Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - Internal Revenue Service - 2005 Page 5

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respect to any reportable transaction,
The cooperative has a tax year of
addresses in foreign countries or
must use Form 8264, Application for
less than 12 months that begins and
Puerto Rico.
Registration of a Tax Shelter, to
ends in 2006, and
disclose reportable transactions in
The 2006 Form 1120-C is not
Item C. Consolidated
accordance with interim guidance
available at the time the cooperative is
Return
provided in Notice 2004-80, 2004-50
required to file its return.
I.R.B. 963; Notice 2005-17, 2005-8
The cooperative must show its 2006
Cooperatives filing a consolidated
I.R.B. 606; and Notice 2005-22,
tax year on the 2005 Form 990-C and
return must attach Form 851,
2005-12 I.R.B. 756.
take into account any tax law changes
Affiliations Schedule, and other
Transfers to a cooperative controlled
that are effective for tax years
supporting statements to the return.
by the transferor. If a person receives
beginning after December 31, 2005.
The first year a subsidiary cooperative
stock of a cooperative in exchange for
is being included in a consolidated
Name and Address
property, and no gain or loss is
return attach Form 1122, Authorization
recognized under section 351, the
and Consent of Subsidiary Corporation
Enter the cooperative’s true name (as
person (transferor) and the transferee
To Be Included in a Consolidated
set forth in the charter or other legal
must each attach to their tax returns the
Income Tax Return, to the parent’s
document creating it), address, and EIN
information required by Regulations
consolidated return. Attach a separate
on the appropriate lines. Include the
section 1.351-3.
Form 1122 for each subsidiary being
suite, room, or other unit number after
included in the consolidated return. If
Dual consolidated losses. If a
the street address. If the Post Office
you check the “Tax exempt” box in Item
domestic cooperative incurs a dual
does not deliver mail to the street
D, you cannot file a consolidated return.
consolidated loss (as defined in
address and the cooperative has a P.O.
Regulations section 1.1503-2(c)(5)), the
box, show the box number.
cooperative (or consolidated group)
Item D. Type of
If the cooperative receives its mail in
may need to attach an elective relief
care of a third party (such as an
Cooperative
agreement and/or an annual
accountant or an attorney), enter on the
certification as provided in Temporary
Check the “Tax exempt” (section 521)
street address line “C/O” followed by
Regulations section 1.1503-2T(g)(2).
box if the cooperative is a tax-exempt
the third party’s name and street
farmers’, fruit growers’, or like
Election to reduce basis under
address or P.O. box.
association, organized and operated on
section 362(e)(2)(C). The transferor
If the cooperative received a Form
a cooperative basis and is described in
and transferee in certain section 351
990-C tax package, use the preprinted
section 521.
transactions can make a joint election
label. Cross out any errors and print the
under section 362(e)(2)(C) to limit the
correct information on the label.
If the cooperative has submitted
transferor’s basis in the stock received
Form 1028, Application for Recognition
instead of the transferee’s basis in the
Item A. Business Activity
of Exemption, but has not received a
transferred property. The transferor and
determination letter from the IRS, check
transferee may make the election by
With the Largest Total
the “Tax exempt” box, and enter
attaching the statement as provided in
“Application Pending” on Form 990-C,
Receipts
Notice 2005-70, 2005-41 I.R.B. 694, to
at the top of page 1.
their tax returns filed by the due date
Identify the business activity from which
(including extensions) for the tax year in
the cooperative receives the largest
Farmers’ cooperatives without
which the transaction occurred. Once
total receipts (that is, wholesale
section 521 exempt status, organized
made, the election is irrevocable. See
marketing of meat, drying fruit, grain
and operated as described under Who
section 362(e)(2)(C) and Notice
storage, wholesale purchasing of
Must File on page 2 of the instructions,
2005-70.
fertilizers, cattle breeding, etc.).
should check the “Nonexempt” box.
Other forms and statements. See
Item B. Employer
Pub. 542 for a list of other forms and
Item E. Initial Return,
statements that the cooperative may
Identification Number
Final Return, Name
need to file in addition to the forms and
statements discussed throughout these
(EIN)
Change, Address
instructions.
Enter the cooperative’s EIN. If the
Change, or Amended
cooperative does not have an EIN, it
must apply for one. An EIN can be
Return
Specific Instructions
applied for:
If this is the cooperative’s first return,
Online – Click on the EIN link at www.
check the “Initial return” box.
irs.gov/businesses/small. The EIN is
Period Covered
If the cooperative ceases to exist, file
issued immediately once the application
Form 990-C and check the “Final
File the 2005 return for calendar year
information is validated.
return” box.
2005 and fiscal years that begin in
By telephone at 1-800-829-4933 from
If the cooperative changed its name
2005 and end in 2006. For a fiscal or
8:00 a.m. to 8:00 p.m. in the
since it last filed a return, check the
short tax year return, fill in the tax year
cooperative’s local time zone.
“Name change” box. Generally, a
space at the top of the form.
By mailing or faxing Form SS-4,
cooperative also must have amended
Application for Employer Identification
Effective for tax years ending on
its articles of incorporation and filed the
!
Number.
or after December 31, 2006, all
amendment with the state in which it
subchapter T cooperatives will
If the cooperative has not received
CAUTION
was incorporated.
be required to file Form 1120-C, U.S.
its EIN by the time the return is due,
If the cooperative has changed its
Income Tax Return for Cooperative
enter “Applied for” in the space for the
address since it last filed a return
Associations.
EIN. For more details, see Pub. 583.
(including a change to an “in care of”
The 2005 Form 990-C can also be
The online application process is
address), check the “Address change”
used if:
not yet available for cooperatives with
box.
-5-

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