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Rev. Proc. 74-46

Rev. Proc. 74-46; 1974-2 C.B. 502

DATED

DOCUMENT ATTRIBUTES

Cross-Reference

26 CFR 601.602: Forms and instructions.

(Also Part I, Section 6041; 1.6041-1, 1.6041-7.)
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Citations: Rev. Proc. 74-46; 1974-2 C.B. 502

Superseded by Rev. Proc. 75-20

Rev. Proc. 74-46

Section 1. Purpose.

.01 The purpose of this Revenue Procedure is to state the requirements and conditions for submission of magnetic tape 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 tape.

.03 Magnetic Tape 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. 73-13, 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. 73-13, 1973-1 C.B. 776.

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