2008 Form 1120-C
OMB No. 1545-2052
U.S. Income Tax Return for Cooperative Associations
1120-C
Form
See separate Instructions.
Department of the Treasury
Internal Revenue Service
For calendar year 2008 or tax year beginning
, 2008, ending
, 20
B
Name
A
Check if:
Number, street, and room or suite no. (If a P.O. box, see instructions.)
1
Consolidated return
(attach Form 851)
City or town, state, and ZIP code
C
Check if:
Please type or print
Farmers' tax exempt
cooperative
D
Check if:
Address change
Final return
(4)
Initial return
(2)
Nonexempt
cooperative
1c
c
Bal
b
Less returns and allowances
Gross receipts or sales
1a
2
Cost of goods sold (Schedule A, line 9)
2
3
Gross profit. Subtract line 2 from line 1c
3
4
4
Dividends (Schedule C, line 19)
5
Interest
5
6
Gross rents and royalties
6
Income
7
7
8
Capital gain net income (attach Schedule D (Form 1120))
8
9
Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
9
10
Other income (see instructions--attach schedule)
10
11
Total income. Add lines 3 through 9
11
12
12
Compensation of officers (Schedule E, line 4)
13
13
Salaries and wages (less employment credits)
14
14
15
15
Bad debts
16
16
Rents
17
17
Taxes and licenses
18
18
Interest
19
19
Charitable contributions
20
Depreciation not claimed in Schedule A or elsewhere on return (attach Form 4562)
20
21
21
22
22
Advertising
23
23
Pension, profit-sharing, etc., plans
24
24
Employee benefit programs
26a
26
Other deductions (attach schedule)
Deductions and adjustments under section 1382
(Schedule H, line 5)
Taxable income before section 1382, NOL, and special deductions. Subtract line 24 from line 10
27
26b
29a
b
Net operating loss deduction (see instructions)
26c
26d
Special deductions (Schedule C, line 20)
c
Deductions (See instructions for limitations on deductions.)
Taxable income. Subtract line 26d from line 25 (see instructions)
27
Total tax (Schedule J, line 9)
29a
2007 overpayment credited to 2008
29b
2008 estimated tax payments
b
2008 refund applied for on Form 4466
c
29d
d Bal
)
(
29c
29e
Tax deposited with Form 7004
e
Credits: (1) Form 2439
f
29i
Tax, Refundable Credits, and Payments
31
Estimated tax penalty (see instructions). Check if Form 2220 is attached
31
32
Amount owed. If line 29i is smaller than the total of lines 28 and 30, enter amount owed
32
33
Overpayment. If line 29i is larger than the total of lines 28 and 30, enter amount overpaid
33
Refunded
Enter amount of line 32 you want: Credited to 2009 estimated tax
Cat. No. 47554F
Employer identification number
(5)
Amended return
(1)
Form
1120-C
(2008)
For Privacy Act and Paperwork Reduction Act Notice, see separate instructions.
Name change
(3)
25
25
Domestic production activities deduction (attach Form 8903)
2
Schedule M-3 (Form
1120) attached
Total deductions. Add lines 11 through 23
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
Here
Title
Date
Signature of officer
Date
Preparer's SSN or PTIN
Preparer's
signature
Check if
self-employed
Paid
Preparer's
Use Only
Firm's name (or
yours if self-employed),
address, and ZIP code
EIN
Phone no. (
)
May the IRS discuss this return with
the preparer shown below (see
instructions)?
