20091112FLS to Staff 1-21.pdf

FALLS ATER
COMPANY
Tel.: [phone] NOV' 2 PH 3: 21
Fax: [phone]
RECE o
2180 N Deborah Dr, Idaho Falls, Idaho 83401
Website: ww.fallswater.com
November 10, 2009
Idaho Public Utilities Commission
472 West Washington Street
PO Box 83720
Boise, Idaho 83720-0074
Enclosed are one (1) original and seven (7) copies of the Company's response to the First
Production Request for case no. FLS-W-09-1. Also enclosed is a CD disk electronic versions of the
Excel files referenced in the response.
If you need anything else, please, let me know what you need.
Thank you,k~~
K. Scott Bruce
General Manager
Falls Water Company, Inc.
Enclosures
K. Scott Bruce
Falls Water Company, Inc.
2180 North Deborah Dr
Idaho Falls, ID 83401
TeL. [phone]
Fax [phone]
E-mail: scotti(afallswater.com
Representative for Falls Water Co., Inc.
Oí-Cl",,_ "\1 f)
2009 NOY f 2 PM 3= 2 r
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION OF
FALLS WATER COMPANY FOR AUTHORITY
TO INCREASE ITS RATES AND CHARGES.
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CASE NO. FLS-W-09-1
COMPANY'S RESPONSE TO FIRST
PRODUCTION REQUEST OF THE
COMMISSION STAFF TO FALLS WATER
COMPANY
Falls Water Company hereby submits the following responses to the first production request of the
commission staff. The records are held by Falls Water Company in their main offce located at 2180
North Deborah Dr, Idaho Falls, Idaho 83401. Scott Bruce is the contact person for the records and can
be reached at [phone]. Scott Bruce, General Manager, will be the witness who can sponsor
answers at hearing for the responses to the production requests unless noted differently in the
response.
REQUEST NO.1: Please provide copies of both state and federal income tax returns for Falls
Water Company for 2007 and 2008.
Response to Request No.1
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
Please refer to Attachments 1 and 2 for the copies of the 2007 and 2008 state and federal
income tax returns.
1
REQUEST NO.2: Please provide a schedule showing all water testing for the years 2000 through
2009, by location, including the cost and frequency of each test.
Response to Request No.2
Response prepared by Scott Bruce, General Manager, and Tony Wise, Operations Manager. Witness at
hearing will be Scott Bruce and/or Tony Wise.
Please refer to Excel file "Request NO.2" on the accompanying CD for the requested water
testing schedules for the years 2000 to 2009. Please note that individual test cost data was no longer
available for the years 2000 and 2001.
The following table shows the Company's current testing requirements per DEQ ~nd current test
costs for each well as of November 10, 2009:
Well Field Nitrate Annually 9 $15.00 $135.00 $15.00Well Field Nitrite Once in 9 years 1 $15.00 $15.00 $1.67Well Field Primary Inorganics Once in 9 years 1 $195.00 $195.00 $21.67Well Field Synthetic Organics Once in 9 years 1 $1,140.00 $1,140.00 $126.67Well Field Sodium Once in 3 years 3 $25.00 $75.00 $8.33Well Field Arsenic Once in 3 years 3 $25.00 $75.00 $8.33Well Field Volatile Organics Once in 6 years 1.5 $190.00 $285.00 $31.67Well Field Gross Alpha Once in 9 years 1 $95.00 $95.00 $10.56Well Field Radium 226 Once in 9 years 1 $165.00 $165.00 $18.33Well Field Radium 228 Once in 9 years 1 $165.00 $165.00 $18.33Well Field Uranium Once in 9 years 1 $125.00 $125.00 $13.89
Well #1 Nitrate Annually 9 $15.00 $135.00 $15.00
Well #1 Nitrite Once in 9 years 1 $15.00 $15.00 $1.67
Well #1 Primary Inorganics Once in 9 years 1 $195.00 $195.00 $21.67
Well #1 Synthetic Organics Once in 9 years 1 $1,140.00 $1,140.00 $126.67
Well #1 Sodium Once in 3 years 3 $25.00 $75.00 $8.33Well #1 Arsenic Once in 3 years 3 $25.00 $75.00 $8.33
Well #1 Volatile Organics Once in 6 years 1.5 $190.00 $285.00 $31.67Well #1 Gross Alpha Once in 9 years 1 $95.00 $95.00 $10.56Well #1 Radium 226 Once in 9 years 1 $165.00 $165.00 $18.33
Well #1 Radium 228 Once in 9 years 1 $165.00 $165.00 $18.33Well #1 Uranium Once in 9 years 1 $125.00 $125.00 $13.89
