Farmers’ Cooperative Association Income Tax Return OMB No. 1545-0051

Form 990-C

© Instructions are separate. See page 1 for Paperwork Reduction Act Notice. Department of the Treasury

Internal Revenue Service

For calendar year 1991 or tax year beginning , 1991, ending , 19

Name B A Identify below the

cooperative’s

business activity with

most total receipts

(see instructions).

Number, street, and room or suite no. (If a P.O. box, see page 3 of Instructions) C Check if a consolidated

return (Attach Form 851)

City or town, state, and ZIP code D Type of organization

Please Type or Print

Section 521

E Check applicable boxes: (1) Initial return (2) Final return (3) Change in address Other

1a Gross receipts or sales b Less returns and allowances cBalance © 1c

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

3 Gross profit. Line 1c less line 2 3

4a Patronage dividends and per-unit retain allocations (Schedule B, line 2) 4a

b Other dividends (Schedule C, line 17, column (a)) 4b

5 Interest 5

6 Gross rents 6

Income

7 Gross royalties 7

8 Capital gain net income (attach Schedule D (Form 1120)) 8

9 Net gain or (loss) from Form 4797, Part II, line 18 (attach Form 4797) 9

10 Other income (see instructions—attach schedule) 10

11 Total income. Add lines 3 through 10 11

12 Compensation of officers (Schedule E, line 4) 12

13a b Salaries and wages Less jobs credit cBalance © 13c

14 Repairs 14

15 Bad debts 15

16 Rents 16

17 Taxes 17

18 Interest 18

19 Contributions (see instructions for 10% limitation) 19

20 Depreciation (attach Form 4562) 20

21 Less depreciation claimed in Schedule A and elsewhere on return 21a 21b

22 Depletion 22

23 Advertising 23

24 Pension, profit-sharing, etc., plans 24

25 Employee benefit programs 25

26 Other deductions (attach schedule) 26

27a Total deductions. Add lines 12 through 26 27a

b Line 11 less line 27a 27b

c Deductions and adjustments under section 1382 (Schedule H, line 4) (see instructions) 27c

28 Taxable income before net operating loss deduction and special deductions. Line 27b less line 27c 28

29 Less: a Net operating loss deduction (see instructions) 29a

b Special deductions (Schedule C, line 18, column (c)) 29b 29c

Deductions (See instructions for limitations on deductions.)

30 Taxable income. Line 28 less line 29c. (See instructions) 30

31 Total tax (Schedule J, line 9) 31

32a 1990 overpayment credited to 1991 32a

b 1991 estimated tax payments 32b

Less 1991 refund applied for on

Form 4466

c

32c ( ) d Bal © 32d

e Tax deposited with Form 7004 32e

Credit from refiguring tax for years in which nonqualified per-unit

retain certificates or nonqualified written notices of allocation

(redeemed this year) were issued (see instructions)

f

32f

Credit for Federal tax on fuels (attach Form 4136) 32g g

32h

Tax and Payments

h Total credits and payments (add lines 32d through 32g)

33 Estimated tax penalty (see page 2 of instructions). Check if Form 2220 is attached © 33

34 Tax due. If the total of lines 31 and 33 is more than line 32h, enter amount owed 34

35 Overpayment. If line 32h is more than the total of lines 31 and 33, enter amount overpaid 35

36 Enter amount of line 35 you want: Credited to 1992 estimated tax © Refunded © 36

Cat. No, 11287B Form 990-C (1991)

Employer identification number
Form 990-C (1991) Page 2

Cost of Goods Sold (See instructions.)

1 Inventory at beginning of year 1

2 Purchases 2

3 Cost of labor 3

4 Per-unit retain allocations paid in:

a Qualified per-unit retain certificates 4a

b Money or other property (except nonqualified per-unit certificates) 4b

5 Nonqualified per-unit retain certificates redeemed this year 5

6a Additional section 263A costs (attach schedule) 6a

b Other costs (attach schedule) 6b

7 Total. Add lines 1 through 6b 7

8 Inventory at end of year

9 Cost of goods sold. Line 7 less Line 8. Enter here and on line 2, page 1 9

10a Check all methods used for valuing closing inventory:

(i) Cost (ii) Lower of cost or market as described in Regulations section 1.471-4 (see instructions)

(iii) Writedown of “subnormal” goods as described in Regulations section 1.471-2(c) (see instructions)

(iv) Other (Specify method used and attach explanation) ©

b Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970)

If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of

closing inventory computed under LIFO

c

10c

d Do the rules of section 263A (with respect to property produced or acquired for resale) apply to the cooperative? Yes No

e Was there any change in determining quantities, cost, or valuations between opening and closing inventory?

If “Yes,” attach explanation Yes No

Income From Patronage Dividends and Per-Unit Retain Allocations (See instructions.)

Name of declaring association Amount Name of declaring association Amount

1

2 Total of both “Amount” columns. Enter here and on line 4a, page 1 2

Dividends and Special Deductions

(See instructions.)

