Rev. Proc. 74-47
Rev. Proc. 74-47; 1974-2 C.B. 503
- Cross-Reference
26 CFR 601.602: Forms and instructions.
(Also Part I, Section 6041; 1.6041-1, 1.6041-7.)
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Superseded by Rev. Proc. 75-27
Section 1. Purpose.
.01 The purpose of this Revenue Procedure is to state the requirements and conditions for submission of magnetic disk records for Form 1099-PATR, Statement for Recipients (Patrons) of Taxable Distributions Received From Cooperatives, in lieu of the official form.
.02 Form 1099-PATR has been added to the 1099 series of information documents that can be reported on magnetic disk.
.03 Magnetic disk reporting requirements for Form 1099-PATR beginning with taxable year 1974, are stated in Section 3.
Sec. 2. Additional Information
.01 Requests for additional copies of this Revenue Procedure, as well as for Rev. Proc. 73-14, or requests for additional information on tape reporting can be obtained from the Magnetic Tape Coordinator of the Internal Revenue Service Center where you normally file your returns.
.02 See Rev. Proc. 73-11, 1973-1 C.B. 763, for instructions for the reproduction of forms in the 1099 series.
Sec. 3. Magnetic Tape Specifications The purpose of this section is to define the reporting requirements for Form 1099-PATR.
_____________________________________________________________________
Tape Position Element Name Entry or Definition
---------------------------------------------------------------------
(a) Payer/Transmitter "A" Record will contain the following:
17___________Type of Statement Reported Form Enter
in the Payee "B" Records 1099-PATR 7
18 through 24__Amount Indicator_________Same as those listed in
Revenue
Procedure 73-13 with the
addition of those Amount Codes
for Form 1099-PATR as follows:
The coding Range for Form
1099-PATR is defined and
limited as follows:
Coding
Type of Range
Statement Type of Positions
Code Statement 18-24
------------------------------
7 1099-PATR 1-4 or
blank
Amount Indicator________Payments Normally Reported on
Form 1099-PATR Form 1099-PATR
Amount Amount
Code Type
------------------------------
1 Patronage
Dividends
2 Nonpatronage
Dividends
3 Per Unit Retain
Allocations
4 Redemption of
Nonqualified
Notices and
Retain
Allocations
Example: If position 17 of the Payer/Transmitter "A" Record is "7"
(for 1099-PATR) and positions 18-24 are "134bbbb", this
indicates that 3 amount fields are present in all the
following Payee "B" Records. The 1st field represents
Patronage Dividends; the 2nd, Per-Unit Retain Allocations;
the 3rd, Redemption of Nonqualified Notices and Retain
Allocations.
Sec. 4. Effect On Other Documents.
This Revenue Procedure amplifies Rev. Proc. 73-14, 1973-1 C.B. 797.
- Cross-Reference
26 CFR 601.602: Forms and instructions.
(Also Part I, Section 6041; 1.6041-1, 1.6041-7.)
- LanguageEnglish
- Tax Analysts Electronic Citationnot available