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NY Tax –Form CT-33
Question 1 – To compute the alternative tax measured by income plus compensation:
A: Add the unallocated entire net income from line 81 and the total salaries and compensation
paid to the officers and stockholders from line 61. If line 81 is a loss, subtract it from line
61.
B: Deduct $15,000 (or a proportionate part if the return is for a period of less than one year)
from the amount computed at item A above.
C: Multiply the result of item B above by 30% (.30).
D: Multiply the amount computed at item C above by the allocation percentage from line 45.
E: Enter the result of item D above next to line 3, and multiply the result by 9% (.09) to
compute the tax.
Enter the answer here and on the return. (Please find the appropriate line on the return and
write the answer both places) ___________________________________________________
Question 2:
Review this New York return and locate the taxable amount _________________________
(hint: it is also the limitation taxable amount)
Question 3:
Go to Schedule D.
Please calculate the missing number on lines 48, 49, and 52.
Enter the answers here and on the return:
_____________________ ___________________
______________________
Question 4:
Please read the attached instructions and figure out the amount for lines 7, 9a, and 9c.
Enter the answer here and on the return:
____________________ _____________________ _______________________
Attached instructions for lines 7, 9a and 9c:
Line 1 – Multiply the entire net income on this line by 7.5% (.075).
Line 3 – To compute the alternative tax measured by income plus compensation:
a. Add the unallocated entire net income from line 81 and the total salaries and
compensation paid to the officers and stockholders from line 61. If line 81 is a
loss, subtract it from line 61.
b. Deduct $15,000 (or a proportionate part if the return is for a period of less than
one year) from the amount computed at item A above.
c. Multiply the result of item B above by 30% (.30).
d. Multiply the amount computed at item C above by the allocation percentage
from line 45.
e. Enter the result of item D above next to line 3, and multiply the result by 9%
(.09) to compute the tax.
Line 7 – Amount from 1,2,3, or 4, whichever is largest, plus the subsidiary capital base tax
on line 5, and the premiums tax on line 6. Enter the result on this line.
Line 9a – Enter amount of Line 7 or 8, whichever is larger.
Line 9b – Enter the amount of Empire Zone (EZ) or Zone Equivalent Area (ZEA) tax
credits being claimed on line 102. A special rule applies to taxpayers claiming EZ or ZEA
credit. EZ and ZEA tax credits must be subtracted from the tax reported in line 9a and may
not be deducted from the tax reported on line 11.
Line 9c – Subtract line 9b from line 9a and then enter the result on this line. The amount
after EZ or ZEA tax credits claimed may not reduce the tax due on line 9c below the
minimum tax of $250. If you have a net recapture of EZ capital tax credit, add this amount
to the total tax on line 9c.
CT-33
New York State Department of Taxation and Finance
Life Insurance Corporation
Franchise Tax Return
Tax Law - Article 33
File number
Employer identification number (EIN)
9
8
7
6
5
4
3
2
1
L L
ending
12/31/2014
If you claim an
overpayment, mark
an X in the box
Business telephone number
6
(
817
)
555-5555
.......
.......
.....
6/1/2014
All filers must enter tax period: beginning
.....
.....
.....
.......
Amended
return .......
Trade name/DBA
Legal name of corporation
Life Company domiciled in New York
Mailing name (if different from legal name above)
State or country of incorporation Date received (for Tax Department use only)
c/o
New York
Number and street or PO box
Date of incorporation
November 13, 1987
Mailing Address xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
State
2
3
4
5
6
December 16, 1988
If your name, employer identification number, address, Audit (for Tax Department use only)
or owner/officer information has changed, you must file
Form DTF-95. If only your address has changed, you
may file Form DTF-96. You can get these forms from
our Web site or by fax, or phone. See the Need help?
section of the instructions.
.....
1
77777-7777
S2
If address above .......
is new, mark an
X in the box
.......
.....
NAICS business code number (see instructions)
Principal business activity
55,290.77
A.
Attach a complete copy of your federal return.
.......
.....
.....
.....
• ....... ....... Other:_________________________________
• .......
.......
Yes • .......
No • .......
.....
Have you been audited by the Internal Revenue Service in the past 5 years?
..... .....
.......
Consolidated basis
.....
•
.......
.......
.....
Form 1120-PC
.....
•
.....
.......
.......
.....
Form 1120-L
.....
Payment enclosed
A. Pay amount shown on line 21. Make check payable to: New York State Corporation Tax
Attach your payment here. Detach all check stubs.