(c) Deduction

((a) 3 (b))

(a) Dividends

received (b) %

Dividends from less-than-20%-owned domestic corporations (other

than debt-financed stock)

1

70

2 Dividends from 20%-or-more-owned domestic corporations (other

than debt-financed stock) 80

see

instructions 3 Debt-financed stock of domestic and foreign corporations (section 246A)

4 Dividends on certain preferred stock of less-than-20%-owned public utilities 41.176

5 Dividends on certain preferred stock of 20%-or-more-owned public utilities 47.059

6 Dividends from less-than-20%-owned foreign corporations and certain FSCs 70

7 Dividends from 20%-or-more-owned foreign corporations and certain FSCs 80

8 Dividends from wholly owned foreign subsidiaries (section 245(b)) 100

9 Total. Add lines 1 through 8. See instructions for limitation

10 Dividends from certain FSCs subject to the 100% deduction (section 245(a)(1)) 100

Dividends from affiliated group members subject to the 100%

deduction (section 243(a)(3))

11

100

12 Dividends from foreign corporations not included on lines 3, 6, 7, 8, and 10

13 Income from controlled foreign corporations under subpart F (attach Form 5471)

14 Foreign dividend gross-up (section 78) 

IC-DISC and former DISC dividends not included on lines 1, 2, and/or

3 (section 246(d))

15

16 Other dividends

Total dividends. Add lines 1 through 16. Enter here and on line 4b,

page 1 ©

17

18 Total deductions. Add lines 9, 10, and 11. Enter here and on line 29b, page 1 ©

Schedule B

Schedule C

Schedule A

8
Form 990-C (1991) Page 3

Compensation of Officers (See instructions for line 12, page 1.)

Complete Schedule E only if total receipts (line 1a, plus lines 4a through 10, of page 1, Form 990-C) are $500,000 or more.

Percent of association’s

stock owned (c) Percent of

time devoted

to business

(f) Amount of

compensation (a) Name of officer (b) Social security number

(d) Common (e) Preferred

1 % % %

% % %

% % %

% % %

% % %

2 Total compensation of officers 2

3 ( ) 3 Less: Compensation of officers claimed in Schedule A and elsewhere on return

4 Compensation of officers deducted on line 12, page 1 4

Deductions and Adjustments Under Section 1382 (See instructions.)

1 Dividends paid on capital stock (section 521 cooperatives only) 1

2 Nonpatronage income allocated to patrons (section 521 cooperatives only) 2

3 Patronage dividends:

a Money 3a

b Qualified written notices of allocation 3b

c Other property (except nonqualified written notices of allocation) 3c

Money or other property (except written notices of allocation) in redemption of nonqualified

written notices of allocation

d

3d

e Other (attach schedule) 3e

4 Total. Add lines 1 through 3e. Enter here and on line 27c, page 1 4

Tax Computation (See instructions.)

1 Check if the cooperative is a member of a controlled group (see sections 1561 and 1563) ©

2 If the box on line 1 is checked:

a Enter the cooperative’s portion of the $50,000 amount and $25,000 amount (in that order) in each

(i) $ (ii) $

b Enter the cooperative’s share of the additional 5% tax (not to exceed $11,750) © $

3 Income tax (see instructions to figure the tax) 3

4a Foreign tax credit (attach Form 1118) 4a

b Other credits (see instructions) 4b

c General business credit. Enter here and check which forms are

attached:

Form 3800 Form 3468 Form 5884 Form 6478

Form 8830 Form 8826 4c

d Credit for prior year minimum tax (attach Form 8827) 4d

5 Total. Add lines 4a through 4d 5

6 Line 3 less line 5 6

7 Recapture taxes. Check if from: Form 4255 Form 8611 7

8a Alternative minimum tax (attach Form 4626). (See instructions) 8a

b Environmental tax (attach Form 4626) 8b

9 Total tax. Add lines 6 through 8b. Enter here and on line 31, page 1 9

Schedule J

Schedule E

Schedule H

Form 6765 Form 8586

taxable income bracket:
Balance Sheets Beginning of tax year End of tax year

(a) (b) (c) (d) Assets

1 Cash

2a Trade notes and accounts receivable

b ( ) ) ( Less allowance for bad debts 

3 Inventories

4 U.S. government obligations

5 Tax-exempt securities (see instructions)

6 Other investments (attach schedule)

7 Other current assets (attach schedule)

8a Buildings and other depreciable assets

b Less accumulated depreciation ( ) ( )

9a Depletable assets

b Less accumulated depletion ( ) ( )

10 Land (net of amortization)

11a Intangible assets (amortizable only)

b ( ) ( ) Less accumulated amortization

12 Other assets (attach schedule)

13 Total assets

Liabilities and Capital

14 Accounts payable

15 Mortgages, notes, bonds payable in less than 1 year

16 Other current liabilities (attach schedule)

17 Mortgages, notes, bonds payable in 1 year or more

18 Other liabilities (attach schedule) 

19 Capital stock: Enter number at end of year—

Shares Shareholders

a Preferred stock

b Common stock

20 Paid-in or capital surplus

Patronage dividends allocated in noncash form (other

than capital stock and interest-bearing obligations)

21

22 Per-unit retains allocated in noncash form

23 Retained earnings (Schedule M-2)

24 Less cost of treasury stock ( ( ) )

25 Total liabilities and capital

Reconciliation of Income per Books With Income per Return. (This schedule does not have

to be completed if the total assets on line 13, column (d), of Schedule L are less than $25,000.)

