Il1120 1998 form-2025

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The document is the Illinois Corporation Income and Replacement Tax Return (Form IL-1120) for the fiscal year 1998. It outlines the requirements for filing, including sections for reporting base income, total tax, and specific calculations related to income and replacement taxes. The form includes instructions for determining tax liabilities, deductions, credits, and necessary attachments. It also requires information about the corporation's business activities and accounting methods.

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Who is liable for business income or replacement tax in Illinois?

This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments.

Who files an 1120 tax return?

Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return.

What are the three types of taxes in Illinois?

Taxes in Illinois Income tax: 4.95% flat rate. Sales tax: 6.25% - 11.5% Property tax: 2.11% effective rate. Gas tax: 66.5 cents per gallon of regular gasoline.

What income is subject to Illinois replacement tax?

Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.

What is the 1120 form used for?

A corporation that is a component member of a controlled group must use Schedule O (Form 1120) to report the apportionment of taxable income, income tax, and certain tax benefits between all component members of the group.

What is form IL 1120?

2024 Form IL-1120, Corporation Income and Replacement Tax Return.

What is IL business income tax?

Illinois business income tax The business income tax rate is 7% of your net income. S corporations, partnerships, standard LLCs, and sole proprietorships dont pay Illinois business income tax.

Il1120 1998 form-2025

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