Form FIA-40N Fillable FIA-40P and Schedule Z Farm Income Averaging (part-year resident and nonresident)

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Attach your completed Form FIA 40N to your Oregon Form 40N Attach your completed Form FIA 40P to your Oregon Form 40P Contract harvesting of an agricultural or horticultural Full Year Return for 2012 Leasing land to a tenant engaged in a farming business Merely buying or reselling plants or animals grown or Operating a nursery or sod farm Part Year or Nonresident Return for 2011 Part Year or Nonresident Return for 2012 Raising or harvesting trees bearing fruits nuts or other Raising ornamental trees (but not evergreen trees that are Raising shearing feeding caring for training and managing Salem 503 378 4988 Wages and other compensation you received as a shareholder $10 850 For the Oregon column John adds $22 950 from line $10 850 on line 9a and negative $27 250 on line 9b of the $2 850 and is entered in the Oregon column on line 1(b) of $9 000 was carried back to tax year 2011 and completely (Clear This Page) Clear This Page (Clear This Page) Clear This Page (Clear This Page) Clear This Page (Clear This Page) Clear This Page (Farm Income Averaging) (if 0 or less see instructions) 1a (if any) of the NOLD carry (if any) of the NOLD carryovers (not more than 100 0%) 4 (not more than 100 0%) 4 % (not more than 100 0%) 4 % (not more than 100 0%) 4 % (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) 1 Enter income after subtractions from your 2014 Oregon Form 40N line 38 1a 1 Enter income after subtractions from your 2014 Oregon Form 40P line 38 1a 1 Figure income after sub 1 If you used Form FIA 40 to figure your tax for 2013 enter the amount from 2013 1 If you used Form FIA 40 to figure your tax for 2013 enter the amount from your 1 If you used Form FIA 40N to figure your tax for 2013 enter the amounts from your 1 If you used Form FIA 40P to figure your tax for 2013 enter the amount from the 1 If you used Schedule Z to figure your tax for 2013 enter the amount from your 1 If you used Schedule Z to figure your tax for 2013 enter the amounts from your 10 Divide line 2b by 3 0 and enter here 10 10 Enter the amount from your 2014 Schedule Z Computation for Tax Year 2011 10 Figure the tax on line 9 using the 2011 Tax Rate Charts Enter the amount here 10 Figure the tax on line 9 using the 2012 Tax Tables or Tax Rate Charts Enter the amount here 10 Figure the tax on line 9 using the 2013 Tax Rate Charts Enter the amount here 10 If there is a loss on your 10b of the 2012 worksheet John enters 0 on line 11a and the 11 Enter the amount from your 2014 Schedule Z Computation for Tax Year 2011 11 Enter the amount from your 2014 Schedule Z Computation for Tax Year 2012 11 If you had a NOL for 2012 11b and negative $27 250 from line 9b of the worksheet and 12 Add lines 9 10 and 11 12 Enter the amount from your 2014 Schedule Z Computation for Tax Year 2012 12 Enter the amount from your 2014 Schedule Z Computation for Tax Year 2013 13 Add lines 8 10 11 and 12 13 13 Enter the amount from your 2014 Schedule Z Computation for Tax Year 2013 13 Figure the taxable income 14 2011 tax If you used FIA to figure your tax for 2013 enter the amount from your 14 Add lines 9 11 12 and 13 14 14 If there is a loss on your 15 2011 Tax If you used FIA to figure your tax for 2013 enter the amount from your 2013 15 2012 tax If you used FIA to figure your tax for 2013 enter the amount from your 15 If you had a NOL for 2012 150 101 161 (Rev 12 14) 150 101 161 (Rev 12 14) 150 101 161 (Rev 12 14) Continued on next page 16 2012 tax If you used FIA to figure your tax for 2013 enter the amount from your 2013 16 2013 tax If you used FIA to figure your tax for 2013 enter the amount from your 16 Add lines 13 14 and 15 16 Enter the result