Form 1120-C                                                                                                 U.S. Income Tax Return for Cooperative Associations                                                   OMB No. 1545-0123
Department of the Treasury                                                             For calendar year 2023 or tax year beginning                             , 2023, ending                        , 20
Internal Revenue Service                                                                                         Go to www.irs.gov/Form1120C for instructions and the latest information.                                 2023
A                                                                Check if:                                  Name                                                                                            B  Employer identification number
(1)                                                              Consolidated return 
                                                                 (attach Form 851)                          Number, street, and room or suite no. If a P.O. box, see instructions.
(2)                                                              Schedule M-3 (Form                                                                                                                         C   Check if:
                                                                 1120) attached                                                                                                                             (1) Farmers’ tax exempt 
(3)                                                              Form 1120 filed in                         City or town, state or province, country, and ZIP or foreign postal code                            cooperative  .     . .
                                                                 previous tax year     Please type or print                                                                                                 (2) Nonexempt 
                                                                                                                                                                                                                cooperative  .     . .
D                                                                Check if:      (1)    Initial return              (2)   Final return   (3)   Name change       (4)                  Address change   (5)   Amended return
                                                                 1 a  Gross receipts or sales                                  b Less returns and allowances                                              c Bal 1c 
                                                                 2    Cost of goods sold (see instructions—attach Form 1125-A)   .                           .  .                 .  . . .  .     . . .   . .   2 
                                                                 3    Gross profit. Subtract line 2 from line 1c                      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   3 
                                                                 4    Dividends and inclusions (Schedule C, line 23)                        . . . .        . .  .                 .  . . .  .     . . .   . .   4 
                                                                 5    Interest  .      .                    . .  . .   . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   5 
                                                                 6    Gross rents and royalties                        . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   6 
      Income
                                                                 7    Capital gain net income (attach Schedule D (Form 1120))  .                           . .  .                 .  . . .  .     . . .   . .   7 
                                                                 8    Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)  .                                      . . .  .     . . .   . .   8 
                                                                 9    Other income (see instructions—attach statement) .                        . .        . .  .                 .  . . .  .     . . .   . .   9 
                                                                 10   Total income. Add lines 3 through 9                      .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   10 
                                                                 11   Compensation of officers (attach Form 1125-E)  .                        . . .        . .  .                 .  . . .  .     . . .   . .   11 
                                                                 12   Salaries and wages (less employment credits)                          . . . .        . .  .                 .  . . .  .     . . .   . .   12 
                                                                 13   Bad debts  .                          . .  . .   . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   13 
                                                                 14   Rents  .       . .                    . .  . .   . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   14 
                                                                 15   Taxes and licenses                         . .   . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   15 
                                                                 16   Interest (see instructions)                      . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   16 
                                                                 17   Charitable contributions  .                      . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   17 
                                                                 18   Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562)                                             . .   . .   18 
                                                                 19   Advertising  .                        . .  . .   . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   19 
                                                                 20   Pension, profit-sharing, etc., plans  .                  .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   20 
                                                                 21   Employee benefit programs                          . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   21 
                                                                 22   Section 199A(g) deduction (see instructions)  .                       . . . .        . .  .                 .  . . .  .     . . .   . .   22 
                                                                 23   Other deductions (attach statement)  .                   .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   23 
                                                                 24   Total deductions. Add lines 11 through 23                         .   . . . .        . .  .                 .  . . .  .     . . .   . .   24 
                                                                 25 a Taxable income before adjustments and special deductions. Subtract line
                                                                      24 from line 10  .                      .  . .   . . . . .      . .   . . . .        . .  .                 .  .   25a
                                                                 b    Deductions and adjustments from Schedule H, line 5  .                       .        . .  .                 .  .   25b
                                                                 c    Taxable income before net operating loss and special deductions. Subtract line 25b from line 25a                                          25c
                                                                 26 a Net operating loss deduction (see instructions)  .                      . . .        . .  .                 .  .   26a
    Deductions (See instructions for limitations on deductions.) b    Special deductions (Schedule C, line 24)  .                       .   . . . .        . .  .                 .  .   26b
                                                                 c    Add lines 26a and 26b  .                         . . . . .      . .   . . . .        . .  .                 .  . . .  .     . . .   . .   26c
                                                                    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is 
                                                                    true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign                                                                                                                                                                                                            May  the  IRS  discuss  this  return 
                                                                                                                                                                                                                with the preparer shown below? 
