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The combined value of the accounts

one group and the parent corporation of

carryback period for a NOL. To be valid,

was more than $10,000 at any time

another.

the election must be made by the due

during the calendar year and

date (including extensions) for filing Form

Note. If the cooperative is an “excluded

•

990-C. Cooperatives filing a

The account was not with a U.S.

member” of a controlled group (see

consolidated return must check the box

military banking facility operated by a U.S.

section 1563(b)(2)), it is still considered a

and attach the statement required by

financial institution.

member of a controlled group for this

Regulations section 1.1502-21(b)(3)(i) or

2. The cooperative owns more than

purpose.

(ii). If the cooperative checks this box, do

50% of the stock in any corporation that

Affiliated group. The term “affiliated

not attach the statement described in

would answer “Yes” to item 1 above.

group” means one or more chains of

Temporary Regulations section

If “Yes” is checked for this question:

includible corporations (section 1504(a))

301.9100-12T(d).

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Enter the name(s) of the foreign

connected through stock ownership with a

country or countries. Attach a separate

common parent corporation. The common

Item 20

sheet if more space is needed.

parent must be an includible corporation

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Enter the amount of the NOL carryover to

File Form TD F 90-22.1 by June 30,

and the following requirements must be

the tax year from prior years, even if

2002, with the Department of the

met:

some of the loss is used to offset income

Treasury at the address shown on the

1. The common parent must own

on this return. The amount to enter is the

form. Do not file it with Form 990-C.

directly stock that represents at least 80%

total of all NOLs generated in prior years

You can order Form TD F 90-22.1 by

of the total voting power and at least 80%

but not used to offset income (either as a

calling 1-800-TAX-FORM

of the total value of the stock of at least

carryback or carryover) in a tax year prior

(1-800-829-3676) or you can download it

one of the other includible cooperatives

to 2001. Do not reduce the amount by

from the IRS Web Site at

and

any NOL deduction reported on line 29a.

2. Stock that represents at least 80%

Question 14

of the total voting power and at least 80%

The cooperative may be required to file

of the total value of the stock of each of

Paperwork Reduction Act Notice. We

Form 3520, Annual Return To Report

the other corporations (except for the

ask for the information on this form to

Transactions with Foreign Trusts and

common parent) must be owned directly

carry out the Internal Revenue laws of the

Receipt of Certain Foreign Gifts, if:

by one or more of the other includible

United States. You are required to give us

corporations.

•

It directly or indirectly transferred

the information. We need it to ensure that

For this purpose, stock generally does

money or property to a foreign trust. For

you are complying with these laws and to

not include any stock that (a) is

this purpose, any U.S. person who

allow us to figure and collect the right

nonvoting, (b) is nonconvertible, (c) is

created a foreign trust is considered a

amount of tax.

limited and preferred as to dividends and

transferor.

•

does not participate significantly in

You are not required to provide the

It is treated as the owner of any part of

corporate growth, and (d) has redemption

information requested on a form that is

the assets of a foreign trust under the

and liquidation rights that do not exceed

subject to the Paperwork Reduction Act

grantor trust rules.

•

the issue price of the stock (except for a

unless the form displays a valid OMB

It received a distribution from a foreign

reasonable redemption or liquidation

control number. Books or records relating

trust.

premium). See section 1504(a)(4).

to a form or its instructions must be

For more information, see the

retained as long as their contents may

Instructions for Form 3520.

Parent-subsidiary controlled group.

become material in the administration of

The term “parent-subsidiary controlled

Note. An owner of a foreign trust must

any Internal Revenue law. Generally, tax

group” means one or more chains of

ensure that the trust files an annual

returns and return information are

cooperatives connected through stock

information return on Form 3520-A,

confidential, as required by section 6103.

ownership (section 1563(a)(1)). Both of

Annual Information Return of Foreign

the following requirements must be met:

Trust with a U.S. Owner. For details, see

The time needed to complete and file

1. At least 80% of the total combined

Form 3520-A.

this form will vary depending on individual

voting power of all classes of voting stock

circumstances. The estimated average

Item 15

or at least 80% of the total value of all

time is:

classes of stock of each cooperative in

Show any tax-exempt interest income

the group (except the parent) must be

received or accrued. Include any

Recordkeeping . . . . . . . .

77 hr., 58 min.

owned by one or more of the other

exempt-interest dividends received as a

Learning about the law or

cooperatives in the group and

shareholder in a mutual fund or other

the form . . . . . . . . . . . . .

23 hr., 46 min.

2. The common parent must own at

RIC.

Preparing the form . . . . . .

40 hr., 59 min.

least 80% of the total combined voting

Copying, assembling, and

power of all classes of stock entitled to

Question 17

sending the form to the IRS

4 hr., 17 min.

vote or at least 80% of the total value of

Check the “Yes” box if:

all classes of stock of one or more of the

If you have comments concerning the

1. The cooperative is a subsidiary in

other cooperatives in the group. Stock

accuracy of these time estimates or

an affiliated group (defined below), but is

owned directly by other members of the

suggestions for making this form simpler,

not filing a consolidated return for the tax

group is not counted when computing the

we would be happy to hear from you. You

year with that group or

voting power or value.

can write to the Tax Forms Committee,

2. The cooperative is a subsidiary in a

See section 1563(d)(1) for the

Western Area Distribution Center,

parent-subsidiary controlled group

definition of “stock” for purposes of

Rancho Cordova, CA 95743-0001.

(defined below).

determining stock ownership above.

Any cooperative that meets either of

Do not send the tax form to this office.

Item 19

the requirements above should check the

Instead, see Where To File on page 2.

“Yes” box. This applies even if the

Check the box if the cooperative elects

cooperative is a subsidiary member of

under section 172(b)(3) to forego the

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Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - 2001 Page 18

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