Schedule L Individual - Farming Income - Goverment Of Puerto Rico - 2011
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1Schedule L Individual
FARMING INCOME
Rev. Mar 9 12
2011
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)
Nature of farming business (i.e. milk-dairy, breeding of chicken, etc.)
Industrial Code
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 freight transportation or leasing in the case of vessels, passenger or freight 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
Yes
No
Yes
No
4 residential property outside of Puerto Rico
Part II
Determination of Gain or Loss
73
1.
Net sales .........................................................................................................................................................................
00
(01)
2.
Other income related to farming business ..............................................................................................................................
(02)
00
3.
Total income (Add lines 1 and 2) ..........................................................................................................................................
(03)
00
Cost of goods sold or direct costs of production:
4.
00
a)
Beginning inventory ......................................................................................................
(04)
00
b)
Plus: Purchases ..........................................................................................................
(05)
c)
00
Direct salaries ..............................................................................................................
(06)
00
d)
Other direct costs .........................................................................................................
(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)
5.
Gross income (Subtract line 4(g) from line 3) ..............................................................................................................................
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)
Net income (Subtract line 7 from the sum of lines 5 and 6) ...........................................................................................
8.
00
(14)
9.
Less: Net operating loss from previous years (Submit schedule, see instructions) ......................................................................
00
(15)
Adjusted net income ..........................................................................................................................................................
10.
00
(16)
11.
Less: Exempt amount (90% of line 10) ..................................................................................................................................
00
(17)
12.
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
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 …….................................……………………
00
(01)
2.
Payroll expenses ……………………………………..............................................…………………
00
(02)
00
3.
Medical or hospitalization insurance …………................................................………………………
(03)
Rent paid …………………………………………............................................................…………
00
4.
(04)
5.
Property taxes ……………………………………...........................................................…………
00
(05)
6.
Other taxes, patents and licenses .............................................................................................
00
(06)
00
7.
Utilities ..................................................................................................................................
(07)
Depreciation and amortization ..................................................................................................
00
8.
(08)
9.
Federal self employment tax (See instructions) ..........................................................................
00
(09)
10.
Subtotal (Add lines 1 through 9) .............................................................................................
(10)
00
B. Other deductions:
Commissions to business .......................................................................................................
00
11.
(11)
12.
Contributions to pension plans .................................................................................................
00
(12)
13.
Contributions to deferred income plans ………………............................................…………………
00
(13)
00
14.
Interest on business debts ………………............................................………………………………
(14)
Repairs……………………………….........................................................................……………
00
15.
(15)
16.
Motor vehicles expenses (Mileage ___________) (See instructions) .............................................
00
(16)
17.
Insurance ……………………………………..................................................................…………
00
(17)
00
18.
Advertising ………………………..........................................................……………………………
(18)
Travel expenses ……………................................................................................………………
00
19.
(19)
20.
Meal and entertainment expenses (Total expenses $_______________) (See instructions) ……………
00
(20)
21.
Professional services ………………………………………............................................……………
00
(21)
00
22.
Materials and supplies …………………....................................................…………………………
(22)
Bad debts ……………………………………..................................................................…………
00
23.
(23)
24.
Other expenses (Submit detailed schedule) …...............................................………………………
00
(24)
25.
Subtotal (Add lines 11 through 24) …………………..............................................………………..
(25)
00
Total (Add lines 10 and 25. Transfer to Part II, line 7 of this Schedule) ..........................................
26.
(30)
00
Retention Period: Ten (10) years
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