Here                                                                                                                                                                                                            See instructions. Yes No 
                                                                      Signature of officer                                              Date               Title
                                                                                Print/Type preparer’s name                            Preparer’s signature                                  Date
Paid                                                                                                                                                                                                        Check          if  PTIN
                                                                                                                                                                                                            self-employed 
Preparer 
                                                                                Firm’s name                                                                                                                    Firm’s EIN 
Use Only                                                                        Firm’s address                                                                                                                 Phone no. 
For Paperwork Reduction Act Notice, see separate instructions.                                                                                                                    Cat. No. 47554F                  Form 1120-C (2023) 

Form 1120-C (2023)                                                                                                                                                            Page 2 
                                      27  Taxable income. Subtract line 26c from line 25c. See instructions .               .  .  . .   . . .      . .  .     27 
                                      28  Total tax (Schedule J, line 10)  . .  .   .    . . . . .  . .      .            . .  .  . .   . . .      . .  .     28 
                                      29  Reserved for future use .     . .  .  .   .    . . . . .  . .      .            . .  .  . .   . . .      . .  .     29 
                                      30a Preceding  year’s  overpayment  credited 
                                          to current year  .   . . .    . .  .  .   .    30a
                                        b Current year’s estimated tax payments  .       30b
                                        c Current year’s refund applied for on Form 4466 30c (                          ) d Bal .   30d
                                        e Tax deposited with Form 7004       .  .   .    . . . . .  . .      .            . .  .    30e
                                        f Credit for tax paid on undistributed capital gains (attach Form 2439)  .             .    30f
                                        g Credit for federal tax paid on fuels (attach Form 4136) . . .      .            . .  .    30g
                                        h Section 1383 adjustment (see instructions)       . . . .  . .      .            . .  .    30h
                                        i Elective payment election amount from Form 3800 .      .  . .      .            . .  .    30i                       30j
                                      31  Estimated tax penalty. See instructions. Check if Form 2220 is attached  .              . .   . . .      . .        31
Tax, Refundable Credits, and Payments 32  Amount owed. If line 30j is smaller than the total of lines 28 and 31, enter amount owed  .                .  .     32
                                      33  Overpayment. If line 30j is larger than the total of lines 28 and 31, enter amount overpaid .              .  .     33
                                      34  Enter amount of line 33 you want: Credited to 2024 estimated tax                                        Refunded    34
Schedule C                                        Dividends, Inclusions, and Special Deductions                                     (a) Dividends       (b) %    (c) Special deductions 
                                                  (see     instructions)                                                          and inclusions                       ((a) × (b))
1                                       Dividends  from  less-than-20%-owned  domestic  corporations  (other  than 
                                        debt-financed stock)  .  . .    . .  .  .   .    . . . . .  . .      .            . .                           50
2                                       Dividends  from  20%-or-more-owned  domestic  corporations  (other  than 
                                        debt-financed stock)  .  . .    . .  .  .   .    . . . . .  . .      .            . .                           65
3                                       Dividends  on  certain  debt-financed  stock  of  domestic  and  foreign                                        See 
                                        corporations  .    . . . . .    . .  .  .   .    . . . . .  . .      .            . .                        instructions
4                                       Dividends on certain preferred stock of less-than-20%-owned public utilities                                    23.3
5                                       Dividends on certain preferred stock of 20%-or-more-owned public utilities                                      26.7
6                                       Dividends from less-than-20%-owned foreign corporations and certain FSCs                                        50
7                                       Dividends from 20%-or-more-owned foreign corporations and certain FSCs                                          65
8                                       Dividends from wholly owned foreign subsidiaries     . . .  . .      .            . .                           100
                                                                                                                                                        See   
9                                       Subtotal. Add lines 1 through 8. See instructions for limitations  . .            . .                        instructions
10                                      Dividends  from  domestic  corporations  received  by  a  small  business 
                                        investment company operating under the Small Business Investment Act 
                                        of 1958   . .      . . . . .    . .  .  .   .    . . . . .  . .      .            . .                           100
11                                      Dividends from affiliated group members  .       . . . . .  . .      .            . .                           100
                                                                                                                                                        See   
12                                      Dividends from certain FSCs     . .  .  .   .    . . . . .  . .      .            . .                        instructions
13                                      Foreign-source portion of dividends received from a specified 10%-owned 
                                        foreign corporation (excluding hybrid dividends) (see instructions)  .            . .                           100
14                                      Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, 
                                        or 13 (including any hybrid dividends). .   .    . . . . .  . .      .            . .