B. Federal return filed: (mark an X in one box)
.......
No .......
.....
.....
.......
During the tax year did you do business, employ capital, own or lease property, or maintain an office in the
Yes .......
Metropolitan Commuter Transportation District? If Yes, you must file Form CT-33-M (see instructions).........................................
.....
Mailing City xxxxxxxxxxxxxxxxxxxxxx
Foreign corporations: date began
business in NYS
ZIP code
.....
City
If Yes, list years:
Enter primary corporation name and EIN
Name
EIN
Name
EIN
(if a member of an affiliated federal group):
Enter parent corporation name and EIN
(if more than 50% owned by another corporation):
Attach a copy of your complete federal return, a copy of your Annual Report of Premiums and Exhibit of Premiums and Losses
(New York) as filed with the New York State Insurance Department, and copies of the following schedules from your Annual Statement:
Assets; Liabilities, Surplus and Other Funds; the Summary by County portion of Schedule D, and the Exhibit of Premiums Written,
Schedule T.
Certification. I certify that that this return and any attachments are to the best of my knowledge belief true, correct, and complete.
Paid preparer
use only
Signature of authorized person
Signature of the person preparing this return
Address
Official title
Date
1st Signer Title xxxxxxxxxxxxx
February 28, 2005
Firm's name (or yours if self-employed)
City
State
ZIP code
ID number
Mail your return and attachments to:
Also mail a copy to:
NYS CORPORATION TAX
PROCESSING UNIT
PO BOX 22038
ALBANY NY 12201-2038
NYS INSURANCE DEPARTMENT
AGENCY BUILDING 1
EMPIRE STATE PLAZA
ALBANY NY 12257
42601041069
Date
Page 2 of 6 CT-33
Computation of tax and installment payments of estimated tax
.....
.....
35,634.42
.............
1 Allocated entire net income (ENI) from line 82...................................... 475,125.57 × .075
• 1.
71,212.00 × .0016
113.94
................
2 Allocated business and investment capital from line 58...........
• 2.
attach computation)
3 Alternative tax (see instructions;.........................................................
× .09................
• 3.
4 Minimum tax....................................................................................................................................................
4.
250 00
1,900.00 × .0008
1.52
5 Allocated subsidiary capital from line 47......................................
.............
• 5.
3,536,781.00 × .007
24,757.47
6 Life insurance company premiums from line 86, column A. .................................
................
• 6.
7 Total tax (amount from line 1, 2, 3, or 4, whichever is largest, plus lines 5 and 6)....................................................................................
• 7.
3,536,782.00 × .015
53,051.73
.....................
8 Section 1505(b) floor limitation on tax (enter amount from line ...............................................................
86, column B)...
• 8.
9a Tax before EZ and ZEA credits (enter amount from line 7 or 8, whichever is larger)................................................................
• 9a.
600.00
9b.
9b EZ and ZEA tax credits claimed (enter amount from line 102) ......................................................................................................
9c Tax after EZ or ZEA tax credits (subtract line 9b from line 9a)..................................................................................
• 9c.
70,735.60
90)
10 Section 1505(a)(2) limitation on tax (enter amount from line .....................
3,536,780.00 × ......................
• 10
.02
59,793.41
11 Tax (enter amount from line 9c or line 10, whichever is less) ................................................................................................
• 11.
20,300.00
12.
12 Tax credits (enter amount from line 103) .........................................................................................................................
39,493.41
13.
(subtract
line
12
from
line
11;
if
less
than
zero,
enter
0
)
...............................................................................................
13 Tax due
First installment of estimated tax for next period:
14a.
14a If you filed a request for extension, enter amount from Form CT-5, line 2.....................................................
15,797.36
14b.
14b If you did not file Form CT-5 and line 13 is over $1,000, enter 40% (.40) of line 13 ......................................
55,290.77
15.
15 Total (add line 13 and line 14a or 14b) ..................................................................................................................................
16.
16 Total prepayments from line 101.........................................................................................................................
55,290.77
17.
17 Balance (if line 16 is less than line 15, subtract line 16 from line 15) .....................................................................................
.......
18.
18 Penalty for underpayment of estimated tax (mark an X in the box if Form CT-222 is attached)
...............................................
.......
19.
19 Interest on late payment (see instructions)...................................................................................................................
20.
20 Late filing and late payment penalties (see instructions) ................................................................................
55,290.77
21.
21 Balance due (add lines 17 through 20; enter payment on line A) ..................................................................
22.
22 Overpayment (if line 15 is less than line 16, subtract line 15 from line 16) ................................................................
