Interest due on deferred gain (section 1260(b)). Interest due under section 1291(c) (3). See Form 8621 and the Instructions for Form 8621. Recapture of elective allocation of credit to patrons. If the amount of any of the following elective credits apportioned to any patron is decreased, there is a tax imposed on the cooperative, not the patron. Small ethanol producer credit (Form 6478). See section 40(g)(6)(B) (iii). Renewable electricity, refined coal, and Indian coal production credit (Form 8835). See section 45(e)(11) (C). Small agri-biodiesel producer credit (Form 8864). See section 40A(e)(6) (B)(iii). Low sulfur diesel fuel production credit (Form 8896). See section 45H(f)(3). For details on the recapture of the credits, see the instructions for the applicable form. Recapture of required excess credit allocated to patrons. If the cooperative allocated excess credit to patrons, any credit recapture applies as if the cooperative had claimed the entire credit. For details, see section 46(h) (as in effect prior to enactment of the Revenue Reconciliation Act of 1990). This applies to the following credits. Investment credit (Form 3468). Work opportunity credit (Form 5884). Empowerment zone employment credit (Form 8844). Indian employment credit (Form 8845). Energy efficient appliance credit (Form 8909). Credit for small employer health insurance premiums (Form 8941). Line 9. Total Tax Include any deferred tax on the termination of a section 1294 election applicable to shareholders in a qualified electing fund in the amount entered on line 9. See the Instructions for Form 8621. Subtract any deferred tax on the cooperative's share of undistributed earnings of a qualified electing fund. See the Instructions for Form 8621. How to report. If deferring tax, attach a statement showing the computation of each item included in, or subtracted from, the total for line 9. On the dotted line next to line 9, specify (a) the applicable Code section, (b) the type of tax, and (c) the amount of tax. Schedule K. Other Information Complete all items and questions that apply to the cooperative. Item 2 See the list of Principal Business Activity Codes, later. Using the list of codes and activities, determine from which activity the cooperative derives the highest percentage of its total receipts. Enter on lines 2a, 2b, and 2c the principal business activity code number, the cooperative's business activity, and a description of the principal product or service of the cooperative. Question 5 Check the “Yes” box for Question 5 if: 1. The cooperative is a subsidiary in an affiliated group (defined later), but is not filing a consolidated return for the tax year with that group, or 2. The cooperative is a subsidiary in a parent-subsidiary controlled group. For a definition of a parent-subsidiary controlled group, see the Instructions for Schedule O (Form 1120).
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- Spring '10
- Taxation in the United States