Well #5 Nitrate Annually 9 $15.00 $135.00 $15.00
Well #5 Nitrite Once in 9 years 1 $15.00 $15.00 $1.67
Well #5 Primary Inorganics Once in 9 years 1 $195.00 $195.00 $21.67
Well #5 Synthetic Organics Once in 9 years 1 $1,140.00 $1,140.00 $126.67
2
Well #5 Sodium Once in 3 years 3 $25.00 $75.00 $8.33
Well #5 Arsenic Once in 3 years 3 $25.00 $75.00 $8.33
Well #5 Volatile Organics Once in 6 years 1.5 $190.00 $285.00 $31.67
Well #5 Gross Alpha Once in 9 years 1 $95.00 $95.00 $10.56
Well #5 Radium 226 Once in 9 years 1 $165.00 $165.00 $18.33
Well #5 Radium 228 Once in 9 years 1 $165.00 $165.00 $18.33
Well #5 Uranium Once in 9 years 1 $125.00 $125.00 $13.89
Well #8 Nitrate Annually 9 $15.00 $135.00 $15.00
Well #8 Nitrite Once in 9 years 1 $15.00 $15.00 $1.67
Well #8 Primary Inorganics Once in 9 years 1 $195.00 $195.00 $21.67
Well #8 Synthetic Organics Once in 9 years 1 $ 1,140.00 $1,140.00 $126.67
Well #8 Sodium Once in 3 years 3 $25.00 $75.00 $8.33
Well #8 Arsenic Once in 3 years 3 $25.00 $75.00 $8.33
Well #8 Volatie Organics Once in 6 years 1.5 $190.00 $285.00 $31.67
Well #8 Gross Alpha Once in 9 years 1 $95.00 $95.00 $10.56
Well #8 Radium 226 Once in 9 years 1 $165.00 $165.00 $18.33
Well #8 Radium 228 Once in 9 years 1 $165.00 $165.00 $18.33
Well #8 Uranium Once in 9 years 1 $125.00 $125.00 $13.89
Well #9 Nitrate Annually 9 $15.00 $135.00 $15.00
Well #9 Nitrite Once in 9 years 1 $15.00 $15.00 $1.67
Well #9 Primary Inorganics Annually *9 $195.00 $1,755.00 $195.00
Well #9 Synthetic Organics Annually *9 $ 1,140.00 $10,260.00 $1,140.00
Well #9 Sodium Annually *9 $25.00 $225.00 $25.00
Well #9 Arsenic Annually *9 $25.00 $225.00 $25.00
Well #9 Volatile Organics Annually *9 $190.00 $1,710.00 $190.00
Well #9 Gross Alpha Annually *9 $95.00 $855.00 $95.00
Well #9 Radium 226 Annually *9 $165.00 $1,485.00 $165.00
Well #9 Radium 228 Annually *9 $165.00 $1,485.00 $165.00
Well #9 Uranium Annually *9 $125.00 $1,125.00 $125.00
$ 183.33
$1,800.00
$ 250.00
Total Cost of Water Testing (9 years)
Normalized Annual Cost for Water Quality Testing $ 49,255.00
$ 5,472.78 $ 5,472.78
*Well 9 has more testing required in 2010 and 2011 as per DEQ (to establish suffcient data) before
waivers can be issued.
**Per DEQ number of monthly coliform test increased from 7 to 10 monthly test effective November 2009
3
REQUEST NO.3: Please provide a spreadsheet with the revised Rate Base due to change in
plant in service discussed during the onsite audit.
Response to Request No.3
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
Please refer to Excel file "Revised Rate Base for 2009 Rate Case" on the accompanying CD.
REQUEST NO.4: Please provide a schedule of Plant in Service as of September 30, 2009.
Response to Request No.4
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
CD.
Please refer to Excel file "Production Request Responses" Request #4 tab on the accompanying
REQUEST NO.5: Please provide the amount of rental income from water company property
during 2007, 2008 and to date 2009.
Response to Request No.5
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
Falls Water Co., Inc.
Gross Income from Rental of Company Property
for the years 2007-2009
2007 2008 2009
January 378.00 390.00 400.00
February 390.00 390.00 400.00
March 390.00 390.00 400.00
April 390.00 390.00 400.00
May 390.00 390.00 400.00
June 390.00 390.00 400.00
July 390.00 390.00 400.00
August 780.00 390.00 400.00
September 390.00 390.00 400.00
October 390.00 400.00
November 390.00 400.00
December 390.00 400.00
Annual Totals 5,058.00 4,710.00 3,600.00
4
REQUEST NO.6: Please provide a description of the source of Other Income, such as work done
for other water companies and municipal water organizations. Please provide a breakdown of the
income received by month and category for 2007, 2008 and to date 2009.
Response to Request No.6
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
Falls Water Co., Inc.
