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New Mexico Sub-Chapter S Corporate Income and Franchise Tax Return
Form S-Corp-1 (Obsolete) is obsolete, and is no longer supported by the New Mexico Department of Revenue.
Extracted from PDF file 2019-new-mexico-form-s-corp-1.pdf, last modified September 2017Sub-Chapter S Corporate Income and Franchise Tax Return
2017 S-Corp New Mexico Sub-Chapter S *175060200* Corporate Income and Franchise Tax Return Corporation name 1a Mailing address (number and street name) 2a City State Postal/ZIP code 3a If foreign address, enter country CHECK ONE: Foreign province and/or state 3b FEIN (Required) New Mexico CRS Identification No. 5b 5a Fiscal (or Short-Year) Tax Year Starts 6a 6b 4b Amended NAICS Code (Required) 5c Extended Due Date Fiscal (or Short-Year) Tax Year Ends 6c A. State where organized _____________________________________ C. Date business began in New Mexico ____________________ E. Original Return 4a DEPARTMENT USE ONLY B. Date of organization ___________________ D. Date terminated in New Mexico ____________________ Name and address of registered agent in New Mexico mailing address city state ZIP code F. If your business activities were immune from New Mexico corporate income tax under P.L. 86-272 for the 2017 tax year, mark this box. You must also complete and attach Schedule S-Corp-A. 1 1. Income taxable to corporation. (S-Corp-C, line 4, column 1) See instructions.............................................. 2 2. Tax on amount on line 1. See the Tax Rate Table on page 10 in the instructions.......................................... 3 ___.___ 3. New Mexico percentage. Enter 100% or the percentage from S-Corp-C, line 5........................................... 4 4. New Mexico income tax. Multiply line 2 by line 3............................................................................................... 5 5. Total tax credits applied against income tax liability on line 4 (from S-Corp-CR, line A). Attach S-Corp-CR.... 6 6. New Mexico income tax less tax credits. Subtract line 5 from line 4. Cannot be a negative number............ 7 7. Franchise tax. $50 per S corporation or entity taxed as S corporation.......................................................... 8 8. Total income and franchise tax. Add lines 6 and 7............................................................................................. 9 9. Amended returns only. Enter 2017 refunds received and overpayments applied to 2018................................ 10. Subtotal. Add lines 8 and 9.................................................................................................................................. 11. Total payments: Extension Estimated Applied from prior year....................................... 12. New Mexico income tax withheld from oil and gas proceeds. Attach 1099-MISC, RPD-41285.................. 13. New Mexico income tax withheld from pass-through entities. Attach 1099-MISC, RPD- 41359................... 14. Amount from lines 12 and 13 passed to owners (reported on RPD-41367)..................................................... 15. Total payments and tax withheld. Subtract line 14 from the sum of lines 11 through 13................................ 16. Tax due. If line 10 is greater than line 15, enter the difference....................................................................... 17. Penalty. See Instructions................................................................................................................................. 18. Interest. See Instructions................................................................................................................................. 19. Total amount due. Add lines 16, 17, and 18........................................................................................................ 20. Overpayment. If line 15 is greater than line 10, enter the difference............................................................... _% 10 11 12 13 14 15 16 17 18 19 20 20a. Amount of overpayment to apply to 2018 income tax liability. Cannot be more than line 20................. 20a 20b. Amount of overpayment to refund. Subtract line 20a from line 20........................................................... 20b 21. Total portion of tax credits to refund. 21 (from S-Corp-CR, line B). Attach S-Corp-CR............................................................................................... 22. Total refund of overpaid tax and refundable credit due to you. Add lines 20b and 21..................................... 22 4. REQUIRED: WILL THIS REFUND GO TO OR Have your refund directly deposited. See instructions and fill in 1, 2, 3, and 4. Refund Express!! THROUGH AN ACCOUNT LOCATED OUTSIDE THE UNITED STATES? If yes, you may not use this refund delivery option. See instructions. Savings Checking 3. Type: RE3 RE1 1. Routing number: Enter X. Enter X. You must answer RE2 2. Account number: NO RE4 Y E S this question. Taxpayer's Signature I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or an employee of the taxpayer) is based on all information of which preparer has any knowledge. Signature of officer, member, or partner Title Taxpayer's email address Date Contact phone number Paid Preparer's Use Only Signature of preparer if other than employee of the taxpayer Date P1 _______________ Print preparer's name P2 NM CRS Identification number ______________________________ P3 FEIN ________________________ Preparer's PTIN ______________________ Preparer's phone number ______________________________ P4 P5 2017 S-Corp-1 Income Taxable To Owners *175070200* FEIN CALCULATION OF NET INCOME TAXABLE TO OWNERS 1. Ordinary income (loss) from federal Form 1120S, Schedule K............................................ 1 2. Other income (loss) from federal Form 1120S, Schedule K.................................................. 2 3. Interest income from municipal bonds, excluding New Mexico bonds.............................. 3 4. Subtotal of lines 1 through 3............................................................................................................. 4 5. Interest from U.S. government obligations or federally-taxed New Mexico bonds....... 5 6. Allowable deductions from Schedule K......................................................................................... 6 7. Allocated income (from S-Corp-B, line 8, column 1)............................................................................. 