1 Net income per books 7 Income recorded on books this year

2 Federal income tax not included in this tax return (itemize):

a Tax-exempt interest $ 3 Excess of capital losses over capital gains

b Patronage refunds $ Income subject to tax not recorded on

books this year (itemize):

4

5 Expenses recorded on books this year not

deducted in this return (itemize):

Deductions in this tax return not charged

against book income this year (itemize):

8

a Depreciation $ a Depreciation $

b Contributions carryover $ b Contributions carryover $

c Travel and Entertainment $

9 Total of lines 7 and 8

6 Total of lines 1 through 5 10 Income. Line 6 less line 9 (line 28, page 1)

Analysis of Retained Earnings per Books (Line 23, Schedule L). (This schedule does not have

to be completed if the total assets on line 13, column (d), of Schedule L are less than $25,000.)

1 Balance at beginning of year 5 Distributions: a Cash

2 Net income per books b Stock of the cooperative

3 Other increases (itemize): c Property

6 Other decreases (itemize):

7 Total of lines 5 and 6

4 Total of lines 1, 2, and 3 8 Balance at end of year. Line 4 less line 7

Form 990-C (1991) Page 4

Schedule M-2

Schedule M-1

Schedule L
Other Information. (Items 1 through 10b, apply to section 521 cooperatives

only; the remaining items are applicable to all filers.) Yes No

Has the cooperative engaged in any activities not previously reported to the IRS? (If ‘‘Yes,’’ attach a detailed

description of these activities.)

Have any changes not previously reported to the IRS been made in the cooperatives organizing or governing

documents? (If “Yes,” attach a copy of the changes.) 

Number of shares of capital stock (other than nonvoting preferred) owned by—

Producers b Current and active producers

Nonproducers Inactive producers

May persons other than producers acquire voting stock or otherwise become members?

Were nonmembers charged the same as members for marketing and purchasing?

Were patronage dividends paid to all patrons, both member and nonmember, on the same basis?

Value of agricultural products marketed or handled for:

Members—(1) Actually produced by such members $

(2) Not actually produced by such members but marketed by them through this cooperative

Nonmembers—(1) Actually produced by such nonmembers

(2) Not actually produced by such nonmembers but marketed by them through this cooperative

Nonproducers—(purchased from nonproducers for marketing by this cooperative)

Value of supplies and equipment purchased for or sold to: Members who were producers

Nonmembers who were producers $ Nonproducers 

Does the cooperative allocate income from business done for the U. S. or its agencies to all patrons? (If

“Yes,” attach a statement explaining how patronage dividends are allocated (as between producer patrons

and purchaser patrons).)

Federated cooperatives only:

Are all of this cooperative’s member cooperatives exempt under section 521 of the Code?

If “No,” do the nonexempt member cooperatives have the same annual accounting period as this cooperative’s? If “No,” check the method below that the cooperative used, or will use, to provide a common or comparable

unit of time for analyzing and evaluating its operations and those of its members. (Note: The methods listed

below do not apply to the filing of returns or the manner in which operating results are reported by a federated

cooperative and its members.)

Method 1—Did the cooperative use the operations of members for those months that correspond to the

months that make up its tax year?

Method 2—Did the cooperative use the tax years of members that end within its tax year?

Method other than 1 or 2 above—Explain ©

Amount of business done for the U.S. Government or its agencies

Was the allocation of patronage dividends made based on a written obligation in existence before the cooperative received

for sale agricultural products from patrons and/or before it furnished supplies, equipment, and services to patrons?

If “Yes,” attach an explanation of the obligation and indicate whether it is in the cooperative’s organizing

document(s) or bylaws.

At any time during the tax year, did the cooperative have an interest in or a signature or other authority over

a financial account in a foreign country (such as a bank, securities, or other financial account)? (See

instructions for more information, including filing requirements for Form TD F 90-22.1.)

If “Yes,” write the name of the foreign country ©

Was the cooperative the grantor of or transferor to a foreign trust which existed during the current tax year,

whether or not it had any beneficial interest in it? If ‘‘Yes,’’ the cooperative may have to file Form 3520,

3520-A, or 926

Tax-exempt interest received or accrued during the tax year ©

Method of accounting: Cash Accrual Other (specify) ©

The books are in care of © Telephone No. ©

Located at ©

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge Please and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Sign

Here Signature of officer Date Title

Date Preparer’s social security number Preparer’s

signature Paid

Preparer’s

Use Only Firm’s name (or

yours if self-employed)

and address

E.I. No. ©

ZIP code ©

Form 990-C (1991) Page 5

Schedule N

Check if selfemployed ©

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

a

c d

a

b

a

b c

$

$

$

$

$

a

b

$

c

a b c

©

© ©

©

$

$

( )