Income from Rental of Company Property
for the years 2007-2009
Work done
Contracts Pmts from for Contractors Sale of 1990Reconnectwith Other Bonnevile on New Unclaimed Pickup Monthly2007FeesWater Co. Collections Construction Payments Truck Totals
January 20.00 145.00 12.00 177.00February195.00 195.00March165.00 24.00 189.00April195.00 52.00 1,160.70 1,407.70May145.00 (20.52)17.00 141.48June140.00 72.00 212.00July1,393.52 1,393.52August600.00 42.06 275.00 917.06September402.32 44.00 360.76 807.08October2,229.47 81.52 389.17 2,700.16November5,324.98 64.00 3,425.47 8,814.45December18.00 953.21 447.48 1,418.69
Totals 20.00 9,541.77 389.06 7,957.83 17.00 447.48 18,373.14
Work done
Work for Contracts Pmts from for Contractors MispostedSurroundingwith Other Bonnevile on New Unclaimed Connection Monthly2008MunicipalitiesWater Co. Collections Construction Payments Fee Totals
January 200.00 52.00 252.00February120.00 120.00March1,842.50 78.00 463.74 2,384.24April24.00 179.18 203.18May628.09 225.00 872.89 500.00 2,225.98June24.00 48.13 72.13July680.00 132.00 1,663.01 2,475.01August275.00 50.00 72.00 397.00September444.04 100.00 286.64 830.68
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October 6.00 6.00November100.00 118.00 116.39 334.39December50.00 26.00 24a.90 14.00 338.90
Totals 475.00 3,794.63 977.00 3,878.88 14.00 500.00 9,639.51
Work done
Work for Contracts Pmts from for Contractors MispostedSurroundingwith Other Bonnevile on New Unclaimed Connection Monthly2009MunicipalitiesWater Co. Collections Construction Payments Fee Totals
January 50.00 26.00 185.74 261.74February50.00 60.00 110.00March50.00 60.00 110.00April50.00 26.00 99.12 175.12May50.00 26.00 31.39 107.39June166.42 38.00 119.17 323.59
July 72.50 132.00 114.54 319.04August50.00 500.00 550.00September877.50 86.00 (35.63)927.87October50.00 52.00 102.00November
December
Totals 1,466.42 506.00 514.33 500.00 2,986.75
REQUEST NO.7: Please provide the cost benefit analysis completed by the Company showing
that the current Rental Agreement with an affiliate is reasonable.
Response to Request No.7
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
No cost benefit analysis was completed by the Company. The Company was looking to move its
office location for numerous reasons:
1. The lease at the old location was complete and the company did not want to sign another
long term lease agreement for the location because the location no longer met its needs.
2. The Company wants to improve efficiencies in communication and travel by having all
managerial offices at one location.
3. The parking for customers and employees was insufficient at the old location.
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4. The old location was located outside the Company's service area and the Company was
looking to locate within its service area for the convenience of its customers and to improve
efficiency of travel time for field employees to bring information to the office.
5. The old location did not have sufficient room for storage of customer files and other filng
that offce staff needed to access routinely.
6. A new location would need warehouse space. The warehouse space would be used to store
chemicals, equipment, and other items that DEQ states are possible contaminates to the
water supply and to comply with wellhead protection rules are not to be stored on site at
the wells.
REQUEST NO.8: Please provide copies of all rental agreements and other leases held by the
affilates between the lessor and other parties with similar terms.
Response to Request No.8
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
The affilated companies have no rental agreements or other leases held by the affiliates
between the lessor and other parties with similar terms.
REQUEST NO.9: Please provide a market analysis for the current office and warehouse rental,
including rental details for other offices in the area, rental details for other warehouse space, etc.
Response to Request No.9
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
A copy of the market analysis for comparable local rentals prepared by a local realtor is attached
as Attachment 3. A summary schedule of the historical costs for taxes, utilties, security fees, and
exterior maintenance fees for the months of November 1, 2008 through October 31, 2009 is included as
part of Attachment 3.
REQUEST NO. 10: Please provide a copy of the contract between Falls Water Company and DJ
Park WelL. If no contract exists, please provide the terms under which Falls Water Company provides
services to DJ Park Well, and the contact information for DJ Park Well.
Response to Request No. 10
7
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
A copy of the service contract for DJ Park is attached as Attachment 4.
REQUEST NO. 11: Please provide a copy of the explanation of rate schedules sent to existing
customers annually and to new customers when they take service. Please provide an explanation as to
when it is sent. (UCIR - Rule 101).
Response to Request No. 11
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
See the copy of the Company's explanation of rate schedules, Attachment 5. This document is
: sent to the existing customers in June of each year. In 2009, it was sent in early July. The document is
. sent to new customers by the 15th of the month after they set up an account with the company.
REQUEST NO. 12: Please provide a sample copy of a written denial of service letter. (UCRR _
Rule 104).
Response to Request No. 12
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
The Company currently has no formal written denial of service letter. The Company has not
needed to deny service applicants service.
REQUEST NO. 13: Please provide a sample copy of a bill sent to a customer with no past due
balance. (UCRR - Rule 201).
Response to Request No. 13
Response prepared by Scott Bruce, Manager. Witness at hearing will be Scott Bruce.
A sample copy of a customer biling with no past due balance is attached as Attachment 6.
REQUEST NO. 14: Please provide a sample copy of a bil sent to a customer with a past due
balance. (UCRR - Rule 202).
Response to Request No. 14
Response prepared by Scott Bruce, Manager. Witness at hearing will be Scott Bruce.
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A sample copy of a customer bîllng with a past due balance is attached as Attachment 7.
REQUEST NO. 15: Please provide a sample copy of a bill sent to a customer when the Company
did not read the meter and the billing is minimum charge only. (UCRR - Rule 204).
Response to Request No. 15
Response prepared by Scott Bruce, Manager. Witness at hearing wil be Scott Bruce.
A sample copy of a customer billing for the winter months when meters are not read is attached
as Attachment 8.
REQUEST NO. 16: Please provide a sample copy of a bill sent to a customer when the Company
had not been able to read the meter and the Company is billing based on more than one month's
commodity charges. (UCRR - Rule 204).
Response to Request No. 16
Response prepared by Scott Bruce, Manager. Witness at hearing will be Scott Bruce.
