4700: Gross Receipts Worksheet (Revision 2024-04)
Michigan · Michigan Treasury · Used for tax years 2024
Michigan Form 4700 is a worksheet for calculating gross receipts using federal return amounts and adjustments for additions and exclusions. It has separate sections for individuals and fiduciaries, C corporations, and partnerships and S corporations.
Who files this form
Form 4700 says to complete the worksheet and attach it to your return. Unitary Business Groups (UBGs) must complete and attach a separate worksheet for each member.
Complete the parts that match your organization type:
- Part 1: Individuals and fiduciaries.
- Part 2: C corporations, including persons filing federal returns as a C corporation.
- Part 3: Partnerships and S corporations, including persons filing federal returns as either type.
- Parts 4 and 5: All filers, regardless of organization type.
What you'll need
Have your FEIN or TR number available, along with the UBG member's FEIN or TR number if applicable.
Use the federal returns and schedules listed for your organization type, as applicable:
- Individuals and fiduciaries: U.S. Form 1040 Schedules C or C-EZ, D, and E, plus Form 4797.
- C corporations: U.S. Form 1120, its Schedule D, and Form 4797.
- Partnerships and S corporations: U.S. Form 1065 or 1120S, Schedules D and K, Form 8825, and Form 4797.
You will also need information about receipts added or excluded in Parts 4 and 5. Gross receipts may include amounts not identified on the federal return. If a federal figure combines positive and negative transactions, use the underlying transaction amounts to count only the positive elements.
How to file
Complete Form 4700 and attach it to your return. UBGs must attach a worksheet for each member.
- Complete Part 1, 2, or 3 for your organization type and carry the total to line 19.
- Complete the additions in Part 4 and the exclusions in Part 5.
- On line 75, subtract lines 65 and 74 from line 31.
- Carry line 75 to Form 4567, line 12. Standard members of a UBG carry it to Form 4580, Part 2A, line 17.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Using net federal amounts without adjustment. Before statutory exceptions, gross receipts consist only of positive amounts. Recalculate federal figures that combine positive and negative transactions.
- Counting additions twice. Include amounts in Part 4 only to the extent they were excluded or deducted when arriving at line 19.
- Excluding receipts that were not included. Part 5 exclusions apply only to amounts included in line 31.
- Taking the same deduction twice. Lines 66 through 73 also require that the amounts were not deducted as purchases from other firms on the specified lines of Form 4567 or Form 4580.
- Offsetting gains with losses on line 48b. The form specifically says not to net gains against dispositions that produced a loss.
- Overlooking uncommon receipts. Report gross receipts not identified by a specific worksheet line on the most appropriate line.
Questions people ask
Does this worksheet use only information from my federal return?
No. The form says gross receipts are not necessarily derived entirely from the federal return. Parts 4 and 5 adjust federal gross receipts.
Does a UBG complete just one worksheet?
No. A UBG must complete and attach a worksheet for each member.
Do all filers complete Parts 4 and 5?
Yes. Both parts apply regardless of organization type.
Where does the final gross receipts amount go?
Carry line 75 to Form 4567, line 12. Standard UBG members carry it to Form 4580, Part 2A, line 17.