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1099 PATR Reporting Requirements 02/02/09 9:34:56 AM
If you received a form 1099-PATR for 2008, you will notice in Box 1 the patronage dividends that were issued to you by us in January 2008. You may notice a number in Box 3. Box 3 shows the cash payments in dollars paid to you for grain you sold through us during calendar year 2008 (January 1 through December 31). This is due to an IRS letter ruling that defines the exclusive method for the cooperative to compute its section 199 deduction.
Please consult your tax advisor or CPA if you have any questions regarding the proper tax treatment for the amounts in Boxes 1 and 3.
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