A sample copy of a customer billing for multiple winter months when meters are not read
monthly is attached as Attachment 9. For November through April, the company will bil the minimum
base charge each month. The minimum charge includes 12,000 gallons of use. Each month, during the
time the meters are not read, the company adjusts the computer billing system's rate for the metered
residential customers to correctly bil customers who move out of their homes during the winter
months. The adjustment is made to include an additional 12,000 each month as follows:
Total Gallons
Total Gallons Biling System
included in includes in
Minimum Base-Calculating
Charge on a Minimum Charge
Month monthly Basis by Month
November 12,000 12,000
December 12,000 24,000
January 12,000 36,000
February 12,000 48,000
March 12,000 60,000
April 12,000 72,000
In this manner, the customers moving out of the system are given the maximum gallons
possible, which are included in the minimum monthly charge and billed for only the thousands of gallons
which exceed the number of months since the October reading multiplied by 12,000. For example, the
customer moves out in December with usage of 30,000 gallons. The gallons billed under the minimum
9
charge for the current billing cycle will be 12,000 gallons, and the commodity gallons wil reflect the
deduction of 24,000 gallons (2 months x 12,000 gallons) from the 30,000 gallons of use and 6,000
gallons wil be billed at the commodity rate.
REQUEST NO. 17: Please provide a sample copy of the written transfer notice used when
transferring amounts between customers when the lapse in service exceeds 60 days. (UCRR - Rule 206).
Response to Request No. 17
Response prepared by Scott Bruce, General Manager. Witness at hearing will be Scott Bruce.
The Company has no written transfer notice for transferring amounts between cuStomers when
the lapse in service exceeds 60 days. Balances older than 60 days are turned over to a collection agency.
If an applicant has a written off balance that the collection agency has not yet collected, the customer
wil be required to pay the uncollected balance before new service is granted.
REQUEST NO. 18: Does the Company offer customers a pre-printed form for a medical
emergency certificate? If so, please provide a copy of the form. (UCRR - Rule 308).
Response to Request No. 18
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
The Company does not provide customers a pre-printed form for a medical emergency
certificate. Each customer requesting a medical emergency for temporary relief are asked to provide a
note or letter from their doctor stating that "by turning off the customer's water will create a medical
emergency for the customer or someone they're caring for in their home."
REQUEST NO. 19: Please provide the written records of customer complaints and requests for
conferences for calendar years 2006 through 2009 to date. (UCRR - Rule 403).
Response to Request No. 19
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
Currently the company does not track or record customer complaints in a formal tracking
system. The complaints or concerns which customers have e-mailed directly to the general manager
have been kept on the general manager's computer. The company handles each customer's concern or
complaint as it is received and works to resolve the issue in a fair and equitable manner.
10
REQUEST NO. 20: Please provide a sample copy of the Rules Summary required by Rule 701
(UCRR) sent to customers. How and when are customers given the summary?
Response to Request No. 20
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
The Company's Rules Summary document is the same as the document referred to in the
Company's response to Request No. 11.
REQUEST NO. 21: For each rate schedule or class of customers, please provide a copy of the
following Com~any documents: Initial Notice to Terminate, Final Notice of Intent to Terminate Service (if
sent), and the Notice of Procedure for Reconnecting Service (door tag or notice if used). Please provide
an explanation of how the Company conducts its termination process. (UCRR - Rule, 304, 305, 310, 311).
Response to Request No. 21
Response prepared by Scott Bruce, General Manager. Witness at hearing wil be Scott Bruce.
The requested documents are the same for each rate schedule and class of customer. Please
refer to Attachment 10, Initial Notice to Terminate, Attachment 11, Final Notice of Intent to Terminate
Service, and Attachment 12, Notice of Procedure for Reconnecting Service, for sample copies of the
requested documents.
The Company's biling software can generate a list of customers whose accounts include two
months of past due charges. The capability is not available to include customer's that may have an
account balance that is one month past due and is $50 or more. This list is used to generate the notices
sent to the customer during the termination procedure.
The Company's termination procedure sets the final date for customer response to termination
notices. The date is always set as the 3rd Wednesday of the month. The Initial Notice to Terminate is
prepared and mailed to the customer on the Monday before the 2nd Wednesday of the month. The
Final Notice of Intent to Terminate Service is delivered and hung on unresponsive customers' doors on
the Tuesday before the 3rd Wednesday of the month. On the Thursday following the 3rd Wednesday of
the month, the Notice of Procedure for Reconnecting Service is prepared for customers who have been
unresponsive to the prior notices of intent to terminate service. The field staff goes to the honies of the
customers and make a final attempt to collect the past due balance including any applicable field
collection fees in person. If the customer cannot make payment or is not home, the water service is
terminated until such time that the customer makes payment in full of the past due balance and a notice
is either given to the customer or hung on the door. Once payment has been received, field staff is sent
to restore service for the customer.
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Dated at Idaho Falls, Idaho, this 10th day of November 2009.
Respectully submitted,
FALLS WATER COMPANY, INC.l(~~
K. Scott Bruce, General Manager
12
03 -14-2008
CRAALL & OSEEN PA
329 SOUTH WOODRUFF
IDAHO FALLS ID 83401
208-522-1412
t __, _ .~
FALLS WATER COMPAN 82-6007817
INSTRUCTIONS FOR ,FILING~'ÖÖ7;~ÊÔERAL FORM 1120S
. You have elected to file the S-Corporation return~ieê:troriically.. Your tax obligation is exactly met. No additional tax is due.
