Form 1120 C – Fill Out and Use This PDF

The Form 1120-C is an essential document for cooperative associations in the United States, detailing their income tax obligations to the Department of the Treasury Internal Revenue Service. This form requires cooperatives to report income, deductions, and credits to accurately determine their federal income tax liability. Whether you're filing for a tax-exempt farming cooperative or a nonexempt cooperative, understanding the nuances of the 1120-C form can significantly impact your tax responsibilities. Ready to file? Make sure you click the button below to complete your Form 1120-C effortlessly.

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Form 1120 C PDF Details

The Form 1120-C represents a crucial document for cooperative associations operating within the United States, outlining their annual income tax obligations to the Department of the Treasury Internal Revenue Service. Tailored specifically for cooperatives, whether they are tax-exempt as in the case of farmers' cooperatives or nonexempt entities, this form captures a wide array of financial activities from gross receipts or sales to deductions for charitable contributions, and from dividends received to special deductions under various sections of the tax code. Importantly, it not only facilitates the calculation of taxable income after adjustments and deductions but also guides cooperatives through reporting payments, credits, and estimated tax penalties. Additional schedules integrated within the form, such as Schedule G for allocation of patronage and nonpatronage income and deductions, and Schedule J for tax computation, underscore the comprehensive nature of the reporting required. The form also makes provisions for noting changes such as initial or final returns, name, or address changes, and for indicating a cooperative's method of accounting or its participation in a consolidated return. As a declaration under penalties of perjury, the Form 1120-C demands careful attention to ensure accuracy and compliance with U.S. tax laws, serving as a testament to the financial health and operational transparency of cooperative associations.

Question	Answer
Form Name	Form 1120 C
Form Length	5 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min 15 sec
Other names	2021 Form 1120-C. U.S. Income Tax Return for Cooperative Associations

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Form 1120-C

Department of the Treasury Internal Revenue Service

A Check if:

(1)Consolidated return (attach Form 851)

(2)Schedule M-3 (Form 1120) attached

(3)Form 1120 filed in previous tax year

	U.S. Income Tax Return for Cooperative Associations					OMB No. 1545-0123
For calendar year 2021 or tax year beginning		, 2021, ending	, 20			2021
	▶ Go to WWW.IRS.GOV/FORM1120C for instructions and the latest information.					2021

or print	Name			B Employer identification number

	Number, street, and room or suite no. If a P.O. box, see instructions.			C	Check if:
type

				(1)	Farmers’ tax exempt
Please					cooperative . . .
	City or town, state or province, country, and ZIP or foreign postal code				cooperative . . .
				(2)	Nonexempt


					cooperative . . .

D Check if: (1)

Initial return

(2)

Final return

(3)

Name change (4)

Address change (5)

Amended return

Income

Deductions (See instructions for limitations on deductions.)

1a	Gross receipts or sales	b Less returns and allowances			c Bal ▶	1c
2	Cost of goods sold (see instructions—attach Form 1125-A)		. . . . . . .			2
3	Gross profit. Subtract line 2 from line 1c		. . . . . . .			3
4	Dividends and inclusions (Schedule C, line 23)		. . . . . . .			4
5	Interest		. . . . . . .			5
6	Gross rents and royalties		. . . . . . .			6
7	Capital gain net income (attach Schedule D (Form 1120))		. . . . . . .			7
8	Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . .		. . . . . . .			8
9	Other income (see instructions—attach statement)		. . . . . . .			9
10	Total income. Add lines 3 through 9		. . .	. .	. ▶	10
11	Compensation of officers (attach Form 1125-E)		. . . . . . .			11
12	Salaries and wages (less employment credits)		. . . . . . .			12
13	Bad debts		. . . . . . .			13
14	Rents		. . . . . . .			14
15	Taxes and licenses		. . . . . . .			15
16	Interest (see instructions)		. . . . . . .			16
17	Charitable contributions		. . . . . . .			17
18	Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562) . . . .					18
19	Advertising		. . . . . . .			19
20	Pension, profit-sharing, etc., plans		. . . . . . .			20
21	Employee benefit programs		. . . . . . .			21
22	Section 199A(g) deduction (see instructions)		. . . . . . .			22
23	Other deductions (attach statement)		. . . . . . .			23
24	Total deductions. Add lines 11 through 23		. . .	. .	. ▶	24
25a	Taxable income before adjustments and special deductions. Subtract line
	24 from line 10		25a
b	Less: deductions and adjustments from Schedule H, line 5		25b			25c
26	Less: a Net operating loss deduction (see instructions)		26a
	b Special deductions (Schedule C, line 24)		26b			26c

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. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

					May the IRS discuss this return
▲			▲		with the preparer shown below?
					See instructions.	Yes	No
	Signature of officer	Date		Title

Paid

Preparer

Use Only

Print/Type preparer’s name	Preparer’s signature	Date	Check		if	PTIN
			Check		if
			self-employed

Firm’s name ▶				Firm’s EIN ▶
Firm’s address ▶				Phone no.

