Worksheet B for Form CT-3-S filers
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| Description | Amount |
|---|---|
| 1 Add the amounts from federal Form 1120S, lines 3 and 5 (see instructions) | 1._______ |
| 2 Add the amounts on federal Form 1120S, Schedule K, lines 4, 5a, 6, and 10 (see instructions) | 2._______ |
| 3 Add the amounts from federal Forms 8825, line 18a, and 1120S, Schedule K, line 3a | 3._______ |
| 4 Add the gain (not loss) amounts from federal Schedule D (Form 1120S), column (h), lines 1a through 5, 8a, 8b, 9, 10, 11, 12, and 13 (see instructions) | 4._______ |
| 5 Add the gain (not loss) amounts from federal Form 4797, column (g), lines 2 through 6, 10, and 13 through 16. However, when federal Form 4797 is not filed, but you have amounts reported on federal Form 4684, line 31 or line 38a, include the total gain amount (without netting losses) from those lines (see instructions) | 5._______ |
| 6 Enter the code B and C amounts shown in box 14 on all federal Schedule K-1s (Form 1065) you received from partnerships that you are a partner in, less any partnership amounts from such partnerships already included in lines 1 through 5 | 6._______ |
| 7 Federal gross income (add lines 1 through 6) | 7._______ |
| 8 Excess federal gross income (subtract $30,000 from line 7) | 8._______ |
| 9 Gross profit from farming included on federal Form 1120S, line 3 (see instructions) | 9._______ |
| 10 Gross rents from certain rentals of farm property included on federal Forms 8825, line 18a, and 1120S, Schedule K, line 3a (see instructions) | 10._______ |
| 11 Add the amounts from federal Form 4797, column (g), that represent gains from the sale of livestock used for draft, breeding, sport, or dairy purposes (see instructions) | 11._______ |
| 12 Enter the code B amount shown in box 14 of federal Schedule K-1 (Form 1065) (see instructions) | 12._______ |
| 13 Gross income from farming (add lines 9 through 12) | 13._______ |
| 14 Divide line 13 by line 8, and round the result to four decimal places | 14._______ |
Instructions for Worksheet B
Line 1: If federal Form 1120S, line 5, includes both income and loss items, include only the income amounts on line 1. In addition, do not include on line 1 any partnership income included on federal Form 1120S, line 5.
Line 2: If federal Form 1120S, Schedule K, line 10 includes both income and loss items, include only the income amounts on line 2. In addition, do not include on line 2 any partnership income included on federal Form 1120S, Schedule K, line 10.
Line 4: Include only gains used in figuring the amounts reported in column (h) of federal Schedule D. You cannot net loss transactions against gain transactions.
Line 5: Include only gains used in figuring the amounts entered in column (g) for federal Form 4797 or on federal Form 4684, line 31 or line 38a. You cannot net loss transactions against gain transactions. Do not include on line 5 any amounts included on line 2.
Line 9: If the corporation has both farm and non-farm income, include in line 9 only the gross profit attributable to farming activities. In this situation, it may be helpful if the corporation completes a pro forma federal Schedule F (Form 1040), to determine its gross profit (income) from farming.
Line 10: Include only gross rents from the rental of farm property, and only if the rental arrangement meets one of two conditions.
Line 11: Include only gains (not losses) reported on federal Form 4797 that represent gains from the sale of livestock used for draft, breeding, sport, or dairy purposes. Do not include any other gains reported on federal Form 4797 (such as gains from the sale of farm machinery) even though these gains may be related to your farming business.
Line 12: Do not include gross income from fishing included on federal Schedule K-1 (Form 1065), box 14, code B.