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Michigan Business Income Worksheet
Extracted from PDF file 2023-michigan-form-4746.pdf, last modified January 2024Business Income Worksheet
Michigan Department of Treasury 4746 (04-21), Page 1 FEIN or TR Number UBG Member FEIN or TR Number Business Income Worksheet Complete the appropriate parts below, based on the person’s organization type. Part 1 is for an Individual or Fiduciary; Part 2 is for a C Corporation (or a person filing federal returns as a C Corporation); and Part 3 is for a Partnership or S Corporation (or a person filing a federal return as a Partnership or an S Corporation). This worksheet will calculate business income as defined by law in most circumstances. Taxpayers and tax professionals are expected to be familiar with uncommon situations within their experience, which produce business income not identified by specific lines on this worksheet, and report that amount on the most appropriate line. Include an attachment explaining that line. The Michigan Department of Treasury may adjust the figure resulting from this worksheet to account properly for such uncommon situations. Complete and attach this worksheet to your return. Unitary Business Groups (UBG) must complete and attach a worksheet for each member. PART 1: INDIVIDUALS AND FIDUCIARIES 1. 2. 3. 4. 00 00 00 00 5. 6. 7. 00 00 00 Adjustments due to decoupling of Michigan depreciation from section 168(k) of IRC. If adjustment is negative, enter as negative: a. Net bonus depreciation adjustment (b) ............................................................................................................. b. Gain/loss adjustment on the sale of an eligible depreciable asset (c) .............................................................. 9. Add lines 8a and 8b. If negative, enter as negative.............................................................................................. 8a. 8b. 9. 00 00 00 Total business income after adjustment. Add lines 7 and 9. Carry amount to Form 4567, line 28. For a UBG member, carry amount to Form 4580, Part 2A, line 30 ....................................................................... 10. 00 11. 00 12. 13. 14. 00 00 00 Adjustments due to decoupling of Michigan depreciation from section 168(k) of IRC. If adjustment is negative, enter as negative: a. Net bonus depreciation adjustment (b) ............................................................................................................. 15a. b. Gain/loss adjustment on the sale of an eligible depreciable asset (c) .............................................................. 15b. 16. Add lines 15a and 15b. If negative, enter as negative.......................................................................................... 16. 00 00 00 Total business income after adjustment. Add lines 14 and 16. Carry amount to Form 4567, line 28. For a UBG member, carry amount to Form 4580, Part 2A, line 30 ....................................................................... 17. 00 18a. 18b. 18c. 18d. 18e. 18f. 18g. 18h. 18i. 18j. 19. 00 00 00 00 00 00 00 00 00 00 00 1. U.S. Form 1040, Schedule C or C-EZ, net profit/loss............................................................................................ 2. U.S. Form 1040, Schedule D, gain/loss (a) ............................................................................................................. 3. U.S. Form 1040, Schedule E, line 26 rent and royalty income/loss ...................................................................... 4. U.S. Form 4797 gain/loss not included in Schedule D (a)....................................................................................... 5. Domestic Production Activities deduction based on IRC § 199 reported on U.S. Form 8903, to the extent deducted from federal taxable income (d) ............................................................................................................... 6. Other Income. Include an attachment explaining this line. .................................................................................... 7. Total business income before adjustment. Add lines 1 through 6 ..................................................................... 8. 10. PART 2: C CORPORATIONS 11. Federal taxable income from U.S. Form 1120....................................................................................................... 12. Domestic Production Activities deduction based on IRC § 199 reported on U.S. Form 8903, to the extent deducted from federal taxable income (d) ............................................................................................................... 13. Miscellaneous. Include an attachment explaining this line .................................................................................... 14. Total business income before adjustment. Add lines 11, 12 and 13 ............................................................... 15. 17. PART 3: PARTNERSHIPS AND S CORPORATIONS 18. U.S. Form 1065, or 1120S Schedule K, Income (loss): a. Ordinary income/loss....................................................................................................................................... b. Net real estate rental income/loss ................................................................................................................... c. Net other rental income/loss............................................................................................................................ d. Interest, dividend, and royalty income ............................................................................................................. e. Net short-term gain/loss .................................................................................................................................. f. Net long-term gain/loss.................................................................................................................................... g. Other portfolio income/loss.............................................................................................................................. h. Guaranteed payments to partners or wages paid to a member of a LLC Partnership .................................... i. Other net gain/loss under section 1231........................................................................................................... j. Other income. Include an attachment explaining this line ............................................................................... 