Free 50-245 Application for Exemption for Cotton Stored in a Warehouse - Texas

50-245 (Rev. 8-03/10) [11.437 Rule 9.415]

APPLICATION FOR EXEMPTION FOR COTTON STORED IN A WAREHOUSE
Appraisal district name

YEAR

Phone (area code and number)

Address INSTRUCTIONS: This exemption applies to cotton stored in your warehouse on January 1 (or September 1 of last year, if applicable) that will be forwarded out of Texas within 175 days of the date you acquire it or bring it into Texas. You may apply for this exemption on behalf of all owners of the cotton stored in your warehouse if your warehouse is primarily used to store cotton. You must file the completed form between January 1 and April 30 of this year. Be sure to attach any additional documents requested. You only need to apply once for this exemption unless the warehouse changes ownership or the cotton's current qualification for the exemption changes. However, the chief appraiser may require you to file a new application to confirm the cotton's current qualification for the exemption. If so, the chief appraiser must deliver you a written notice that a new application is required, accompanied by an application form.

Step 1: Owner's name and address

Owner's name Current mailing address City, state, ZIP Code Name of person preparing this application Driver's License, Personal I.D. Certificate, or Social Security Number: Phone (area code and number) Title

Step 2: Describe the warehouse

Appraisal district account number (Optional):

Give appraisal roll account number if available or attach tax bill or copy of appraisal or tax office correspondence concerning this account. If unavailable, give the street address at which the property is located.

Location of warehouse (street address, city, state, ZIP Code) If the warehouse is used to store items other than cotton, state the other uses and give the percentage of the warehouse that is used for each other use. (Use additional sheets if necessary.) Non-cotton storage use Percentage devoted to use

Step 3: Answer these questions about your property

Have you applied for appraisal of your inventory on September 1? ...................................................... Was all of this cotton transported out of the state this year? ................................................................ If no, what portion will not be transported out of the state this year within 175 days of the date you acquired it or brought it into Texas? ...................................................

Yes Yes

No No

Was all of the cotton transported out of this state throughout last year?.............................................. Yes If "NO," give the months during which portions of the cotton were transported out of the state last year.

No

1. Give the total cost of cotton sold for the entire year ending December 31, _______* * Year preceding year of application. $ 2. Give the total cost of cotton sold that was shipped out of Texas within 175 days of the date you acquired it or brought it into Texas last year, less the cost of any goods, raw materials or supplies incorporated into it that were not eligible for the freeport exemption or were in Texas more than 175 days.

$

3. On what types of records do you base the amounts given above? (Check as many as apply.) Audited financial statements Internal reports Texas franchise tax reports Sales records Bills of lading Other (describe) _____________________________________

4. Percentage of last year's cotton value represented by freeport goods 5. Will the percentage of cotton transported out of Texas this year be significantly different than the percentage transported out last year? ................................................................. Yes No

6. If "YES," why? _______________________________________________________________________________________ ______________________________________________________________________________________________________ ______________________________________________________________________________________________________ Continue on Page 2

50-245 (Rev. 8-03/10) - Page 2

Step 3: continued Answer these questions about your property

7. What was the market value of the cotton on January 1 of this year (or September 1 of last year, if you have qualiied for September 1 inventory appraisal)? 8. What is the value of cotton you claim will be exempt this year?

$

$ NOTE: The chief appraiser may require you to provide records to support the statements in this application. If so, you must supply the records within 30 days of the date of the written request. If you do not do so, you forfeit the right to receive the exemption for this year.

Step 4: Sign the form

I certify that the information in this document and all attachments is true and correct to the best of my knowledge and belief.
Date Title

If you make a false statement on this application, you could be found guilty of a Class A misdemeanor or a state jail felony under Texas Penal Code Section 37.10.

You are required to give us this information on this form, in order to perform tax related functions for this office. Section 11.43 of the Tax Code authorizes this office to request this information to determine tax compliance. The chief appraiser is required to keep the information confidential and not open to public inspection, except to appraisal office employees who appraise property and as authorized by Section 11.48(b), Tax Code.