IRS Form 1120-C "U.S. Income Tax Return for Cooperative Associations"

IRS Form 1120-C is a U.S. Department of the Treasury - Internal Revenue Service - issued form also known as the "U.s. Income Tax Return For Cooperative Associations".

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1120-C
U.S. Income Tax Return for Cooperative Associations
OMB No. 1545-0123
Form
2018
For calendar year 2018 or tax year beginning
, 2018, ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120C for instructions and the latest information.
Internal Revenue Service
Name
B Employer identification number
A
Check if:
(1) Consolidated return
(attach Form 851)
Number, street, and room or suite no. If a P.O. box, see instructions.
C
Check if:
(2) Schedule M-3 (Form
(1)
Farmers’ tax exempt
1120) attached
cooperative .
.
.
(3) Form 1120 filed in
City or town, state or province, country, and ZIP or foreign postal code
(2)
Nonexempt
previous tax year
cooperative .
.
.
D
Check if:
(1)
Initial return
(2)
Final return
(3)
Name change
(4)
Address change
(5)
Amended return
1 a Gross receipts or sales
b Less returns and allowances
c Bal
1c
2
Cost of goods sold (see instructions—attach Form 1125-A) .
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2
3
Gross profit. Subtract line 2 from line 1c
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3
4
Dividends and inclusions (Schedule C, line 23)
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4
5
Interest
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5
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Gross rents and royalties
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6
7
Capital gain net income (attach Schedule D (Form 1120)) .
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7
8
Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) .
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8
9
Other income (see instructions—attach statement) .
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9
10
Total income. Add lines 3 through 9
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10
11
Compensation of officers (attach Form 1125-E) .
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11
12
Salaries and wages (less employment credits)
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12
13
Bad debts
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Rents .
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14
15
Taxes and licenses
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15
16
Interest (see instructions)
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Charitable contributions .
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17
18
Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562)
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19
Advertising .
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19
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Pension, profit-sharing, etc., plans
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Employee benefit programs
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21
22
Domestic production activities deduction (see instructions) .
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22
23
Other deductions (attach statement) .
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23
24
Total deductions. Add lines 11 through 23
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24
25 a Taxable income before adjustments and special deductions. Subtract line 24 from line 10
25a
b Less: deductions and adjustments from Schedule H, line 5
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25b
25c
26
Less: a Net operating loss deduction (see instructions)
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26a
b Special deductions (Schedule C, line 24)
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26b
26c
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Taxable income. Subtract line 26c from line 25c. See instructions .
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27
28
Total tax (Schedule J, line 9) .
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2018 Net 965 Tax Liability Paid from Form 965-B, Part II, column (k), line 2 .
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29
30a 2017 overpayment credited to 2018
30a
b 2018 estimated tax payments .
30b
c 2018 refund applied for on Form 4466
30c
d Bal
30d
(
)
e Tax deposited with Form 7004
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30e
f
Credits: (1) Form 2439
(2) Form 4136
30f
g Refundable credits from Form 8827, line 8c
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30g
h Section 1383 adjustment (see instructions)
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30h
i
2018 Net 965 Tax Liability from Form 965-B, Part I, column (d), line 2
30i
30j
31
Estimated tax penalty. See instructions. Check if Form 2220 is attached .
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31
32
Amount owed. If line 30j is smaller than the total of lines 28, 29, and 31, enter amount owed .
32
33
Overpayment. If line 30j is larger than the total of lines 28, 29, and 31, enter amount overpaid .
33
34
Enter amount of line 33 you want: Credited to 2019 estimated tax
Refunded
34
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
See instructions.
Yes
No
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-C
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2018)
Cat. No. 47554F
1120-C
U.S. Income Tax Return for Cooperative Associations
OMB No. 1545-0123
Form
2018
For calendar year 2018 or tax year beginning
, 2018, ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120C for instructions and the latest information.
