Schedule Fl - Beginning Farmer And Farm Asset Owner Credit - 2012
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1
2Schedule
Beginning Farmer and
FL
2012
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 2012 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 30
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
3
Amount received in 2012 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
.00
6
Add lines 4 and 5 . This is your 2012 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
A claim may not be filed on behalf of a deceased person.
GENERAL INSTRUCTIONS
The credits can only be claimed by full-year residents of Wiscon-
Purpose of Schedule FL
sin. The credit must be claimed within 4 years of the unextended
A beginning farmer uses Schedule FL to claim the beginning
due date of the return.
farmer credit. An established farmer uses Schedule FL to claim
the farm asset owner credit.
Partnerships, LLCs treated as partnerships, and tax-option (S)
corporations cannot claim the credit; instead the credit flows
Who is Eligible to Claim the Credit
through to the partners, members, or shareholders based on their
The beginning farmer credit is only available to individuals
ownership interests.
who lease agricultural assets from an established farmer. The
farm asset owner credit is available to any individual, estate,
Estates and trusts share the credit with their beneficiaries in
trust, partnership, limited liability company (LLC), corporation,
proportion to the income allocable to each.
tax-option (S) corporation, insurance company, or tax-exempt
organization that leases agricultural assets to a beginning farmer.
I-036
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