15                                      Reserved for future use  . .    . .  .  .   .    . . . . .  . .      .            . .
16a                                     Subpart  F  inclusions  derived  from  the  sale  by  a  controlled  foreign 
                                        corporation (CFC) of the stock of a lower-tier foreign corporation treated as 
                                        a dividend (attach Form(s) 5471) (see instructions)  . . .  . .      .            . .                           100
b                                       Subpart F inclusions derived from hybrid dividends of tiered corporations 
                                        (attach Form(s) 5471) (see instructions)  . .    . . . . .  . .      .            . .
                                      c Other inclusions from CFCs under subpart F not included on line  16a, 16b, 
                                        or 17 (attach Form(s) 5471) (see instructions)  .  . . . .  . .      .            . .
17                                      Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992) 
18                                      Gross-up for foreign taxes deemed paid (see instructions) . . .      .            . .  
19                                      IC-DISC and former DISC dividends not included on line 1, 2, or 3  .              . .
20                                      Other dividends .    . . . .    . .  .  .   .    . . . . .  . .      .            . .
21                                      Deduction for dividends paid on certain preferred stock of public utilities .  
22                                      Section 250 deduction (attach Form 8993)  .      . . . . .  . .      .            . .
23                                      Total dividends and inclusions. Add column (a), lines 9 through 20. Enter 
                                        here and on page 1, line 4 .    . .  .  .   .    . . . . .  . .      .            . .  
24                                      Total special deductions. Add column (c), lines 9 through 13, 16, 21, and 22. Enter here and on page 1, line 26b
                                                                                                                                                                 Form 1120-C (2023)

Form 1120-C (2023)                                                                                                   Page 3 
Schedule G         Allocation of Patronage and Nonpatronage Income and Deductions   
                   Note: Before completing Schedule G, see Schedule K, question 14.
                                                                                                 (a)  Patronage (b)  Nonpatronage
1   Gross receipts or sales  .  . .   . .     .  . . . . . . .    .    .   . . .  . .       1 
2   Cost of goods sold .   . .  . .   . .     .  . . . . . . .    .    .   . . .  . .       2 
3   Gross profit. Subtract line 2 from line 1  . . . . . . . .    .    .   . . .  . .       3 
4   Other income       . . . .  . .   . .     .  . . . . . . .    .    .   . . .  . .       4 
5   Total income. Combine lines 3 and 4       .  . . . . . . .    .    .   . . .  . .       5 
6a  Section 199A(g) deduction (see instructions)   . . . . . .    .    .   . . .  . .       6a 
b   Other deductions  .    . .  . .   . .     .  . . . . . . .    .    .   . . .  . .       6b
c   Total deductions. Add lines 6a and 6b  .     . . . . . . .    .    .   . . .  . .       6c 
7   Taxable income before section 1382, NOL, and special deductions. Subtract line 6c 
    from line 5      . . . . .  . .   . .     .  . . . . . . .    .    .   . . .  . .       7 
8   Deductions  and  adjustments  under  section  1382  from  Schedule  H,  line  5  (see 
    instructions)  .   . . . .  . .   . .     .  . . . . . . .    .    .   . . .  . .       8 
9a  Net operating loss deduction (attach statement)  . . . . .    .    .   . . .  . .       9a 
b   Special deductions (see instructions) .   .  . . . . . . .    .    .   . . .  . .       9b
10  Taxable income. Subtract the total of lines 8, 9a, and 9b from line 7  . . .  . .       10 
11  Combined taxable income. Combine columns (a) and (b) of line 10. See instructions       11 
12  Unused patronage loss (see instructions)  .    . . . . . .    .    .   . . .  . .       12 
13  Unused nonpatronage loss (see instructions)  .   . . . . .    .    .   . . .  . .       13 
Schedule H         Deductions and Adjustments Under Section 1382 (see instructions)
1   Dividends paid on capital stock (section 521 cooperatives only)  . .   . . .  . .     . .  . .  . . 1 