19. Total income/loss. Add lines 18a through 18j...................................................................................................... Continued on Page 2 4746, Page 2 FEIN or TR Number UBG Member FEIN or TR Number PART 3: PARTNERSHIPS AND S CORPORATIONS (CONT.) 20. U.S. Form 1065 or 1120S, Schedule K, Deductions: a. Charitable contributions................................................................................................................................... b. Section 179 expense ....................................................................................................................................... c. Deductions related to portfolio income ............................................................................................................ 20a. 20b. 20c. 00 00 00 d. Other deductions, excluding deductions for domestic production activities (IRC § 199).(d) Include an attachment explaining this line................................................................................................................................................. Total deductions. Add lines 20a through 20d ...................................................................................................... Total business income before adjustments. Subtract line 21 from line 19 ....................................................... 20d. 21. 22. 00 00 00 Adjustments due to decoupling of Michigan depreciation from section 168(k) of IRC (If adjustment is negative, enter as negative): a. Net bonus depreciation adjustment (b) ............................................................................................................. 23a. b. Gain/loss adjustment on the sale of an eligible depreciable asset (c) .............................................................. 23b. Add lines 23a and 23b. If negative, enter as negative.......................................................................................... 24. 00 00 00 Total business income after adjustment. Add lines 22 and 24. Carry amount to Form 4567, line 28. For a member of a UBG, carry amount to Form 4580, Part 2A, line 30 ................................................................ 00 21. 22. 23. 24. 25. 25. (a) U.S. Forms 1040D and 4797: Report only gains or losses from assets used in a business activity. Do not include personal gains and losses. (b) For the computation of business income for Michigan Business Tax (MBT) purposes, persons who claimed a federal special depreciation deduction under IRC § 168(k) on property first placed in service in 2008 or later must calculate the net bonus depreciation adjustment on those assets as follows: net bonus depreciation adjustment in tax year equals the total federal depreciation claimed in tax year less the total amount of depreciation that would be claimed in the federal return in the tax year if the person had elected not to utilize the bonus depreciation allowance at IRC § 168(k). A person may not elect IRC § 179 expensing of an asset for MBT purposes if it did not elect to use IRC § 179 for that asset federally. (c) For the computation of business income for MBT purposes, persons who claimed a federal special depreciation deduction under IRC § 168(k) on property first placed in service in 2008 or later and subsequently disposed of that property in the current tax year must calculate the gain/loss adjustment on the sale of those assets as follows: gain/loss adjustment in tax year equals the total amount of federal depreciation that would be claimed in the federal return over the years (starting the year the asset was placed in service and ending on the current tax year) if the person had elected not to utilize the bonus depreciation allowance at IRC § 168(k) on the property being disposed LESS the total federal depreciation claimed over the years (starting the year asset was placed in service and ending on the current tax year). A person may not elect IRC § 179 expensing of an asset for MBT purposes if it did not elect to use IRC § 179 for that asset federally. (d) Generally, IRC 199 was repealed effective for tax years beginning after December 31, 2017. Therefore, most taxpayers will leave this line blank. However, the federal deduction can still be taken in limited circumstances or it’s possible that a member of a UBG return includes in this return its tax year beginning before January 1, 2018. In any case, to the extent a deduction was taken in this tax year’s federal taxable income, report that deduction here.
4746, Business Income Worksheet
More about the Michigan Form 4746 Corporate Income Tax TY 2023
We last updated the Business Income Worksheet in February 2024, so this is the latest version of Form 4746, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 4746 directly from TaxFormFinder. You can print other Michigan tax forms here.
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TaxFormFinder has an additional 97 Michigan income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 4891 | CIT Annual Return |
| Form 4567 | Business Tax Annual Return |
| Form 4763 | E-file Authorization for Business Taxes MI-8879 (OBSOLETE) |
| Form MI W-4P | Withholding Certificate for Michigan Pension or Annuity Payments |
| Form 4918 | Annual Flow-Through Withholding Reconciliation Return (OBSOLETE) |
View all 98 Michigan Income Tax Forms
Form Sources:
Michigan usually releases forms for the current tax year between January and April. We last updated Michigan Form 4746 from the Department of Treasury in February 2024.
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 Michigan Form 4746
We have a total of twelve past-year versions of Form 4746 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 4746
4746, Business Income Worksheet
2022 Form 4746
4746, Business Income Worksheet
2021 Form 4746
4746, Business Income Worksheet
2020 Form 4746
4746, Business Income Worksheet
2019 Form 4746
4746, 2019 Michigan Business Tax Business Income Worksheet
2018 Form 4746
4746, Business Income Worksheet
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