Schedule L Individual - Farming Income - 2006
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1Schedule L Individual
Rev. 12.06
FARMING INCOME
2006
Taxable year beginning on _________________, _____ and ending on ________________, _____
Taxpayer's name
Social Security Number
Part I
Questionnaire
66
Employer Identification Number
Farming Income (fill in one):
Fill in here if this is your principal industry or business
Date operations began:
1 Taxpayer
2 Spouse
Day______ Month______ Year_____
Merchant's Registration Number
Location of Farming Business - Number, Street and City
EXEMPTION UNDER:
Act No. 225 of 1995
(01)
Section 1023(s) of the Code
(02)
Nature of farming business (i.e. milk-dairy, breeding of chicken, etc.)
Industrial Code
Code
Number of employees
Determination of Gain or Loss
Part II
73
00
1.
Net sales .............................................................................................................................................................................
(01)
00
2.
Other income related to farming business ............................................................................................................................
(02)
00
3.
Total income (Add lines 1 and 2) .........................................................................................................................................
(03)
4.
Cost of goods sold or direct costs of production:
00
a)
Beginning inventory ............................................................................................................
(04)
00
b)
Plus: Purchases ..................................................................................................................
(05)
00
c)
Direct salaries .....................................................................................................................
(06)
00
d)
Other direct costs ................................................................................................................
(07)
00
e)
Total (Add lines 4(a) through 4(d)) ....................................................................................
(08)
00
f)
Less: Ending inventory ......................................................................................................
(09)
00
g)
TOTAL COST OF GOODS SOLD (Subtract line 4(f) from line 4(e)) ...........................................................................
(10)
00
5.
Gross income (Subtract line 4(g) from line 3) .......................................................................................................................
(11)
00
6.
Less: Operating expenses and other costs (Detail in Part III) .............................................................................................
(12)
00
7.
Net income ..........................................................................................................................................................................
(13)
00
8.
Less: Net operating loss from previous years (Submit schedule, see instructions) ......................................................
(14)
00
9.
Adjusted net income .............................................................................................................................................................
(15)
00
10.
Less: Exempt amount (90% of line 9) .................................................................................................................................
(16)
11.
Gain (or loss) (If it is a gain, transfer to page 1, Part 2, line 2N of the return. If it is a loss,
00
see instructions) ..................................................................................................................................................................
(20)
Part III
Operating Expenses and Other Costs
83
00
1.
Salaries, commissions and allowances to employees ..........................................................................................................
(01)
00
2.
Commissions to businesses .................................................................................................................................................
(02)
00
3.
Payroll expenses ................................................................................................................................................................
(03)
00
4.
Contributions to pension plans ...........................................................................................................................................
(04)
00
5.
Contributions to deferred income plans ...............................................................................................................................
(05)
00
6.
Medical or hospitalization insurance ....................................................................................................................................
(06)
00
7.
Interest on business debts ..................................................................................................................................................
(07)
00
8.
Rent paid ...........................................................................................................................................................................
(08)
00
9.
Property taxes ....................................................................................................................................................................
(09)
00
10.
Other taxes, patents and licenses ........................................................................................................................................
(10)
00
11.
Repairs ...............................................................................................................................................................................
(11)
00
12.
Motor vehicles expenses .....................................................................................................................................................
(12)
00
13.
Utilities .................................................................................................................................................................................
(13)
00
14.
Insurance ............................................................................................................................................................................
(14)
00
15.
Advertising ..........................................................................................................................................................................
(15)
00
16.
Travel expenses .................................................................................................................................................................
(16)
00
17.
Meal and entertainment expenses (Total expenses $_______________) (See instructions) ..............................................
(17)
00
18.
Professional services ..........................................................................................................................................................
(18)
00
19.
Materials and supplies ........................................................................................................................................................
(19)
00
20.
Depreciation and amortization (Submit Schedule E) ............................................................................................................
(20)
00
21.
Bad debts ............................................................................................................................................................................
(21)
00
22.
Other expenses (Submit detailed schedule) ........................................................................................................................
(22)
23.
Total (Transfer to Part II, line 6 of this Schedule) ............................................................................................................
(30)
00
Retention Period: Ten (10) years
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