Internal Revenue Service
Name
B Employer identification number
A
Check if:
(1) Consolidated return
(attach Form 851)
Number, street, and room or suite no. If a P.O. box, see instructions.
C
Check if:
(2) Schedule M-3 (Form
(1)
Farmers’ tax exempt
1120) attached
cooperative .
.
.
(3) Form 1120 filed in
City or town, state or province, country, and ZIP or foreign postal code
(2)
Nonexempt
previous tax year
cooperative .
.
.
D
Check if:
(1)
Initial return
(2)
Final return
(3)
Name change
(4)
Address change
(5)
Amended return
1 a Gross receipts or sales
b Less returns and allowances
c Bal
1c
2
Cost of goods sold (see instructions—attach Form 1125-A) .
.
.
.
.
.
.
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.
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.
2
3
Gross profit. Subtract line 2 from line 1c
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3
4
Dividends and inclusions (Schedule C, line 23)
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4
5
Interest
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5
6
Gross rents and royalties
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6
7
Capital gain net income (attach Schedule D (Form 1120)) .
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7
8
Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) .
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8
9
Other income (see instructions—attach statement) .
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9
10
Total income. Add lines 3 through 9
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10
11
Compensation of officers (attach Form 1125-E) .
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11
12
Salaries and wages (less employment credits)
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12
13
Bad debts
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Rents .
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14
15
Taxes and licenses
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15
16
Interest (see instructions)
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16
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Charitable contributions .
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17
18
Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562)
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18
19
Advertising .
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19
20
Pension, profit-sharing, etc., plans
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20
21
Employee benefit programs
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21
22
Domestic production activities deduction (see instructions) .
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22
23
Other deductions (attach statement) .
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23
24
Total deductions. Add lines 11 through 23
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.
.
24
25 a Taxable income before adjustments and special deductions. Subtract line 24 from line 10
25a
b Less: deductions and adjustments from Schedule H, line 5
.
.
.
25b
25c
26
Less: a Net operating loss deduction (see instructions)
.
.
.
.
26a
b Special deductions (Schedule C, line 24)
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26b
26c
27
Taxable income. Subtract line 26c from line 25c. See instructions .
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27
28
Total tax (Schedule J, line 9) .
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28
29
2018 Net 965 Tax Liability Paid from Form 965-B, Part II, column (k), line 2 .
.
.
.
.
.
.
29
30a 2017 overpayment credited to 2018
30a
b 2018 estimated tax payments .
30b
c 2018 refund applied for on Form 4466
30c
d Bal
30d
(
)
e Tax deposited with Form 7004
.
.
.
.
.
.
.
.
.
.
.
.
30e
f
Credits: (1) Form 2439
(2) Form 4136
30f
g Refundable credits from Form 8827, line 8c
.
.
.
.
.
.
.
.
30g
h Section 1383 adjustment (see instructions)
.
.
.
.
.
.
.
.
30h
i
2018 Net 965 Tax Liability from Form 965-B, Part I, column (d), line 2
30i
30j
31
Estimated tax penalty. See instructions. Check if Form 2220 is attached .
.
.
.
.
.
31
32
Amount owed. If line 30j is smaller than the total of lines 28, 29, and 31, enter amount owed .
32
33
Overpayment. If line 30j is larger than the total of lines 28, 29, and 31, enter amount overpaid .
33
34
Enter amount of line 33 you want: Credited to 2019 estimated tax
Refunded
34
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
See instructions.
Yes
No
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-C
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2018)
Cat. No. 47554F
2
Form 1120-C (2018)
Page
Schedule C
Dividends, Inclusions, and Special Deductions
(a) Dividends
(c) Special deductions
(b) %
(see instructions)
and inclusions
((a) × (b))
1
Dividends from less-than-20%-owned domestic corporations (other than
debt-financed stock) .
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2
Dividends from 20%-or-more-owned domestic corporations (other than
debt-financed stock) .
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3
Dividends on certain debt-financed stock of domestic and foreign
corporations .
