|
|  |
 Printer Friendly
 Text Version  Email Page
| B38. May a taxpayer that has no MBT filing obligation for 2008 file Form 4593 (documenting the future section 201(2)(i) deduction regarding the book-tax difference) as a free-standing form,in order to preserve the possibility of taking |
No,Form 4593 may not be filed as a free-standing form. Form 4593 was designed
to establish an offset for future use to a deferred liability required by GAAP
for the transition from SBT to MBT. The transition period is generally in 2007
after enactment of the MBT legislation,and there is only one opportunity for MBT
taxpayers to file Form 4593,documenting their book-tax difference and preserving
their entitlement to claim certain future deductions based upon that
calculation. Persons who are not subject to the MBT in 2008 or who were not
subject to the SBT would not have established a deferred liability for the
transition from SBT to MBT,and therefore will not be eligible to take the
section 201(2)(i) deduction. Such persons therefore have no need to file Form
4593.
For MBT taxpayers,the Department will require that Form 4593 be filed together
with the taxpayer's 2008 annual MBT return (with a valid extension extending the
deadline for filing Form 4593,as well). The Department will only accept Form
4593 from MBT taxpayers in conjunction with their 2008 annual MBT return.
However,SBT taxpayers who have no 2008 MBT liability because they fail to meet
the filing threshold,but who record a one-time book-tax difference under GAAP in
the accounting period that includes the enactment of the MBT,may file a zero
liability MBT return for 2008,along with Form 4593.
|
|