here 10a 16 Enter the result here 18a 16 the carryover from 2011 to 2012 Because the NOL is for 17 2013 tax If you used FIA to figure your tax for 2013 enter the amount from your 2013 17 Add lines 14 15 and 16 17 17 Figure income after sub 18 Add lines 15 16 and 17 18 18 If there is a loss on your 18 Line 13 minus line 17 18 19 Figure the tax on the amount on your 2014 Form 40P line 48 using the 2014 tax rate charts from 19 If you had a NOL for 19 Line 14 minus line 18 19 2 Enter amount from 2014 Form FIA 40 line 6; Form FIA 40N line 10; 2 Enter amount from 2014 Form FIA 40 line 6; Form FIA 40N line 10; 2 Enter amount from 2014 Form FIA 40 line 6; Form FIA 40N line 10; or 2 Enter amount from 2014 Form FIA 40 line 6; Form FIA 40N line 10; or 2 Enter amount from 2014 Form FIA 40 line 6; Form FIA 40N line 10; or 2 Enter in both columns your elected farm income from Oregon sources 2 Enter your elected farm income from Oregon sources 2 If there is a loss on your 2011 20 Add lines 17 18 and 19 20 Figure the tax on the amount on your 2014 Form 40N line 50 using the Form 40N 2014 tax rate charts 20 Is line 18 less than line 19? If yes enter the amount from line 18 here and on Form 40P line 50 and 2011 Computation C line 1 2011 Do not include any 2011 Do not include any NOLD 2011 Form 40 line 28; (if 0 or less see instructions) 1 2011 Form 40 line 29; Form 40N line 51; or Form 40P line 50 14 2011 Oregon Form 40N line 47 5 2011 Taxable Income WorksheetFederal (a) Oregon (b) 2012 and were carried to tax 2012 capital loss carryover 2012 Computation C line 1 2012 federal Schedule D 2012 federal Schedule D line 2012 or 2013 and if your income after subtractions for either 2012 Oregon Form 40N line 47 5 2012 Taxable Income Worksheet 2012 that were not used in 2012 worksheet 2013 and were carried to 2013 capital loss carryover 2013 Do not include any 2013 enter it as a positive 2013 federal Schedule D 2013 for federal or Oregon 2013 Form 40N lines 38F and 38S (if 0 or less see instructions) 1a 2013 Form 40P lines 38F and 38S (if 0 or less see instructions) 1a 2013 Form FIA 40 line 11 If you used Schedule Z to figure your tax for 2013 2013 Form FIA 40 line 12; Form FIA 40N line 12; or Form FIA 40P line 11 If 2013 Form FIA 40 line 16; Form FIA 40N line 13; or Form FIA 40P line 12 If 2013 Form FIA 40 line 3 Otherwise enter the amount shown on your 2013 2013 Form FIA 40 line 4; Form FIA 40N line 9; or Form FIA 40P line 8 Otherwise 2013 Form FIA 40N lines 3a and 3b Otherwise enter the amount shown on your 2013 Form FIA 40P lines 3a and 3b Otherwise enter the amount shown on your 2013 Oregon Form 40N line 47 5 2013 Schedule Z Computation for Tax Year 2011 Computation A lines 3a and 2013 Schedule Z Computation for Tax Year 2011 Computation B lines 3a and 2013 Schedule Z Computation for Tax Year 2012 Computation A lines 3a and 2013 Schedule Z Computation for Tax Year 2012 Computation B lines 3a and 2013 Taxable Income Worksheet 2014 Form 40P line 47 5 2014 Schedule Z Tax Year 21 Figure the taxable income 21 Is line 19 less than line 20? If yes enter the amount from line 19 here and on Form 40N line 51 and 22 If there is a loss on your 23 If you had a NOL for 24 Add lines 21 22 and 23 3 Add lines 1 and 2 3 3 Add lines 1 and 2 3 3 Add lines 1 and 2 in both the federal and Oregon columns 3a 3 Add lines 1 and 2 in both the federal and Oregon columns 3a 3 Add lines 1 and 2 in both the federal and Oregon columns 3a 3 If you had a NOL for 2011 3 Line 1 minus line 2 in both the federal and Oregon columns 3a 38s (if 0 or less see instructions) 1a 3b If you did not income average for 2013 but did in 2012 enter the amount from 3b If you did not use Schedule Z to figure your tax for 2013 but did for 2012 4 Add lines 1 2 and 3 4 Figure the tax on line 3 using the 2011 Tax Tables or Tax Rate