Problem Set 5 Schedule F

Problem Set 5 Schedule F - SCHEDULE F (Form 1040)...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
SCHEDULE F OMB No. 1545-0074 Profit or Loss From Farming (Form 1040) ' Attach to Form 1040, Form 1040NR, Form 1041, Form 1065, or Form 1065-B. Department of the Treasury Internal Revenue Service Attachment Sequence No. 14 Social security number (SSN) Name of proprietor A Principal product. Describe in one or two words your principal crop or activity for the current tax year. B Enter code from Part IV D Employer ID number (EIN), if any C Accounting method: Accrual Cash E Did you “materially participate” in the operation of this business during 2007? If “No,” see page F-2 for limit on passive losses. No Yes Farm Income—Cash Method. Complete Parts I and II (Accrual method. Complete Parts II and III, and Part I, line 11.) Do not include sales of livestock held for draft, breeding, sport, or dairy purposes. Report these sales on Form 4797. (1) Sales of livestock and other items you bought for resale 1 (2) Cost or other basis of livestock and other items reported on line 1 2 3 Subtract line 2 from line 1 3 4 Sales of livestock, produce, grains, and other products you raised 4 5a 5b 5a Cooperative distributions (Form(s) 1099-PATR) Taxable amount 5b 6a 6b 6a Agricultural program payments (see page F-3) 6b Taxable amount Commodity Credit Corporation (CCC) loans (see page F-3): 7 7a CCC loans reported under election a 7c 7b CCC loans forfeited 7c Taxable amount b Crop insurance proceeds and federal crop disaster payments (see page F-3): 8 8a 8b Amount received in 2007 a 8b Taxable amount 8d Amount deferred from 2006 8d If election to defer to 2008 is attached, check here ' c 9 Custom hire (machine work) income 9 10 Other income, including federal and state gasoline or fuel tax credit or refund (see page F-3)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/08/2008 for the course AAE 320 taught by Professor Mitchell during the Spring '08 term at Wisconsin.

Page1 / 2

Problem Set 5 Schedule F - SCHEDULE F (Form 1040)...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online