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4
Dividends on certain preferred stock of less-than-20%-owned public
utilities .
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5
Dividends on certain preferred stock of 20%-or-more-owned public
utilities
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6
Dividends from less-than-20%-owned foreign corporations and certain
FSCs .
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7
Dividends from 20%-or-more-owned foreign corporations and certain
FSCs .
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8
Dividends from wholly owned foreign subsidiaries
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9
Subtotal. Add lines 1 through 8. See instructions for limitations .
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10
Dividends from domestic corporations received by a small business investment
company operating under the Small Business Investment Act of 1958 .
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11
Dividends from affiliated group members
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12
Dividends from certain FSCs
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13
Foreign-source portion of dividends received from a specified 10%-
owned foreign corporation (excluding hybrid dividends) (see instructions)
14
Dividends from foreign corporations not included on line 3, 6, 7, 8, 11,
12, or 13 (including any hybrid dividends)
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15
Section 965(a) inclusion .
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16a
Subpart F inclusions derived from the sale by a controlled foreign
corporation (CFC) of the stock of a lower-tier foreign corporation treated
as a dividend (attach Form(s) 5471) (see instructions)
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b
Subpart F inclusions derived from hybrid dividends of tiered corporations
(attach Form(s) 5471) (see instructions) .
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c
Other inclusions from CFCs under subpart F not included on line 15, 16a,
16b, or 17 (attach Form(s) 5471) (see instructions).
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17
Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and
Form 8992) .
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18
Gross-up for foreign taxes deemed paid (see instructions) .
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19
IC-DISC and former DISC dividends not included on line 1, 2, or 3 .
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20
Other dividends .
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21
Deduction for dividends paid on certain preferred stock of public utilities
22
Section 250 deduction (attach Form 8993) .
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23
Total dividends and inclusions. Add lines 9 through 20. Enter here and
on page 1, line 4.
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Total special deductions. Add lines 9 through 13, 15, 16, 21, and 22, column (c). Enter here and on page
24
1, line 26b
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.
1120-C
Form
(2018)
3
Form 1120-C (2018)
Page
Schedule G
Allocation of Patronage and Nonpatronage Income and Deductions
Note: Before completing Schedule G, see Schedule K, Question 14.
(a) Patronage
(b) Nonpatronage
1
1
Gross receipts or sales
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2
2
Cost of goods sold .
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3
Gross profit. Subtract line 2 from line 1 .
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3
4
Other income
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4
5
Total income. Combine lines 3 and 4
5
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6a Domestic production activities deduction (see instructions)
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6a
b Other deductions .
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6b
c Total deductions. Add lines 6a and 6b
6c
.
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7
Taxable income before section 1382, NOL, and special deductions. Subtract
line 6c from line 5 .
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7
8
Deductions and adjustments under section 1382 from Schedule H, line 5 (see
instructions) .
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8
9a Net operating loss deduction (attach statement) .
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9a
b Special deductions (see instructions) .
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9b
10
Taxable income. Subtract the total of lines 8, 9a, and 9b from line 7 .
10
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11
Combined taxable income. Combine columns (a) and (b) of line 10. See
instructions .
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11
12
12
Unused patronage loss (see instructions)
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13
Unused nonpatronage loss (see instructions) .
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13
Schedule H
Deductions and Adjustments Under Section 1382 (see instructions)
1
1
Dividends paid on capital stock (section 521 cooperatives only) .
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2
Nonpatronage income allocated to patrons (section 521 cooperatives only) .
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2
3
Patronage dividends:
a Money .
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3a
b Qualified written notices of allocation .
3b
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c Other property (except nonqualified written notices of allocation)
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3c
d Money or other property (except written notices of allocation) in redemption of nonqualified written
notices of allocation
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3d
4
Domestic production activities deduction allocated to patrons (see instructions) .
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4
(
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5
Total. Combine lines 1 through 4. Enter here and on page 1, line 25b, and Schedule G, line 8 .
