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liability limitation) must be passed through

must recapture part of the QEV credit

Unrealized gains and losses on

to the patrons. These credits cannot be

claimed in a prior year, if, within 3 years

securities held “available for sale.”

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carried back or over by the cooperative.

of the date the vehicle was placed in

Foreign currency translation

See Forms 3468, 5884, 8844, 8845,

service, it ceases to qualify for the credit.

adjustments.

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8861, and 8874 for details.

See Regulations section 1.30-1 for details

The excess of additional pension

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on how to figure the recapture.

Investment Credit (Form 3468).

liability over unrecognized prior service

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Recapture of the Indian employment

Work Opportunity Credit (Form 5884).

cost.

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credit. Generally, if an employer

Credit for Alcohol Used as Fuel (Form

Guarantees of employees stock

terminates the employment of a qualified

6478).

(ESOP) debt.

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employee less than 1 year after the date

Credit for Increasing Research

Compensation related to employee

of initial employment, any Indian

Activities (Form 6765).

stock award plans.

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employment credit allowed for a prior tax

Low-Income Housing Credit (Form

If the total adjustment to be entered on

year because of wages paid or incurred to

8586).

line 24 is a negative amount, enter the

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that employee must be recaptured. For

Orphan Drug Credit (Form 8820).

amount in parentheses.

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details, see Form 8845 and section 45A.

Disabled Access Credit (Form 8826).

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Interest on deferred tax attributable to

Enhanced Oil Recovery Credit (Form

(a) installment sales of certain timeshares

8830).

Schedule M-1

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and residential lots (section 453(l)(3) and

Renewable Electricity Production Credit

(b) certain nondealer installment

(Form 8835).

Reconciliation of Income (Loss)

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obligations (section 453A(c)).

Empowerment Zone Employment

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per Books With Income per

Interest due on deferred gain (section

Credit (Form 8844). While the

Return

1260(b)).

empowerment zone employment credit is

a part of the general business credit, it is

How to report. If the cooperative

Line 5c. Travel and entertainment.

figured separately on Form 8844 and is

checked the “Other” box, attach a

Include on line 5c any of the following:

never carried to Form 3800.

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schedule showing the computation of

Meals and entertainment not deductible

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Indian Employment Credit (Form 8845).

each item included in the total for line 9,

under section 274(n).

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Credit for Employer Social Security and

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and identify the applicable Code section

Expenses for the use of an

Medicare Taxes Paid on Certain

and, the type of tax or interest.

entertainment facility.

Employee Tips (Form 8846).

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The part of business gifts over $25.

Line 10. Total Tax. Include any deferred

Credit for Contributions to Selected

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Expenses of an individual in excess of

tax on the termination of a section 1294

Community Development Corporations

$2,000, which are allocable to

election applicable to shareholders in a

(Form 8847).

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conventions on cruise ships.

qualified electing fund in the amount

Welfare-to-Work Credit (Form 8861).

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Employee achievement awards over

entered on line 10. See Form 8621, Part

New Markets Credit (Form 8874).

$400.

V and How to report below.

Line 6d. Credit for prior year minimum

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The cost of entertainment tickets over

tax. To figure the minimum tax credit and

Subtract any deferred tax on the

their face value (also subject to 50% limit

any carryforward of that credit, use Form

cooperative’s share of undistributed

under section 274(n)).

8827, Credit for Prior Year Minimum

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earnings of a qualified electing fund (see

The cost of skyboxes over the face

Tax — Corporations.

Form 8621, Part II).

value of nonluxury box seat tickets.

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Also see Form 8827 if any of the

How to report. Attach a schedule

The part of luxury water travel not

cooperative’s 2000 nonconventional

showing the computation of each item

deductible under section 274(m).

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source fuel credit, orphan drug credit, or

included in, or subtracted from, the total

Expenses for travel as a form of

qualified electric vehicle credit was

for line 10. On the dotted line next to line

education.

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disallowed solely because of the tentative

10, specify (a) the applicable Code

Other nondeductible expenses for

minimum tax limitation. See section 53(d).

section, (b) the type of tax, and (c) enter

travel and entertainment.

the amount of tax. For example, if the

Line 9. Other Taxes

For more information, see Pub. 542.

cooperative is deferring $100 LIFO

Include any of the following taxes and

Line 7. Tax-exempt interest. Include as

recapture tax, subtract this amount from

interest in the total on line 9. Check the

interest on line 7, any exempt-interest

the total on line 10, then enter “Section

appropriate box(es) for the form, if any,

dividends received as a shareholder in a

1363-Deferred Tax-$100” on the dotted

used to compute the total.

mutual fund or other RIC.

line next to line 10.

Recapture of investment credit. If the

cooperative disposed of investment credit

property or changed its use before the

Schedule L

Schedule N

end of its useful life or recovery period,

see Form 4255, Recapture of Investment

Balance Sheets per Books

Other Information

Credit, for details.

The balance sheet should agree with the

The following instructions apply to Form

Recapture of low-income housing

cooperative’s books and records. Include

990-C, page 5, Schedule N. Be sure to

credit. If the cooperative disposed of

complete all the items that apply to the

certificates of deposit as cash on line 1,

property (or there was a reduction in the

Schedule L.

cooperative.

qualified basis of the property) for which it

took the low-income housing credit, it may

Line 5. Tax-exempt securities. Include

Question 13

owe a tax. See Form 8611, Recapture of

on this line:

Foreign financial account. Check the

Low-Income Housing Credit.

1. State and local government

“Yes” box if either 1 or 2 below applies to

Other. Additional taxes and interest

obligations, the interest on which is

the cooperative. Otherwise, check the

amounts may be included in the total

excludable from gross income under

“No” box.

entered on line 9. Check the box for

section 103(a) and

“Other” if the cooperative includes any of

1. At any time during the 2001

2. Stock in a mutual fund or other RIC

calendar year, the cooperative had an

the taxes and interest discussed below.

that distributed exempt-interest dividends

See How to report, below, for details on

during the tax year of the cooperative.

interest in or signature or other authority

reporting these amounts on an attached

over a bank, securities, or other financial

schedule.

Line 24. Adjustments to shareholders’

account in a foreign country (see Form

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Recapture of the qualified electric

equity. Some examples of adjustments to

TD F 90 – 22.1, Report of Foreign Bank

vehicle (QEV) credit. The cooperative

report on this line include:

and Financial Accounts); and

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Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - 2001 Page 17

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