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MIC Verification Schedule

Manufacturers' Investment Credit Verification Schedule
Instructions

Template Purpose:
We developed this as a guide/tool for MIC audits. This is an optional tool to help you organize your work.
You are not required to use this schedule as part of your audit. The column headings represent the data
most frequently requested during a MIC audit. You can personalize your template based on the specific needs
of your audit.

Template Contents:
Instructions
MIC Verification Schedule
Additional Headings
Additional Information As Reported

Instructions:
1. Select the columns most appropriate for your audit from the MIC Verification Schedule Tab.
2. Add or replace headings as needed from the "Additional Headings" Tab. Heading widths
and formatting are adjustable.
3. If you move columns, you should confirm your headings are formatted correctly.
4. You should confirm your schedule prints correctly.

Sample Comments for Column #11 of the MIC Verification Schedule:
* Nonqualified property because…
* Nonqualified activity because…
* Nonqualified cost because…
* Further analysis is necessary for…
* No California sales/use tax paid on the invoice for the asset.
* No California sales/use tax paid on the freight for the asset.
* Invoices substantiate part of the claimed costs.
* No supporting documentation was provided.
* Paid or incurred prior to 1994.

                       
TAXPAYER:
                     
TAX YEAR:
                     
AUDITOR:
                     
UNIT #:
                     
DATE:
                     
                       
MIC Verification Schedule
1
2
3
4
5
6
7
8
9
10
11
12
Asset Number
Asset Name / Descrip-
tion
Date Placed In Service
Leased Equip-
ment (Y/N)
Costs Claimed
Invoice Num-
ber
CA Sales Use Tax Paid (Y/N)
Freight Paid (Y/N)
Quali-
fied Costs per In
voice(s)
Quali-
fied Costs per Audit
Com-
ments
Cross-
Ref


MIC Verification Schedule
Additional Headings
1. Asset Information
       
Asset Location (more than one in CA)
Department
Category
Capital Costs per CA Depr
         
2. Invoice Information
Invoice Date
Date Invoice Paid
Description Per Invoice
Vendor
Vendor Location
         
3. California Sales/Use Tax Information
Date CA SUT Paid
Use Tax - TP
Use Tax - BOE
Sales Tax - Invoice
         
4. Capitalized Labor Information
Capitalized Amount
Capitalized Labor
Outside Labor
In-house Labor
         
5. Cost Information
Cost of Asset
Cost of Materials
Total Costs
Other Misc. Costs
         
6. Leased Equipment Information
Operating or Finance Lease (O/F)
Rental Equipment (Y/N)
         
7. Audit Findings
Qualified MIC per Audit
Qualified Costs per Audit
As Reported Costs
Potential Adjustment
AUTHORITY: Code or Reg.
Agreed
Footnote


MIC Verification Schedule
Additional Information As Reported
a
b
c
d
e
f
g
h
i
j
Property Description
Use Code
SIC Code - Primary Use
Leased Property (Y/N)
Date Placed in Service (mo/yr)
CA Sales Use Tax Paid
Cost of Property (No SUT)
Direct Labor Costs Allocated to Property
Total Costs
Proposed Adjustment

Column (b) Use Codes
A - Manufacturing
B - Research & Development
C - Pollution Control
D - Maintenance, repair, measurement, or testing of qualified property
E - Recycling
F - Fabricating
G - Refining
H - Processing
I - Develop or manufacture prepackaged software or custom software
J - Special manufacturing/research