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Alabama Free Printable  for 2024 Alabama Recipient’s Share Of Capital Credit For Business Entities, Including Trusts

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Recipient’s Share Of Capital Credit For Business Entities, Including Trusts
Schedule KRCC-B

SCHEDULE KRCC-B Reset Form *XX0001KB* Alabama Department of Revenue Recipient's Share Of Capital Credit For Business Entities, Including Trusts For the tax year beginning • ____________________, 20_____ and ending • ____________________, 20_____. PART I - RECIPIENT INFORMATION Recipient’s Name: • FEIN : • PART II - PROJECT INFORMATION Project Number: • Project Entity Name: • Distributing Entity Name: • Project's Placed in Service Date: • Distributing Entity FEIN: • PART III - CAPITAL CREDIT CALCULATION 1. Recipient's share of project income in Alabama (Form K-RCC, Part III, line 3) . . . . . . . . . . . . . . 2. Recipient's Alabama tax liability generated by project income. (See Part IV below for allocation method). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Recipient's share of capital credit available for this tax year (Form K-RCC, Part III, line 5) . . . . . 4. Capital credit eligible to be applied to recipient's tax liability (enter lesser of line 2 and line 3) . . 1 • 2 • 3 • 4 • PART IV - ALLOCATION METHOD SCHEDULE - COMPLETE ONLY IF ALLOCATION METHOD IS USED 1. Recipient's share of project income in Alabama (from Part III, line 1 above) . . . . . . . . . . . . . . . . 2. Recipient's total income (from recipient's Alabama income tax return) If C corporation, enter the Alabama income before federal income tax deduction; If fiduciary or estate, add the Alabama taxable income and total ESBT income and enter here 3. Allocation percentage (divide line 1 by line 2) If line 1 is greater than line 2, enter 100% . . . . . . 4. Recipient's tax liability (from recipient's Alabama income tax return) . . . . . . . . . . . . . . . . . . . . . . 5. Tax liability generated by project income (multiply line 4 by line 3). Enter this amount on Part III, line 2 above. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 • 3 • 4 • % 5 • Instructions This form is used to calculate the recipient's tax liability generated from the qualifying project. Complete a Schedule KRCC-B for each project. Form K-RCC (as received from the distributing entity) and Schedule KRCC-B must be attached to the income tax return. Do not use Schedule KRCC-B if the taxpayer is the project entity. If recipient is using the allocation method to determine the Alabama tax liability generated by project income, complete Part IV. If using the with/without method, see instructions below. With/Without Method Step 1 – If the with/without method is chosen, you must complete two federal income tax returns through the tax liability line. The return to be filed with the Internal Revenue Service should include the income from the project operations. A second return must be completed through the tax liability line but should not include the project income in Alabama. The federal income tax deduction related to the project income in Alabama is the difference in the amount shown on the return to be filed and the second return. If this taxpayer is a member of a group which files a consolidated federal income tax return, the federal income tax attributable to the project is the increase in the federal income tax apportionable to Alabama based on Alabama taxable income with and without project income. Step 2 – Once you have completed the federal returns, you must complete two Alabama income tax returns through the tax liability line. The return to be filed with the Alabama Department of Revenue should include the income from the project operations. A second return must be completed through the tax liability line but should not include the project income in Alabama. The applicable federal income tax deduction should be indicated from the federal returns completed in Step 1. The Alabama tax liability generated by the project income in Alabama is the difference in the amount shown on the return to be filed and the second return. If this taxpayer is a member of a group which files a consolidated Alabama income tax return, the Alabama income tax attributable to the project is the increase in the Alabama income tax apportionable to Alabama based on Alabama taxable income with and without project income. The second returns should be maintained for audit purposes and are not to be filed with the first return. ADOR
Extracted from PDF file 2023-alabama-schedule-krcc-b.pdf, last modified August 2019

More about the Alabama Schedule KRCC-B Corporate Income Tax TY 2023

We last updated the Recipient’s Share Of Capital Credit For Business Entities, Including Trusts in February 2024, so this is the latest version of Schedule KRCC-B, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule KRCC-B directly from TaxFormFinder. You can print other Alabama tax forms here.

Related Alabama Corporate Income Tax Forms:

TaxFormFinder has an additional 47 Alabama income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Alabama Schedule KRCC-B.

Form Code Form Name
Schedule KRCC Project/Distributing Entity Share Of Capital Credit
Schedule KRCC-I Recipient’s Share Of Capital Credit For Individual Taxpayers

Download all AL tax forms View all 48 Alabama Income Tax Forms


Form Sources:

Alabama usually releases forms for the current tax year between January and April. We last updated Alabama Schedule KRCC-B from the Department of Revenue in February 2024.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Alabama Schedule KRCC-B

We have a total of three past-year versions of Schedule KRCC-B in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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