wn 5884

Department of
Internal Rever

New Jobs Credit

D> See separate instructions.
b> Attach to your tax return.

1978

Name

Identifying number as shown on page 1 of
your tax return

Important—The employer's wage and salary deduction must be reduced by the new jobs credit on line 13. (See instruction G.)

If you are a small business corporation,
partnership, estate, or trust which appor-
tions the credit to shareholders, partners,
or beneficiaries, complete only lines 1
through 13.

If you are an individual shareholder,
partner, or beneficiary who receives the

other jobs credit, complete only lines 16
through 19, enter the apportioned credit on
line 20, 21, or 22, respectively and com-
plete the balance of the form as applicable.

If you are an individual who has more
than one new jobs credit, see instruction
for line 13.

Note: /f you are a member of a group of
trades or businesses that are under com-
mon control or if you are an estate or trust
that apportions the new jobs credit be-
tween itself and its beneficiaries, please
see instruction H and the instruction for

credit from the above entities and have no

line 13 before completing the form.

1 Enter the total unemployment insurance wages (limited to $4,200 for each employee) paid during calendar
year 1978 (see instruction forline1). . . . . . Se ee ee ee

2 Enter 102% of the total unemployment insurance wages s (limited to $4,200 for each employee) paid
during calendar year 1977 (see instruction forline2). . . 2 1 1 1 ew ew te ee ee
3 Subtract line 2 from linel. 2 1 1 eee ee ee ee ee ee
4 Enter 50% oflined. 2 1 ww ee ee ee
5 Enter the smaller of line 3 or line4. . . . ry
6 Enter total wages paid in calendar year 1978 (see ‘instruction forline6). 2. 6 1 ww we ee
7 Enter 105% of total wages paid in calendar year 1977 (see instruction for line6). . . . . . 2. 2 e
8 Subtract line 7 from line6. 6 6 1 ee ee ee ee
9 Enter 50% ofthe smallerofline5orline8. 2. 6. 1 6 ew ee we ee eh ek te
10 Enter the smaller of line 9 or $100,000 (married Individuals filing separately, estates and trusts, see Instruction for line 10).
11 Enter the unemployment insurance wages (limited to $4,200 for each employee) paid to vocational rehabilita-
tion referral employees during calendar year 1978 (see instructionE). . 2 6 6 ee ee wt
12 Enter the smailer of (a) 10% of line 11 or (b) 20% of line9. . 6 1 ew we we ee ee
13 Current year new jobs credit—Add lines 10 and 12 (see instruction | for special limits). (Members of a group of trades or
business under common control, small business corporations, partnerships, estates, and trusts, see instruction for line 13). . .
14 Carryback and carryover of unused credit(s) (attach computation—see instructionF). . . .....
15 Tentative new jobs credit—Add lines 13 and 14... . we ew ew
Limitation
16 (a) Individuals—Enter amount from Form 1040, line 37, page2. . . . . . e
(b) Estates and trusts—Enter amount from Form 1041, line 27 or 28, pagel. . .
(c) Corporations—Enter amount from Schedule J (Form 1120), line 9, page3. . .
17 (a) Credit for the elderly (individuals only). . 2 2. 1. 1 1 ew ew ew ew ee
(b) Foreign tax credit 2. 2 2. 1 ee we ee ee tk te
(c) Investment credit . 2. 6. 6 ee ee ee ee ee ee
(a) WIN credit ©. 6 6 6 we ee ee ee ee ee ee ee
(e) Credit for political contributions (individuals only). . . . . .« 2 2 ee
(f) Credit for child and dependent care expenses (individuals only). . . . . .
(g) Possession tax credit (corporations only). 2. 2 1. 1. 1 ew we ee
(h) Tax on lump-sum distributions (see instruction for line 17(h)). . . . 2
(i) Section 72(m)(5) penalty tax (individuals only). . 2. . . 1 we ew ew ee
18 Total (add lines 17(a) through ()). 6 6 ee ee ee
19 Subtract line 18 from line 16. (All filers, other than shareholders, partners, or beneficiaries to which lines 20,
21, or 22 apply, are to skip lines 20 through 23; enter zero on line 24, and complete lines 25 through 27.).. . J.
20 Shareholder’s credit from Schedule K-1 (Form 1120S) plus unused new jobs credit (see instruction for line 13). |.
21 Partner's credit from Schedule K-1 (Form 1065) plus unused new jobs credit (see instruction for line 13)... Jou
22 Beneficiary's credit from Schedule K-1 (Form 1041) plus unused new Jobs credit (see instruction for tine 13). . J
23 Line 20, 21, and 22 limits:

(a) Enter the smaller of line 20 or the amount figured by using the formula in the line 23 instruction. .

(b) Enter the smaller of line 21 or the amount figured by using the formula in the line 23 instruction. .

(c) Enter the smaller of line 22 or the amount figured by using the formula in the line 23 instruction. .
24 Add lines 23(a), (b), and (Cc) 2 we ew ee ee ee he te et
25 Subtract line 24 from line 19. 6 6 ee we ee ee ee
26 Enter the smaller of line 15 or line 25 (if there is no entry on line 15, enterzero). . . . 1. 1 1 we

27 Total allowable new Jobs credit (add lines 24 and 26), Enter here and on Form 1040, line 44; Schedule 5
(Form 1120), tlne 10(d), page 3; or the appropriate line on other returns...» . . ss ee

GPO 972-640

Form 5884 (1978