2   Nonpatronage income allocated to patrons (section 521 cooperatives only)  .   . .     . .  . .  . . 2 
3   Patronage dividends: 
a   Money  .       . . . . . .  . .   . .     .  . . . . . . .    .    .   . . .  . .     . .  . .  . . 3a 
b   Qualified written notices of allocation . .  . . . . . . .    .    .   . . .  . .     . .  . .  . . 3b
c   Other property (except nonqualified written notices of allocation) .   . . .  . .     . .  . .  . . 3c 
d   Money or other property (except written notices of allocation) in redemption of nonqualified written
    notices of allocation  . .  . .   . .     .  . . . . . . .    .    .   . . .  . .     . .  . .  . . 3d
4   Section 199A(g) deduction allocated to patrons (see instructions)  .   . . .  . .     . .  . .  . . 4       (                          )
5   Total. Combine lines 1 through 4. Enter here and on page 1, line 25b, and Schedule G, line 8  . . . 5 
Schedule J         Tax Computation (see instructions)
1   Income tax (see instructions) .   . .     .  . . . . . . .    .    .   . . .  . .     . .  . .  . . 1 
2   Base erosion minimum tax amount (attach Form 8991)  .  . .    .    .   . . .  . .     . .  . .  . . 2 
3   Corporate alternative minimum tax from Form 4626, Part II, line 13 (attach Form 4626)  .   . .  . . 3
4   Add lines 1, 2, and 3  . .  . .   . .     .  . . . . . . .    .    .   . . .  . .     . .  . .  . . 4 
5 a Foreign tax credit (attach Form 1118)     .  . . . . . . .    .    .   . . .    5a 
b   Credit from Form 8834 (see instructions)   .   . . . . . .    .    .   . . .    5b
c   General business credit (see instructions—attach Form 3800)   .    .   . . .    5c 
d   Credit for prior year minimum tax (attach Form 8827) . . .    .    .   . . .    5d
e   Bond credits from Form 8912 (attach Form 8912)     . . . .    .    .   . . .    5e
6   Total credits. Add lines 5a through 5e  .    . . . . . . .    .    .   . . .  . .     . .  . .  . . 6 
7   Subtract line 6 from line 4 . .   . .     .  . . . . . . .    .    .   . . .  . .     . .  . .  . . 7 
8a  Recapture of investment credit (attach Form 4255)  . . . .    .    .   . . .    8a 
b   Recapture of low-income housing credit (attach Form 8611)   . .    .   . . .    8b
c   Alternative tax on qualifying shipping activities (attach Form 8902) . . . .    8c 
z   Other (see instructions—attach statement)  .   . . . . . .    .    .   . . .    8z
9   Total. Add lines 8a through 8z  . . .     .  . . . . . . .    .    .   . . .  . .     . .  . .  . . 9
10  Total tax. Add lines 7 and 9. Enter here and on page 2, line 28  . .   . . .  . .     . .  . .  . . 10
                                                                                                                Form 1120-C (2023)

Form 1120-C (2023)                                                                                                                          Page 4 
Schedule K         Other Information (see instructions) 
1   Check accounting method:     a        Cash   b        Accrual     c         Other (specify)                                             Yes No
2   See the instructions and enter the:
    a   Business activity code no.                                    b     Business activity 
    c   Product or service                                            d     Date of incorporation 
3   Check the accounting method used to compute distributable patronage:
    a      Book          b      Tax       c      Other (specify) 
4   At  the  end  of  the  tax  year,  did  the  cooperative  own,  directly  or  indirectly,  50%  or  more  of  the  voting  stock  of  a 
    domestic corporation? (For rules of attribution, see section 267(c).) .     .  .  .  .   .  .    .   . .  .  .   . .   . .   .  
    If “Yes,” attach a statement showing:a ( ) name and employer identification number (EIN),b       ( ) percentage owned,c and ( ) taxable 
    income or (loss) before NOL and special deductions of such corporation for the tax year ending with or within your tax year.
5   Is the cooperative a subsidiary in an affiliated group or a parent–subsidiary controlled group?  .        .  .   . .   . .   .
    If “Yes,” enter name and EIN of the parent corporation
6   At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly, 50% 
    or more of the cooperative’s voting stock? (For rules of attribution, see section 267(c).)   .       . .  .  .   . .   . .   .  
    If “Yes,” attach a statement showing name and identifying number. Do not include any information already entered in
    5 above. Enter percentage owned .     .    . .   .  .   .  .    . .   . .   .  .  .  .   .  .    .   . .  .  