Yes
No
(1)
(2)
(2) Form 4136
3
Form 1120 filed in
previous tax year
29f
Section 1383 adjustment (see instructions)
h
29h
28
28
30
30
Less: a
2008
Refundable credits from Form 3800, line 19c, and Form 8827, line 8c
g
29g
Page
2
Form 1120-C (2008)
Cost of Goods Sold (see instructions)
1
Inventory at beginning of year
1
2
2
Purchases
3
3
Cost of labor
4
Per-unit retain allocations paid in:
4a
a
Qualified per-unit retain certificates
4b
b
Money or other property (except nonqualified per-unit certificates)
5
Nonqualified per-unit retain certificates redeemed this year
5
6a
6a
Additional section 263A costs (attach schedule)
6b
Other costs (attach schedule)
b
7
Total. Add lines 1 through 6b
7
Inventory at end of year
8
9
Cost of goods sold. Subtract line 8 from line 7. Enter here and on line 2, page 1
9
a
10
Check all methods used for valuing closing inventory:
Cost as described in Regulations section 1.471-3
Lower of cost or market as described in Regulations section 1.471-4
Other (Specify method used and attach explanation)
Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970)
c
If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of
closing inventory computed under LIFO
d
10d
No
Yes
e
If property is produced or acquired for resale, do the rules of section 263A apply to the cooperative?
f Was there any change in determining quantities, cost, or valuations between opening and closing inventory?
No
Yes
Dividends and Special Deductions
(see instructions)
(c) Deduction
((a)
(b))
(a) Dividends
received
(b) %
Dividends from less-than-20%-owned domestic corporations (other
than debt-financed stock)
1
70
2
Dividends from 20%-or-more-owned domestic corporations (other
than debt-financed stock)
80
See
instructions
Dividends on debt-financed stock of domestic and foreign
corporations
3
42
Dividends on certain preferred stock of less-than-20%-owned public
utilities
4
48
Dividends on certain preferred stock of 20%-or-more-owned public
utilities
5
70
Dividends from less-than-20%-owned foreign corporations and
certain FSCs
6
80
Dividends from 20%-or-more-owned foreign corporations and certain
FSCs
7
100
Dividends from wholly owned foreign subsidiaries
8
Total. Add lines 1 through 8. See instructions for limitation
9
Dividends from affiliated group members
11
Dividends from certain FSCs
12
100
Dividends from foreign corporations not included on lines 3, 6, 7, 8,
11, or 12
13
Income from controlled foreign corporations under subpart F (attach
Form(s) 5471)
14
Foreign dividend gross-up
15
IC-DISC and former DISC dividends not included on lines 1, 2, or 3
16
Other dividends
17
Total dividends. Add lines 1 through 17. Enter here and on line 4,
page 1
19
Total special deductions. Add lines 9, 10, 11, 12, and 18. Enter here and on line 26c, page 1
20
Schedule C
Schedule A
8
(ii)
(i)
(iii)
Check if there was a writedown of subnormal goods as described in Regulations section 1.471-2(c)
b
If "Yes," attach explanation.
Form
1120-C
(2008)
100
Dividends from domestic corporations received by a small business investment
company operating under the Small Business Investment Act of 1958
10
18
Deduction for dividends paid on certain preferred stock of public utilities
See
instructions
Page
3
Form 1120-C (2008)
Compensation of Officers (See instructions for line 11, page 1.)
Complete Schedule E only if total receipts (line 1a, plus lines 4 through 9, of page 1) are $500,000 or more.
Percent of association's
stock owned
(c) Percent of
time devoted
to business
(f) Amount of
compensation
(b) Social security number
(a) Name of officer
(e) Preferred
(d) Common
1
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
2
Total compensation of officers
2
3
3
Compensation of officers claimed on Schedule A and elsewhere on return
Subtract line 3 from line 2. Enter the result here and on line 11, page 1
4
4
Allocation of Patronage and Nonpatronage Income and Deductions. Before completing,
see Question 14 of Schedule K.