23.
23 Amount of overpayment to be credited to next period...........................................................................
24.
24 Balance of overpayment (subtract line 23 from line 22) ...........................................................................................
25.
25 Amount of overpayment to be credited to Form CT-33-M..................................................................................
26.
26 Refund of overpayment (subtract line 25 from line 24) ............................................................................................
27a.
27a Refund of tax credits (see instructions) ..........................................................................................................................
27b.
27b Tax credits to be credited as an overpayment to next year's tax return (see instructions).......................
93.0215 %
28.
28 Issuer's allocation percentage from line 93.........................................................................................................
1.7225 %
29.
29 Reinsurance allocation percentage from line 39................................................................................................
Schedule A — Allocation of reinsurance premiums when location of risks cannot be determined
(see instructions; attach separate sheet if necessary)
A
Name of ceding company
B
Reinsurance premiums
received
C
D
Reinsurance premiums
allocated to New York State
Reinsurance
allocation %
(column B × column C)
Totals from attached sheet.............................................
30 Total (add column D amounts; enter here and include on line 34) ...............................................................................
30.
•
42602041069
Page 3 of 6
CT-33 (2004)
Schedule B — Computation of allocation percentage (If you do not claim an allocation, enter 100 on line 45; see instructions)
New York taxable premiums.......................................................................................
31.
3,536,780.00
New York ocean marine premiums...........................................................................
32.
New York premiums for annuity contracts and insurance for the elderly....... 33.
New York premiums on reinsurance assumed (see instructions) ..................................................
34.
Total New York gross premiums (add lines 31 through 34) ....................................
35.
3,536,780.00
New York premiums ceded that are included on line 35.....................................
36.
Total New York premiums (subtract line 36 from line 35) ..............................................
37.
3,536,780.00
Total premiums.............................................................................................................
205,328,932.00
38.
1.7225 %
New York premium percentage (divide line 37 by line 38; enter here and on line 29) ...............................................
39.
Weighted New York premium percentage (multiply line 39 by nine) ........................................................................
%
15.5025
40.
New York wages, salaries, personal service compensation,
23,000.00
and commissions........................................................................................................................
41.
42 Total wages, salaries, personal service compensation,
1,000,000.00
and commissions...................................................................................................................................
42.
2.3000 %
43 New York payroll percentage (divide line 41 by line 42) ............................................................................................
43.
44 Total New York percentages (add lines 40 and 43) ....................................................................................................
17.8025
%
44.
45 Allocation percentage (divide line 44 by ten; if line 39 or 43 is 0 , see instructions) .................................................
1.7803 %
45.
Schedule C — Computation and allocation of subsidiary capital (attach separate sheets displaying the information
formatted as below if necessary)
31
32
33
34
35
36
37
38
39
40
41
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
A -- Description of subsidiary capital (list the name of each corporation and the EIN here; for each corporation, complete columns B through G on the corresponding
lines below)
Item
Name
EIN
Corporation 1
Corporation 2
Corporation 3
Corporation 4
A
B
C
D
12-1212121
33-4455677
99-1234567
32-1654987
E
F
G
H
A
Item
A
B
C
D
B
C
% of voting
stock
owned
Average fair market value
50.0%
10.0%
20.0%
30.0%
D
Average value of current
liabilities attributable to
subsidiary capital
10,000.00
2,000.00
3,000.00
4,000.00
5,000.00
1,000.00
2,000.00
3,000.00
E
F
G
Net average fair
market value
(column C - column D)
Issuer's
allocation
%
Value allocated
to New York State
(column E × column F)
5,000.00
1,000.00
1,000.00
1,000.00
20.0%
30.0%
20.0%
40.0%
1,000.00
300.00
200.00
400.00
E
F
G
H
Totals from
attached sheet...................
46 Totals (add amounts
in columns C, D,
and E)
46.
•
•
19,000.00
•
11,000.00
8,000.00
1,900.00
47 Allocated subsidiary capital (add column G amounts; enter here and in the first
box on line 5)
..............................................................................
• 47.
42603041069
Page 4 of 6
CT-33
Schedule D — Computation and allocation of business and investment capital
A
Beginning of year
B
End of year
C
•
•
•
Average fair market
value basis
48 Total assets from annual statement
1,300,000.00 48.
.................................................................
(balance sheet)
49 Fair market value adjustment (attach computation;
3,300,000.00
if negative amount, use a minus (-) sign)
............................
49.
1,200.00
1,800.00 50.
