Get Subtraction For Income Derived Within An Arts And Entertainment ...

Filling out the Subtraction For Income Derived Within An Arts And Entertainment District form can seem daunting, but with clear guidance, you can complete it successfully. This comprehensive guide will walk you through each step, ensuring you understand every aspect of the form.

Follow the steps to complete the form with ease.

1. Click the ‘Get Form’ button to access the form and open it in your preferred editor.
2. Enter your first name and initial along with your last name in the appropriate fields.
3. Provide your social security number and, if applicable, your spouse’s first name and initial, along with their last name and social security number.
4. Fill in your present address, including the street number and name, city or town, state, and ZIP code.
5. In Part A, list the name of the qualifying residing artist, which is you. Next, indicate the official name of the arts and entertainment district where you own or rent property.
6. Provide the address of your residential real property, ensuring it is in the same county as the arts and entertainment district, and without using a mailing address.
7. State the trade name and business address in the arts and entertainment district, ensuring to avoid mailing addresses.
8. Describe briefly the nature of your business activities in the arts and entertainment district.
9. In Part B, detail the income derived within the arts and entertainment district for which you are claiming subtraction. Include a description of the source of this income.
10. Finally, enter the amount of subtraction claimed for the income derived in that district. Report this on the appropriate line for 'Other subtractions' on Form 502 or Form 505 and include the relevant code letter.

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