Form Instructions 1125-E Illinois 2018-2025

Form Instructions 1125-E Illinois: What You Should Know

When an entity is engaged in farming, only one Form 1125-A should be filed for the entity. (1) For certain farm income or farming expenses, a Form 1120-EZ may be filed; but only a Form 1125-A should be completed for the entire entity. (2) For certain farm cash receipts in excess of 25,000, a Form 1120-ED may be filed; but only a Form 1125-A should be completed for the entire entity. (3) For certain farm cash receipts in excess of 100,000, a Form 1120-ES may be filed; but only a Form 1125-B should be completed for the entire entity. (4) For certain farm cash receipts in excess of 5 million, a Form 1120-EDZ may be filed; but only a Form 1125-A should be completed for the entire entity. (5) For certain farm cash receipts in excess of 2 million, a Form 1120-ESZ may be filed; but only a Form 1125-B should be completed for the entire entity. (6) For certain farm cash receipts in excess of 1 million, a Form 1120-ES may be filed; but only a Form 1125-B may be completed for the entire entity. For examples, see Revenue Ruling 2001-44. A taxpayer's claim for refund of excess tax paid on farm cash receipts that is based on its total receipts (which includes farming receipts) are adjusted for the amount of the expenses paid to and for the owners of the farm. A taxpayer's adjustment for farming expenses must take into account the cash receipts described in Section (a). For the taxpayer's adjusted tax payment due for the year, see section 6330. Section (a)-(k) are the rules for determining the net income for the year from farming for qualified purposes. The adjusted tax liability for the year is the tax payable for the year. Section (a)-(h) are the rules for determining the net income for the year from farming for nonqualified purposes. The adjusted tax liability for the year is the tax payable for the year. Note A — This type of return has a limited purpose. 1. A return filed to correct the error in §1.120–1(j)(2)(ii), or to establish income of the taxpayer for purposes of a tax credit. 2. See Rev. Run. 2015–17, 2015-15 I.

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