What is the deadline for filing this form?

The deadline for filing Form Coop 1120-C is not specified in the provided instructions. However, it should be filed within 60 days of the first day of the cooperative's established annual accounting period.

What is a producer according to the form?

A producer is an individual or corporation engaged in business farming as a business receiving income based on farm production rather than income from sources other than fixed compensation.

What is income from sources other than patronage?

Income from sources other than patronage means incidental income derived from sources not directly related to the marketing, purchasing, or service activities of the cooperative association.

Who should file this form?

The form should be filed by a cooperative association seeking tax-exempt status under section 501(c)(2) of the Internal Revenue Code. The organization must provide operational information and complete financial data for each year.

What types of distributions are considered patronage distributions?

Patronage distributions include distributions of earnings derived from the cooperative's marketing, purchasing, or service activities that are paid to current and active patrons based on their percentage of the farm crops marketed or sold through the cooperative.

What financial information is required for each year?

The form requires financial statements and accompanying schedules for the current year and the three preceding years. The statements should be consistent with the method of accounting used by the organization in maintaining its books and records.

Form 1028

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Application for Recognition of Exemption Under Section 521 of the Internal Revenue Code

Rev. September 2006

This form is used to report income, gains, losses, deductions, and other information for a cooperative organization that is an electing large cooperative under Subchapter T of the Internal Revenue Code. It includes sections for reporting receipts and sales, deductions, patronage dividends, and balances sheet items.

Instructions

Form 1028 Instructions - Instructions for Form 1028, Application for Recognition of Exemption Under Section 521 of the Internal Revenue Code

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FAQ

What is the deadline for filing this form?
The deadline for filing Form Coop 1120-C is not specified in the provided instructions. However, it should be filed within 60 days of the first day of the cooperative's established annual accounting period.
What is a producer according to the form?
A producer is an individual or corporation engaged in business farming as a business receiving income based on farm production rather than income from sources other than fixed compensation.
What is income from sources other than patronage?
Income from sources other than patronage means incidental income derived from sources not directly related to the marketing, purchasing, or service activities of the cooperative association.
Who should file this form?
The form should be filed by a cooperative association seeking tax-exempt status under section 501(c)(2) of the Internal Revenue Code. The organization must provide operational information and complete financial data for each year.
What types of distributions are considered patronage distributions?
Patronage distributions include distributions of earnings derived from the cooperative's marketing, purchasing, or service activities that are paid to current and active patrons based on their percentage of the farm crops marketed or sold through the cooperative.
What financial information is required for each year?
The form requires financial statements and accompanying schedules for the current year and the three preceding years. The statements should be consistent with the method of accounting used by the organization in maintaining its books and records.

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Tax forms

Form 1028 is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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