.An officer must sign Form 8879-S.
INSTRUCTIONS FOR FILINg,¡~097 ,.IDJ¥pFORM, 41S
. YOU HAVE ELECTED TO FILE IDAHO FORM IDAHO FORM41SELECTRONICALLY.. Your return has a balance due of $20.00.
. DO NOT MAIL YOUR RETURN - TO THE STATE OF IDAHO
. Make a check for $20.00 payable to: IDAHO STATE TAX COMMISSION. Write your employer identification number on the check.
.Mail the payment voucher and check on or before 04-15-2008 to:
IDAHO STATE TAX COMMISSION
PO BOX 83784
BOISE, ID 83707-3784
(G (Q fj 'Y
Attachment 1
2007 TWO YEAR COMPARISON
FALLS WATER COMPAN
82-6007817 Page 1
Keep for Your Recors
2007 200 DIFFERENCE
807,143 700,353 106,790
807,143 700,353 106,790
807,143 700,353 106,790
807,143 700,353 106,790
55,064 2,304 52,760200,676 220,642 -19,966
9,316 8,387 92932,560 25,630 6,93010,237 6,598 3,63913,262 15,037 -1,775178,044 191,593 -13,549
2,593 2,081 512
47,413 33,807 13,606353,941 296,961 56,980903,106 803,040 100,066-95,963 -102,687 6,724
INCOME:
Gross receipts or sales ..................................
Less returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance. . . . . . . .. . . . . . . . . . . .;.' . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of goods sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Form 4797 gain/Closs~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income/cioss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL INCOME/CLOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DEDUCTIONS:
Compensation of offcers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Salaries and wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repairs and maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bad debts.............................................
Rents.... .'...........................................
Taxes and license. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreiation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depletion............................................ .
Advertising. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pension, profi-sharng, plans, etc., . . . . . . . . . . . . . . . . . . . . . . . . .
Employee benefi programs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deductions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ordinar Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TAXES & PAYMENTS:Tax................................................. .
Payments............................................ .
Estimated tax penal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amount OWED with return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Overpayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amunt credited to next year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
REFUND............................................ .
SCHEDULE K,-Income/(Loss):
Ordinar income less built-in gains tax. . . . . . . . . . . . . . . . . . . . . . .
Net income/Closs) from rental real estate. . . . . . . . . . . . . . . . . . . . . .
Net income/Closs) from other rental. . . . . . . . . . . . . . . . . . . . . . . . .
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Royalty income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net short-term capital gain/Closs). . . . . . . . . . . . . . . . . . . . . . . . . . .
Net long-term capital gain/Closs) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net gain/Closs) under Section 1231. . . . . . . . . . . . . . . . . . . . . . . . . .
Other income/Closs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
JVA Copyright Forms (Software Only) - 2007TW TOS01F
40 -40
!':
40 -40
40 -40
-95,963 -102,687 6,724
07_CS2YR1
:r 2007 TWO YEAR COMPARISON
FALLS WATER COMPANY
82-6007817
SCHEDULE K - Deductions:
Section 179 expense deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Charitable Contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 59(e)(2) expenditres ...............................
Other deductns. . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CREDITS:
Low-income housing credit (sec 42 0)(5). . . . . . . . . . . . . . . . . . . . . . .
Low-income housing credit (other). . . . . . . . . . . . . . . . . . . . . . . . . . . .
Qualified rehabiltation expenditres . . . . . . . . . . . . . . . . . . . . . . . . . . .
Otherrental real estate credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other rental credits .......................................
Alcohol used as fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FOREIGN TRANSACTIONS:
Gross income from all sources '" . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross income sourced at shareholder level. . . . . . . . . . . . . . . . . . . . . .
Foreign Gross Income at Corp level (passive) . . . . . . . . . . . . . . . . . . . .
Usted categories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General rimitatin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deductions at shareholder level (Interest expense) . . . . . . . . . . . . . . . .Other................................................. .
Deductions allocated at Corp level (pasive) . . . . . . . . . . . . . . . . . . . . .
Listed categories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign taxes paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign taxes accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reduction in taxes available for credit and gross income. . . . . . . . . . . .
AMT ITEMS:
Depreciation adjustmnt - post '86 propert . . . . . . . . . . . . . . . . . . . . .
Adjusted gain/(Ioss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depletiotl. . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross income from oil, gas, or geothermal propert. . . . . . . . . . . . . . . .
Deductions from oil, gas, or geothermal propert. . . . . . . . . . . . . . . . . .
Other AMT items. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ITEMS AFFECTING SHAREHOLDER BASIS
Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other tax-exempt income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nondeductible expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propert distbutions other than dividends . . . . . . . . . . . . . . . . . . . . . .
Repayment ofloans from shareholders . . . . . . . . . . . . . . . . . . . . . . . .
OTHER INFORMATION
Investmnt inco~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend distributions paid from accumulated earnings and profit:. . . .
Income/loss recncilation ..................................
JVA Copyright Forms (Software Only) - 2007 TW T0501 F
2007
7,739
.......
-95,963
200
17,934
-102,687
Page 2
Keep for your Records
DIFFERENCE
-10,195
6,724
07_CS2YR2
.