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5
Schedule J
Tax Computation (see instructions)
1
Check if the cooperative is a member of a controlled group (attach Schedule O (Form 1120)). See instructions
2
Income tax (see instructions)
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2
3
Base erosion minimum tax (attach Form 8991)
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3
4
4
Add lines 2 and 3 .
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5 a Foreign tax credit (attach Form 1118)
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5a
b Credit from Form 8834 (see instructions)
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5b
c General business credit (attach Form 3800)
5c
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d Credit for prior year minimum tax (attach Form 8827)
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5d
e Bond credits from Form 8912 (attach Form 8912)
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5e
6
Total credits. Add lines 5a through 5e .
6
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7
Subtract line 6 from line 4
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7
8
Other taxes. Check if from:
Form 4255
Form 8611
Other (attach statement)
8
Form 8902
9
Total tax. Add lines 7 and 8. Enter here and on page 1, line 28 .
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9
1120-C
Form
(2018)
4
Form 1120-C (2018)
Page
Schedule K
Other Information (see instructions)
1
Check accounting method:
Yes No
Yes No
a
Cash
If checked, the cooperative may have to file Form
b
Accrual
8281, Information Return for Publicly Offered
c
Other (specify)
Original Issue Discount Instruments.
2
See the instructions and enter the:
10
Enter the amount of tax-exempt income received or
a Business activity code no.
accrued during the tax year (for example, interest or
b Business activity
extraterritorial income)
$
c Product or service
11 a Enter the number of foreign patrons at the end of
the tax year
d Date of incorporation
3
Check the accounting method used to compute
b Enter the total amount of patronage distributions
distributable patronage:
described in (or deducted under) IRC 1382(b) paid
or allocated to foreign patrons
a
Book
b
Tax
If the cooperative has an NOL for the tax year and
12
c
Other (specify)
is electing to forego the carryback period, check
here. See instructions
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4
At the end of the tax year, did the cooperative
own, directly or indirectly, 50% or more of the
If the cooperative is filing a consolidated return, the
voting stock of a domestic corporation? (For
statement required by Regulations section 1.1502-21(b)
rules of attribution, see section 267(c).) .
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(3) must be attached or the election will not be valid.
If “Yes,” attach a statement showing: (a) name
13
Enter the available NOL carryover from prior tax
and employer identification number (EIN), (b)
years. Do not reduce it by any deduction on page 1,
percentage owned, and (c) taxable income or
line 26a.
(loss) before NOL and special deductions of
$
Patronage
such corporation for the tax year ending with or
$
Nonpatronage
within your tax year.
5
Is the cooperative a subsidiary in an affiliated
14
Are the cooperative’s total receipts (page 1, line 1a
group or a parent—subsidiary controlled group?
plus lines 4 through 9) for the tax year and its total
If “Yes,” enter name and EIN of the parent
assets at the end of the tax year less than $250,000?
corporation
If “Yes,” the cooperative is not required to complete
Schedule G, L, M-1, or M-2. Instead, enter the total
amount of cash distributions and the book value of
6
At the end of the tax year, did any individual,
property distributions (other than cash) made during
partnership, corporation, estate, or trust own,
the tax year.
$
directly or indirectly, 50% or more of the
15
Enter the amount of outstanding nonqualified
cooperative’s voting stock? (For rules of
notices of allocation (attach statement)
attribution, see section 267(c).) .
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If “Yes,” attach a statement showing name and
16
Does the cooperative have gross receipts of at least
identifying
number.
Do
not
include
any
$500 million in any of the 3 preceding tax years? (See
information already entered in 5 above. Enter
section 59A(e)(2) and (3)) .
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percentage owned
If “Yes,” complete and attach Form 8991.
7
Enter the cooperative’s total assets. See
17
Did the cooperative have an election under section
instructions
$
163(j) for any real property trade or business or any
farming business in effect during the tax year? (see
8
At any time during the tax year, did one foreign
instructions) .
