEE INSTRUCTIONS. PRINT IN BLACK INK Calendar year filers enter 01-01-2020 and 12-31-2020 below. Fiscal year filers enter appropriate dates. Tax year beginning M MD D Y Y Y Y Tax year ending M MD D Y Y Y Y Form 355 Business/Manufacturing Corporation Excise Return NAME OF CORPORATION 2020 FEDERAL IDENTIFICATION NUMBER (FID) PRINCIPAL BUSINESS ADDRESS CITY/TOWN/POST OFFICE STATE ZIP+4 PRINCIPAL BUSINESS ADDRESS IN MASSACHUSETTS (IF DIFFERENT) CITY/TOWN/POST OFFICE STATE ZIP+4 Fill in if: Amended return (see instructions) Federal amendment Federal audit Member of lower-tier entity Enclosing Schedule TDS Final Massachusetts return Initial return Name change Address change Enclosing Schedule FCI S election termination or revocation 1 Fill in if corporation is incorporated within Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Date of incorporation in Massachusetts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Type of corporation (select one, if applicable). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Type of corporation (select one, if applicable). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Fill in if corporation is included in a 355U filing (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 FID of principal reporting corporation (if line 5 is filled in) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Fill in if line 5 is filled in and corporation’s tax year ends in a different month than the 355U . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Fill in if corporation is an insurance mutual holding corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Fill in if corporation is requesting alternative apportionment (enclose Form AA-1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Principal business code (from U.S. return). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Average number of employees in Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Average number of employees worldwide. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Foreign corporation: first date of business in Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Last year audited by IRS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Fill in if adjustments have been reported to Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Fill in if corporation is deducting intangible or interest expenses paid to a related entity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Fill in if: MM D D Y Y Y Y Section 38 manufacturer R&D Mutual fund service Classified mfg RIC Public REIT MM D D Y Y Y Y Taxpayer is claiming exemption from the income measure of the excise pursuant to PL 86-272 Taxable only with respect to partnership activity SIGN HERE. Under penalties of perjury, I declare that to the best of my knowledge and belief this return and enclosures are true, correct and complete. Signature of appropriate officer (see instructions) Date / Title Date / / Are you signing as an authorized delegate of the appropriate corporate officer? Yes (enclose Form M-2848) Print paid preparer’s name / Preparer’s SSN or PTIN Paid preparer’s phone Paid preparer’s ( EIN ) Paid preparer’s signature No Taxpayer’s e-mail address Mail to: Massachusetts Department of Revenue, PO Box 7005, Boston, MA 02204. Date / Fill in if self-employed / FEDERAL IDENTIFICATION NUMBER 2020 FORM 355, PAGE 2 EXCISE CALCULATION 1 Taxable Massachusetts tangible property, 2 Taxable net worth, if applicable (from 3 Massachusetts taxable income (from Schedule E, 4 Credit recapture (enclose Credit Recapture Schedule). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Additional tax on installment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Excise before credits. Add line 1 or 2, whichever applies, to total of lines 3 through 5 . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Total credits (from Credit Manager Schedule; combined report filers, see instructions). . . . . . . . . . . . . . . . . . . . . . . 7 8 Excise after credits. Subtract line 7 from line 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Combined filers only, enter the amount of tax from Schedule U-ST, line 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 if applicable (from Schedule C, line 4). . . . . . . . . . . . . . . . . . . . . . Schedule D, Line 10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . line 27). Not less than “0”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . × .0026 = 1 × .0026 = 2 × .0800 = 3 10 Minimum excise (cannot be prorated; combined report filers, see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Excise due before voluntary contribution. (line 8 or 10, whichever is greater). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Voluntary contribution for endangered wildlife conservation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Excise due plus voluntary contribution. Add lines 11 and 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 2019 overpayment applied to your 2020 estimated tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 2020 Massachusetts estimated tax payments (do not include amount in line 14). . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Payment made with extension. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Payment with original return. Use only if amending a return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Pass-through entity withholding (from Schedule 3K-1) Payer ID number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Total refundable credits (from Credit Manager Schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 Total payments. Add lines 14 through 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Amount overpaid. Subtract line 13 from line 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 22 Amount overpaid to be credited to 2021 estimated tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 23 Amount overpaid to be refunded. Subtract line 22 from line 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Refund 23 24 Balance due. Subtract line 20 from line 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance due 24 25 a. M-2220 penalty 26 Interest on unpaid balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 Payment due at time of filing. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total due 27 b. Late file/pay penalties . . . . . . . . . . . . . . . . . . . . a + b = 25 CORPORATION NAME FEDERAL IDENTIFICATION NUMBER Schedule A Balance Sheet 2020 A. ORIGINAL COST ASSETS 1 B. ACCUMULATED DEPRECIATION AND AMORTIZATION C. NET BOOK VALUE Capital assets in Massachusetts: a. Buildings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1a b. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b c. Motor vehicles and trailers . . . . . . . . . . . . . . . . . . 1c d. Machinery taxed locally. . . . . . . . . . . . . . . . . . . . 1d e. Machinery not taxed locally. . . . . . . . . . . . . . . . . . 1e f. Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1f g. Fixtures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1g h. Leasehold improvements taxed locally. . . . . . . . 1h i. Leasehold improvements not taxed locally . . . . . . 1i j. Other fixed depreciable assets. . . . . . . . . . . . . . . . 1j k. Construction in progress. . . . . . . . . . . . . . . . . . . . 1k l. Total capital assets in Massachusetts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1l 2 Inventories in Massachusetts: a. General merchandise. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a b. Exempt goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b 3 Supplies and other non-depreciable assets in Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Total tangible assets in Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Capital assets outside in Massachusetts: a. Buildings and other depreciable assets. . . . . . . . . 5a b. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5b 6 Leaseholds/leasehold improvements outside Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . 6 7 Total capital assets outside Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 BE SURE TO CONTINUE SCHEDULE A ON OTHER SIDE FEDERAL IDENTIFICATION NUMBER 2020 SCHEDULE A, PAGE 2 8 Inventories outside Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Supplies and other non-depreciable assets outside Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Total tangible assets outside of Massachusetts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Total tangible assets. Add lines 4 and 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Investments (capital stock investments and equity contributions only): a. Investments in subsidiaries at least 80% owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12a b. Other investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12b 13 Notes receivable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 14 Accounts receivable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 15 Intercompany receivables.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 17 Other assets.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 18 Total assets.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 LIABILITIES AND CAPITAL 19 Mortgages on: a. Massachusetts tangible property taxed locally. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19a b. Other tangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19b 20 Bonds and other funded debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 22 Intercompany payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 23 Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 24 Miscellaneous current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 25 Miscellaneous accrued liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 27 Total capital stock issued.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 28 Paid-in or capital surplus.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 5 If a loss, mark an X in box at left 29 Retained earnings and surplus reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 30 Undistributed S corporation net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 31 Total capital. Add lines 27 through 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 32 Treasury stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 33 Total liabilities and capital. Do not enter less than “0”.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 CORPORATION NAME FEDERAL IDENTIFICATION NUMBER Schedule B Tangible or Intangible Property Corporation Classification Enter all values as net book values from Schedule A, col. c. 1 Total Massachusetts tangible property (from Schedule A, line 4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Massachusetts real estate (from Schedule A, lines 1a and 1b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Massachusetts motor vehicles and trailers (from Schedule A, line 1c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 4 Massachusetts machinery taxed locally. Classified manufacturers enter 0 (from Schedule A, line 1d). . . . . . . . . . . . . . . 4 5 Massachusetts leasehold improvements taxed locally (from Schedule A, line 1h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Massachusetts tangible property taxed locally. Add lines 2 through 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Massachusetts tangible property not taxed locally. Subtract line 6 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Total assets (from Schedule A, line 18). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Massachusetts tangible property taxed locally (from line 6 above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Total assets not taxed locally. Subtract line 9 from line 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Investments in subsidiaries at least 80% owned (from Schedule A, line 12a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Assets subject to allocation. Subtract line 11 from line 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Income apportionment percentage (from Schedule F, line 5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Allocated assets. Multiply line 12 by line 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Tangible property percentage. Divide line 7 by line 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Schedule C Tangible Property Corporation Complete only if Sched. B, line 15 is 10% or more. Enter all values as net book values from Sched. A, col. c. 1 Total Massachusetts tangible property (from Schedule A, line 4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Exempt Massachusetts tangible property: 1 a. Massachusetts real estate (from Schedule A, lines 1a and 1b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a b. Massachusetts motor vehicles and trailers (from Schedule A, line 1c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b c. Massachusetts machinery taxed locally. Classified manufacturers enter “0” (from Schedule A, line 1d) . . . . . . . . . . 2c d. Massachusetts leasehold improvements taxed locally (from Schedule A, line 1h) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2d e. Exempt goods (from Schedule A, line 2b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2e f. Certified Massachusetts industrial waste/air treatment facilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2f g. Certified Massachusetts solar or wind power deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2g 3 Total exempt Massachusetts tangible property. Add lines 2a through 2g. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Taxable Massachusetts tangible property. Subtract line 3 from line 1. Do not enter less than “0.” Enter result in line 1 of the Excise Calculation on page 2, and enter “0” in line 2 of the Excise Calculation. . . . . . . . . . . . 