Form 11208
u.s. Income Tax Return for an S Corporation
~ Do not file this form unless the corporation has filed or Is
attching Form 2553 to elect to be an S corporation.
~ See serate Instuctons.
OMB No. 1545-0130
Department of the Treasury
Internal Revenue Service
2007
For calendar year 207 or tax year beainnina 2007. endlna
A S election Nam Number, street, room/suite no. Cit/town, state, & Zip code
effective date
20
D Employer ID no.
01 - 01 -2006
B Business activit
code number
(see instructions)221300
UseIRS PALLS WATER COMPANY
label.
Other-wise, 1770 SABIN DRprintor Idaho Falls ID 83406
type.
82-6007817
E Date incorporated04-01-1959
F Total assets (see inst.)
C Check if Sch.M n-3
attached
G Is the corporation electing to be an S corporation beginning with this tax year? U Yes ~ No
H Check if: (1) 0 Final return (2) 0 Name change (3) 0 Address change
(4) 0 Amended return (5) D S electon termination or revocation
I Enter the number of shareholders in the corporation at the end of the tax year ..........................................C tl I I d I tr db' d l h h S h' i f
$ 4,149,312
If "Yes," attach From 2553 if not already filed
~5
D
E
D
U
C
T
Io
N
S
au on.ncu e ony a eor usiness income an expenses on ines 1a t rougi 21.ee t e instuctions or more n ormation.
1a Gross receipts or sales I 807,143 I b Less returns and allowances ICBal~1c 807,143
i 2 Cost of goods sold (Schedule A, line 8)2N........0.0...........0.................0.0........ .
C 3 Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .3 807,14304Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4M
E 5 Other income (loss) (see instructons -- attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . .5
6 Total Income (loss). Add lines 3 through 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .~6 807,143
7 Compensation of offcers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 55,064
8 Salares and wages (less employment credits)........... 0.................................8 200,676
9 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9sFE010Bad debts...... ..... ....... . ... .... ...... ............. ..... ................. .....10 9,316
E R 11 Rents.............. ........... ....................... ........................... .11 32,560
i L 12 Taxes and license. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 10,237NS i 13 Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 13,262T M 14 Depreciation not claimed on Schedule A or elsewhere on return (attach Form 4562) . . . . . . . . . . . . . . .178,044R i 14
U T 15 Depletion (Do not deduct 011 and gas depletion.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15C A
T T 16 Advertsing ....................................................................... .16 2,593i i 17 Pension, profit-sharing, etc., plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1700
N N 18 Employee beneft programs 18 47,413S S ... ........................................................
19 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 353,941
20 Total dedctions. Add lines 7 through 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . .~20 903,106
21 Ordlnarv business Income Iloss). Subtract line 20 from line 6 .............................. .21 -95,963
22a Exce net passive Income or LIFO recapture tax (see instrctions) . . .122 I
I111I1111
T b Tax from Schedule D (Form 112OS) . . . . . . . . . . . . . . . . . . . . . . . . :~.122 IA
X c Add lines 22a and 22b (see instctions for additonal taxes). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22c 0
A 23a 2007 estimated tax paymnts and 2006 overpayment credited to 207 23a INbTax deposited with Form 700 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230
P c Credit for federal tax paid on fuels (attach Form 4136) . . . . . . . . . . . . .23c
A d Add lines 23a through 23c .......................................................... .23d 0
Y 24 Estimated tax penalt (see instrctons). Check if Form 2220 is attached . . . . . . . . . . . , . . . . . .~D 24M
E 25 Amount owed. If line 23d is smaller than the total of lines 22c and 24, enter amunt owed. . . . . . . . . .25 0N
T 26 Overpayment. If line 23d is larger than the total of lines 22c and 24, enter amount overpaid. . . . . . . . .26S27Enter amount from line 26 Credited to 2008 estimated ta 0 Refnded ~27 0~
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
Sign belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
I
May the IRS discuss this returnHere
~
~ PRESIDENT with the pre~rr shownnlow
Sianature of offcer Date Title (see Inst.)? Yes No
Preparets ~
Ie Date I Check If self-
Preparer's SSN or PTIN
Paid signature 03-14-2008 employed n 00191681
Preparer's Firm's nam (or ~ CRAALL & OSEEN PA EIN 82-0332820
Use Only yours if self-employed), 32 9 SOUTH WOODRUFF Phone no.address,andZIPcode IDAHO FALLS ID 83401 208-522-1412
#2
#3
#4
#5
For Privacy Act and Paperwork Reduction Act Notice, see InstrcUons.
JVA ff 1120S12 TWF 23539 Copyright Forms (Software Only) - 2007 TW
Form 11208 (2007)
FALLS WATER COMPANY 82-6007817
FQrm 1120S (2007)
Page 2:, .:::':..:'::.':::': J~ll.tAl Cost of Goods Sold (see instructions)
1 Inventory at beginning of year
12Purchases. .. .. .. .23Cost of labor.... .. .. .. .. .. .34Additonal section 263A costs (attach statement)0.0.. .. ...... .. .. .. .45Other costs (attach statement). .. .. .. .56TotaL. Add lines 1 through 5 . .. .. .. .. .67Inventory at end of year . .. .. .. ... ..... .. .. ... .. .... .. .78Cost of goods sold. Subtract line 7 from line 6.Enter here and on page 1, line 2... ... .. .. .8
9a Check all methods used forvaluing closing inventory: (i) 0 Cost as described in Regulations section 1.471-3
(ii) 0 Lower of cost or market as described in Regulations section 1.471-4
(ii) 0 Other (Specif method used and attach explanation.)~
b Check if there was a wrtedown of subnormal goods as desribed in Regulations secon 1.471-2(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . ~
c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) . . . . . . . . . . . . . . . . . . . . " ~
d If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing
inventory computed under LIFO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9d
e If propert is produced or acquired for resale, do the rules of sectin 263A apply to the corpration? . . . . . . . . . . . . . . .
f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? . . . . . . . . .
