Form 1120x - Amended U.s. Corporation Income Tax Return (Page 2 of 4) in pdf

Form 1120x - Amended U.s. Corporation Income Tax Return Page 2

Form 1120X (Rev. 12-2004)

Page

Part II

Explanation of Changes to Items in Part I (Enter the line number from page 1 for the items you are

changing, and give the reason for each change. Show any computation in detail. Also, see What To Attach

on page 3 of the instructions.)

If the change is due to a net operating loss carryback, a capital loss carryback, or a general business credit carryback, see

Carryback Claims on page 3, and check here

HCoop Inc. filed a form 1024 application for tax exempt status pursuant to 501(c)(12) on Sept. 19, 2005.

This application was still pending when we filed form 1120-A for tax year 2005 on Apr. 14, 2006.

Payment of tax of $143 was promptly sent at the same time as the return. On July 17, 2006, a penalty for late filing

of $15.67 was assessed, and this was also promptly paid by HCoop once notified.

On July 14, 2006, the IRS issued a Letter of Determination granting us 501(c)(12) tax exemption, effective Feb. 17, 2005,

the date of formation. A copy of this letter is attached.

In this amended return we are claiming a deduction for all income during the tax year 2005, during which we were tax-

exempt. This income consisted solely of amounts collected from members for meeting future losses and expenses.

Also please note that our annual gross receipts have remained well under $25,000 and we have therefore not

filed the form 990 information return since being granted tax exemption. We will file the form 990-N "e-postcard"

under the new regulations as soon as it becomes available.

1120X

Form

(Rev. 12-2004)

Form 1120x - Amended U.s. Corporation Income Tax Return Page 2