Schedule S Corporation - Taxable Farming Profit (Bonafide Farmer)
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1Schedule S Corporation
Rev. 04.13
TAXABLE FARMING PROFIT
20__
(BONAFIDE FARMER)
S
Taxable year beginning on __________, ____ and ending on ___________, ____
Taxpayer's Name
Employer Identification Number
Part I
Income
00
Net sales .....................................................................................................................................................................................
1.
(1)
Cost of goods sold or direct costs of production:
2.
00
a) Beginning inventory .................................................................................................................
(2a)
00
b) Plus: Purchase of materials or merchandise .............................................................................
(2b)
00
c) Direct wages ............................................................................................................................
(2c)
00
d) Other direct costs (Submit detail) ..............................................................................................
(2d)
00
e) Total (Add lines 2(a) through 2(d)) ..........................................................................................
(2e)
00
f) Less: Ending inventory ...........................................................................................................
(2f)
00
g) Total cost of goods sold (Subtract line 2(f) from line 2(e))..................................................................................................
(2g)
00
Gross income (Subtract line 2(g) from line 1) ................................................................................................................................
3.
(3)
00
Less: Operating expenses and other costs (Part II, line 31) ........................................................................................................
4.
(4)
00
Net income ..................................................................................................................................................................................
5.
(5)
00
Less: Net operating loss from previous years (Submit detail) .....................................................................................................
6.
(6)
00
Adjusted net income ....................................................................................................................................................................
7.
(7)
00
Less: Exempt amount (90% of line 7) .........................................................................................................................................
8.
(8)
00
Taxable farming profit (Enter on Form 480.20, Part IV, line 16) ..................................................................................................
9.
(9)
Part II
Operating Expenses and Other Costs
00
Compensation to officers or partners ............................................................................................................................................
10.
(10)
00
Wages, commissions and bonuses to employees (Total $ _____________ ) (See instructions) .....................................................
11.
(11)
00
Commissions to businesses .........................................................................................................................................................
12.
(12)
00
Payroll expenses ........................................................................................................................................................................
13.
(13)
00
Contributions to pension or other qualified plans (Submit Form AS 6042.1) ................................................................................
14.
(14)
00
Medical or hospitalization insurance ............................................................................................................................................
15.
(15)
00
Interest .......................................................................................................................................................................................
16.
(16)
00
Rent ...........................................................................................................................................................................................
17.
(17)
00
Property tax: (a) Personal _________________ (b) Real _________________....................................................................
18.
(18)
00
Other taxes, patents and licenses ..................................................................................................................................................
19.
(19)
00
Motor vehicles expenses (Mileage ______________________) (See instructions) ...................................................................
20.
(20)
00
Other motor vehicles expenses (See instructions) ......................................................................................................................
21.
(21)
00
Utilities ........................................................................................................................................................................................
22.
(22)
00
Insurance ...................................................................................................................................................................................
23.
(23)
00
Travel expenses .........................................................................................................................................................................
24.
(24)
00
Meal and entertainment expenses (Total _____________ ) (See instructions for Part V of the return) ...........................................
25.
(25)
00
Professional services ..................................................................................................................................................................
26.
(26)
00
Repairs ......................................................................................................................................................................................
27.
(27)
00
Depreciation and amortization (Submit Schedule E) ....................................................................................................................
28.
(28)
00
Bad debts ...................................................................................................................................................................................
29.
(29)
00
Other expenses (Submit detail) ...................................................................................................................................................
30.
(30)
00
Total (Add lines 10 through 30. Enter in Part I, line 4 of this Schedule) .......................................................................................
31.
(31)
Retention Period: Ten (10) years
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