If "Yes," attach explanation.
....:.:JjiBlärs. Other Information (see instructions)1 Check accunting method: a Cash b
2 See the instructions and enter the:
a Business activity ~ Ut i i i ties b Product or service ~ Ut i i i ties
3 At the end of the tax year, did the corporation own, directly or indirectl, 50% or more of the voting stock of a dometic
corporation? (For rules of attbution, see section 267(c).) If "Yes," attach a statement showing: (a) name and employer
identification number (EIN), (b) percentage owned, and (c) If 100% owned, was a QSub election made? . . . . . . . . . . . . . . . . . .
4 Has this corporation filed, or is it required to file, a return under setion 6111 to provide information on any reportable
transaction? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Check this box if the corporation issued publicly offered debt instrments with original issue discunt. . . . . . . . . . . . . . . ~ 0
If checked, the corp. may have to file Form 8281, Information Return for Publicly Offered Original Issue Discunt Instments.
6 If the corporation: (a) was a C corporation before it eled to be an S corporation or the corporation acquired an ast wih
a basis determined by reference to its basis (or the basis of any other proper) in the hands of a C corporation and (b) has
net unrealized built-in gain (defined in section 1374(d)(1)) in exce of the net recgnized built-in gain from prior years,
enter the net unrealized built-in gain reduced by net recgnized built-in gain from prior
years........................................................... ~ $
7 Enter the accumulated earnings and profits of the corporaton at the end of the tax year. $
8 Are the corporation's total receipts (see instructions) for the tax year and its total assets at the end of the tax year less
than $250,001 If "Yes," the corporation is not re uired to complete Schedules Land M-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'.ê.bidi.:":J...:: Shareholders' Pro Rat Share Items Total amount
.... ..........1...... Ordinary business income (Ioss)(page 1, line 21). . . . . . . . . ::. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 95 , 963
2 Net rental real estate income (loss) (attach Form 885). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3a Other gross rental income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . 3a
b Expenses from other rental activities (attach statement) . . . . . . . . . 3b
c Other net rental Income (loss). Subtract line 3b from line 3a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends: a Ordinary dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b Qualified dividends. . . . . . . . . . . . . . . . . . . . . . . . . . Sb
6 Royalties.................. ....................................................
7 Net short-term capital gain (loss) (attach Schedule D (Form 112OS)) . . . . . . . . . . . . . . . . . . . . . . . .
8a Net long-term capital gain (loss) (attach Schedule D (Form 1120S)). . . . . . . . . . .. . . . . . . . . . . . . .
b Collectibles (28%) gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b
c Unrecaptured secton 1250 gain (attach statementi . . . . . . . . . . . . 8e
9 Net section 1231 gain (loss) (attach Form 4797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Other income (loss) (see instructions) . . . . . . .. Type ~
07 1120512 TWF 23540 Copyright Forms (Software Only)- 2007TW
No
No
Yes No
Accrual IIcOther (specif)~
i
N
C
o
M
E
!¡:lll¡!¡I¡lllli¡
3c
4
5a
4
5
~~~~t1~¡il~¡
6
7
8a
L
o
5
5 ~~~
~¡::... ::::::~$
9
10
JVA Form 1120S (2007)
FALLS WATER COMPANY 82-6007817Fomi 1120S (2007)
aQeShareholders' Pro Rata Share Items (contnued)Total amount11Section 179 deduction (attach Form 4562)... .. .. .. .. .. .. .. .1112aContributions. ... .. .. .. .. a.o.. .... .12aDeduc-b Investment interest expense 12btlons. .... .. .. .. .... .. .. .'" .. .. .........c Section 59(e)(2) expenditures (1)Type ..(2)Amunt ..12c(2)d Other deductions (see instrctions)Type ..12d13aLow-income housing credit (secton 42(j(5)).. .... .. .... .. ...... .. .. .. .. .. .13abLow-income housing credit (other).. .... .. .... .. ... .. .. .. ... .. .13bcQualified rehabilitaton expenditures (rental real estate) (attach Form 3468) .. .. ... .13cCreditsdOther rental real estate credits (see instrctions)Type ..13deOther rental credits (see instctions) . . .. .. 0...Type ..13efCredit for alcohol used as fuel (attach Form 6478).. .. .. .. .. .... .. .. .1319Other credits (se instrctions).Type ..13g14aName of countr or U.S. possession ..j¡m~rm~~~~;ij~~¡b Gross income from all source. . . . . .. .. 0.0 ........ .. .. .. ....... ... .. ... .14bcGross income sourced at shareholder level . .. ... .. ... .. .. .. .. ." ... .14cForeign gross income sourced at corporate level
