Page 53 - Income Documentation

55169

Farm Rental Income and Expenses Worksheet
Form 1065 2020
State TX I For calendar vear 2020, or tax year beciinninq , and endinci I
Partnership Name Employer Identification Number

ARMES FAMILY FARMS 75-2936011

Property description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . . RURAL FARM
A Did you actively participate in the operation of this farm during 2020? . Q Yes Q No
Part I Gross Farm Rental Income-Based on Production. Include amounts converted to cash or the equivalent.
1 Income from production of livestock, produce, grains, and other crops . ... , .. .. .. .. 4 3651 .. .. . . . . . . . . 1 56.346
2a Cooperative distributions (Form(s) 1099-PATR) l1-....;;2"'a_j1-- --- -'-L....=......;;_~ 2b Taxable amount 2b 4,365
3a Agricultural program payments . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 _ 37:590 3b Taxable amount 3b 37,590
4 Commodity Credit Corporation (CCC) loans:
a CCC loans reported under election . . .. . ... . .. _. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4a
b CCC loans forfeited ... .. .... . .... . .. ........ .... .. .. ........ ~j _4_b_j.__ _______ __.l 4c Taxable amount 1--4....:c-+---------
5 Crop insurance proceeds and federal crop disaster payments:
a Amount received in 2020 . . . . . . . ~ I --'5;..;;:ac...l.___ ___ ........;;6....:4;;.i_, .:::3_6'-2=1 Sb Taxable amount Sb
c If election to defer to 2021 is attached, check here ► ~ 5d Amount deferred from 2019 l---'5:..:d'-1-- - - - - - - -
6 Other income, including federal and state gasoline or fuel tax credit or refund . . . . . . . . . . . . . . . . 6 10,322
7 Gross farm rental income. Add amounts in the riciht column for lines 1 throucih 6. . . . . . . . · -► 7 108,623
Part II Expenses-Farm Rental Property.
8 Car and truck expenses a 21 Pension and profit-sharing plans ... . . . . . 21
' · · · • ·
9 Chemicals 9 1,644 22 Rent or lease:
.. . . . . . ... . . ...
10 Conservation expenses 10 a Vehicles, machinery, and equipment 22a
.. . . ..
11 Custom hire (machine work) 11 b Other (land, animals, etc.} 22b
.. . ..
12 Depreciation and section 179 23 Repairs and maintenance 23 5,514
.... . ·········
expense deduction not 24 Seeds and plants 24
. . .... ·· ··········
claimed elsewhere 12 25 Storage and warehousing 25
········· ·· ·
13 Employee benefit programs 26 Supplies . . . . . .. ... ........ .... .. 26 3,699
other than on line 21 13 27 Taxes ····· 27 6,576
... .... . . .. . . . , ... . ... ,, . , ... . . . . . . ' .
14 Feed 14 28 Utilities 28
.. , . .... . . . . . ' . . . . . . .... .. , . . . ... .. . . . ' .. . . ··· · · •· . ... .. , .. .. .
15 Fertilizers and lime ... . . . . . . . . . 15 29 Veterinary, breeding, and medicine .. 29
16 Freight and trucking 16 30 Other expenses (specify):
. .. ... . . . . ..
17 Gasoline, fuel, and oil . . .. 17 a ACCOUNTING FEES · · · · ·· 30a 695
. . LEGAL. FEES
18 Insurance (other than health) .. 18 b . . .... . . . . . .... . .. . . ..... .. .. . . . . . . . . . .... 30b 50
19 Interest: C NEW WELL 30c 11,078
.. .. . . . .. . .. . . .. .. .. . . . . . . . . . . .. . .
a Mortgage (paid to banks, etc.) 19a d 30d
... .. .. . . ' . . . . . . . . . . . . ....
b Other 19b e 30e
······· . ... ······ ... . . ......... ... . . . .... ······ · . ..... .. . ....
20 Labor hired (less employment f ... ..... . . . .. ... ... 30f
credits) . 20 Cl . 30a
31 Total expenses. Add lines 8 through 30g. .. ·· · ····· . .. .. . . . . . ... . . . . . . . . . . ► 31 29,256
32 Net farm rental income or (loss). Subtract line 31 from line 7. ····· · • · ·· ·•· · · • · • ··· ... · • · 32 79,367
. .. . ··· • · · • ·· · ... . . . . . .... .. .... . .. '