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owe a tax. See Form 8611, Recapture of

State and local government obligations,

1. At any time during the 2003

Low-Income Housing Credit.

the interest on which is excludable from

calendar year, the cooperative had an

gross income under section 103(a) and

interest in or signature or other authority

Other. Additional taxes and interest

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Stock in a mutual fund or other RIC that

over a bank, securities, or other financial

amounts may be included in the total

distributed exempt-interest dividends

account in a foreign country (see Form

entered on line 9. Check the box for

during the tax year of the cooperative.

TD F 90 – 22.1, Report of Foreign Bank

“Other” if the cooperative includes any of

and Financial Accounts); and

the taxes and interest discussed below.

Line 24. Adjustments to shareholders’

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The combined value of the accounts

See How to report, below, for details on

equity. Some examples of items to report

was more than $10,000 at any time

reporting these amounts on an attached

on this line include:

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during the calendar year and

schedule.

Unrealized gains and losses on

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The account was not with a U.S.

Recapture of the qualified electric

securities held “available for sale.”

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military banking facility operated by a U.S.

vehicle (QEV) credit. The cooperative

Foreign currency translation

financial institution.

must recapture part of the QEV credit

adjustments.

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2. The cooperative owns more than

claimed in a prior year, if, within 3 years

The excess of additional pension

50% of the stock in any corporation that

of the date the vehicle was placed in

liability over unrecognized prior service

would answer “Yes” to item 1 above.

service, it ceases to qualify for the credit.

cost.

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See Regulations section 1.30-1 for details

Guarantees of employee stock (ESOP)

If “Yes” is checked for this question:

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on how to figure the recapture.

debt.

Enter the name(s) of the foreign

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Recapture of the Indian employment

Compensation related to employee

country or countries. Attach a separate

credit. Generally, if an employer

stock award plans.

sheet if more space is needed.

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terminates the employment of a qualified

If the total adjustment to be entered on

File Form TD F 90-22.1 by June 30,

employee less than 1 year after the date

line 24 is a negative amount, enter it in

2004, with the Department of the

of initial employment, any Indian

parentheses.

Treasury at the address shown on the

employment credit allowed for a prior tax

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

year because of wages paid or incurred to

You can order Form TD F 90-22.1 by

Schedule M-1

that employee must be recaptured. For

calling 1-800-TAX-FORM

details, see Form 8845 and section 45A.

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

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Recapture of new markets credit (see

Reconciliation of Income (Loss)

from the IRS website at

Form 8874).

per Books With Income per

Question 14

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Recapture of employer-provided

Return

childcare facilities and services credit

The cooperative may be required to file

Line 5c. Travel and entertainment.

Form 3520, Annual Return To Report

(see Form 8882).

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Include on line 5c any of the following:

Transactions with Foreign Trusts and

Interest on deferred tax attributable to

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(a) installment sales of certain timeshares

Meals and entertainment not deductible

Receipt of Certain Foreign Gifts, if:

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

under section 274(n).

It directly or indirectly transferred

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Expenses for the use of an

(b) certain nondealer installment

money or property to a foreign trust. For

entertainment facility.

obligations (section 453A(c)).

this purpose, any U.S. person who

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Interest due on deferred gain (section

The part of business gifts over $25.

created a foreign trust is considered a

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1260(b)).

Expenses of an individual in excess of

transferor.

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$2,000, which are allocable to

It is treated as the owner of any part of

How to report. If the cooperative

conventions on cruise ships.

the assets of a foreign trust under the

checked the “Other” box, attach a

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Employee achievement awards over

grantor trust rules.

schedule showing the computation of

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$400.

It received a distribution from a foreign

each item included in the total for line 9,

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The cost of entertainment tickets over

trust.

identify the applicable Code section and

their face value (also subject to 50% limit

For more information, see the

the type of tax or interest.

under section 274(n)).

Instructions for Form 3520.

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Line 10. Total tax. Include any deferred

The cost of skyboxes over the face

Note. An owner of a foreign trust must

tax on the termination of a section 1294

value of nonluxury box seat tickets.

ensure that the trust files an annual

election applicable to shareholders in a

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The part of luxury water travel not

information return on Form 3520-A,

qualified electing fund in the amount

deductible under section 274(m).

Annual Information Return of Foreign

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entered on line 10. See Form 8621, Part

Expenses for travel as a form of

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

V and How to report below.

education.

Form 3520-A.

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Subtract any deferred tax on the

Other nondeductible expenses for

cooperative’s share of undistributed

travel and entertainment.

Item 15

earnings of a qualified electing fund (see

For more information, see Pub. 542.

Show any tax-exempt interest income

Form 8621, Part II).

Line 7. Tax-exempt interest. Include as

received or accrued. Include any

How to report. If deferring tax, attach

interest on line 7, any exempt-interest

exempt-interest dividends received as a

a schedule showing the computation of

dividends received as a shareholder in a

shareholder in a mutual fund or RIC.

each item included in, or subtracted from,

mutual fund or RIC.

Question 17

the total for line 10. On the dotted line

Check the “Yes” box if:

next to line 10, specify (a) the applicable

Schedule N

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

1. The cooperative is a subsidiary in

the amount of tax.

an affiliated group (defined below), but is

Other Information

not filing a consolidated return for the tax

year with that group or

The following instructions apply to Form

Schedule L

2. The cooperative is a subsidiary in a

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

parent-subsidiary controlled group

complete all the items that apply to the

Balance Sheets per Books

(defined below).

cooperative.

The balance sheet should agree with the

Any cooperative that meets either of

Question 13

cooperative’s books and records. Include

the above requirements should check the

certificates of deposit as cash on line 1,

Foreign financial account. Check the

“Yes” box. This applies even if the

Schedule L.

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

cooperative is a subsidiary member of

Line 5. Tax-exempt securities. Include

the cooperative. Otherwise, check the

one group and the parent corporation of

on this line:

“No” box.

another.

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Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - Internal Revenue Service - 2003 Page 17

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