The Vermont BI-472 form is a crucial document used for reporting business income and determining tax obligations for entities operating in Vermont. This form helps businesses outline their income sources, including ordinary business income, rental income, and capital gains. Completing the BI-472 accurately ensures compliance with state tax regulations and facilitates the proper calculation of taxes owed.
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The Vermont BI-472 form is a critical document for entities operating within the state, specifically tailored for reporting business income. This form captures various income and loss categories, including ordinary business income, net rental real estate income, and guaranteed payments, among others. It requires entities to report amounts in whole dollars, ensuring clarity and precision. Additionally, the BI-472 facilitates the calculation of apportioned income based on the entity's operations in Vermont, reflecting the importance of accurate tax reporting. Key sections of the form address capital gains, deductions, and income directly allocable to Vermont, providing a comprehensive overview of the entity's financial activities. Completing this form correctly is essential for compliance and to avoid potential penalties. Understanding each line item and its implications can significantly impact the entity's tax obligations and overall financial health.
Vermont Non-Composite
*184721100*
Schedule BI-472
* 1 8 4 7 2 1 1 0 0 *
PRINT in BLUE or BLACK INK
ATTACH TO FORM BI-471
Entity Name (same as on Form BI-471)
Fiscal Year Ending (YYYYMMDD)
FEIN
Place an “X” in the box left of the line number to indicate a loss amount.
Enter all amounts in whole dollars.
1.
Ordinary Business Income (federal Form 1120S, Line 21 or
Check to
federal Form 1065, Line 22)
1
ç indicate
.00
2.
Net Rental Real Estate Income (federal Form 1120S, Schedule K, Line 2, or
loss
2
federal Form 1065, Schedule K , Line 2)
3.
Other Net Rental Income (federal Form 1120S, Schedule K, Line 3c, or
3
federal Form 1065, Schedule K, Line 3c)
4.
Guaranteed Payments (Partnership only - federal Form 1065, Schedule K, Line 4)
4
5.
Net short term and long term capital gains or losses. (federal Form 1120S,
Schedule K, Lines 7 and 8a, or federal Form 1065, Schedule K, Lines 8 and 9a.). . .
5
6.
Net section 1231 gain or loss. (federal Form 1120S, Schedule K, Line 9, or
federal 1065, Schedule K Line 10)
6
7.
Other income or loss. (federal Form 1120S, Schedule K, Line 10, or
7
federal Form 1065, Schedule K, Line 11.)
8.
Section 179 Deduction (federal Form 1120S, Schedule K, Line 11 or
Federal Form 1065, Schedule K, Line 12)
8
9.
Apportionable income (Add Lines 1-7, then subtract Line 8)
9
10.
Apportionment percentage (From Schedule BA-402, or 100%)
10
%
11.
Business Income Apportioned to Vermont (Multiply Line 9 by Line 10)
11
12.
Income directly allocable to Vermont generated by this entity
(Capital gain on real estate and physical assets located in Vermont, royalties on
property located in Vermont, etc.)
12
13.
Vermont business income distributed to this entity by a
different entity via Schedule K-1VT
13
14.
Vermont sourced capital gain distributed to this entity via
Schedule K-1VT
14
15.
Other Vermont sourced income distributed to this entity by a
15
16.
Total Vermont Net Income (Add Lines 11 through 15)
16
17.
Percentage of income from Line 16 passed through to nonresidents
17
18.
Total income passed through to nonresidents (Multiply Line 16 by Line 17)
18
19.
Nonresident estimated payment requirement (Multiply Line 18 by 6.6%)
19
5454
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Rev. 10/18
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