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See How to report, below, for details on

Line 24. Adjustments to shareholders’

TD F 90 – 22.1, Report of Foreign Bank

reporting these amounts on an attached

equity. Some examples of adjustments to

and Financial Accounts); and

•

schedule.

report on this line include:

The combined value of the accounts

•

Unrealized gains and losses on

was more than $10,000 at any time

Recapture of the qualified electric

securities held “available for sale.”

during the calendar year and

vehicle (QEV) credit. The cooperative

•

Foreign currency translation

The account was not with a U.S.

must recapture part of the QEV credit

adjustments.

military banking facility operated by a U.S.

claimed in a prior year, if, within 3 years

•

The excess of additional pension

financial institution.

of the date the vehicle was placed in

liability over unrecognized prior service

2. The cooperative owns more than

service, it ceases to qualify for the credit.

cost.

50% of the stock in any corporation that

See Regulations section 1.30-1 for details

•

Guarantees of employee stock (ESOP)

would answer “Yes” to item 1 above.

on how to figure the recapture.

•

debt.

Recapture of the Indian employment

•

If “Yes” is checked for this question:

Compensation related to employee

•

credit. Generally, if an employer

Enter the name(s) of the foreign

stock award plans.

terminates the employment of a qualified

country or countries. Attach a separate

If the total adjustment to be entered on

employee less than 1 year after the date

sheet if more space is needed.

line 24 is a negative amount, enter the

•

of initial employment, any Indian

File Form TD F 90-22.1 by June 30,

amount in parentheses.

employment credit allowed for a prior tax

2003, with the Department of the

year because of wages paid or incurred to

Treasury at the address shown on the

that employee must be recaptured. For

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

Schedule M-1

details, see Form 8845 and section 45A.

You can order Form TD F 90-22.1 by

•

calling 1-800-TAX-FORM

Recapture of new markets credit (see

Reconciliation of Income (Loss)

Form 8874).

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

•

per Books With Income per

from the IRS web site at

Interest on deferred tax attributable to

Return

(a) installment sales of certain timeshares

Question 14

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

Line 5c. Travel and entertainment.

The cooperative may be required to file

(b) certain nondealer installment

Include on line 5c any of the following:

Form 3520, Annual Return To Report

obligations (section 453A(c)).

•

Meals and entertainment not deductible

•

Transactions with Foreign Trusts and

Interest due on deferred gain (section

under section 274(n).

Receipt of Certain Foreign Gifts, if:

•

1260(b)).

Expenses for the use of an

•

It directly or indirectly transferred

entertainment facility.

How to report. If the cooperative

•

money or property to a foreign trust. For

The part of business gifts over $25.

checked the “Other” box, attach a

•

this purpose, any U.S. person who

Expenses of an individual in excess of

schedule showing the computation of

created a foreign trust is considered a

$2,000, which are allocable to

each item included in the total for line 9,

transferor.

conventions on cruise ships.

•

identify the applicable Code section and

•

It is treated as the owner of any part of

Employee achievement awards over

the type of tax or interest.

the assets of a foreign trust under the

$400.

•

grantor trust rules.

Line 10. Total Tax. Include any deferred

The cost of entertainment tickets over

•

It received a distribution from a foreign

tax on the termination of a section 1294

their face value (also subject to 50% limit

trust.

election applicable to shareholders in a

under section 274(n)).

•

For more information, see the

qualified electing fund in the amount

The cost of skyboxes over the face

Instructions for Form 3520.

entered on line 10. See Form 8621, Part

value of nonluxury box seat tickets.

•

V and How to report below.

The part of luxury water travel not

Note. An owner of a foreign trust must

deductible under section 274(m).

ensure that the trust files an annual

•

Subtract any deferred tax on the

Expenses for travel as a form of

information return on Form 3520-A,

cooperative’s share of undistributed

education.

Annual Information Return of Foreign

•

earnings of a qualified electing fund (see

Other nondeductible expenses for

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

Form 8621, Part II).

travel and entertainment.

Form 3520-A.

For more information, see Pub. 542.

How to report. If deferring tax, attach

Item 15

a schedule showing the computation of

Line 7. Tax-exempt interest. Include as

Show any tax-exempt interest income

each item included in, or subtracted from,

interest on line 7, any exempt-interest

received or accrued. Include any

the total for line 10. On the dotted line

dividends received as a shareholder in a

exempt-interest dividends received as a

next to line 10, specify (a) the applicable

mutual fund or other RIC.

shareholder in a mutual fund or other

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

RIC.

the amount of tax.

Question 17

Schedule N

Check the “Yes” box if:

Schedule L

Other Information

1. The cooperative is a subsidiary in

an affiliated group (defined below), but is

The following instructions apply to Form

Balance Sheets per Books

not filing a consolidated return for the tax

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

The balance sheet should agree with the

year with that group or

complete all the items that apply to the

cooperative’s books and records. Include

2. The cooperative is a subsidiary in a

cooperative.

certificates of deposit as cash on line 1,

parent-subsidiary controlled group

Schedule L.

Question 13

(defined below).

Line 5. Tax-exempt securities. Include

Any cooperative that meets either of

Foreign financial account. Check the

on this line:

the requirements above should check the

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

“Yes” box. This applies even if the

the cooperative. Otherwise, check the

1. State and local government

cooperative is a subsidiary member of

“No” box.

obligations, the interest on which is

one group and the parent corporation of

excludable from gross income under

1. At any time during the 2002

another.

section 103(a) and

calendar year, the cooperative had an

2. Stock in a mutual fund or other RIC

interest in or signature or other authority

Note. If the cooperative is an “excluded

that distributed exempt-interest dividends

over a bank, securities, or other financial

member” of a controlled group (see

during the tax year of the cooperative.

account in a foreign country (see Form

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

-17-

Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - Internal Revenue Service - 2002 Page 17

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