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Recapture of qualified electric

find out how to report the amount and

The part of luxury water travel not

vehicle (QEV) credit. The

what to write on Schedule J, line 10.

allowed under section 274(m).

cooperative must recapture part of

Expenses for travel as a form of

the QEV credit it claimed in a prior

education.

Schedule L

year, if, within 3 years of the date the

Other expenses for travel and

vehicle was placed in service, it

entertainment not allowed as a

Balance Sheets per Books

ceases to qualify for the credit. See

deduction.

Regulations section 1.30-1 for details

The balance sheet should agree with

For more information, see Pub.

on how to figure the recapture.

the cooperative's books and records.

542.

Include the amount of the recapture

Include certificates of deposit as cash

Line 7. Tax-exempt interest.

in the total for line 9, Schedule J. To

on line 1, Schedule L.

Include as interest on line 7, any

the left of the line 9 entry space, write

Line 5. Tax-exempt securities.

tax-exempt dividends received as a

“QEV recapture” and the amount.

Include on this line:

shareholder in a mutual fund or other

Recapture of Indian employment

RIC.

1. State and local government

credit. Generally, if an employer

obligations, the interest on which is

terminates the employment of a

excludable from gross income under

qualified employee less than 1 year

Schedule N

section 103(a) and

after the date of initial employment,

2. Stock in a mutual fund or other

any Indian employment credit allowed

Other Information

RIC that distributed exempt-interest

for a prior tax year by reason of

dividends during the tax year of the

The following instructions apply to

wages paid or incurred to that

cooperative.

items 1 through 20 on Form 990-C,

employee must be recaptured. For

Line 24. Adjustments to

page 5, Schedule N. Be sure to

details, see Form 8845, and section

shareholders' equity. Some

complete all the items that apply to

45A. Include the amount of the

examples of adjustments to report on

the cooperative.

recapture in the total for line 9,

this line include:

Schedule J. On the dotted line next

Question 13

Unrealized gains and losses on

to the entry space, write “45A” and

Foreign financial account. Check

securities held “available for sale.”

the amount.

the “Yes” box if either 1 or 2 below

Foreign currency translation

Line 10. Total Tax. Other tax and

applies to the cooperative. Otherwise,

adjustments.

interest amounts may be included in

check the “No” box.

or subtracted from the total tax

The excess of additional pension

1. At any time during the 2000

reported on line 10.

liability over unrecognized prior

calendar year the cooperative had an

service cost.

Include in the total for line 10:

interest in or signature or other

Guarantees of employees stock

Interest on deferred tax attributable

authority over a bank, securities, or

(ESOP) debt.

to certain nondealer installment

other financial account in a foreign

Compensation related to employee

obligations (section 453A(c)),

country (see Form TD F 90–22.1,

stock award plans.

Interest on deferred tax on

Report of Foreign Bank and Financial

If the total adjustment to be entered

installment sales of certain

Accounts); and

on line 24 is a negative amount, enter

timeshares and residential lots

The combined value of the

the amount in parentheses.

(section 453(l)(3)),

accounts was more than $10,000 at

Interest due on deferred gain under

any time during the calendar year and

section 1260(b), and

The account was not with a U.S.

Schedule M-1

For shareholders in qualified

military banking facility operated by a

electing funds, deferred tax due upon

U.S. financial institution.

Reconciliation of Income (Loss)

the termination of a section 1294

2. The cooperative owns more

per Books With Income per

election (see Form 8621, Part IV).

than 50% of the stock in any

Return

Subtract from the total for line10

corporation that would answer “Yes”

the deferred tax on the cooperative's

Line 5c. Travel and entertainment.

to item 1 above.

shares of the undistributed earnings

Include on line 5c any of the

If “Yes” is checked for this question:

of a qualified electing fund (see Form

following:

Enter the name(s) of the foreign

8621, Part II).

50% of meals and entertainment

country or countries. Attach a

not allowed under section 274(n).

How to report. Attach a schedule

separate sheet if more space is

showing your computation of each

Expenses for the use of an

needed

item included in or subtracted from

entertainment facility.

File Form TD F 90-22.1 by June

the total for line 10. On the dotted line

The part of business gifts over $25.

30, 2001, with the Department of the

next to line 10, enter the amount of

Expenses of an individual in excess

Treasury at the address shown on the

tax or interest and:

of $2,000, which are allocable to

form. Do not file it with Form 990-C.

Identify it as tax or interest.

conventions on cruise ships.

You can order Form TD F 90-22.1

Specify the code section that

Employee achievement awards

by calling 1-800-TAX-FORM

applies.

over $400.

(1-800-829-3676) or you can

Example. To show $50 of interest

download it from the IRS Web Site at

The cost of entertainment tickets

due on deferred tax on the installment

over their face value (also subject to

sale of a timeshare, enter “Sec.

50% disallowance under section

453(I)(3) interest – $50.”

274(n)).

Question 14

If you figured the tax or interest

The cost of skyboxes over the face

using another form (e.g., Form 8621),

value of nonluxury box seat tickets.

The cooperative may be required to

see the instructions for that form to

file Form 3520, Annual Return To

Report Transactions with Foreign

Page 19

Instructions For Form 990-C - Farmers' Cooperative Association Income Tax Return - 2000 Page 19

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