Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - Internal Revenue Service - 2004

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Department of the Treasury
Internal Revenue Service
Instructions for Form 990-C
Farmers’ Cooperative Association Income Tax Return
Section references are to the Internal Revenue Code unless otherwise noted.
Cooperatives can allocate on new
be less than its inversion gain for the tax
Contents
Page
Form 8896, Low Sulfur Diesel Fuel
year. See section 7874.
What’s New . . . . . . . . . . . . . . . . . . . . 1
Production Credit, any or all of its credit to
Photographs of Missing Children . . . . 1
Photographs of Missing
patrons for any tax year ending after
Unresolved Tax Issues . . . . . . . . . . . . 1
December 31, 2002. See section 45H and
How To Get Forms and
Children
the instructions for Schedule J, line 6c.
Publications . . . . . . . . . . . . . . . . . . 2
The Internal Revenue Service is a proud
Cooperatives can file new Form 8895,
General Instructions . . . . . . . . . . . . . 2
partner with the National Center for
Section 965(f) Election for Corporations
Purpose of Form . . . . . . . . . . . . . . . . 2
Missing and Exploited Children.
that are U.S. Shareholders of a Controlled
Who Must File . . . . . . . . . . . . . . . . . . 2
Photographs of missing children selected
Foreign Corporation, to elect the 85%
When To File . . . . . . . . . . . . . . . . . . . 2
by the Center may appear in instructions
dividends-received deduction on
Where To File . . . . . . . . . . . . . . . . . . 2
on pages that would otherwise be blank.
repatriated dividends received under
Who Must Sign . . . . . . . . . . . . . . . . . 2
You can help bring these children home
section 965. Changes are made to Form
Paid Preparer Authorization . . . . . . . . 2
by looking at the photographs and calling
990-C, Schedule C, lines 10 and 11.
1-800-THE-LOST (1-800-843-5678) if you
Assembling the Return . . . . . . . . . . . . 3
For tax years beginning after October
recognize a child.
22, 2004, cooperatives can elect to be
Accounting Methods . . . . . . . . . . . . . . 3
taxed on income from qualifying shipping
Accounting Periods . . . . . . . . . . . . . . 3
Unresolved Tax Issues
activities using an alternative tax method.
Rounding Off to Whole Dollars . . . . . . 4
See page 8.
Recordkeeping . . . . . . . . . . . . . . . . . . 4
If the cooperative has attempted to deal
Cooperatives can elect to deduct a
with an IRS problem unsuccessfully, it
Depository Methods of Tax
limited amount of business start-up and
should contact the Taxpayer Advocate.
Payment . . . . . . . . . . . . . . . . . . . . 4
organizational costs paid or incurred after
The Taxpayer Advocate independently
Estimated Tax Payments . . . . . . . . . . 4
October 22, 2004. See page 9.
represents the cooperative’s interests and
Interest and Penalties . . . . . . . . . . . . . 4
Cooperatives cannot deduct certain
concerns within the IRS by protecting its
Other Forms and Statements
interest paid or incurred in tax years
rights and resolving problems that have
That May Be Required . . . . . . . . . . 5
beginning after October 22, 2004, on an
not been fixed through normal channels.
Specific Instructions . . . . . . . . . . . . 7
underpayment of tax from certain
While Taxpayer Advocates cannot
Period Covered . . . . . . . . . . . . . . . . . 7
undisclosed transactions. See page 11.
change the tax law or make a technical
Address . . . . . . . . . . . . . . . . . . . . . . . 7
For charitable contributions of certain
tax decision, they can clear up problems
Business Activity With the
property made after June 3, 2004, a
that resulted from previous contacts and
Largest Total Receipts . . . . . . . . . . 7
cooperative must file Form 8283 and
ensure that the cooperative’s case is
obtain a qualified appraisal if claiming a
Employer Identification Number
given a complete and impartial review.
deduction of more than $5,000. See page
(EIN) . . . . . . . . . . . . . . . . . . . . . . . 7
The cooperative’s assigned personal
11.
Consolidated Return . . . . . . . . . . . . . . 7
advocate will listen to its point of view and
For charitable contributions of patents
Type of Cooperative . . . . . . . . . . . . . . 7
will work with the cooperative to address
and certain other intellectual property
Initial Return, Final Return,
its concerns. The cooperative can expect
made after June 3, 2004, cooperatives
Name Change, Address
the advocate to provide:
will receive a reduced deduction but can
Change, or Amended Return . . . . . . 7
A “fresh look” at a new or ongoing
deduct certain qualified donee income.
Income . . . . . . . . . . . . . . . . . . . . . . . 8
problem.
See page 11.
Deductions . . . . . . . . . . . . . . . . . . . . 9
Timely acknowledgement.
Special rules apply to charitable
Schedule A . . . . . . . . . . . . . . . . . . . 14
The name and phone number of the
contributions after 2004 of used motor
Schedule C . . . . . . . . . . . . . . . . . . . 15
individual assigned to its case.
vehicles, boats, or airplanes with a
Updates on progress.
Worksheet for Schedule C . . . . . . . 16
claimed value of more than $500. See
Timeframes for action.
Schedule H . . . . . . . . . . . . . . . . . . . 16
section 179(f)(12).
Speedy resolution.
Schedule J . . . . . . . . . . . . . . . . . . . 17
Cooperatives can elect to deduct up to
Courteous service.
Worksheet for Members of a
$10,000 of reforestation costs paid or
incurred after October 22, 2004. The
Controlled Group . . . . . . . . . . . . 18
When contacting the Taxpayer
reforestation credit (see Form 3468) is
Advocate, the cooperative should be
Schedule L . . . . . . . . . . . . . . . . . . . 19
repealed for expenses paid or incurred
prepared to provide the following
Schedule M-1 . . . . . . . . . . . . . . . . . 20
after this date. See Other Deductions on
information.
Schedule N . . . . . . . . . . . . . . . . . . . 20
page 12.
The cooperative’s name, address, and
Index . . . . . . . . . . . . . . . . . . . . . . . . 22
The deduction for certain travel, meals,
employer identification number (EIN).
and entertainment expenses incurred
The name and telephone number of an
What’s New
after October 22, 2004, is limited to the
authorized contact person and the hours
Cooperatives can allocate on Form
amount treated as compensation to
he or she can be reached.
officers, directors, and more-than-10%
6478, Credit for Alcohol Used as Fuel,
The type of tax return and year(s)
shareholders. See section 274(e)(2).
any or all of its small ethanol producer
involved.
credit to patrons for any tax year ending
If the cooperative is an expatriated
A detailed description of the problem.
after October 22, 2004. See the
entity or a partner in an expatriated entity,
Previous attempts to solve the problem
instructions for Schedule J, line 6c.
the cooperative’s taxable income cannot
and the office that was contacted.
Cat. No. 11288M

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