50 Nonadmitted assets from annual statement...................
51 Total assets (add lines 48, 49, and 50) .............................
4,501,200.00
5,801,800.00 51.
52 Current liabilities ...............................................................
801,800.00 52.
53 Total capital (subtract line 52 from line 51) ................................................................................................................
53.
54 Subsidiary capital from line 46, column E .............................................................................................................
54.
55 Business and investment capital (subtract line 54 from line 53) .............................................................................
55.
56 Assets, excluding subsidiary assets included on
Beginning of year
End of year
•
•
•
•
•
•
•
•
line 54, held as reserves under New York State
Insurance Law sections 1303, 1304, and 1305
403,140.00
1,250,000.00
3,900,000.00
1,500.00
5,151,500.00
740,350.00
4,411,150.00
8,000.00
4,403,150.00
•
403,160.00
403,150.00
4,000,000.00
56.
(use same method to value assets as on line 51) .....................................
55)
57 Adjusted business and investment capital (subtract line 56 from line
.......................................................
57.
58 Allocated business and investment capital (multiply line 57 by the allocation percentage
58.
from line 45; enter here and
in the first box on line 2)
........................................................................................................................
•
71,212.00
Schedule E — Computation of adjustment for gains or losses on disposition of property acquired before
January 1, 1974 (you may no longer report gain or loss in the same manner you report it on your federal income tax return)
A
B
Description of property
(attach separate sheet if necessary)
Property 1
Property 2
Property 3
Cost
11,000.00
2,000.00
100.00
C
Fair market
price or value
on Jan. 1, 1974
D
E
F
Value realized
on disposition
New York
gain or loss
Federal
gain or loss
3,000.00
1,000.00
1,000.00
500.00
50.00
-2,000.00
-500.00
-10,000.00
-1,500.00
-50.00
Totals from attached sheet
-2,500.00
-11,550.00
59.
59 Totals ..........................................................................................................................................................
60 New York adjustment (subtract line 59, column F, from line 59, column E; enter here and on line 66;
9,050.00
60.
use a minus (-) sign for negative amounts)
.........................................................................................................................................
Schedule F — Officers (appointed or elected) and certain stockholders (include all officers, whether or not receiving any
compensation, and all stockholders owning more than 5% of taxpayer's issued capital stock who received any compensation)
A
Name and address
(give actual residence;
attach separate sheet if necessary)
John Smith
Mary Johnson
B
Social security
number
C
D
Salary and all other
compensation received
from corporation
Official title
Vice President
Treasurer
55,600.00
38,900.00
Totals from attached sheet ...................................................................................................................................................................
94,500.00
61.
61 Totals (add column D amounts) ..........................................................................................................................................
•
42604041069
Page 5 of 6 CT-33
Schedule G — Computation and allocation of ENI (see instructions)
•
62.
62 Federal taxable income before operations loss or net operating loss (NOL) (see instructions)
........................................
Additions
63 Dividends-received deduction (used to compute line 62) ....................................................................................
63.
64 Dividend or interest income not included in line 62 (attach list) ......................................................................
64.
65 Interest to stockholders:
less 10% or $1,000, whichever is larger..................................
65.
15,678,900.00
•
•
•
66 Adjustment for gains or losses on disposition of property acquired before January 1, 1974
66.
9,050.00
(from line 60) .................................................................................................................................................................................
67.
67 Deductions attributable to subsidiary capital (attach list) ..................................................................................
68.
68 New York State franchise tax deducted on federal return (attach list) .............................................................
16,000,000.00
69a.
69a Amount deducted on your federal return as a result of a safe harbor lease.................................................
69b Amount that would have been required to be included on your federal return except for a
69b.
safe harbor lease ...................................................................................................................................................................
•
•
•
•
•
(see instructions)
..........................................................................................................
70 Total amount of federal depreciation from Form CT-399
• 70.
sheet; see instructions)
71 Other additions (attach explanation on separate
..........................................................................................................
• 71.
31,687,950.00
72 Total (add lines 62 through 71) ............................................................................................................................................
• 72.
Subtractions
.........................................................................
list)
73 Interest, dividends, and capital gains from subsidiary capital (attach
• 73.
74 Fifty percent of dividends from nonsubsidiary corporations (attach list) ........................................................................
• 74.
5,000,000.00
75.
75 Gain on installment sales made before January 1, 1974 (attach list)........................................................................
•
.......................................................
76 New York operations loss or NOL (attach statement showing computation)
76.
• 77a.
77a Amount included on your federal return as a result of a safe harbor lease .....................................................
