Schedule L Individual - Farming Income
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1Schedule L Individual
Rev. 05.02
FARMING INCOME
200__
Taxable year beginning on ______________, _____ and ending on _____________, _____
Taxpayer's name
Social Security Number
Questionnaire
Part I
66
Farming Income (check one):
Check here if this is your principal industry or business
Date operations began:
Taxpayer
Spouse
;
;
;
1
2
Day___ / Month___ / Year___
Location of Farming Business - Number, Street and City
Employer's Identification Number
EXEMPTION UNDER:
;
Act No. 225 of 1995
(01)
;
Section 1023(s) of the Code
(02)
Nature of farming business (i.e. milk-dairy, breeding of chicken, etc.)
Industrial Code
Code
Number of employees
Determination of Gain or Loss
Part II
73
00
1.
Net sales ...............................................................................................................................
(01)
00
2.
Other income related to farming business ..................................................................................
(02)
00
3.
Total income (Add lines 1 and 2) ...............................................................................................
(03)
4.
Cost of goods sold or direct costs of production:
00
a)
Beginning inventory ..............................................................................
(04)
00
b)
Plus: Purchases ...................................................................................
(05)
00
c)
Direct salaries ......................................................................................
(06)
00
d)
Other direct costs ................................................................................
(07)
00
Total (Add lines 4(a) through 4(d)) .........................................................
e)
(08)
00
f)
Less:
Ending inventory ........................................................................
(09)
00
g)
TOTAL COST OF GOODS SOLD (Subtract line 4(f) from line 4(e)) ...........................................
(10)
00
5.
Gross income (Subtract line 4(g) from line 3) ..............................................................................
(11)
00
Less: Operating expenses and other costs (Detail in Part III) .....................................................
6.
(12)
00
7.
Net income .............................................................................................................................
(13)
00
Less: Net operating loss from previous years (Submit schedule, see instructions) ............................
8.
(14)
00
9.
Adjusted net income ................................................................................................................
(15)
00
Less: Exempt amount (90% of line 9) .......................................................................................
10.
(16)
Gain (or loss) (If it is a gain, transfer to page 1, Part 2, line 2M of the return. If it is a loss,
11.
00
see instructions) ....................................................................................................................
(20)
Part III
Operating Expenses and Other Costs
83
00
1.
Salaries, commissions and allowances to employees ..................................................................
(01)
00
2.
Commissions to businesses ....................................................................................................
(02)
00
3.
Payroll expenses ....................................................................................................................
(03)
00
4.
Contributions to pension plans
................................................................................................
(04)
00
5.
Contributions to deferred income plans ......................................................................................
(05)
00
6.
Medical or hospitalization insurance .........................................................................................
(06)
00
7.
Interest on business debts
......................................................................................................
(07)
00
8.
Rent paid
...............................................................................................................................
(08)
00
9.
Property taxes ........................................................................................................................
(09)
00
10.
Other taxes, patents and licenses ..............................................................................................
(10)
00
11.
Repairs ..................................................................................................................................
(11)
00
12.
Motor vehicles expenses .........................................................................................................
(12)
00
13.
Utilities ..................................................................................................................................
(13)
00
14.
Insurance ...............................................................................................................................
(14)
00
15.
Advertising .............................................................................................................................
(15)
00
16.
Travel expenses ....................................................................................................................
(16)
00
17.
Meal and entertainment expenses (Total expenses $_______________) (See instructions) .............
(17)
00
18.
Professional services ..............................................................................................................
(18)
00
19.
Materials and supplies .............................................................................................................
(19)
00
20.
Depreciation and amortization (Submit Schedule E) ...................................................................
(20)
00
21.
Bad debts ...............................................................................................................................
(21)
00
22.
Other expenses (Submit detailed schedule) ................................................................................
(22)
23.
Total (Transfer to Part II, line 6 of this Schedule) .......................................................................
00
(30)
Conservation Period: Ten (10) years
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