Schedule L Individual - Farming Income - 2012
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1Schedule L Individual
FARMING INCOME
Rev. Feb 19 13
2012
Taxable year beginning on _________________, _____ and ending on ________________, _____
Taxpayer's name
Social Security Number
Part I
Questionnaire
66
Employer Identification Number
Farming Income (fill in one):
Date operations began:
Fill in here if this is your principal industry or business
1 Taxpayer
2 Spouse
Day______ Month______ Year_______
Merchant's Registration Number
Location of Farming Business - Number, Street and City
Fully Taxable
(01)
Exemption under:
Act 225-1995
(02)
Code
Nature of farming business (i.e. milk-dairy, breeding of chicken, etc.)
Industrial Code
Number of employees
Section 1033.12 of the Code
(03)
Indicate if you claimed expenses related to the ownership, use, maintenance and depreciation of the following concepts (fill in as applicable). Also, indicate if the business derived
more than 80% of the total income from activities related exclusively to fishing, passenger or cargo transportation or leasing in the case of vessels, passenger or cargo transportation
or leasing in the case of airships, or leasing of property to non related persons in the case of residential property outside of Puerto Rico.
Concept
Indicate if you claimed expenses
Indicate if you derived 80% or more of the income from this activity
1 automobiles
Yes
No
Yes
No
2 vessels
Yes
No
Yes
No
3 airships
Yes
No
Yes
No
4 residential property outside of Puerto Rico
Yes
No
Yes
No
Part II
Determination of Gain or Loss
73
Net sales .........................................................................................................................................................................
1.
(01)
00
2.
Other income related to farming business ..............................................................................................................................
(02)
00
3.
Total income (Add lines 1 and 2) ..........................................................................................................................................
00
(03)
4.
Cost of goods sold or direct costs of production:
00
a)
Beginning inventory ......................................................................................................
(04)
b)
00
Plus: Purchases ..........................................................................................................
(05)
c)
00
Direct salaries ..............................................................................................................
(06)
d)
00
Other direct costs (Submit detailed schedule) ....................................................................
(07)
e)
00
Total (Add lines 4(a) through 4(d))...................................................................................
(08)
00
f)
Less: Ending inventory .................................................................................................
(09)
g)
TOTAL COST OF GOODS SOLD (Subtract line 4(f) from line 4(e)) ..................................................................................
00
(10)
Gross income (Subtract line 4(g) from line 3) ..............................................................................................................................
5.
00
(11)
6.
Farming income earned through corporations of individuals, partnerships and special partnerships ......................................…....…
00
(12)
7.
Less: Operating expenses and other costs (Detail in Part III) .....................................................................................
00
(13)
8.
Net income for the current year (Subtract line 7 from the sum of lines 5 and 6) .............................................................................
00
(14)
9.
Less: Net operating loss from previous years (Submit schedule, see instructions) ......................................................................
00
(15)
Adjusted net income (Subtract line 9 from line 8) .....................................................................................................................
10.
00
(16)
11.
Less: Exempt amount (90% of line 10) ..................................................................................................................................
00
(17)
Gain (or loss) (If it is a gain, transfer the total to page 2, Part 1, line 2J of the return or line 3J, Column B or C of Schedule
12.
CO Individual, as applicable. If it is a loss, see instructions)
.................................................................................
00
(20)
Part III
Operating Expenses and Other Costs
83
A. Expenses allowable against alternate basic tax:
1.
Salaries, commissions and allowances to employees (Total $ __________) (See instructions) ............
00
(01)
2.
Payroll expenses (See instructions) .........................................................................................
00
(02)
Medical or hospitalization insurance .........................................................................................
00
3.
(03)
4.
Contributions to qualified pension plans (See instructions. Submit Form AS 6042.1) ..............................
00
(04)
5.
Professional services (See instructions) ....................................................................................
00
(05)
6.
Lease, rent and royalties paid (See instructions) .........................................................................
00
(06)
Interest on business debts .......................................................................................................
00
7.
(07)
8.
Property taxes, patents and licenses ........................................................................................
00
(08)
9.
Insurances (See instructions) ...................................................................................................
00
(09)
00
10.
Utilities .................................................................................................................................
(10)
Depreciation and amortization (Submit Schedule E) .....................................................................
00
11.
(11)
12.
Automobile expenses (Mileage____________) (See instructions) ..................................................
00
(12)
13.
Other motor vehicles expenses (See instructions) .......................................................................
00
(13)
00
14.
Federal self employment tax (See instructions) ...........................................................................
(14)
Direct essential costs (Submit detailed schedule. See instructions) .................................................
00
15.
(15)
16.
Subtotal (Add lines 1 through 15) ............................................................................................
(16)
00
B. Other deductions:
00
17.
Commissions to businesses ....................................................................................................
(17)
Repairs .................................................................................................................................
00
18.
(18)
19.
Other insurances ...................................................................................................................
00
(19)
20.
Advertising ...........................................................................................................................
00
(20)
00
21.
Travel expenses ....................................................................................................................
(21)
Meal and entertainment expenses (Total expenses $_______________) (See instructions) .................
00
22.
(22)
23.
Materials and supplies ............................................................................................................
00
(23)
24.
Bad debts .............................................................................................................................
00
(24)
00
25.
Other expenses (Submit detailed schedule) ................................................................................
(25)
Subtotal (Add lines 17 through 25) .........................................................................................
26.
(26)
00
27.
Total (Add lines 16 and 26. Transfer to Part II, line 7 of this Schedule ) ........................................
(30)
00
Retention Period: Ten (10) years
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