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 47554F

Form 1120-C (2021)

Page 2

Taxable income. Subtract line 26c from line 25c. See instructions . . .

. . . . . . . .

Payments

Total tax (Schedule J, line 9)

. . . . . . . .

Reserved for future use

. . . . . . . .

30a

2020 overpayment credited to 2021 . .

30a

and

2021 estimated tax payments . . . .

30b

2021 refund applied for on Form 4466 .

30c

(

)

d Bal ▶

30d

Credits,

Tax deposited with Form 7004

30e

Credits: (1) Form 2439

(2) Form 4136

30f

Refundable

Reserved for future use

30g

Section 1383 adjustment (see instructions)

30h

Reserved for future use

30i

30j

Estimated tax penalty. See instructions. Check if Form 2220 is attached .

. . . . . . ▶

Tax,

Amount owed. If line 30j is smaller than the total of lines 28 and 31, enter amount owed . . .

Overpayment. If line 30j is larger than the total of lines 28 and 31, enter amount overpaid . . .

Enter amount of line 33 you want: Credited to 2022 estimated tax ▶

Refunded ▶

Schedule C

Dividends, Inclusions, and Special Deductions

(a) Dividends

(b) %

(see instructions)

and inclusions

((a) × (b))

1Dividends from less-than-20%-owned domestic corporations (other than

debt-financed stock)

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

	debt-financed stock)	65
3	Dividends on certain debt-financed stock of domestic and foreign
		SEE
	corporations	INSTRUCTIONS
4	Dividends on certain preferred stock of less-than-20%-owned public utilities
		23.3
5	Dividends on certain preferred stock of 20%-or-more-owned public utilities
		26.7
6	Dividends from less-than-20%-owned foreign corporations and certain FSCs
		50
7	Dividends from 20%-or-more-owned foreign corporations and certain FSCs
		65
	Dividends from wholly owned foreign subsidiaries
8		100
		SEE
9	Subtotal. Add lines 1 through 8. See instructions for limitations . . . .	INSTRUCTIONS

10Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act

	of 1958	100
	Dividends from affiliated group members
11	Dividends from affiliated group members	100
12	Dividends from certain FSCs	SEE
12	Dividends from certain FSCs	INSTRUCTIONS

13Foreign-source portion of dividends received from a specified 10%-owned

foreign corporation (excluding hybrid dividends) (see instructions) . . .

100

14Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12,

	or 13 (including any hybrid dividends)

15	Reserved for future use
16a	Subpart F inclusions derived from the sale by a controlled foreign
	corporation (CFC) of the stock of a lower-tier foreign corporation treated as
	a dividend (attach Form(s) 5471) (see instructions)	100

bSubpart F inclusions derived from hybrid dividends of tiered corporations

(attach Form(s) 5471) (see instructions) . . . . . . . . . . . .

cOther inclusions from CFCs under subpart F not included on line 16a, 16b,

	or 17 (attach Form(s) 5471) (see instructions)
17	Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992)
18	Gross-up for foreign taxes deemed paid (see instructions)
19	IC-DISC and former DISC dividends not included on line 1, 2, or 3 . . .
20	Other dividends
21	Deduction for dividends paid on certain preferred stock of public utilities .
22	Section 250 deduction (attach Form 8993)

23Total dividends and inclusions. Add column (a), lines 9 through 20. Enter

here and on page 1, line 4 . . . . . . . . . . . . . . . ▶

24Total special deductions. Add column (c), lines 9 through 13, 16, 21, and 22. Enter here and on page 1,

line 26b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶

Form 1120-C (2021)

Form 1120-C (2021)		Page 3

Schedule G	Allocation of Patronage and Nonpatronage Income and Deductions
	Note: Before completing Schedule G, see Schedule K, Question 14.

1	Gross receipts or sales
2	Cost of goods sold
3	Gross profit. Subtract line 2 from line 1
4	Other income
5	Total income. Combine lines 3 and 4
6a	Section 199A(g) deduction (see instructions)
b	Other deductions
c	Total deductions. Add lines 6a and 6b

7Taxable income before section 1382, NOL, and special deductions. Subtract line 6c

from line 5 . . . . . . . . . . . . . . . . . . . . . . . .