Charts Enter the amount here 4 Figure the tax on line 3 using the 2012 Tax Tables or Tax Rate Charts Enter the amount here 4 Figure the tax on line 3 using the 2013 Tax Tables or Tax Rate Charts Enter the amount here 4 Recompute the Oregon percentage Divide line 3b by line 3a 4 Recompute the Oregon percentage Divide line 3b by line 3a 4 Recompute the Oregon percentage Divide line 3b by line 3a 4 Recomputed Oregon percentage Divide line 3b by line 3a 5 Enter allowable deductions and modifications from your 5 Enter deductions and modifications from line 4 of the worksheet for your 5 Enter deductions and modifications from line 4 of the worksheet for your 5 Enter the amount from your 2011 Oregon Form 40P line 48 5 5 Enter the amount from your 2012 Oregon Form 40P line 47 5 5 Enter the amount from your 2013 Oregon Form 40P line 47 5 5 Figure the taxable income from 5 Multiply the allowable deductions and modifications from 6 Enter your deductions and modifications not multiplied by the Oregon 6 If there is a loss on your 2011 6 Line 3a minus line 5 Enter the result here 6 6 Line 3a minus line 5 Enter the result here 6 6 Multiply the amount on line 5 by the recomputed Oregon percentage 6 Multiply the amount on line 5 by the recomputed Oregon percentage on line 4 6 7 Add lines 5 and 6 7 Enter the amount from your 2011 Oregon Form 40N line 48 7 7 Enter the amount from your 2012 Oregon Form 40N line 48 7 7 Enter the amount from your 2013 Oregon Form 40N line 48 7 7 Figure the tax on line 6 using the 2011 Tax Rate Charts 7 7 Figure the tax on line 6 using the 2012 Tax Tables or Tax Rate Charts 7 7 Figure the tax on line 6 using the 2013 Tax Rate Charts 7 7 Figure the tax on line 6 using the 2014 Tax Rate Charts 7 7 If you had a NOL for 2011 8 Add lines 5 6 and 7 Enter 8 Add lines 6 and 7 8 8 Add lines 6 and 7 8 8 Line 3b minus line 7 Enter the result here 8 Multiply line 7 by the Oregon percentage on line 4 Enter the amount here 8 Multiply line 7 by the Oregon percentage on line 4 Enter the amount here and 8 Multiply line 7 by the recomputed Oregon percentage on line 4 8 9 Divide line 2b by 3 0 and enter here 9 9 Figure income after 9 Figure the tax on line 8 using the 2014 Tax Rate Charts 9 Line 3b minus line 8 Enter the result here 9 9 Line 3b minus line 8 Enter the result here 9 A B or C for each tax year Figures from Schedule Z A farming business does not include: A farming business is the trade or business of cultivating a full year resident with taxable income that was 0 or less a positive amount the portion a positive number in the absorbed in 2011 there is no carryover to tax years after 2011 absorbed John combines the $9 000 NOLD with his Oregon actual loss NOLD means net operating loss deduction and add that loss (as a positive adds 0 to the $25 906 and enters the result positive $25 906 adjustment is made on line 10b since the capital loss deduction after 2012 11a after 2013 19a all income gains losses and deductions attributable to any also entered on Form 1040 line 13) a $7 000 loss on Schedule Americans with Disabilities Act (ADA): Call one of the help amount from FIA 40 line 6; Form FIA 40N line 10; or Form amount here amount here Otherwise amount of the loss on your amount) and your 2011 capital amounts from your 2013 Schedule Z Computation for Tax Year 2012 Computation and carrybacks to 2011 that were and carrybacks to 2013 and enter here 19 and enter here 20 and on Form FIA 40 line 12; Form FIA 40N line 12; or Form FIA 40P line 11 10 and on Form FIA 40 line 12; Form FIA 40N line 12; or Form FIA 40P line 11 4 and on Form FIA 40 line 12; Form FIA 40N line 12; or Form FIA 40P line 11 8 and on Form FIA 40 line 16; Form FIA 40N line 13; or Form FIA 40P line 12 10 and on Form FIA 40 line 16; Form FIA 40N line 13; or Form FIA 40P line 12 4 and on