10-014 Code Vt. R. 10-060-014-X - FORM OF VERMONT CORPORATE INCOME TAX RETURN

Section 5862.1 FORM OF VERMONT CORPORATE INCOME TAX RETURN

(a) Vermont Return, Form 104 - The former Vermont corporation franchise tax return was a virtual facsimile of the Federal corporation income tax return, Form 1120. For the purpose of simplicity, the Vermont corporate income tax return, Form 104, has been revised to a single sheet, two-page form. The face of the Vermont return provides for the computation of the Vermont tax beginning with the federal taxable income brought forward from the Federal return. The reverse of the Vermont return is a schedule for the allocation of receipts, salaries and property, providing for the computation of the Vermont allocation percentage for those taxpayers eligible to use it.

(b) Federal Return, Form 1120 or 1120-S - The Vermont return, Form 104, must be accompanied by a legible copy of the U.S. corporation income tax return, Form 1120 (or in the case of a "tax-option" corporation, Form 1120-S), together with all supporting schedules for the same taxable period. The Federal return and schedules form an integral part of the Vermont return. Failure to file any such part constitutes failure to file a Vermont corporate income tax return. Adopted, November 1, 1967

Notes

10-014 Code Vt. R. 10-060-014-X

Effective Date: November 1967