Instructions
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CU-1
Credit Union Net Income
FilewithWisconsinForm4
2008
FederalEmployerIDNumber
WisconsinDepartment ofRevenue
Name
Part I
Computation of Percentage of Income Earned From Public Deposits
(A) PublicDeposits (B) TotalDeposits
1
DepositsonHand: a January1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b January31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c February29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d March31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e April30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . f May31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g June30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . h July31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i August31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . j September30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . k October31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l November30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . m December31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . n TOTALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 MonthlyAverage(divideline1nby13) . . . . . . . . . . . . . . .
3 PercentageofPublicDeposits(divideline2,columnA,byline2,columnB,andmultiplyby100) . . . . . .
.
%
CreditunionswhichelecttousetheshortcutmethodtocomputeWisconsinnetincomemustcompletePartII .Seeinstructions .
Part II
Shortcut Method of Computing Wisconsin Net Income
4 Wisconsinnetincomebeforenetbusinesslossoffset(Form4,line11) . . . . . . . . . . . . . . . . . . 5 Percentageofpublicdeposits(fromline3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Multiplytheamountonline4bythepercentageonline5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Wisconsinnetbusinesslosscarryforward(fromForm4BL,line30,columnf)butnotmore thanline6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Subtractline7fromline6 .ThisisWisconsinnetincome(enteronForm4,line13) . . . . . . . . %
IC-080
Return to Form
Instructions for Schedule CU-1
Purpose of Schedule CU-1 -- Credit unions which act as a public depository for state or local government funds are required to file a Wisconsinfranchiseorincometaxreturn,Form4,andaScheduleCU-1 .Allcreditunionswhichactasapublicdepositorymustcomplete PartIofScheduleCU-1,ComputationofPercentageofIncomeEarnedFromPublicDeposits .Thosecreditunionselectingtocompute WisconsinnetincomebytheshortcutmethodmustalsocompletePartII .
General Instructions
ThestartingpointonForm4forcomputingWisconsinnetincomeisfederaltaxableincomefromForm1120 .Creditunionswhicharen't required to file federal Form 1120 with the Internal Revenue Service may either (1) complete a pro forma Form 1120 to attach to Form 4, or(2)enteronForm4,line1,the"NetIncome(Loss)"fromNCUAForm5300,2008YearendCallReport .AttachacopyofNCUAForm 5300 as well as Schedule CU1 to the Form 4 that you file. IfstartingwiththenetincomefromtheNCUAForm5300,showanyrequiredadjustments,suchasforstatetaxespaid,asadditionsor subtractionsonScheduleVorW,asappropriate .CarrythetotalsfromSchedulesVandWtoForm4,line2or4,asappropriate . Ifthecreditunionisn'tengagedinbusinessinstatesbesidesWisconsin,entertheamountfromForm4,line5,onForm4,line11 . IfthecreditunionisdoingbusinessinandoutsideWisconsin,completeForm4B-1 .Formultistatecreditunions,theapportionmentpercentagetoenteronForm4,line8,iscomputedundersectionTax2 .49,Wis .Adm .Code . CreditunionsmayelecttocomputeWisconsinnetincomeusingeithertheshortcutmethod(PartII)oranyotherreasonablemethod .A creditunionelectingtheshortcutmethodmerelyappliesthepercentagecomputedonScheduleCU-1,line3,toitsentirenetincomefrom Form4,line11 . AcreditunionelectingamethodotherthantheshortcutmethodappliesthepercentagecomputedonScheduleCU-1,line3,toitsgross annualincomeandtoexpensesindirectlyrelatedtopublicdepositincomewhileclaimingadeductionfor100%ofexpensesdirectlyrelated toincomefrompublicdeposits .Anyexpensestotallyunrelatedtopublicdepositincomearen'tincludedinthiscalculation .AttachtoForm 4ascheduleshowinghowthenetincomereportedonForm4,line13,wascomputed .
Instructions for Part I
Lines 1a through 1m.Enteronline1atheamountofdepositsonhandonJanuary1,2008,andonlines1bthrough1mtheamountof depositsonhandattheendofJanuarythroughDecember2008 .EnterpublicdepositsincolumnAandtotaldepositsincolumnB .Enter zero(0)incolumnAforeachmonthinwhichnopublicdepositswereheld . Line 1n. Enteronline1nthetotalsoflines1athrough1mforbothcolumnsAandB . Line 2. Dividetheamountsonline1nby13andentertheresultsonline2forbothcolumnsAandB . Line 3. Dividetheamountonline2,columnA,bytheamountonline2,columnB,andmultiplyby100 .Entertheresultingpercentageon line3 .Thisrepresentsthepercentageofaveragemonthlypublicdepositsfor2008 .Enterthispercentageonline5ifelectingtheshortcut methodofcomputingWisconsinnetincome .
Instructions for Part II
OnlycreditunionselectingtheshortcutmethodofcomputingnetincomeshouldcompletePartII . Line 4. Complete Form 4, in accordance with its general and specific instructions, through line 11. Then enter on Schedule CU1, line 4, theamountfromForm4,line11 . Line 5. Enterthepercentageofpublicdepositsfromline3 . Line 6. Multiplyline4byline5andentertheresultonline6 . Line 7. EnteranyunusedWisconsinnetbusinesslossesofprioryearsfromForm4BL,line30,columnf,butnotmorethantheamount ofincomereportedonline6 .Don'tincludelossesfromanyyearinwhichthecreditunionwasexemptfromWisconsinfranchiseorincome tax . Line 8. Subtractline7fromline6andentertheresultonline8 .ThisisWisconsinnetincometoenteronForm4,line13 .Todetermine theamountoftaxdue,completetheremainderofForm4 .