Form FIA 40 line 8; Form FIA 40N line 11; or Form FIA 40P line 10 10 and on Form FIA 40 line 8; Form FIA 40N line 11; or Form FIA 40P line 10 4 and on your 2014 Schedule and on your 2014 Schedule Z and Oregon columns and Schedule Z for Farm Income Averaging 2014 and were carried to tax years animals applies to the year to which the NOL is carried appropriate column are needed to complete Form FIA 40N lines 11 through 13; Asistencia en espa ol: back from other years if back from other years if be from property (other than land) regularly used by you in Before you can complete Schedule Z you will need the but did in 2011 enter the amount from 2011 FIA 40 line 4; FIA 40N line 9; or but did in 2011 enter the amount from your 2011 FIA 40N lines 3a and 3b but did in 2011 enter the amount from your 2011 FIA 40P lines 3a and 3b but is a resident of Idaho John files as a nonresident for but only if the lease payments are based on a share of the by the recomputed Oregon percentage shown above 5 C line 1 C line 3 If you used Form FIA 40 for tax year 2012 but not for 2013 enter capital loss carryover to 2013 capital loss carryover to the next tax year do not reduce the carried to tax years after 2011 3a 3b carrybacks to 2013 that carryover or carryback from carryover or carryback from carryovers and carrybacks carryovers and carrybacks to check box 50a on Form 40P If no STOP: your tax is not reduced by using FIA Complete your check box 51b on Form 40N If no STOP: your tax is not reduced by using FIA Complete your column column Otherwise enter as column Otherwise enter as a commodity grown or raised by someone else or commodity This includes: Computation A Complete if you filed Form 40N for tax year 2011 Computation A Complete if you filed Form 40N for tax year 2012 Computation A Complete if you filed Form 40N for tax year 2013 Computation A line 10; Computation B line 8; or Computation C line 4; Computation A line 10; Computation B line 8; or Computation C line 4; Computation A line 10; Computation B line 8; or Computation C line 4; Computation A lines 3a and 3b If you did not income average in 2012 or 2013 Computation A or B line 1 20a Computation A or B line 1 4a 4b Computation B Complete if you filed Form 40P for tax year 2011 Computation B Complete if you filed Form 40P for tax year 2012 Computation B Complete if you filed Form 40P for tax year 2013 Computation B lines 3a and 3b If you did not income average in 2012 or 2013 Computation C (continued) Computation C Complete if you filed Form 40 for tax year 2011 Computation C Complete if you filed Form 40 for tax year 2012 Computation C Complete if you filed Form 40 for tax year 2013 Computation C line 3 If you did not use Form FIA 40 for tax year 2013 but did COMPUTATION FOR TAX YEAR 2011 COMPUTATION FOR TAX YEAR 2011 (continued) Computation for Tax Year 2011 Computation C line 3 If you did not use COMPUTATION FOR TAX YEAR 2012 COMPUTATION FOR TAX YEAR 2013 Computation of 2014 Tax Computation of 2014 Taxable Income Continued on next page copies of prior years returns for a fee from the Oregon crops D line 16 and a $4 000 capital loss carryover to 2012 Department of Revenue You will also need tax booklets for did not have a NOL in did not have a NOL in did not have a NOL in 2012 Do not include any NOLD Elected farm income elected farm income allocated to that base year by any part En Salem o fuera de Oregon 503 378 4988 enter amounts as a positive enter it as a positive amount enter on Schedule Z Computation A or B line 1 If you were enter the amount from the 2013 Schedule Z Computation for Tax Year 2011 enter the amounts from your 2012 Schedule Z Computation for Tax Year 2011 enter the portion (if any) Enter the result here Enter the result here Enter the result here 17a Enter the result here 1a 1b Enter the