•
77b Amount that could have been deducted on your federal return except for a safe harbor lease ....................
• 77b.
78 Total amount of New York depreciation allowed under Article 33 section 1503(b) from
Form CT-399 (see instructions)
.................................................................................................................................
• 78.
see instructions)
79 Other subtractions (attach explanation on separate sheet;....................................................................................
• 79.
80 Total subtractions (add lines 73 through 79) ..........................................................................................................
5,000,000.00
• 80.
26,687,950.00
81 ENI (subtract line 80 from line 72) ..............................................................................................................
81.
•
(multiply line 81 by line 45; enter here and in the first box on line 1) ....................................
82 Allocated ENI
Schedule H — Computation of premiums
(see instructions)
A
Premiums
taxable under
section 1510
Life insurance companies
83
84
85
86
475,125.57
82.
•
•
•
•
83.
Life insurance premiums........................................................................................
84.
Accident and health insurance premiums...........................................................
85.
Other insurance premiums (attach list) ................................................................
Total (add lines 83, 84, and 85; enter column A total in the first box on line 6
86.
and enter column B total in the first box on line
8)
................................................................
B
Premiums included
in tax limitation/floor
computation - section 1505
1,566,680.00
1,970,100.00
•
•
•
•
3,536,780.00
1,566,680.00
1,970,100.00
3,536,780.00
Insurance corporations who receive more than 95% of their premiums from:
87
88
89
90
•
•
•
87.
Annuity contracts........................................................................................................................................................
88.
Ocean marine insurance.........................................................................................................................................
89.
Group insurance on the elderly (Insurance Law, section 4236)......................................................................
90.
3,536,780.00
.....................................................
Total (add lines 86 through 89, column B; enter total here and in the first box on line 10)
Schedule I — Computation of issuer's allocation percentage
•
•
91 New York gross direct premiums ........................................................................................................................
91.
92 Total gross direct premiums ................................................................................................................................
92.
93 Issuer's allocation percentage (divide line 91 by line 92; enter here and on line 28) ................................................
93.
42605041069
3,998,919.00
4,298,919.00
93.0215 %
Page 6 of 6
CT-33
Schedule J — Composition of prepayments (see instructions)
94
95
96
97
98
99
100
101
Date paid
Amount
Mandatory first installment..........................................................................................................
94.
Second installment from Form CT-400....................................................................................
95.
Third installment from Form CT-400........................................................................................
96.
97.
Fourth installment from Form CT-400.......................................................................................
Payment with extension request from Form CT-5, line 5.....................................................
98.
Overpayment credited from prior years............................................................................................................
99.
Period
Overpayment credited from Form CT-33-M
......................................................................
100.
Total prepayments (add lines 94 through 100; enter here and on line 16) ...........................................................
101.
Summary of tax credits claimed against current year's franchise tax (see instructions for lines 9b, 12, 102, and 103)
EZ and ZEA tax credits (attach appropriate form for each credit claimed)
Form CT-601
EZ wage tax credit ..............................................
100.00
Form CT-602 EZ capital
tax credit ....................................................
300.00
Form CT-601.1
ZEA wage tax credit ....
200.00
102 Total EZ and ZEA tax credits claimed above; amount cannot reduce the tax to less than
•
102.
the minimum tax (enter here and on line 9b) ........................................................................................
600.00
Tax credits (attach appropriate form or statement for each credit claimed)
Fire insurance premiums tax credit
(enter amount claimed) ...................................
6,400.00
Form CT-249
Long-term care insurance credit ............
•
Form CT-33-R
Retaliatory tax credits ......................................
Form CT-250
Form CT-33.1
CAPCO credit ..........................................
Form CT-604
QEZE credit for real property taxes.......
•
900.00
3,300.00
Form CT-604
QEZE tax reduction credit ....................
1,200.00
Form CT-43, Special additional
7,000.00
mortgage recording tax credit ....................................
Form DTF-624
Low-income housing credit ...................
1,500.00
Form CT-44, Investment tax credit
for the financial services industries ...........................
Form DTF-630
Green building credit............................
•
Defibrillator credit ..................................................
•
Form CT-41, Credit for employment
of persons with disabilities ...............................
•
•
•
•
•
•
•
Other credits ..................................................
103 Total tax credits claimed above; do not include EZ and ZEA tax credits claimed on line 102
(enter here and on line 12)
.......................................................................................................................................
103.
104 Total tax credits claimed above that are refund eligible (see instructions)..................................................
104.
•
•
42606041069
20,300.00