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KS online Form 2220: What You Should Know

Rev. 07-07). KANSAS UNDERPAYMENT OF ESTIMATED TAX OF CORPORATIONS; CONTRIBUTIONS OF CORPORATION REIMBURSEMENTS FROM WAGE AND EXPENSES If so and if the corporation also does not file Form 1065 on schedule E, pay the estimated tax liability on the first payment received, the first scheduled payment due and the total taxes due. The amount of underpayment is determined by dividing the amount of estimated corporate tax underpayment by the total tax due, plus interest, multiplied by the number of days in the period. The actual amount of underpayment is limited the following limits. The individual must not have any outstanding tax liabilities for which the individual is the debtor at the time of underpayment and must not have any underpayment-related penalty liability for which the individual is the obliged at the time of underpayment. Additionally, the individual cannot be classified as an under payee but can be classified as either a payment debtor or a payment obliged. If there has been a change in status or status of liability, the individual is considered the same as the previous status.  CONTRIBUTIONS OF CORPORATION Taxes due the corporation on the amount included underline on Schedule 11-2, if that amount exceeds the amount of deductions for a qualified domestic manufacturing activity deduction claimed on Schedule 11-1 by more than 5% of the basis. Taxes due the corporation on the amount included underline on Schedule 11-2, if that amount exceeds the amount of any net operating loss (NOT) credit and no depreciation deduction for any taxable year of the corporation for which the corporation is required to file a tax return or other tax return under sections 267(a) or 1. For the purposes of this paragraph, the corporation is required to file a tax return for any taxable year for which the corporation's net operating loss (NOT) credit or tax liability may not be limited by subsection (c) of this section (or section 263A) on a basis substantially less than its basis at the time of the filing of the return. Example: Tax is due in the amount shown in item A. Tax paid is 30,000, but the corporation is allowed a deduction for NOT credit of 10,000. The NOT credit is not limited.

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