1
Gross receipts or sales
1
2
Cost of goods sold
2
Gross profit. Subtract line 2 from line 1
3
Other income
Unused patronage loss (see instructions)
4
4
Schedule E
Schedule G
Form
1120-C
(2008)
Deductions and Adjustments Under Section 1382 (see instructions)
1
Dividends paid on capital stock (section 521 cooperatives only)
1
2
Nonpatronage income allocated to patrons (section 521 cooperatives only)
2
Patronage dividends:
3
3a
Money
a
3b
b
Qualified written notices of allocation
3c
c
Other property (except nonqualified written notices of allocation)
Money or other property (except written notices of allocation) in redemption of nonqualified
written notices of allocation
d
3d
Domestic production activities deduction allocated to patrons
Total. Combine lines 1 through 4. Enter here and on line 26a, page 1, and Schedule G, line 8
5
5
Schedule H
(b) Nonpatronage
(a) Patronage
5
6a
Total income. Combine lines 3 and 4
Total deductions (add lines 6a and 6b)
Other deductions
Domestic production activities deduction (attach Form 8903)
Taxable income before section 1382, NOL, and special deductions.
Subtract line 6c from line 5
Net operating loss deduction (attach schedule)
Special deductions (see instructions)
Taxable income. Subtract the total of lines 8, 9a, and 9b from line 7
Unused nonpatronage loss (see instructions)
b
c
7
9a
b
8
10
12
13
3
5
6a
6b
6c
9a
9b
7
8
10
12
13
4
4
Deductions and adjustments under section 1382 from Schedule H, line 5
(see instructions)
(
)
Combined taxable income. Combine columns (a) and (b) of line 10 (see
instructions)
11
11
Enter the amount of tax-exempt income received or
accrued during the tax year (for example, interest or
extraterritorial income)
$
Other Information (see instructions)
Page
4
Form 1120-C (2008)
Schedule K
Form
1120-C
(2008)
Tax Computation (see instructions)
Check if the cooperative is a member of a controlled group (attach Schedule O
(Form 1120))
1
2
Income tax (see instructions)
2
5a
Foreign tax credit (attach Form 1118)
5a
5b
Credit from Form 8834
b
c
5c
6
6
Total credits. Add lines 5a through 5d
7
7
Subtract line 6 from line 4
8
8
Other taxes. Check if from:
Form 4255
Form 8611
4
4
Add lines 2 and 3
Total tax. Add lines 7 and 8. Enter here and on line 28, page 1
9
9
Schedule J
3
3
Alternative minimum tax (attach Form 4626)
Form 8902
d
Credit for prior year minimum tax (attach Form 8827)
5d
Other (attach schedule)
No
Yes
No
Yes
See the instructions and enter the:
Business activity code no.
Business activity
Product or service
At the end of the tax year, did the cooperative own,
directly or indirectly, 50% or more of the voting
stock of a domestic corporation? (For rules of
attribution, see section 267(c).)
If "Yes," attach a schedule showing: (a) name and
employer identification number (EIN), (b) percentage
owned, and (c) taxable income or (loss) before NOL
and special deductions of such corporation for the
tax year ending with or within your tax year.
Is the cooperative a subsidiary in an affiliated group
or a parent-subsidiary controlled group?
Check accounting method:
a
Cash
b
Accrual
Other (specify)
c
Check this box if the cooperative issued publicly offered
debt instruments with original issue discount
If checked, the cooperative may have to file Form
8281, Information Return for Publicly Offered Original
Issue Discount Instruments.
1
2
5
7
9
10
a
b
c
Enter the number of foreign patrons at the end of the
tax year
11a
The cooperative may have to file Form 5472, Information
Return of a 25% Foreign-Owned U.S. Corporation or a
Foreign Corporation Engaged in a U.S. Trade or Business.
Enter number of Forms 5472 attached
13
4
If the cooperative has an NOL for the tax year and is electing
to forego the carryback period, check here
If "Yes," attach a schedule showing name and
identifying number. (Do not include any information
already entered in 5 above.) Enter percentage
owned
c
If "Yes," enter name and EIN of the parent
corporation
6
At the end of the tax year, did any individual,
partnership, corporation, estate, or trust own,
directly or indirectly, 50% or more of the
cooperative's voting stock? (For rules of attribution,
see section 267(c).)