8Deductions and adjustments under section 1382 from Schedule H, line 5 (see

	instructions)
9a	Net operating loss deduction (attach statement)
b	Special deductions (see instructions)
10	Taxable income. Subtract the total of lines 8, 9a, and 9b from line 7

11Combined taxable income. Combine columns (a) and (b) of line 10. See instructions

12	Unused patronage loss (see instructions)
13	Unused nonpatronage loss (see instructions)

(a) Patronage

(b) Nonpatronage

Schedule H Deductions and Adjustments Under Section 1382 (see instructions)

1	Dividends paid on capital stock (section 521 cooperatives only)
2	Nonpatronage income allocated to patrons (section 521 cooperatives only)

3Patronage dividends:

a	Money
b	Qualified written notices of allocation
c	Other property (except nonqualified written notices of allocation)	. . . . . . . . . . . .

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

	notices of allocation
4	Section 199A(g) deduction allocated to patrons (see instructions)
5	Total. Combine lines 1 through 4. Enter here and on page 1, line 25b, and Schedule G, line 8 . . .

3d
4	(	)
5

Schedule J Tax Computation (see instructions)

1Check if the cooperative is a member of a controlled group (attach Schedule O (Form 1120)).

See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶

2	Income tax (see instructions)
3	Base erosion minimum tax amount (attach Form 8991)
4	Add lines 2 and 3
5a	Foreign tax credit (attach Form 1118)	5a
b	Credit from Form 8834 (see instructions)	5b
c	General business credit (attach Form 3800)	5c
d	Credit for prior year minimum tax (attach Form 8827)	5d
e	Bond credits from Form 8912 (attach Form 8912)	5e

6	Total credits. Add lines 5a through 5e
7	Subtract line 6 from line 4
8	Other taxes. Check if from:	Form 4255	Form 8611	Other (attach statement)
		Form 8902
9	Total tax. Add lines 7 and 8. Enter here and on page 2, line 28

Form 1120-C (2021)

Form 1120-C (2021)		Page 4

Schedule K	Other Information (see instructions)

1Check accounting method:

a Cash

b Accrual

c Other (specify) ▶

2See the instructions and enter the: a Business activity code no. ▶

b Business activity ▶ c Product or service ▶

d Date of incorporation ▶

3Check the accounting method used to compute distributable patronage:

a Book

b Tax

c Other (specify) ▶

4At the end of the tax year, did the cooperative

own, directly or indirectly, 50% or more of the voting stock of a domestic corporation? (For rules of attribution, see section 267(c).) . . .

If “Yes,” attach a statement showing: (a) name and employer identification number (EIN), (b) percentage owned, and (c) taxable income or (loss) before NOL and special deductions of such corporation for the tax year ending with or within your tax year.

5Is the cooperative a subsidiary in an affiliated group or a parent–subsidiary controlled group?

If “Yes,” enter name and EIN of the parent corporation ▶

6At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly, 50% or more of the

cooperative’s voting stock? (For rules of attribution, see section 267(c).) . . . . . .

If “Yes,” attach a statement showing name and identifying number. Do not include any information already entered in 5 above. Enter percentage owned ▶

7Enter the cooperative’s total assets. See instructions ▶ $

8At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of (a) the total voting power of all classes of stock of the cooperative entitled to vote, or (b)

the total value of all classes of stock of the cooperative? . . . . . . . . . . . .

If “Yes,” enter: (a) Percentage owned ▶ and (b) Owner’s country ▶

cThe cooperative may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter number of Forms 5472 attached ▶

9Check this box if the cooperative issued publicly offered debt instruments with original issue discount . . . . . . . . . ▶

Yes No

If checked, the cooperative may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments.

10Enter the amount of tax-exempt income received or accrued during the tax year (for example, interest or extraterritorial income) ▶ $

11a Enter the number of foreign patrons at the end of the tax year ▶

bEnter the total amount of patronage distributions described in (or deducted under) IRC 1382(b) paid or allocated to foreign patrons ▶

12If the cooperative has an NOL for the tax year and is electing to forego the carryback period, check

here. See instructions . . . . . . . ▶

If filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election will not be valid.

13Enter the available NOL carryover from prior tax years. Do not reduce it by any deduction on page 1, line 26a.

Patronage ▶ $ Nonpatronage ▶ $

14Are the cooperative’s total receipts (page 1, line 1a plus lines 4 through 9) for the tax year and its total assets at the end of the tax year less than $250,000?

If “Yes,” the cooperative is not required to complete Schedule G, L, M-1, or M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year. ▶ $

15Enter the amount of outstanding nonqualified notices of allocation (attach statement) ▶

16Does the cooperative have gross receipts of at least $500 million in any of the 3 preceding tax years? (see

section 59A(e)(2) and (3)) . . . . . . . . .

If “Yes,” complete and attach Form 8991.

