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Rev. Proc. 74-47


Rev. Proc. 74-47; 1974-2 C.B. 503

DATED
DOCUMENT ATTRIBUTES
  • Cross-Reference

    26 CFR 601.602: Forms and instructions.

    (Also Part I, Section 6041; 1.6041-1, 1.6041-7.)

  • Language
    English
  • Tax Analysts Electronic Citation
    not available
Citations: Rev. Proc. 74-47; 1974-2 C.B. 503

Superseded by Rev. Proc. 75-27

Rev. Proc. 74-47

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.

DOCUMENT ATTRIBUTES
  • Cross-Reference

    26 CFR 601.602: Forms and instructions.

    (Also Part I, Section 6041; 1.6041-1, 1.6041-7.)

  • Language
    English
  • Tax Analysts Electronic Citation
    not available
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