Rev. January 2020
Form 6478 (Rev. January 2020) is a tax form used for claiming biofuel producer credit. The document provides instructions for attaching the form to the tax return and accessing instructions and latest information on IRS website. It contains multiple sections with different scenarios: selling or using qualified second-generation biofuels, credit from partnerships, S corporations, cooperatives, estates, and trusts, and reporting for different entities. The document also includes specific instructions for lines related to these sections.
Form 6478 is used by cooperatives, estates, and trusts to report the amount of the biofuel producer credit they're entitled to for the tax year. It also allows them to designate an apportionment method for allocating the credit among their patrons.
Cooperatives, estates, and trusts that are required to file a Form 1099-PATR must also file Form 6478 if they're entitled to the biofuel producer credit.
The election on line 5 of Form 6478 must be made on a timely filed tax return and include a written notice or Form 1099-PATR mailed to patrons during the payment period described in section 1382(d). The election can't be revoked once made.
Line 3 of Form 6478 requires cooperatives, estates, and trusts to report any Form 6478 credits from passive activities disallowed for prior years and carried forward to the current year.
Form 6478 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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