result here and on enter the tax from your 2013 Form 40 line 29; Form 40N line 51; or enters 0 in both columns on line 2 of the 2011 worksheet enters negative $4 300 on line 12b These figures represent Example: John Farmington owns a farm in Ontario Oregon farm income of $18 000 on line 2 of Form FIA 40N His 2011 Farming business farming business However it does not include gain from farming on Form FIA 40N or Form FIA 40P line 2 Federal (a) federal and Oregon columns Federal column Federal column federal column on line 1(a) of the 2011 worksheet Federal column Oregon column Federal column Oregon column federal or Oregon Because the NOL from 2012 is completely federal or Oregon was zero or less for any of these three tax federal Schedule D line federal Schedule D line 21 FIA 40 line 16; Form FIA 40N line 13; or Form FIA 40P line 12 If you did not FIA 40 line 4; Form FIA 40N line 9; or Form FIA 40P line 8 Otherwise enter FIA 40 lines 8 12 and 16 FIA 40N 2014OREGON FARM INCOME AVERAGING FIA 40N or Form FIA 40P line 2 Do not enter more than FIA 40P 2014OREGON FARM INCOME AVERAGING FIA 40P line 8 Otherwise enter the tax from your 2011 Form 40 line 29; Form 40N line 51; FIA 40P line 9 On Schedule Z complete either Computation for 2011 2012 or 2013 For tax year 2014 John has elected for 2011 2012 or 2013 use the worksheets below to figure for 2012 enter the amount from 2012 Form FIA 40 line 15 If you used for each column Enter the for federal and negative $27 250 for Oregon John enters for federal or Oregon or both for Oregon only no adjustment is necessary for the capital for tax year 2011 John enters both of these figures on Schedule for tax year 2012 John enters both of these figures on For tax year 2012 John s income after subtractions is $10 850 For tax year 2013 John s income after subtractions is not Form 40 line 28; (if 0 or less see instructions) 1 Form 40 line 29; Form 40N line 51; or Form 40P line 50 16 Form 40N or Form 40P Form 40N or Form 40P Form 40N without using FIA 21 Form 40P instructions Multiply the result by the Oregon percentage on your 2014 Form 40P line 39 Form 40P line 50 16 Form 40P without using FIA 20 Form FIA 40 line 12; Form FIA 40N line 12; or Form FIA 40P line 11 If you did not Form FIA 40 line 15 If you used Schedule Z to figure your tax for 2013 enter the Form FIA 40 line 16; Form FIA 40N line 13; or Form FIA 40P line 12 If you did not Form FIA 40 line 4; Form FIA 40N line 9; or Form FIA 40P line 8 Otherwise enter Form FIA 40 to figure your tax in 2013 or 2012 but did in 2011 enter the amount Form FIA 40N line 13; or Form FIA 40P line 12 If you did not use FIA in 2013 or 2012 Form FIA 40N line 9; or Form FIA 40P line 8 Otherwise enter the tax from your 2012 Form FIA 40P line 9 2 Form FIA 40P line 9 2a Form FIA 40P line 9 2a from federal Schedule J line 2; or from Oregon Form 40N line 19S 2a from federal Schedule J line 2; or from Oregon Form 40P line 19S 2a from our website or see page 4 to contact us by phone from that sum the amount from that sum the amount of from that sum the amount of Federal (a) from your 2011 Form FIA 40 line 3 Otherwise enter the amount shown on your from your 2012 tax return from your 2013 tax return Full Year Return for 2011 Full Year Return for 2013 General tax information www oregon gov/dor Gratis de prefijo de Oregon 1 800 356 4222 Have questions? Need help? here Otherwise enter the If for any base year you had a capital loss that resulted in a if you did not have a NOL in If you were a part year resident or a nonresident for 2011 If your elected farm income includes net capital gain you in 2011 and were carried to in 2011 Enter the result here 5 in 2012 Enter the result here in an S corporation engaged in a farming business In the federal column on line 12a John enters positive Include any NOLD