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which it took the low-income housing

Recapture of allocation of low sulfur

If the total adjustment to be entered

credit, it may owe a tax. See Form

diesel fuel production credit to patrons

on line 24 is a negative amount, enter it

8611, Recapture of Low-Income

(Form 8896). See section 45H(g)(3) for

in parentheses.

Housing Credit.

how to figure the tax.

Other. Additional taxes and interest

How to report. If the cooperative

Schedule M-1

amounts can be included in the total

checked the “Other” box, attach a

schedule showing the computation of

entered on line 9. Check the box for

each item included in the total for line 9,

Reconciliation of Income

“Other” if the cooperative includes any

additional taxes and interest such as

identify the applicable Code section and

(Loss) per Books With

the items discussed below. See How to

the type of tax or interest.

Income per Return

report, below, for details on reporting

Line 10. Total Tax

these amounts on an attached

Line 5c. Travel and

schedule.

Include any deferred tax on the

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Recapture of the qualified electric

Entertainment

termination of a section 1294 election

vehicle (QEV) credit. The cooperative

applicable to shareholders in a qualified

Include on line 5c any of the following:

must recapture part of the QEV credit

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electing fund in the amount entered on

Meals and entertainment not

claimed in a prior year if, within 3 years

line 10. See Form 8621, Part V and

deductible under section 274(n).

of the date the vehicle was placed in

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How to report, below.

Expenses for the use of an

service, it ceases to qualify for the

entertainment facility.

credit. See Regulations section 1.30-1

Subtract any deferred tax on the

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The part of business gifts over $25.

cooperative’s share of undistributed

for details on how to figure the

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Expenses of an individual in excess

earnings of a qualified electing fund

recapture.

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of $2,000, which are allocable to

(see Form 8621, Part II).

Recapture of the Indian employment

conventions on cruise ships.

credit. Generally, if an employer

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How to report. If deferring tax, attach

Employee achievement awards over

terminates the employment of a

a schedule showing the computation of

$400.

qualified employee less than 1 year

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each item included in, or subtracted

The cost of entertainment tickets

after the date of initial employment, any

from, the total for line 10. On the dotted

over their face value (also subject to

Indian employment credit allowed for a

line next to line 10, specify (a) the

the 50% limit under section 274(n)).

prior tax year because of wages paid or

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applicable Code section, (b) the type of

The cost of skyboxes over the face

incurred to that employee must be

tax, and (c) the amount of tax.

value of nonluxury box seat tickets.

recaptured. For details, see Form 8845

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The part of luxury water travel not

and section 45A.

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deductible under section 274(m).

Recapture of new markets credit (see

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Schedule L

Expenses for travel as a form of

Form 8874).

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education.

Recapture of employer-provided

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Other nondeductible expenses for

childcare facilities and services credit

Balance Sheets per Books

travel and entertainment.

(see Form 8882).

The balance sheet should agree with

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Interest on deferred tax attributable

the cooperative’s books and records.

For more information, see Pub. 542.

to (a) installment sales of certain

Include certificates of deposit as cash

timeshares and residential lots (section

on line 1, Schedule L.

Line 7. Tax-exempt Interest

453(l)(3)) and (b) certain nondealer

Show any tax-exempt interest received

installment obligations (section

Line 5. Tax-exempt

or accrued including any

453A(c)).

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Securities

exempt-interest dividends received as a

Interest due on deferred gain (section

shareholder in a mutual fund or RIC.

1260(b)).

Include on this line:

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Also report this same amount on

For tax years beginning after October

State and local government

Schedule N, item 15.

22, 2004, tax on income from notional

obligations, the interest on which is

shipping income. See Income from

excludable from gross income under

qualifying shipping activities on page 6.

section 103(a), and

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Report the section 1352(a) tax on

Stock in a mutual fund or other

Schedule N

Schedule J, line 3, and report the

Regulated Investment Companies

section 1352(2) tax on Schedule J, line

(RIC) that distributed exempt-interest

Other Information

10, and check the box for Form 8902.

dividends during the tax year of the

The following instructions apply to Form

cooperative.

Recapture of allocation of credit

990-C, page 5, Schedule N. Complete

to patrons. If the amount of credit

all items that apply to the cooperative.

Line 24. Adjustments to

apportioned to any patron is decreased,

Shareholders’ Equity

there is a tax imposed on the

Question 13

cooperative, not the patron.

Some examples of items to report on

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Foreign financial account. Check the

Recapture of allocation of small

this line include:

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“Yes” box if either 1 or 2 below applies

ethanol producer credit to patrons

Unrealized gains and losses on

to the cooperative. Otherwise, check

(Form 6478). See section

securities held “available for sale.”

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the “No” box.

40(g)(6)(B)(iii) for how to figure the tax.

Foreign currency translation

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Recapture of credit for renewable

adjustments.

1. At any time during the 2005

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electricity, refined coal, and Indian coal

The excess of additional pension

calendar year, the cooperative had an

(Form 8835). See section 45(e)(11)(C)

liability over unrecognized prior service

interest in or signature or other

for how to figure the tax.

cost.

authority over a bank, securities, or

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Recapture of credit for biodiesel and

Guarantees of employee stock

other financial account in a foreign

renewable diesel fuels (Form 8864).

(ESOP) debt.

country (see Form TD F 90-22.1,

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See section 40A(e)(6)(B)(iii) on how to

Compensation related to employee

Report of Foreign Bank and Financial

figure the tax.

stock award plans.

Accounts), and

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Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - Internal Revenue Service - 2005 Page 19

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