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Massachusetts Free Printable 355SV for 2020 Massachusetts Taxation of Ships and Vessels

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Taxation of Ships and Vessels
355SV

Massachusetts Department of Revenue Form 355SV Taxation of Ships and Vessels For calendar year 2019 or taxable period beginning 2019 2019 and ending Name of corporation Federal Identification number Phone number Mailing address City/Town State Zip Fill in if: Amended return (see “Amended Return” in instructions)      Final return Ship or Vessel Excise Computation. See instructions. State value of the corporation’s interest in all ships or vessels engaged in interstate or foreign carrying trade or engaged exclusively in fishing, and documented and carrying papers under U.S. law during the period of its business in the year preceding the last day of its taxable year. a. Registered name of ship or vessel b. Pct. of ownership of reporting corporation c. Value of interest d. Accumulated depreciation (cannot exceed value of interest) 1 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Total value of interest in all ships or vessels (from line 1, col. c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Total accumulated depreciation in all ships or vessels (from line 1, col. d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Subtract line 3 from line 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Tax. Multiply line 4 by .0033333. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Declaration We, the undersigned president and treasurer of the above-named corporation, each for himself states under the penalties of perjury that to the best of his knowledge and belief, the items of value as above set forth are true and accurate in every particular. Signature of president Date Signature of treasurer Date Schedule 355SV Instructions 2019 Massachusetts Tax Change Line Instructions Filing due dates Ship or Vessel Excise Computation Beginning with tax returns due on or after January 1, 2018, Massachusetts General Laws (MGL) ch 62C, §§ 11 and 12 require C corporations to file their tax returns on or before the 15th day of the fourth month following the close of each taxable year (April 15 in the case of corporations filing on a calendar year basis). The law did not change the filing due date for S corporation tax returns, which remains the 15th day of the third month following the close of each taxable year. See TIR 17-5. The taxpayer must report the value of the corporation’s interest in all ships or vessels engaged in interstate or foreign carrying trade, or engaged exclusively in fishing, and documented and carrying papers under U.S. law during the period of its business in the year preceding the last day of its taxable year. For calendar year filers, returns are due Wednesday, April 15, 2020. Column d Revisions to Form 355SV Accumulated depreciation on such ship or vessel. Column d must be reported as a positive amount and must not exceed the value of interest. Form 355SV allows for entry of multiple ships and vessels on a single form. The taxpayer will enter data for multiple ships or vessels, from which the total value of interest in all ships or vessels and the total tax due will be calculated. Ship and Vessel Excise Tax Massachusetts business corporations holding an interest in ships or vessels engaged in interstate or foreign carrying trade, or engaged exclusively in fishing, and documented and carrying papers under U.S. law are subject to the special ship and vessel excise tax measured by the value of such interest pursuant to MGL ch 63, § 67: The Commissioner shall annually assess as of the last day of the taxable year, as defined in MGL ch 63, § 30.6, an excise tax upon the interest of every corporation organized under the laws of the Commonwealth of Massachusetts and having a place of business therein, in any ship or vessel which has, during the period of its business in the year preceding such day, been engaged in interstate or foreign carrying trade or engaged exclusively in fishing and documented and carrying papers under U.S. law, which tax shall be onethird of one percent upon the value of such interest as determined by him. If the Commissioner is satisfied of the truth of the return filed pursuant to MGL ch 62C, § 12, he shall deduct said value from the value of its corporate franchise, if it is taxable under MGL ch 63, § 58. Corporations subject to the ship and vessel excise tax must file Form 355SV, together with payment in full of tax due, on or before the 15th day of the fourth month after the close of the taxable year. Column c Value of interest, in U.S. dollars.
Extracted from PDF file 2019-massachusetts-form-355sv.pdf, last modified February 2020

More about the Massachusetts Form 355SV Other TY 2019

We last updated the Taxation of Ships and Vessels in March 2020, so this is the latest version of Form 355SV, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 355SV directly from TaxFormFinder. You can print other Massachusetts tax forms here.

Other Massachusetts Other Forms:

TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form M-4 Massachusetts Employee's Withholding Exemption Certificate
Form M-941 Employer’s Return of Income Taxes Withheld
Form 355SBC Small Business Corporation Excise Return
Form NHR New Hire and Independent Contractor Reporting Form
Form M-4852 Substitute for Form W-2, Wage and Tax Statement

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 355SV from the Department of Revenue in March 2020.

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Historical Past-Year Versions of Massachusetts Form 355SV

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