17Did the cooperative have an election under section 163(j) for any real property trade or business or any farming business in effect during the tax year? (see instructions) . . . . . . . . . . . . .

18Does the cooperative satisfy one or more of the

following? See instructions . . . . . . . .

aThe cooperative owns a pass-through entity with current, or prior year carryover, excess business interest expense.

bThe cooperative’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preceding the current tax year are more than $26 million and the cooperative has business interest expense.

cThe cooperative is a tax shelter and the cooperative has business interest expense.

If “Yes” to any, complete and attach Form 8990.

Yes No

Form 1120-C (2021)

Form 1120-C (2021)												Page 5

Schedule L		Balance Sheets per Books			Beginning of tax year				End of tax year
			Assets		(a)		(b)		(c)			(d)
1	Cash
2a	Trade notes and accounts receivable
b	Less allowance for bad debts			(		)			(	)
3	Inventories
4	Other current assets (attach statement)
5	Investments (see instructions)
6	Loans to shareholders
7	Mortgage and real estate loans
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 statement)
13	Total assets
			Liabilities and Capital
14	Accounts payable
15	Mortgages, notes, bonds payable in less than 1 year
16	Other current liabilities (attach statement) . . . .
17	Loans from shareholders
18	Mortgages, notes, bonds payable in 1 year or more .
19	Other liabilities (attach statement)
20	Capital stock:		a Preferred stock
			b Common stock
21	Additional paid-in capital
22	Patronage dividends allocated in noncash form . .
23	Per-unit retains allocated in noncash form . . . .
24	Retained earnings—Appropriated (attach statement)
25	Retained earnings—Unappropriated
26	Adjustments to shareholders’ equity (attach statement)
27	Less cost of treasury stock						(	)			(	)
28	Total liabilities and capital
Schedule M-1		Reconciliation of Income (Loss) per Books With Income per Return
		Note: The cooperative may be required to file Schedule M-3. See instructions.

1	Net income (loss) per books . . . .				7 Income recorded on books this year
2	Federal income tax per books . . .					not included in this tax return (itemize):
3	Excess of capital losses over capital gains					Tax-exempt interest		$

4Income subject to tax not recorded on books this year (itemize):

			8			Deductions in this tax return not charged
						against book income this year (itemize):
5	Expenses recorded on books this year					against book income this year (itemize):
	not deducted in this return (itemize):				a	Depreciation . . . .	$
a	Depreciation . . .	$			b	Charitable contributions	$
b Charitable contributions		$
c Travel and entertainment $
				9		Add lines 7 and 8
6	Add lines 1 through 5 .	. . . . .	10			Income (page 1, line 25a)—line 6 less line 9

Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Schedule L, Line 25)

1	Balance at beginning of year . . .

2Net income (loss) per books . . . .

3Other increases (itemize):

4 Add lines 1, 2, and 3 . . . . . .

5 Distributions: a	Cash
b Stock
c	Property . . . .

6Other decreases (itemize):

7 Add lines 5 and 6 . . . . . . .

8Balance at end of year (line 4 less line 7)

Form 1120-C (2021)

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Stage number 1 of filling out Form 1120 C

2. Right after completing this section, head on to the subsequent stage and enter the essential details in all these blank fields - Bad debts, Advertising Pension, from line, b Less deductions and adjustments, Less a Net operating loss, b Special deductions Schedule C, a b a b, i l r o f s n o i t c u r t s n, e e S, s n o i t c u d e D, c Bal, Under penalties of perjury I, Sign Here, Signature of officer, and Date.

Form 1120 C completion process shown (part 2)

3. This next section is rather easy, Form C, Page, s t n e m y a P d n a, s t i d e r C e b a d n u f e R, x a T, Taxable income Subtract line c, Reserved for future use a, a b c d Bal, Reserved for future use, Estimated tax penalty See, d e f g h i, Refunded, Schedule C, Dividends Inclusions and Special, and a Dividends and inclusions - all these blanks has to be filled in here.

People generally make errors when completing Refunded in this part. Don't forget to reread whatever you type in here.

4. The next section requires your information in the subsequent areas: Dividends on certain preferred, Subtotal Add lines through See, Dividends from affiliated group, Dividends from certain FSCs, Reserved for future use, a Subpart F inclusions derived, See, instructions, See, instructions, b Subpart F inclusions derived, attach Forms see instructions, c Other inclusions from CFCs under, or attach Forms see instructions, and Global Intangible LowTaxed Income. Just remember to enter all of the requested info to go onward.

5. The pdf should be concluded by going through this segment. Here you have an extensive list of fields that must be completed with specific information for your form usage to be faultless: Global Intangible LowTaxed Income, Total special deductions Add, and Form C.

Form 1120 C completion process described (stage 5)

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