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person own, directly or indirectly, at least 25%
of (a) the total voting power of all classes of
18
Does the cooperative satisfy one of the following
stock of the cooperative entitled to vote, or (b)
conditions and the corporation does not own a
the total value of all classes of stock of the
pass-through entity with current year, or prior year
cooperative? .
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carryover, excess business interest expense? (see
If “Yes,” enter: (a) Percentage owned
instructions) .
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and (b) Owner’s country
a The cooperative’s aggregate average annual gross
receipts (determined under section 448(c)) for the 3
tax years preceding the current tax year do not
c The cooperative may have to file Form 5472,
exceed $25 million, and the cooperative is not a tax
Information Return of a 25% Foreign-Owned
shelter; or
U.S. Corporation or a Foreign Corporation
Engaged in a U.S. Trade or Business. Enter
b The cooperative only has business interest expense
number of Forms 5472 attached
from (1) an electing real property trade or business,
(2) an electing farming business, or (3) certain utility
9
Check this box if the cooperative issued
businesses under section 163(j)(7).
publicly offered debt instruments with original
issue discount
If “No,” complete and attach Form 8990.
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1120-C
Form
(2018)
5
Form 1120-C (2018)
Page
Schedule L
Balance Sheets per Books
Beginning of tax year
End of tax year
Assets
(a)
(b)
(c)
(d)
1
Cash
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2a Trade notes and accounts receivable .
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b Less allowance for bad debts .
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3
Inventories
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4
Other current assets (attach statement) .
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5
Investments (see instructions) .
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6
Loans to shareholders
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7
Mortgage and real estate loans
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8a Buildings and other depreciable assets .
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b Less accumulated depreciation
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9a Depletable assets .
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b Less accumulated depletion
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10
Land (net of amortization)
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11a Intangible assets (amortizable only)
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(
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(
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b Less accumulated amortization
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12
Other assets (attach statement)
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13
Total assets .
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Liabilities and Capital
14
Accounts payable .
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15
Mortgages, notes, bonds payable in less than 1 year
16
Other current liabilities (attach statement)
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17
Loans from shareholders .
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18
Mortgages, notes, bonds payable in 1 year or more .
19
Other liabilities (attach statement) .
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20
a Preferred stock .
Capital stock:
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b Common stock .
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21
Additional paid-in capital .
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22
Patronage dividends allocated in noncash form
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23
Per-unit retains allocated in noncash form .
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24
Retained earnings—Appropriated (attach statement)
25
Retained earnings—Unappropriated .
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26
Adjustments to shareholders’ equity (attach statement)
27
Less cost of treasury stock .
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(
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(
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28
Total liabilities and capital .
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Schedule M-1
Reconciliation of Income (Loss) per Books With Income per Return
Note: The cooperative may be required to file Schedule M-3. See instructions.
1
Net income (loss) per books .
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7
Income recorded on books this year
2
Federal income tax per books .
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not included in this tax return (itemize):
3
Tax-exempt interest $
Excess of capital losses over capital gains
4
Income subject to tax not recorded on
books this year (itemize):
8
Deductions in this tax return not charged
against book income this year (itemize):
5
Expenses recorded on books this year
. $
not deducted in this return (itemize):
a
Depreciation .
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a Depreciation .
$
b Charitable contributions $
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b
$
Charitable contributions
c Travel and entertainment $
9
Add lines 7 and 8
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6
10
Add lines 1 through 5
Income (page 1, line 25a)—line 6 less line 9
Schedule M-2
Analysis of Unappropriated Retained Earnings per Books (Schedule L, line 25)
1
Balance at beginning of year
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5
Distributions:
a Cash .
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2
b Stock .
Net income (loss) per books .
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3
Other increases (itemize):
c Property .
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6
Other decreases (itemize):
7
Add lines 5 and 6
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4
8
Add lines 1, 2, and 3 .
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Balance at end of year (line 4 less line 7)
1120-C
Form
(2018)
ADVERTISEMENT