4752: Unitary Business Group Combined Filing Schedule for Financial Institutions (2024)
Michigan · Michigan Treasury · Used for tax years 2024
Michigan Form 4752 is a combined filing schedule for financial institutions in a unitary business group filing a Michigan Business Tax return. It lists group members and reports combined apportionment data, member franchise tax base calculations, credit carryforwards, and payment
Who files this form
Financial institution members of a Unitary Business Group (UBG) use Form 4752 to support the group’s combined Michigan Business Tax (MBT) return, Form 4590. The Designated Member (DM) files on behalf of the group.
- Form 4752 is required even if only one financial institution member is represented on the return.
- An entity that would otherwise be a standard taxpayer is treated as a financial institution if it is owned by and unitary with a financial institution.
- Standard members and insurance company members that are not included in the financial institutions’ combined return are listed as excluded affiliates in Part 3.
Only taxpayers with an awarded certificated credit that has not been fully claimed or used may elect to remain MBT taxpayers. If a UBG member holds such a credit and wishes to remain taxable under MBT, the election is made for the group, not just that member.
What you'll need
Have these records available to complete the schedule:
- Member names, FEINs or Michigan Treasury numbers, addresses, organization types, six-digit NAICS codes, federal tax periods, and any part-year membership dates.
- Michigan and total gross business amounts, including transactions between financial institution members that must be eliminated.
- Equity capital, goodwill, Michigan and U.S. obligations, and applicable insurance subsidiary capital information for the years shown on the form.
- Credit carryforward records, prior-return overpayment credits, estimated tax payments, and payments made with extension requests.
- Information about excluded affiliates and members included in the previous combined return but not the current return.
Attachments depend on the group’s circumstances:
- For members filing separate federal returns, attach the federal return pages required by the “Attachments” section of the Form 4590 instructions.
- For members in a federal consolidated group, attach the applicable pro forma federal returns and schedules identified in those instructions.
- If any affiliates listed in Part 3 belong to a federal consolidated group, attach a copy of federal Form 851.
A part-year member must prepare a pro forma federal return calculation for the portion of its federal year during which it belonged to the UBG.
How to file
Complete Form 4752 before completing the group’s Form 4590 and related forms. Include the completed Form 4752 as part of the tax return filing. It is a supporting schedule, not the primary return.
- Select the Designated Member, which must be a financial institution member with Michigan nexus. A controlling financial institution member with Michigan nexus must serve as DM.
- In Part 1, list included financial institution members, starting with the DM. Include members with or without Michigan nexus, except those excluded in Part 3.
- Complete Part 2A with combined gross business amounts and eliminations.
- Complete a separate Part 2B for each included member. A non-DM member with multiple federal tax periods ending within the group’s filing period needs a separate Part 2B for each period.
- Complete the excluded-affiliate and prior-member information in Parts 3 and 4 as applicable, and attach the required supporting documents.
The supplied text does not give a mailing address or electronic filing directions.
Common mistakes
- Using the wrong reporting year: The combined return must use the DM’s tax year and include each member tax year ending with or within that year.
- Repeating the DM as a member on extra pages: Repeat the DM’s name and identification number at the top of additional Part 1 pages, but not on line 1. Repeat the same Part 2A totals on every copy.
- Misusing the discontinued-date field: Do not use line 11 merely because a member stopped doing business in Michigan if the entity still exists.
- Entering amounts on unused lines: Leave lines 26, 27, and 35 without amounts, as directed on the form.
- Overlooking expired or withdrawn credits: Review carryforwards for amounts that expired or left the group with a departing member.
- Having another member request the group’s extension: Only the DM can make a valid extension request for the UBG.
Questions people ask
Is Form 4752 a standalone tax return?
No. It supports the MBT Annual Return for Financial Institutions, Form 4590, and must be included with the tax return filing.
Must members without Michigan nexus be listed?
Yes. Part 1 includes members whose activity is included in the combined return, with or without Michigan nexus. Excluded affiliates meeting the ownership test are listed in Part 3, also with or without nexus.
What if the group has more than 16 included members?
Use additional Forms 4752 as needed. Repeat the DM’s name and FEIN or Treasury number at the top of each additional page.
Where should credit carryforwards be reported?
Report unused carryforwards created by the group on the DM’s Part 2B. Report a carryforward created by a member before joining the group on that member’s Part 2B. Available carryforwards are applied oldest first.
Who should make estimated tax payments for the group?
The DM should make all MBT estimated payments for the UBG. If another member made payments attributable to the group return, report those payments on that member’s Part 2B.