Massachusetts Form 1120 (Schedule G) 2011-2025

Massachusetts Form 1120 (Schedule G): What You Should Know

If so, report the transfer. b. Did any individual or estate own directly 20% or more, or own, directly or indirectly (for personal purposes) 20% or more, in any financial institution as of January 1, 2023? If so, file the information separately. See Question 12. 2. Do you have a business (as defined in  Part 4 of Form 8832) that is a trade or business of any kind under the trade or business laws of any State, or under the commerce laws of the United States, or which is conducted principally for non-profit or cooperative purposes? Yes. A domestic corporation is a trade or business of any kind under the trade or business laws of any State under the commerce laws of the United States. The term does not include a farm, fishing boat, winery, distilled spirits plant, or similar enterprise engaged in the business of manufacturing spirits, wines, or beer for resale outside the United States. The term does not include a cooperative if at least 50% of the stock of the corporation is owned (1) by 5 or more people who are related (other than cousins) to the corporation's members or directors or who are related (other than from their common father) by blood (as described in Section 408(b) of the Internal Revenue Code); (2) by individuals or corporations that qualify as nonprofits under Internal Revenue Code Section 501(c)(3) or (4); or (3) by individuals or corporations that qualify as cooperatives under Internal Revenue Code Section 104(h). See Tax Topic 861, Cooperative Charters and Cooperative Associations. Yes. See Tax Topic 861, Business Corporations. 3. Were you the legal or beneficial owner of, or were there an ownership transfer of, any property on January 1, 2023? 4. Do you have income from the following sources for 2017, including a gain reported in box 2, column (e), which is the total income from an interest in a partnership or from a passive activity, such as a trade or business conducted for profit? Yes. The sale and transfer of property (as described in section 1256 of the Internal Revenue Code) for gain or loss. Yes.

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