12
14
Enter the available NOL carryover from prior tax years
(Do not reduce it by any deduction on line 26b.)
Enter the cooperative's total assets (see
instructions)
$
If "Yes," enter: (a) Percentage owned
and (b) Owner's country
If the cooperative is filing a consolidated return, the
statement required by Regulations section 1.1502-21(b)(3)
must be attached or the election will not be valid.
Are the cooperative's total receipts (line 1a plus lines
4 through 9 on page 1) for the tax year and its total
assets at the end of the tax year less than $250,000?
If "Yes," the cooperative is not required to complete
Schedules G, L, M-1, or M-2. Instead, enter the total
amount of cash distributions and the book value of
property distributions (other than cash) made during
the tax year.
$
Patronage
$
Nonpatronage
$
3
Check the accounting method used to compute
distributable patronage:
Enter the total amount of patronage distributions
described in (or deducted under) IRC 1382(b) paid or
allocated to foreign patrons
b
Date of incorporation
d
a
Book
b
Tax
Other (specify)
c
Enter the amount of outstanding nonqualified
notices of allocation (attach schedule)
15
At any time during the tax year, did one foreign
person own, directly or indirectly, at least 25% of
(a) the total voting power of all classes of stock of
the cooperative entitled to vote or (b) the total value
of all classes of stock of the cooperative?
8
General business credit (attach Form 3800)
End of tax year
Beginning of tax year
Balance Sheets per Books
(d)
(a)
(b)
(c)
Assets
1
Cash
2a
Trade notes and accounts receivable
)
(
)
(
b
Less allowance for bad debts
3
Inventories
4
5
Other current assets (attach schedule)
6
Investments (see instructions)
7
Buildings and other depreciable assets
9a
)
(
)
(
b
Less accumulated depreciation
Depletable assets
10
)
(
)
(
b
Less accumulated depletion
Land (net of amortization)
12
Intangible assets (amortizable only)
13
)
(
)
(
b
Less accumulated amortization
Other assets (attach schedule)
14
15
Total assets
Liabilities and Capital
Accounts payable
16
Mortgages, notes, bonds payable in less than 1 year
17
Other current liabilities (attach schedule)
18
Mortgages, notes, bonds payable in 1 year or more
20
Other liabilities (attach schedule)
21
Capital stock:
22
Preferred stock
a
Common stock
b
Additional paid-in capital
23
Patronage dividends allocated in noncash form
24
Per-unit retains allocated in noncash form
25
Retained earnings--Appropriated (attach schedule)
26
)
)
(
(
Less cost of treasury stock
Total liabilities and capital
Reconciliation of Income (Loss) per Books With Income per Return
Note: Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or more--see instructions
Net income (loss) per books
1
7
Income recorded on books this year
not included in this tax return (itemize):
2
Federal income tax per books
$
Tax-exempt interest
3
Excess of capital losses over capital gains
Income subject to tax not recorded on
books this year (itemize):
4
5
Expenses recorded on books this year not
deducted in this return (itemize):
Deductions in this tax return not charged
against book income this year (itemize):
8
$
Depreciation
a
a
Depreciation
b
Charitable contributions
$
b
Charitable contributions
$
Travel and entertainment
c
Add lines 7 and 8
9
Add lines 1 through 5
6
Income (line 25, page 1)--line 6 less line 9
10
Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)
Cash
5
Balance at beginning of year
1
b
Stock
Net income (loss) per books
2
Property
c
Other increases (itemize):
3
6
Other decreases (itemize):
Add lines 5 and 6
7
8
Balance at end of year (line 4 less line 7)
Add lines 1, 2, and 3
4
Page
5
Form 1120-C (2008)
Schedule M-2
Schedule M-1
Schedule L
28
Adjustments to shareholders' equity (attach schedule)
Distributions:
a
$
$
Form
1120-C
(2008)
8a
Loans to shareholders
Mortgage and real estate loans
Loans from shareholders
19
27
Retained earnings--Unappropriated
11a