Looking for a Form 990-c Templates? Download it for free!

if the cooperative had only 1 prior tax

through to the patrons. These credits

Tax Rate Schedule

year).

cannot be carried back or over by the

If taxable income on line 30, page 1,

cooperative. See Forms 3468, 5884,

For more details, see the

Form 990-C is:

8844, 8845, and 8861 for details.

Instructions for Form 4626.

Form 3468, Investment Credit.

Line 6a. Foreign tax credit. To find

Of the

out when a cooperative can take the

Form 5884, Work Opportunity

But not

amount

Credit.

Over—

over—

Tax is:

over—

credit for payment of income tax to a

foreign country or U.S. possession,

Form 6478, Credit for Alcohol Used

$50,000

15%

see Form 1118, Foreign Tax Credit—

50,000

75,000

$ 7,500 + 25%

50,000

as Fuel.

75,000

100,000

13,750 + 34%

75,000

Corporations.

Form 6765, Credit for Increasing

100,000

335,000

22,250 + 39%

100,000

335,000 10,000,000

113,900 + 34%

335,000

Research Activities.

Line 6b—Other credits

10,000,000 15,000,000 3,400,000 + 35% 10,000,000

Form 8586, Low-income Housing

15,000,000 18,333,333 5,150,000 + 38% 15,000,000

Possessions tax credit. The Small

18,333,333

- - - - -

35%

Credit.

Business Job Protection Act of 1996

Deferred tax under section 1291.

Form 8820, Orphan Drug Credit.

repealed the possessions credit.

If the cooperative was a shareholder

Form 8826, Disabled Access

However, existing credit claimants

in a passive foreign investment

Credit.

may qualify for a credit under the

company (PFIC), and the cooperative

Form 8830, Enhanced Oil

transitional rules. Get Form 5735,

received an excess distribution or

Recovery Credit.

Possessions Tax Credit (Under

disposed of its investment in the PFIC

Sections 936 and 30A).

Form 8835, Renewable Electricity

during the year, it must include the

Production Credit.

Nonconventional source fuel

total increase in taxes due under

Form 8844, Empowerment Zone

credit. A credit is allowed for the sale

section 1291(c)(2) in the amount

Employment Credit.

of qualified fuels produced from a

entered on line 3, Schedule J. On the

nonconventional source. Section 29

Note: Although the empowerment

dotted line next to line 3, Schedule J,

contains a definition of qualified fuels,

zone employment credit is a

write “Section 1291” and the amount.

provisions for figuring the credit, and

component of the general business

Do not include on line 3 any interest

other special rules. Attach a separate

credit, it is figured separately and is

due under section 1291(c)(3).

schedule to the return showing the

not carried to Form 3800.

Instead, show the amount of interest

computation of the credit.

Form 8845, Indian Employment

owed in the bottom margin of page

Qualified electric vehicle (QEV)

Credit.

1, Form 990-C, and write “Section

credit. Include on line 6b any credit

Form 8846, Credit for Employer

1291 interest.” For details, see Form

from Form 8834, Qualified Electric

Social Security and Medicare Taxes

8621.

Vehicle Credit. Vehicles that qualify

Paid on Certain Employee Tips.

Line 4. Alternative minimum tax.

for this credit are not eligible for the

Form 8847, Credit for Contributions

Unless the cooperative is treated as

deduction for clean-fuel vehicles

to Selected Community Development

a small corporation exempt from

under section 179A.

Corporations.

alternative minimum tax (AMT), it may

Line 6c. General business credit.

Form 8861, Welfare-to-Work

owe AMT if it has any of the

Complete this line if the cooperative

adjustments and tax preference items

Credit.

can take any of the following credits.

listed on Form 4626, Alternative

Line 6d. Credit for prior year

Complete Form 3800, General

Minimum Tax—Corporations. The

minimum tax. To figure the

Business Credit, if the cooperative

cooperative must file Form 4626 if its

minimum tax credit and any

has two or more of these credits

taxable income (loss) combined with

carryforward of that credit, use Form

(other than the empowerment zone

these adjustments and tax preference

8827, Credit for Prior Year Minimum

employment credit), general credits

items is more than the smaller of:

Tax— Corporations.

from an electing large partnership, a

$40,000 or

Also see Form 8827 if any of the

general business credit carryforward

The cooperative's allowable

cooperative's 1999 nonconventional

or carryback (other than the

exemption amount (from Form 4626).

source fuel credit, orphan drug credit,

empowerment zone employment

or qualified electric vehicle credit was

For this purpose, taxable income

credit), a trans-Alaska pipeline liability

disallowed solely because of the

does not include the NOL deduction.

fund credit, or a passive activity credit

tentative minimum tax limitation. See

Get Form 4626 for details.

(other than the low-income housing

section 53(d).

Exemption for small

credit or the empowerment zone

corporations. A cooperative is

employment credit). Enter the

Line 9—Recapture Taxes

treated as a small corporation exempt

amount of the general business credit

Recapture of investment credit. If

from the AMT for its tax year

on line 6c, and check the box for

the cooperative disposed of

beginning in 2000 if that year is the

Form 3800.

investment credit property or changed

cooperative's first tax year in

If the cooperative has only one

its use before the end of its useful life

existence (regardless of its gross

credit, enter on line 6c, the amount

or recovery period, see Form 4255,

receipts) or:

of the credit from the form. Also be

Recapture of Investment Credit, for

1. It was treated as a small

sure to check the appropriate box for

details.

corporation exempt from the AMT for

that form.

Recapture of low-income housing

all prior tax years beginning after

Note: Any excess energy investment

credit. If the cooperative disposed

1997 and

credit, work opportunity credit, Indian

of property (or there was a reduction

2. Its average annual gross

employment credit, empowerment

in the qualified basis of the property)

receipts for the 3-tax-year period (or

zone credit, employment credit, or

for which it took the low-income

portion thereof during which the

welfare-to-work credit not used by the

housing credit, see Form 8611,

cooperative was in existence) ending

cooperative (because of the tax

Recapture of Low-Income Housing

before its tax year beginning in 2000

liability limitation) must be passed

Credit.

did not exceed $7.5 million ($5 million

Page 18

Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - 2000 Page 18

Related Articles

Related forms

Related Categories