7 8. Apportionable income. Subtract lines 5, 6, and 7 from line 4.............................................................. 8 9. Average percentage (from S-Corp-A, line 5)............................................................................................................... 10. New Mexico apportionable income. Multiply line 8 by line 9.......................................................... 10 11. New Mexico allocated income (from S-Corp-B, line 9, column 2).................................................... 11 12. New Mexico taxable income. Add lines 10 and 11............................................................................ 12 _ _ _ . _ _ _ _% 9 2017 S-Corp-A New Mexico Apportionment Factors Column 1 Total Everywhere PROPERTY FACTOR Average annual value of inventory .............................. Average annual value of real property ........................ Average annual value of personal property.................. Rented property. Multiply annual rental value by 8............. Total property...... .......................................................... Percent Inside New Mexico Column 2 Inside New Mexico 1a Calculate each percentage to four decimal places; for example, 22.5431%. 1b 1c 1d 1e 1. Property factor. Divide Total property column 2 by column 1 and then multiply by 100.............................................. PAYROLL FACTOR Total compensation of employees.................. 2a 1 _ _ _ . _ _ _ _% 2 _ _ _ . _ _ _ _% 2. Payroll factor. Divide column 2 by column 1 and then multiply by 100........................................................................+ SALES FACTOR Gross receipts........................................................ 3a 3. Sales factor. Divide column 2 by column 1 and then multiply by 100........................................................................ + 3 _ _ _ . _ _ _ _% 4. Sum of factor percentages. Add lines 1, 2, and 3.............................................................................................. = 4a. Count of factors. Enter the total count of all factors used.................................................. 4a 4 _ _ _ . _ _ _ _% 5. Average Percentage. Divide line 4 by the count of factors used to calculate line 4, and then enter on S-Corp-1, line,9 .................................................................................................................................................. = 5 _ _ A. This entity submitted written notification of its election to use one of the special methods of apportionment of business income for tax year ending ______________. h Month/Day/Year The effective date of the election is B. Mark the box indicating the special method elected. Manufacturers _______________. i Month/Day/Year See instructions. Headquarters Operation _ . _ _ _ _% 2017 S-Corp-B Allocated Non-Business Income Taxable To Owners *175080200* FEIN Column 1 Total Income Everywhere 1. Net non-business dividends........................................................... 1 2. Net non-business interest .............................................................. 3. Net non-business rents (loss)........................................................ 2 4. Net non-business royalties............................................................. 4 5. Net non-business profit on sale of assets (loss) .................... 5 6. Net non-business partnership income (loss)............................ 6 7. Other net non-business income (loss)........................................ 7 Column 2 New Mexico Income 3 8. Total allocated income. Add Column 1, lines 1 through 7, and enter on S-Corp-1, line 7................................................................... 8 9. Total New Mexico allocated income. Add Column 2, lines 1 through 7, and enter on S-Corp-1, line 11..................................... 9 2017 S-Corp-C Allocated And Apportioned Income Taxed To S Corporations If you are an S corporation with federal taxable income, complete this section. Column 1 Total Income Everywhere 1. Capital gains Net capital gains (from Schedule D of federal Form 1120S) See instructions for allocation rules........................................................... Excess net passive income (from federal worksheet in the 1120S . instructions for excess net passive income).............................................. 2 Column 2 New Mexico Income 1 2. Passive income 3. Net recognized built-in gain (from Schedule D, federal Form 1120S).................................................................................. 3 4. Total. Add lines 1, 2, and 3............ ......................................................... 4 5. New Mexico percentage. Divide line 4, column 2 by line 4, column 1, and then multiply by 100. Enter on Form S-Corp, line 3.............................................................................................. 5 _ _ _ . _ _ _ _%
Form S-Corp-1 (Obsolete)
More about the New Mexico Form S-Corp-1 (Obsolete) Corporate Income Tax Tax Return
Obsolete
We last updated the Sub-Chapter S Corporate Income and Franchise Tax Return in April 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the New Mexico Taxation and Revenue Department. You can print other New Mexico tax forms here.
Related New Mexico Corporate Income Tax Forms:
TaxFormFinder has an additional 80 New Mexico income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New Mexico Form S-Corp-1 (Obsolete).
| Form Code | Form Name |
|---|---|
| Form S-Corp INS (Obsolete) | Instructions for Form S-CORP Sub-Chapter S Corporate Income and Franchise Tax Return |
| Form S-Corp-EXT | S-Corp Extension Payment Voucher |
| Form S-Corp-ES | Sub-Chapter S Corporate Income and Franchise Estimated Tax Payment Voucher |
| Form S-Corp-PV | S Corp Tax Payment Voucher |
| Form S-Corp-CR | S-Corp Tax Credit Schedule |
View all 81 New Mexico Income Tax Forms
Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form S-Corp-1 (Obsolete) from the Taxation and Revenue Department in April 2021.
Form S-Corp-1 (Obsolete) is a New Mexico Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
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 New Mexico Form S-Corp-1 (Obsolete)
We have a total of four past-year versions of Form S-Corp-1 (Obsolete) 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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