Fillable Form 8896 - Low Sulfur Diesel Fuel Production Credit (Page 2 of 2) in pdf

Form 8896 (Rev. 12-2013)

Page

Example. Your average daily domestic refinery runs were

If you timely file your return without making an election, you

165,000 barrels for the 1-year period ending on December 31,

can still make the election by filing an amended return with the

2002. First divide 10,000 (your excess over 155,000 barrels) by

statement within 6 months of the due date of the return

50,000 to get .2. Next subtract .2 from 1 to get .8. Then multiply

(excluding extensions). Enter “Filed pursuant to section

25% by .8 to get 20%. On line 3, enter 20% of the qualified

301.9100-2” on the amended return.

costs for the facility that produced the fuel reported on line 1.

Once made, the election cannot be revoked.

Line 4

Paperwork Reduction Act Notice. We ask for the information

Enter the total low sulfur diesel fuel production credits allowed

on this form to carry out the Internal Revenue laws of the United

for all prior tax years (as determined for line 6).

States. You are required to give us the information. We need it

to ensure that you are complying with these laws and to allow

Line 9

us to figure and collect the right amount of tax.

Cooperative election to allocate credit to patrons. A

You are not required to provide the information requested on

cooperative described in section 1381(a) can elect to allocate

a form that is subject to the Paperwork Reduction Act unless

any part of the low sulfur diesel fuel production credit among

the form displays a valid OMB control number. Books or

the patrons of the cooperative. To make the election, attach a

records relating to a form or its instructions must be retained as

statement to the effect that the cooperative elects to allocate

long as their contents may become material in the

the credit among the patrons eligible to share in patronage

administration of any Internal Revenue law. Generally, tax

dividends on the basis of the quantity or value of business done

returns and return information are confidential, as required by

with or for the patrons for the tax year.

section 6103.

If the cooperative is subject to the passive activity rules,

The time needed to complete and file this form will vary

include on line 7 any low sulfur diesel fuel production credit from

depending on individual circumstances. The estimated burden

passive activities disallowed for prior years and carried forward

for individual taxpayers filing this form is approved under OMB

to this year. Complete Form 8810, Corporate Passive Activity

control number 1545-0074 and is included in the estimates

Loss and Credit Limitations, to determine the allowed credit that

shown in the instructions for their individual income tax return.

can be allocated to patrons. For details, see the Instructions for

The estimated burden for all other taxpayers who file this form is

Form 8810.

shown below.

The election is not effective unless:

Recordkeeping

. 6 hr., 13 min.

• The statement described above is attached to the timely filed

Learning about the law or the form .

. 45 min.

return (including extensions) for the tax year associated with the

Preparing and sending the form to the IRS .

2 hr., 5 min.

election, and

If you have comments concerning the accuracy of these time

• The cooperative designates the apportionment in a written

estimates or suggestions for making this form simpler, we would

notice or on Form 1099-PATR, Taxable Distributions Received

be happy to hear from you. See the instructions for the tax

From Cooperatives, mailed to its patrons during the payment

return with which this form is filed.

period described in section 1382(d).

Form 8896 - Low Sulfur Diesel Fuel Production Credit Page 2

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