7   Enter the cooperative’s total assets. See instructions     .    . .   . .   .  .  .  .   .  .    .   .   $
8   At any time during this tax year, did one foreign person own, directly or indirectly, at least 25%a of ( ) the total voting power of 
    all classes of stock of the cooperative entitled to vote,b or ( ) the total value of all classes of stock of the cooperative? . ..
    If “Yes,” enter: (a) Percentage owned              and (b) Owner’s country 
c   The  cooperative  may  have  to  file Form  5472  , Information  Return  of  a  25%  Foreign-Owned  U.S.  Corporation  or  a 
    Foreign Corporation Engaged in a U.S. Trade or Business. Enter number of Forms 5472 attached                 .   . .   
9   Check this box if the cooperative issued publicly offered debt instruments with original issue discount  .         .   . .  
    If checked, the cooperative may have toFormfile  8281 , Information Return for Publicly Offered Original Issue Discount Instruments.
10  Enter the amount of tax-exempt income received or accrued during this tax year (for example, interest or  
    extraterritorial income)   . .  .  .  .    . .   .  .   .  .    . .   . .   .  .  .  .   .  .    .   $
11a Enter the number of foreign patrons at the end of the tax year        . .   .  .  .  .   .  .    .  
b   Enter the total amount of patronage distributions described in (or deducted under) IRC 1382(b) paid or allocated to 
    foreign patrons  .   .  .  . .  .  .  .    . .   .  .   .  .    . .   . .   .  .  .  .   .  .    .   .
12  If the cooperative has an NOL for the tax year and is electing to forego the carryback period, check here. See instructions  
    If filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the
    election will not be valid.
13  Enter the available NOL carryover from prior tax years. Do not reduce it by any deduction on page 1, line 26a.
    Patronage .    .  .  .  . $                                           Nonpatronage .     .  .    .  $
14  Are the cooperative’s total receipts (page 1, line 1a plus lines 4 through 9) for the tax year        and its total assets at the
    end of the tax year less than $250,000?  .   .   .  .   .  .    . .   . .   .  .  .  .   .  .    .   . .  .  .   . .   . .   .
    If “Yes,” the cooperative is not required to complete Schedule G, L, M-1, or M-2. Instead, enter the total  amount of cash 
    distributions and the book value of property distributions (other than cash) made during this tax year    $
15  Enter the amount of outstanding nonqualified notices of allocation (attach statement) .          .   . .  .  .   .
16  Does the cooperative have gross receipts of at least $500 million in any of the 3 preceding tax years? (see section 59A(e)
    (2) and (3)). If “Yes,” complete and attach Form 8991  .   .    . .   . .   .  .  .  .   .  .    .   . .  .  .   . .   . .   .  
17  Did  the  cooperative  have  an  election  under  section  163(j)  for  any  real  property  trade  or  business  or  any  farming 
    business in effect during this tax year? (see instructions)  .    .   . .   .  .  .  .   .  .    .   . .  .  .   . .   . .   .  
18  Does the cooperative satisfy one or more of the following? If “Yes,” complete and attach Form 8990. See instructions .   
a   The cooperative owns a pass-through entity with current, or prior year carryover, excess business interest expense.
b   The  cooperative’s  aggregate  average  annual  gross  receipts  (determined  under  section  448(c))  for  the  3  tax  years 
    preceding the current tax year are more than $29 million and the cooperative has business interest expense. 
c   The cooperative is a tax shelter and the cooperative has business interest expense. 
19  Is the cooperative a member of a controlled group? If “Yes,” attach Schedule O (Form 1120). See instructions             .   .
20  Corporate Alternative Minimum Tax: 
a   Was the cooperative an applicable corporation under section 59(k)(1) in any prior tax year? .          .  .  .   . .   . .   .
    If “Yes,” go to question 20b. If “No,” skip  to question 20c.  
b   Is the cooperative an applicable corporation under section 59(k)(1) in the current tax year because the cooperative 
    was an applicable corporation in the prior tax year?  .    .    . .   . .   .  .  .  .   .  .    .   . .  .  .   . .   . .   .  