carry Include any NOLD carry Include any NOLD carry income after subtractions of $6 150 The result is negative income after subtractions shown on line 38 of Form 40N income Also the portion of your elected farm income income from farming Taxable income from farming includes income from farming that you elect to include on Form income on Form FIA 40N or FIA 40P line 2 income Oregon law does not Do not include fishing business income tax returns for tax years 2011 2012 and 2013 to figure Instructions for Form FIA 40N Form FIA 40P Instructions for Schedule Z is $25 906 in the federal column and $6 150 in the Oregon is not Oregon source John enters 0 on lines 10a and John adds the amounts on lines 1 2 and 3 and enters the John can complete Schedule Z without using the worksheets John enters 0 in both columns on line 3 of the worksheet John had a $3 000 net capital loss deduction on his 2012 John had a NOL for tax year 2012 of $22 950 for Oregon only John had no net operating losses for tax year 2011 for either John s recomputed federal and Oregon income after subtractions land or raising or harvesting any agricultural or horticultural limiting it to 0 Include any line 21 add that loss (as a line 21 add that loss (as a line 4 of the worksheet for your 2014 Oregon Form 40N line 47 line 4; FIA 40N line 9; or FIA 40P line 8 Otherwise enter the tax from your loss carryover to 2012 Subtract loss deduction or for the capital loss carryover to 2012 John loss on your 2012 federal more than 6 years old when severed from the roots) must allocate an equal portion of the net capital gain to each Name(s) as shown on Oregon Form 40N Name(s) as shown on Oregon Form 40P negative in either the federal or Oregon columns Therefore net capital loss deduction on Schedule D line 21 (which was NOL in 2012 Enter the NOL means net operating loss and applies to the year of the NOLD carryover or carry NOLD carryover or carry NOLD carryovers and NOLD carryovers or carrybacks not used in 2011 and were Note: While federal law allows averaging of fishing business number in the appropriate numbers above for information in alternative formats of the base years of the carryover of the loss on your 2013 of the NOLD carryovers on Form FIA 40 line 16; Form FIA 40N line 13; or Form FIA 40P line 12 8 on Form FIA 40 line 8; Form FIA 40N line 11; or Form FIA 40P line 10 8 on line 4 and enter here 6 on line 4a of the worksheet These figures represent John s on your 2012 Form 40 line 28 (if 0 or less see instructions) 1 on your 2013 federal or 40P in 2011 2012 or 2013 complete Schedule Z for Form or B line 1 12a or both enter amounts as or Form 40P line 50 15 or Form FIA 40P line 9 2 or Form FIA 40P line 9 2a or Form FIA 40P lines 10 through 12 If you filed Form 40N or loss received during any portion of the year you were an Oregon (b) Oregon (b) Oregon column Oregon column Oregon column Oregon column Oregon each year John did not use farm income averaging Oregon farm while you were a nonresident and farm income Oregon from your 2011 Oregon from your 2012 Oregon from your 2013 Oregon only no adjustment is necessary on line 10a and no Oregon only NOL of $22 950 on line 11b of the worksheet Oregon resident other years if you had a other years if you had a NOL Otherwise enter as a Otherwise enter the amount shown on your 2011 Form 40N lines 38f and Otherwise enter the amount shown on your 2011 Form 40P lines 38f and 38s overs and carrybacks to 2012 overs or carrybacks if you overs or carrybacks if you overs or carrybacks if you Part Year or Nonresident Return for 2013 percentage from 2014 Form 40N line 48 6 portion (if any) of the portion (if any) of the NOLD positive amount here positive amount the positive amount the portion positive amount) and your positive amount) and your positive amount) and