Worksheet 2 for Forms CT-3-S filers
Include only income and gains in the line calculations. If federal amounts include both income and loss items, only include the income when entering amounts. You cannot net loss transactions against gain transactions.
Do not include any payments from the Farmland Protection Program (administered by the New York State Department of Agriculture and Markets).
| Description | Amount |
|---|---|
| 1 Add the amounts from federal Form 1120S, lines 3 and 5 (see instructions) | 1._______ |
| 2 Add the amounts from federal Form 1120S, Schedule K, lines 4, 5a, 6, and 10 (see instructions) | 2._______ |
| 3 Add the amounts from federal Forms 8825, line 20a, 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, and lines 9 through 13 | 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) (minus any partnership items included on 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; if line 7 is less than $30,000, enter 0) | 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 20a, 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 (not including gross income from fishing) shown in box 14 of federal Schedule K-1 (Form 1065) | 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 (see instructions) | 14._______ |
Instructions for Worksheet 2
Line 1: Do not include any partnership income included on federal Form 1120S, line 5.
Line 2: Do not include any partnership income included on federal Form 1120S, Schedule K, line 10.
Line 5: Do not include any amounts included on line 2.
Line 9: If the corporation has both farm and non-farm income, include 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: 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 14: If the line 8 amount is 0 and you have an amount other than 0 on line 13, enter 1.00 (100%).