    If “Yes,” complete and attach Form 4626. If “No,” continue to question 20c.    
c   Does the cooperative meet the requirements of the safe harbor method as provided under section 59(k)(3)(A) for the
    current tax year? See instructions .  .    . .   .  .   .  .    . .   . .   .  .  .  .   .  .    .   . .  .  .   . .   . .   .   
    If “No,” complete and attach Form 4626.  If “Yes,” the cooperative is not required to file Form 4626.    
                                                                                                                           Form 1120-C (2023)

Form 1120-C (2023)                                                                                                                   Page 5 
Schedule L         Balance Sheets per Books                   Beginning of tax year                           End of tax year
                           Assets                          (a)                          (b)               (c)                    (d) 
1   Cash  .        . . . . .  .   . . .     .   . . . . .
2a  Trade notes and accounts receivable .       . . . . .
b   Less allowance for bad debts  .   .     .   . . . . .  (                          )         (                          )
3   Inventories  .     . . .  .   . . .     .   . . . . .
4   Other current assets (attach statement)  .    . . . .  
5   Investments (see instructions)  . .     .   . . . . .  
6   Loans to shareholders     .   . . .     .   . . . . .  
7   Mortgage and real estate loans    .     .   . . . . .  
8a  Buildings and other depreciable assets  .     . . . .
b   Less accumulated depreciation     .     .   . . . . .  (                          )         (                          )
9a  Depletable assets  .   .  .   . . .     .   . . . . .
b   Less accumulated depletion      . .     .   . . . . .  (                          )         (                          )
10  Land (net of amortization)    . . .     .   . . . . .
11a Intangible assets (amortizable only)  .     . . . . .
b   Less accumulated amortization     .     .   . . . . .  (                          )         (                          )
12  Other assets (attach statement)   .     .   . . . . .
13  Total assets .     . . .  .   . . .     .   . . . . .
                     Liabilities and Capital
14  Accounts payable  .    .  .   . . .     .   . . . . .
15  Mortgages, notes, bonds payable in less than 1 year
16  Other current liabilities (attach statement)  . . . .
17  Loans from shareholders .     . . .     .   . . . . .  
18  Mortgages, notes, bonds payable in 1 year or more  .
19  Other liabilities (attach statement)  . .   . . . . .  
20  Capital stock:     a  Preferred stock  .    . . . . .
                       b  Common stock  .       . . . . .
21  Additional paid-in capital .  . . .     .   . . . . .
22  Patronage dividends allocated in noncash form  .    .  
23  Per-unit retains allocated in noncash form  .   . . .
24  Retained earnings—Appropriated (attach statement) 
25  Retained earnings—Unappropriated  .         . . . . .  
26  Adjustments to shareholders’ equity (attach statement)
27  Less cost of treasury stock  .  . .     .   . . . . .      (                          )                                 (                          )
28  Total liabilities and capital . . .     .   . . . . .
Schedule M-1         Reconciliation of Income (Loss) per Books With Income per Return 
                     Note: The cooperative may be required to file Schedule M-3. See instructions.
1   Net income (loss) per books .   . .     .              7   Income  recorded  on  books  this  year 
2   Federal income tax per books  .   .     .                  not included in this tax return (itemize): 
3   Excess of capital losses over capital gains                Tax-exempt interest $
4   Income subject to tax not recorded on 
    books this year (itemize):
                                                           8   Deductions in this tax return not charged 
5   Expenses recorded on books this year                       against book income this year (itemize):
    not deducted in this return (itemize):                 a   Depreciation  .              . . . $
a   Depreciation  .    . .   $                             b   Charitable contributions $
b   Charitable contributions $
c   Travel and entertainment $
                                                           9   Add lines 7 and 8              . . .   .   .   . .
6   Add lines 1 through 5  .  .   . . .     .              10  Income (page 1, line 25a)—line 6 less line 9
Schedule M-2         Analysis of Unappropriated Retained Earnings per Books (Schedule L, Line 25)
1   Balance at beginning of year    . .     .              5   Distributions:               a Cash  . .   .   . .
2   Net income (loss) per books .   . .     .                                               b Stock . .   .   . .
3   Other increases (itemize):                                                              c Property  . .   . .
                                                           6   Other decreases (itemize):
                                                           7   Add lines 5 and 6              . . .   .   .   . .
4   Add lines 1, 2, and 3  .  .   . . .     .              8   Balance at end of year (line 4 less line 7)
                                                                                                                            Form 1120-C (2023)