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

U.S. Income Tax Return for Cooperative Associations (Form 1120-C)

Department of the Treasury
Internal Revenue Service

For calendar year 2010 or tax year beginning , 2010, ending , 20

OMB No. 1545-2052

Please type or print

Name

Number, street, and room or suite no. If a P.O. box, see instructions

City or town, state, and ZIP code

B Employer identification number

C Check if:

(1) Farmers’ tax exempt cooperative

(2) Nonexempt cooperative

D Check if: (1) Initial return (2) Final return (3) Name change (4) Address change (5) Amended return

Income

1a Gross receipts or sales

1b Less returns and allowances

1c Bal

2 Cost of goods sold (Schedule A, line 9)

3 Gross profit. Subtract line 2 from line 1c

4 Dividends (Schedule C, line 19)

5 Interest

6 Gross rents and royalties

7 Capital gain net income (attach Schedule D (Form 1120))

8 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)

9 Other income (see instructions—attach schedule)

10 Total income. Add lines 3 through 9

Deductions (See instructions for limitations on deductions.)

11 Compensation of officers (Schedule E, line 4)

12 Salaries and wages (less employment credits)

13 Bad debts

14 Rents

15 Taxes and licenses

16 Interest

17 Charitable contributions

18 Depreciation not claimed in Schedule A or elsewhere on return (attach Form 4562)

19 Advertising

20 Pension, profit-sharing, etc., plans

21 Employee benefit programs

22 Domestic production activities deduction (attach Form 8903)

23 Other deductions (attach schedule)

24 Total deductions. Add lines 11 through 23

25 Taxable income before section 1382, NOL, and special deductions

26a Deductions and adjustments under section 1382 (Schedule H, line 5)

26b Net operating loss deduction (see instructions)

26c Special deductions (Schedule C, line 20)

26d

Tax, Refundable Credits, and Payments

27 Taxable income. Subtract line 26d from line 25

28 Total tax (Schedule J, line 9)

29a 2009 overpayment credited to 2010

29b 2010 estimated tax payments

29c 2010 refund applied for on Form 4466 ( )

29d Bal

29e Tax deposited with Form 7004

29f Credits: (1) Form 2439 (2) Form 4136

29g Refundable credits from Form 3800, line 19c, and Form 8827, line 8c

29h Section 1383 adjustment (see instructions)

29i

30 Estimated tax penalty (see instructions). Check if Form 2220 is attached

31 Amount owed

32 Overpayment

33 Enter amount of line 32 you want: Credited to 2011 estimated tax Refunded

Sign Here

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, correct, and complete.

May the IRS discuss this return with the preparer shown below (see instructions)? Yes No

Paid Preparer Use Only

Print/Type preparer’s name

Preparer’s signature

Date

Check if self-employed

PTIN

Firm’s name

Firm’s address

Firm’s EIN

Phone no.

Schedule A Cost of Goods Sold

1 Inventory at beginning of year

2 Purchases

3 Cost of labor

4a Qualified per-unit retain certificates

4b Money or other property

5 Nonqualified per-unit retain certificates redeemed this year

6a Additional section 263A costs

6b Other costs

7 Total

8 Inventory at end of year

9 Cost of goods sold

10a Check all methods used for valuing closing inventory

10b Writedown of subnormal goods

10c LIFO inventory method adopted this tax year

10d Percentage/amounts of closing inventory under LIFO

10e Section 263A applies to cooperative Yes No

10f Change in determining quantities, cost, or valuations Yes No

Schedule C Dividends and Special Deductions

Dividends received

Deduction percentage

Deduction

Schedule E Compensation of Officers

Name of officer

Social security number

Percent of time devoted to business

Percent of association’s stock owned - Common Preferred

Amount of compensation

Schedule G Allocation of Patronage and Nonpatronage Income and Deductions

Patronage income

Nonpatronage income

Unused patronage loss

Unused nonpatronage loss

Schedule H Deductions and Adjustments Under Section 1382

Dividends paid on capital stock

Nonpatronage income allocated to patrons

Patronage dividends - Money

Qualified written notices of allocation

Other property

Money or other property in redemption of nonqualified written notices

Domestic production activities deduction allocated to patrons

Schedule J Tax Computation

Cooperative is a member of a controlled group

Income tax

Alternative minimum tax

Foreign tax credit

General business credit

Other taxes

Schedule K Other Information

Accounting method: Cash Accrual Other

Business activity code no.

Business activity

Product or service

Date of incorporation

Total assets

Foreign-owned percentage

Owner’s country

Number of Forms 5472 attached

Publicly offered debt instruments with original issue discount

Tax-exempt income received or accrued

Foreign patrons at end of tax year

Patronage distributions to foreign patrons

Election to forego carryback period for NOL

Available NOL carryover - Patronage Nonpatronage

Total receipts and total assets less than $250,000

Cash distributions and book value of property distributions

Outstanding nonqualified notices of allocation

Schedule L Balance Sheets per Books

Cash

Trade notes and accounts receivable

Less allowance for bad debts

Inventories

Total assets

Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return

Net income (loss) per books

Federal income tax per books

Excess of capital losses over capital gains

Income subject to tax not recorded on books this year

Expenses recorded on books this year not deducted in this return

Add lines 1 through 5

Income recorded on books this year not included in this tax return

Deductions in this tax return not charged against book income this year

Add lines 7 and 8

Income (page 1, line 25)—line 6 less line 9

Schedule M-2 Analysis of Unappropriated Retained Earnings per Books

Balance at beginning of year

Net income (loss) per books

Other increases

Distributions: Cash Stock Property

Other decreases

Balance at end of year