Schedule Fl - Beginning Farmer And Farm Asset Owner Credit - 2013
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1
2Schedule
Beginning Farmer and
FL
2013
Farm Asset Owner Credit
Wisconsin
Department of Revenue
Enclose with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5 or 5S
Legal name(s) shown on Form 1, 1NPR, 2, 3, 4, 4T, 5 or 5S
Identifying Number
Part I
Complete if claiming the beginning farmer credit
1
Fill in name and address of established farmer from whom you are leasing agricultural assets
2 Fill in the amount paid in 2013 to enroll in a farm financial management course at
an educational institution. Do not fill in more than $500. Fill in here and on line 37
of Schedule CR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
.00
Part II
Complete if claiming the farm asset owner credit
1
Fill in name and address of beginning farmer to whom you are leasing agricultural assets
2
Date of lease agreement (If before January 1, 2011, you do not qualify for the credit.)
3
Amount received in 2013 from the beginning farmer as lease payments
for machinery, equipment, facilities, or livestock used in farming . . . . . . . . . . . . . . . 3
.00
4
Multiply line 3 by 15% (.15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
.00
5
Fill in the farm asset owner credit passed through from other entities . . . . . . . . . . . 5
.00
5a Entity name
FEIN
.00
6
Add lines 4 and 5. This is your 2013 farm asset owner credit (see instructions) . . . 6
6a Fiduciaries – Enter the amount of credit allocated to beneficiaries . . . . . . . . . . . . . 6a
.00
.00
6b Fiduciaries – Subtract line 6a from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6b
INSTRUCTIONS
GENERAL INSTRUCTIONS
organization that leases agricultural assets to a beginning
farmer.
Purpose of Schedule FL
A claim may not be filed on behalf of a deceased person.
A beginning farmer uses Schedule FL to claim the beginning
farmer credit. An established farmer uses Schedule FL to claim
The credits can only be claimed by full-year residents of
the farm asset owner credit.
Wisconsin. The credit must be claimed within 4 years of the
(Note: No credit may be claimed for taxable years beginning
unextended due date of the return.
after December 31, 2013.)
Partnerships, LLCs treated as partnerships, and tax-option (S)
Who is Eligible to Claim the Credit
corporations cannot claim the credit; instead the credit flows
The beginning farmer credit is only available to individuals
through to the partners, members, or shareholders based on
who lease agricultural assets from an established farmer. The
their ownership interests.
farm asset owner credit is available to any individual, estate,
trust, partnership, limited liability company (LLC), corporation,
Estates and trusts share the credit with their beneficiaries in
tax-option (S) corporation, insurance company, or tax-exempt
proportion to the income allocable to each.
I-036
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