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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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state.ia.us tax forms 0841131
1. Reset Form Print Form
Iowa Department of Revenue
IA 6251 2008
www.state.ia.us/tax
Iowa Minimum Tax Computation
Name(s) as shown on IA 1040 (or IA 1041): Social Security No.
PART 1: Adjustments and Preferences, see instructions
If you itemized deductions on Schedule A, start on line 1. If you did not itemize on your IA 1040, start on line 7.
1. Medical and dental (line 2, federal form 6251) .............................................................................................. 1 . __________________
2. Taxes (line 3, federal form 6251 less any Iowa income tax included on that line) ................................. 2 . __________________
3. Certain interest on a home mortgage not used to build, buy, or improve your home (line 4, federal form 6251) ........ 3. __________________
4. Miscellaneous itemized deductions (line 5, federal form 6251) ................................................................. 4 . __________________
5. Refund of taxes (line 8, federal form 6251 less any Iowa income tax included on that line) ................ 5 . __________________
6. Investment interest (line 9, federal form 6251 less interest and expense related to private
activity bonds issued after 8/7/86) .................................................................................................................. 6 . __________________
7. Post - 1986 depreciation (line 18, federal form 6251) .................................................................................. 7 . __________________
8. Adjusted gain or loss (line17, federal form 6251) ......................................................................................... 8 . __________________
9. Incentive stock options (line 14, federal form 6251) ..................................................................................... 9 . __________________
10. Passive activities (line 19, federal form 6251) .............................................................................................. 10. __________________
11. Beneficiaries of estates and trusts (line 15, federal form 6251) ................................................................ 11. __________________
12. Enter the amount for each corresponding item from federal form 6251. Enter total on line 12.
a. Circulation expenditures (line 21) . a. ___________ h. Patron’s adjustment ................................ h. __________
b. Depreciation (pre-1987) ............. b. ___________ i. Pollution control facilities ....................... i. __________
c. Installment sales (line 25) ......... c. ___________ j. Research and experimental (line 24) ... j. __________
d. Large partnerships (line 16) ...... d. ___________ k. Section 1202 exclusion (line 13) .......... k. __________
e. Long-term contracts (line 22) .... e. ___________ l. Tax shelter farm activities ...................... l. __________
f. Loss limitations (line 20) ............. f. ___________ m. Related adjustments (see inst.) (line 27) . m. ___________
g. Mining costs (line 23) ................. g. ___________ 12. __________________
13. Total Adjustments and Preferences. Combine lines 1 through 12 ......................................................... 13. __________________
PART II: Alternative Minimum Taxable Income
14. Taxable income (from IA 1040, line 42; or IA 1041, line 22) ...................................................................... 14. __________________
15. Net operating loss deduction. Do not enter as a negative amount ............................................................ 15. __________________
16. If federal AGI, plus any IA Bonus Depreciation adjustment is more than $159,950 (more than $79,975 if
married filing separately for federal purposes), see instructions for amount to enter on this line .................... 16.( ________________ )
17. Combine lines 14, 15 and 16 ............................................................................................................................ 17. __________________
18. Add lines 13 and 17 ............................................................................................................................................ 18. __________________
19. Alternative tax net operating loss deduction (see instructions) ................................................................. 19. __________________
20. Alternative Minimum Taxable Income. Subtract line 19 from line 18 ........................................................ 20. __________________
PART III: Exemption Amount and Alternative Minimum Tax
21. Enter $35,000 (*$17,500 if filing status 3 or 4; $26,000 if single, head of household or qualifying widow(er) ... 21. __________________
22. Enter $150,000 (*$75,000 if filing status 3 or 4; $112,500 if single, head of household or qualifying widow(er) ....... 22. __________________
23. Subtract line 22 from line 20. If the result is zero or less, enter zero ....................................................... 23. __________________
24. Multiply line 23 by 25% (0.25) .......................................................................................................................... 24. __________________
25. Subtract line 24 from line 21. If result is zero or less, enter zero .............................................................. 25. __________________
26. Subtract line 25 from line 20 ............................................................................................................................. 26. __________________
27. Multiply line 26 by 6.7% (0.067) ....................................................................................................................... 27. __________________
28. Regular tax after credits. See instructions. .................................................................................................... 28. __________________
29. Iowa Minimum Tax. Subtract line 28 from line 27, enter here and on IA 1040, line 45 (or IA 1041,
line 25.) See instructions for Minimum Tax Limited to Net Worth. If less than zero, enter zero ......... 29. __________________
PART IV: NONRESIDENTS AND PART-YEAR RESIDENTS ONLY - Complete lines 30 - 33.
30.Enter Iowa net income plus Iowa adjustments and preferences (see instructions). If less than zero, enter zero. ..... 30. __________________
31.Total net income plus total adjustments and preferences (see instructions) ........................................... 31. __________________
32.Divide line 30 by line 31 and enter the result to three (3) decimal places ............................................... 32. __________________
33.Iowa Minimum Tax. Multiply line 29 by line 32. Enter here and on IA 1040, line 45 (or IA 1041,
line 25). See instruction for Minimum Tax Limited to Net Worth. If less than zero, enter zero. ......... 33. __________________
*Exemption levels of $17,500 and $75,000 on lines 21 and 22, respectively, also apply to an estate or trust.