your 2012 previous three years (base years) all or part of your 2014 Prior Years Tax raised by someone else recomputed federal and Oregon income after subtractions result here 9a result here and on your 2014 result negative $2 850 on line 4b of the worksheet John Salem area or outside Oregon 503 945 8617 Schedule D line 16 Enter Schedule D line 16 Enter Schedule D line 21 and a $7 000 loss on Schedule D line Schedule Z Computation A for tax year 2012 line 1 in the Schedule Z Computation of Tax Schedule Z Tax Year 2011 Schedule Z to figure your tax enter the amounts from your 2012 Schedule Z Social Security number (SSN) source farm income includes income or loss received from an Subtract from that sum the subtractions for federal and sum the amount of the sum the amount of the loss Tax Year 2013 Computation tax years after 2011 as a tax years after 2013 as a taxable farm income tenant s production (not a fixed amount) that were not used in that were not used in 2012 the 2011 taxable income worksheet John enters $25 906 in the the amount from 2012 Form FIA 40 line 3 Otherwise enter the amount shown the amount on line 1 the amount to enter on Schedule Z Computation C line 1 The capital losses are not Oregon source Since the NOL is the farm business for a substantial period of time Oregon the loss on your 2011 federal the result here the result here the result here 2a 2b the result here and on your the sale or other disposition of land Gains and losses must the tax from your 2012 Form 40 line 29; Form 40N line 51; or Form 40P line 50 15 the tax from your 2013 Form 40 line 29; Form 40N line 51; or Form 40P line 50 17 those years You can download the forms and instructions to 2011 that were not used to 2013 Subtract from that to 2014 Subtract from that To figure elected farm income first figure your taxable to tax year 2014 Subtract Toll free from an Oregon prefix 1 800 356 4222 Toll free from an Oregon prefix 1 800 886 7204 total net capital gain or your net capital gain attributable to tractions for federal and treated as a net capital gain cannot exceed the smaller of your TTY (hearing or speech impaired; machine only): use FIA in 2013 but did for 2012 enter the amount from 2012 Form FIA 40 line 16; use FIA in 2013 but did for 2012 enter the amount from 2012 Form FIA 40 line 4; use FIA in 2013 or 2012 but did in 2011 enter the amount from 2011 FIA 40 were carried to tax years were not used in 2013 and When John filed his 2011 federal tax return he had a $3 000 which he elected to carryback five years Of the $22 950 loss whichever applies 10 whichever applies 11 whichever applies 12 whichever applies 13 without limiting it to 0 without limiting it to 0 without limiting it to 0 Year 2012 Computation A years after 2012 as a positive years use the worksheets below to figure the amount to you did not use FIA in 2013 but did for 2012 enter the amount from 2012 Form You do not have to include all of your taxable income from you had a NOL in 2011 you had a NOL in 2013 You may elect to figure your 2014 tax by averaging over the You will need copies of your original or amended Oregon your 2011 tax return without your 2012 Form 40N lines 38F and 38S (if 0 or less see instructions) 1a your 2012 Form 40P lines 38F and 38S (if 0 or less see instructions) 1a your 2012 Form FIA 40N line 3a and 3b Otherwise enter the amount shown on your 2012 Form FIA 40P lines 3a and 3b Otherwise enter the amount shown on your 2014 Schedule Z Tax your 2014 Schedule Z Tax Year Your elected farm income cannot exceed your Oregon taxable Your elected farm income is the amount of your taxable your farming business your tax on Form FIA 40N or Form FIA 40P You can obtain Z Computation A for tax year 2011 line 1 in the federal Z Tax Year 2013

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