4 2020 CORPORATION NAME FEDERAL IDENTIFICATION NUMBER Schedule D Intangible Property Corporation Complete only if Sched. B, line 15 is less than 10%. Enter all values as net book values from Sched. A, col. c. 1 Total assets (from Schedule A, line 18). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Total liabilities (from Schedule A, line 26). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Massachusetts tangible property taxed locally (from Schedule B, line 6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Mortgages on Massachusetts tangible property taxed locally (from Schedule A, line 19a). . . . . . . . . . . . . . . . . . . . . . . . 4 5 Subtract line 4 from line 3. Do not enter less than “0”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Investments in subsidiaries at least 80% owned (from Schedule A, line 12a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Deductions from total assets. Add lines 2, 5 and 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Allocable net worth. Subtract line 7 from line 1. Do not enter less than “0”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Income apportionment percentage (from Schedule F, line 5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Taxable net worth. Multiply line 8 by line 9. Enter result in line 2 of the Excise Calculation on page 2, and enter “0” in line 1 of the Excise Calculation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Schedule E-1 Dividends Deduction 1 Total dividends. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Dividends from Massachusetts corporate trusts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Dividends from non-wholly-owned DISCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Dividends, if less than 15% of voting stock owned. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Dividends from RICs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 6 Dividends from REITs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 7 Total taxable dividends. Add lines 2 through 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Dividends eligible for deduction. Subtract line 7 from line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Dividends deduction. Multiply line 8 by .95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2020 CORPORATION NAME FEDERAL IDENTIFICATION NUMBER Schedule E Taxable Income 2020 5 If a loss, mark an X in box at left 1 Gross receipts or sales (from U.S. Form 1120, line 1c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Gross profit (from U.S. Form 1120, line 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Other deductions (from U.S. Form 1120, line 26). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Net income (from U.S. Form 1120, line 28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Allowable U.S. wage credit. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Subtract line 5 from line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 State and municipal bond interest not included in U.S. net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Foreign, state or local income, franchise, excise or capital stock taxes deducted from U.S. net income. . . . . . . . . . . 8 9 Section 168(k) “bonus” depreciation adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Section 31I and 31K intangible expense add back adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Section 31J and 31K interest expense add back adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Reserved for future use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 13 Other adjustments, including research and development expenses. See instructions. . . . . . . . . . . . . . . . . . . . . . . . 13 14 Add lines 6 through 13.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Abandoned building renovation deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Dividends deduction (from Schedule E-1, line 9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Exception(s) to the add back of intangible expenses (enclose Schedule ABIE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Exception(s) to the add back of interest expenses (enclose Schedule ABI). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Income subject to apportionment. Subtract the total of lines 15 through 18 from line 14. . . . . . . . . . . . . . . . . . . . . 19 20 Income apportionment percentage (from Schedule F, line 5 or 1.0, whichever applies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Multiply line 19 by line 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 22 Income not subject to apportionment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 23 Total net income allocated or apportioned to Massachusetts. Add lines 21 and 22. . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 Certified Massachusetts solar or wind power deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 25 Massachusetts taxable income before net operating loss deduction. Subtract line 24 from line 23. . . . . . . . . . . . . 25 26 Net operating loss deduction (enclose Schedule NOL). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 Massachusetts taxable income. Subtract line 26 from line 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 28 Total net operating loss available for carryover to future years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 × .10 = 15
Extracted from PDF file 2020-massachusetts-form-355.pdf, last modified October 2020

More about the Massachusetts Form 355 Corporate Income Tax

We last updated the Massachusetts Business or Manufacturing Corporation in March 2021, and the latest form we have available is for tax year 2020. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Massachusetts Department of Revenue. You can print other Massachusetts tax forms here.


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Related Massachusetts Corporate Income Tax Forms:

TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Massachusetts Form 355.

Form Code Form Name
Form 355-ES Corporate Estimated Tax Payment Vouchers
Form 355SBC Small Business Corporation Excise Return
Form 355S-PV Massachusetts Corporate Payment Voucher
Form 355-7004 Corporate Extension Worksheet
Form 355RD Statement Relating to Research and Development
Form 355-PV Massachusetts Corporate Payment Voucher
Form 355Q Application for Manufacturing Classification
Form 355S Massachusetts S Corporation Excise Return
Form 355U Excise for Taxpayers Subject to Combined Filing
Form 355-ES-2019 Corporate Estimated Tax Payment Vouchers

Download all MA tax forms View all 127 Massachusetts Income Tax Forms


Form Sources:

Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Form 355 from the Department of Revenue in March 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 Massachusetts Form 355

We have a total of ten past-year versions of Form 355 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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