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 1994 or tax year beginning , 1994, 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 4 of Instructions) C Check if a consolidated

return (Attach Form 851)

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

Please Type or Print

Tax exempt (Section 521)

E Check applicable boxes: (1) Initial return (2) Final return (3) Change of address Nonexempt

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

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

3 Gross profit. Subtract line 2 from line 1c 3

4a Patronage dividends and per-unit retain allocations (attach schedule) 4a

b Dividends (Schedule C, line 17) 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 20 (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

13 Salaries and wages (less employment credits) 13

14 Repairs and maintenance 14

15 Bad debts 15

16 Rents 16

17 Taxes and licenses 17

18 Interest 18

19 Charitable 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 Subtract line 27a from line 11 27b

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

28

Taxable income before net operating loss deduction and special deductions. Subtract line 27c from

line 27b

28

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

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

Deductions (See instructions for limitations on deductions.)

30 Taxable income. Subtract line 29c from line 28. (See instructions) 30

31 Total tax (Schedule J, line 9) 31

32a 1993 overpayment credited to 1994 32a

b 1994 estimated tax payments 32b

Less 1994 refund applied for on

Form 4466

c

d Bal © 32d ( ) 32c

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

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

Tax and Payments

33 Estimated tax penalty (see page 7 of instructions). Check if Form 2220 is attached © 33

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

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

36 Enter amount of line 35 you want: Credited to 1995 estimated tax © Refunded © 36

Cat. No, 11287B

Employer identification number

32g

(4) Amended Return
Form 990-C (1994) 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. Subtract line 8 from line 7. Enter here and on line 2, page 1 9

10a Check all methods used for valuing closing inventory:

Cost Lower of cost or market as described in Regulations section 1.471-4

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

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

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 Debt-financed stock of domestic and foreign corporations (section

246A)

3

42

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

utilities

4

48

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

utilities

5

70

Dividends from less-than-20%-owned foreign corporations and

certain FSCs

6

80

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

FSCs

7

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

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

100

Dividends from certain FSCs subject to the 100% deduction (section

245(c)(1))

10

Dividends from affiliated group members subject to the 100%

deduction (section 243(a)(3))

11

100

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

or 10

12

Income from controlled foreign corporations under subpart F (attach

Form 5471)

13

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

Schedule C

Schedule A

8
Form 990-C (1994) 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) 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 Compensation of officers claimed in Schedule A and elsewhere on return 3

4 Subtract line 3 from line 2. Enter the result here and 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) ©

If the box on line 1 is checked, enter the cooperative’s share of the $50,000, $25,000, and

$9,925,000 taxable income brackets (in that order):

2a

(3)

b Enter the cooperative’s share of:

3 Income 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: 3800 5884 3468

4c

8835

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

5 Total credits. Add lines 4a through 4d 5

6 Subtract line 5 from line 3 6

7 Recapture taxes. Check if from: Form 4255 Form 8611 (See instructions) 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

8586 8830

$

6765

(1)(2)

(2) additional 3% tax (not more than $100,000) $

(1) additional 5% tax (not more than $11,750)

8826 8844 8845

6478

8846 8847 

$ $ $
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: 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 (Loss) per Books With Income per Return. Note: The cooperative

is not required to complete Schedules M-1 and M-2 below if the total assets on line 13, column

(d), of Schedule L are less than $25,000.

1 Net income (loss) per books 7 Income recorded on books this year

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

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

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 Add lines 7 and 8

6 Add lines 1 through 5

Income (loss). Line 6 less line 9 (line

28, page 1)

10

Analysis of Unappropriated Retained Earnings per Books (Line 23, Schedule L).

1 Balance at beginning of year 5 Distributions: a Cash

2 Net income (loss) per books b Stock

3 Other increases (itemize): c Property

6 Other decreases (itemize):

7 Add lines 5 and 6

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

Form 990-C (1994) 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.) (See instructions.)

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 cooperative’s 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

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:

Nonmembers who were producers $

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? 

If “No,” do the nonexempt member cooperatives have the

same annual accounting period as this cooperative’s?

If “No,” check the box that identifies the method 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 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 $ 

Were patronage dividends allocated 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 whether

it is in the cooperative’s organizing document(s) or bylaws.

At any time during the 1994 calendar 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)? If “Yes,”

the cooperative may have to file 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 that existed during the current tax year, whether or not

the cooperative had any beneficial interest in it? If “Yes,” the

cooperative may have to file Form 926, 3520, or 3520-A

Tax-exempt interest received or accrued during the tax

year © $ 

Other (specify) ©

Method of accounting: Cash

The books are in the 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 (1994) Page 5

Schedule N

Check if selfemployed

1

2

3

4

5

6

8

9

10

11

12

13

16

a

Nonproducers d Inactive producers

a

b

a

b

c

a

b

c

a

c

©

© ©

©

( )

15

14

Is the cooperative a subsidiary in an affiliated group or a

parent-subsidiary controlled group? 

Yes No

7

c

Yes No

b Accrual

17

Nonproducers $

Members who were producers $

If the cooperative has an NOL for the tax year and is

electing to forgo the carryback period, check here ©

19

a

b

If you checked “Yes” to 17, enter name and employer

identification number of the parent corporation 

Attach a schedule showing name and identifying

number. (Do not include any information already

entered in 17 above.)

Enter percentage owned © 

Did any individual, partnership, corporation, estate or

trust at the end of the tax year, own, directly or indirectly,

50% or more of the corporation’s voting stock? (For rules

of attribution, see section 267(c).) If yes, complete a and

b below 

18

Enter the available NOL carryover from prior tax years

(Do not reduce by any deduction on line 29a.) © $

20