Schedule B-1: Allowance for Governmental Obligations/Obligations Secured by Residential Property (2025)
West Virginia · WV Tax Division · Used for tax years 2025
West Virginia Schedule B-1 calculates the allowance for governmental obligations and obligations secured by residential property for Form CIT-120. It reports average monthly balances of specified obligations, investments and loans, and uses total assets and adjusted income to cal
What you'll need
To complete Schedule B-1, have the following figures available:
- Average monthly balances for federal obligations and securities.
- Average monthly balances for obligations of West Virginia and its political subdivisions.
- Average monthly balances for investments or loans primarily secured by mortgages or deeds of trust on residential property in West Virginia.
- Average monthly balances for loans primarily secured by a lien or security agreement on a mobile home or double wide in West Virginia.
- Total assets shown on Schedule L of federal Form 1120 or 1120A.
For the adjusted income calculation, the form refers to Schedule 1, line 1 or Schedule 2, line 1; Schedule B, lines 12 through 22; and Form CIT-120APT, Schedule A2, lines 10, 11, and 12.
Questions people ask
What does Schedule B-1 calculate?
It calculates the allowance for governmental obligations and obligations secured by residential property.
How do I calculate the ratio on line 7?
Add lines 1 through 4 and enter the total on line 5. Divide line 5 by the total assets on line 6. Round the result to six decimal places.
How do I calculate adjusted income on line 8?
Start with Schedule 1, line 1 or Schedule 2, line 1. Add Schedule B, line 12, subtract the sum of Schedule B, lines 13 through 22, and add Form CIT-120APT, Schedule A2, lines 10, 11, and 12.
How do I calculate and report the allowance?
Multiply line 7 by line 8, disregarding the sign. Enter the allowance on Schedule B-1, line 9 and Schedule B, line 23.