41-131a (12/23/08)
2. Instructions for IA 6251
WHO MUST FILE IA 6251 carried to the current tax year on line 19 cannot exceed 90
percent of the amount on line 18. Any portion of the net
All individuals, estates and trusts that had one or more of the
operating loss which cannot be used can be carried over to the
adjustments or preferences in Part I must complete form IA
next tax year.
6251 to see if they owe Iowa minimum tax. Taxpayers may
have an Iowa minimum tax liability even if they owed no Line 28.
federal minimum tax. All taxpayers with a tax preference item Enter the amount from IA 1040, line 43, less line 49; or enter
or adjustment are to attach this form to their IA 1040, even if the amount from IA 1041, line 23, less line 27. If less than zero,
there is no Iowa minimum tax. Nonresidents who have a enter zero.
liability for Iowa minimum tax are required to file an Iowa
NONRESIDENTS AND PART-YEAR RESIDENTS
return even if they have no regular Iowa income tax liability.
Nonresidents and part-year residents of Iowa are required to
Married filing separate filers: Each spouse having tax
pay Iowa minimum tax only on the percentage of adjustments
preferences and adjustments needs to complete an
and tax preferences which are Iowa source. Lines 30-33 in Part
IA 6251.
IV must be completed to calculate the Iowa minimum tax
PART I: ADJUSTMENTS AND PREFERENCES liability for nonresidents and part-year residents only if one has
If you did not itemize on the federal level, lines 1-6 of the IA Iowa source adjustments or preferences.
6251 will refer to the Iowa Schedule A. Line 30.
Note: The federal tax preferences for percentage depletion of Add Iowa net income (line 26, IA 126) plus the total of those
an oil, gas or geothermal well and intangible drilling costs from adjustments and tax preferences on line 13 of the IA 6251
lines 10 and 26 of federal form 6251 are not tax preferences which are from Iowa sources.
but are additions to income on line 14 of IA 1040. Line 31.
RELATED ADJUSTMENTS Add total net income (line 27, IA 126) plus the total of all
Line 12-m. adjustments and tax preferences on line 13 of the IA 6251.
Include related adjustments from line 27 of the federal 6251 Line 32.
only to the extent the adjustments are ones that affect the Divide line 30 by line 31 and enter the result to three decimal
computation of net income. An adjustment related to tax- places (Example: .786).
exempt interest from private activity bonds would not be Line 33.
included, since this is not an Iowa tax preference or adjustment.
Multiply line 29 by line 32. The result is the Iowa minimum
FEDERAL PHASE-OUT OF ITEMIZED DEDUCTIONS tax and is to be entered on line 45, IA 1040 (line 25, IA 1041).
Line 16. See the instructions below relating to minimum tax limited to
net worth.
If you are subject to the federal phase-out of itemized
deductions on your federal Schedule A, you must enter the MINIMUM TAX LIMITED TO NET WORTH
revised Iowa phase-out amount on this line. To determine this Taxpayers who meet all qualifications for a distressed sale, but
amount, first complete the IA form 41-104, Itemized Deduction have a debt to asset ratio of 75 percent or less, are not subject
Worksheet, found at www.state.ia.us/tax. Then complete the to the minimum tax in an amount greater than the taxpayer’s
following: net worth. In situations where a taxpayer has multiple
1. Enter the amount from Step 2,
transactions (forfeitures, transfers, sales or exchanges),
line 13 of the IA 41-104 ..................... 1. _________________
minimum tax is limited to net worth prior to the last transaction
2. Enter the amount from Step 3,
in the tax year. For additional information on what constitutes
line 7 of the IA 41-104 ....................... 2. _________________
a “distressed sale” contact the Taxpayer Services Section. If
3. Enter the amount from Step 3,
calling from the Des Moines area or from out of state, call
line 8 of the IA 41-104 ....................... 3. _________________
(515) 281-3114. Elsewhere in Iowa or from the Rock Island/
4. Subtract line 3 from line 2 ................ 4. _________________
Moline or Omaha calling areas, call 1-800-367-3388 (toll free).
5. Subtract line 4 from line 1. Enter
here and on line 16 of the IA 6251 .. 5. _________________ E-mail: idr@iowa.gov
ALTERNATIVE NET OPERATING LOSS DEDUCTION ALTERNATIVE MINIMUM TAX CARRYFORWARD
CREDIT
Line 19.
A net operating loss can be carried back or carried forward to An alternative minimum tax credit is available which may
reduce a taxpayer’s alternative minimum taxable income. reduce the regular tax of an individual for minimum tax paid
However, before the net operating loss can be deducted it must in a prior year on deferral items of tax preference. The Iowa
be reduced by any adjustments and tax preferences used in credit is computed similarly to the federal credit but on form
computing the net operating loss. A net operating loss that is IA 8801. The IA 8801 and the IA 148 Tax Credits Schedule
must be attached to the IA 1040 if this credit is claimed.
www.state.ia.us/tax 41-131b (12/23/08)