f¡¡~~i~~~i¡~~¡¡~¡d Passive category .. ..... .. .. .. .. .... .. .. .. .. .. .. .14deGeneral categry .. ...... .. .......... ... .. ...... .. .. .. ..... .14efOther (attach statement). .. .. .. ..... .. ... .. ... .. .. 0.0 . .. .. .141
Foreign Deductions allocated and apportioned at shareholder level
~~¡¡~~~~~~r~~~r~fTrans-9 Interest expense .. ...... ....... ... ....... .. ... ." .. 0.0.... .14gactionshOther... ............... ... ... ... ...... .. .... .. .. .'" .. .. .. .. .14hDeductons allocated and apportoned at corporate level to foreign source income
~~l~~J~~~~~f~¡~I Passive category '" ... ........ .. .. ..... ... ... 0.0..0.. ...... .... .. .......141
J General category . ........ .... .. ... .... ..... .. ... .. .. .. .. ." .14JkOther (attach statement). .. .... .. .. .. .. .. .14k
Other information
¡im~i~lt~~t~¡¡¡~~i Total forein taxes (check one):..o Paid o Accrued .. .. .. 0.0 . .. .. ... .. .141mReduction in taxes available for credit (attach statement).. .. .. .. .. .. .. .14mnOther foreign tax informatin (attach statement). ....... ... ." .. ... .. .... .. .jjti;E~~lf1¡;l~~tl~~;~~;~~~~~~~~~~~~~~~jt~;¡~¡~;tt~~~~m~t~i~tm~
Altern-15a Post-1986 depreciation adjustment. . . . .0000 00000.00000 .. ... .. .0.. ... ...... .15a 7,739aUvebAdjusted gain or loss....0..0 . .. ... ... .00..0.0 00.0 . .. .. .0....0 .. .. ." .15bMlnl-c Depletion (other than 011 and gas)15c. .. ." ... .. .. .. .0.. ... ..0. .. ." .. .mum d Oil, gas, and geothermal propertes--gross Income 15dTax. .. .. .. .. ... .. .. .. .(AMT e Oil, gas, and geothermal properties--deductions . .. .. .. .. ...00 . .15eItems
1 Other AMT items (attach statemnt).151. .. .. .00. ... .. ..0..0 . .. .. .Items 168 Tax-exempt interest income . .00. .. ... ... .. .00. ." ... .. .. ... .. .16aAffect-b,Other tax-exempt income . .. .. .. ...0.. .. .. .... .. .. .. .. ... .. .16bIng..Share-c Nondeductble expenses.0... ... .. .. .. ... .0..0... ... ... ......0 . .. .0.... .. .16choldedPropert distibutions .. .... ... .00.00... .0...... ... ..0...0 ......00.0 .0000.16dBasiseRepayment of loans from shareholders . .16e00.0000 . ..0.. .. .0.000... .... .. .00.0017aInvestmnt income 00.0 .. .. .00000 . .. ." .. .0000 . .. ... ." .. .00.0 .00.0.. .. .17aOterbInvestment expenses .17b.. .0..0.0.. .000.. .. .. ..0.000 . .00. .000.00.00.00.00. .Inform-Dividend distrbutions paid from accumulated earnings and profits. . .17catlonc.000.00.00.000 . .d Other items and amunts (attach statement). .00000 0.00 .. .. .... O... ..0.0 . .. .~¡~1~~~f~t~J~l~111t~~~~¡11U;~~;~~~~~itr~m~~Ji~~rtt~~~1
Recon-18 Incomenoss reconcllaUon. Combine the amount on lines 1 through 10 in the far nghtcllation
column. From the result, subtract the sum of the amunts on lines 11 through 12d and 141 . .18 -95,963
P 3
07 112OS34 TWF23541 Copyright Forms (Software Only) - 2007 TW Form 11205 (2007)JVA
FALLS WATER COMPANY 82-6007817
Form 11205 (207)
". .çh_leJ¡r Balance Sheets per Books
Assets1 Cash........................ .... .
2a Trade notes and accounts receivable. . . .
b Less allowance for bad debts. . . . . . . . . .
3 Inventories. . . . . . . . . . . . . . . . . . . . . . . .
4 U.S. government obligations ..........
5 Tax-exempt securities (see instructions)
6 Other current assets (attach statement). . .
7 Loans to shareholders .............. .
8 Mortgage and real estate loans ........
9 Other investments (attach statement) . . . .
10a Buildings and other depreciable assets ..
b Less accumulated depreciation ........
11a Depletable assets. . . . . . . . . . . . . . . . . . .
b Less accumulated depletion. . . . . . . . . . .
12 Land (net of any amrtization) . . . . . . . . .
13a Intangible assets (amor.zable only) . . . . .
b Less accumulated amortization. . . . . . . . .
14 Other assets (attach statement) ........
15 Total assets .......................
Liabilites and Shareholders' EquIty
Accounts payable. . . . . . . . . . . . . . . . . . .
Mortgages, notes, bonds payable in less than 1 yr
Other current liabilties (attach statement)
Loans from shareholders . . . . . . . . . . . . .
Page 4
End of tax year
53,095
79,804
Mortgages, notes, bonds payable in 1 year or more
Other liabilties (attach statement). . . . . . .
Capital stock. . . . . . . . . . . . . . . . . . . . . . .
Additonal paid-in capital . . . . . . . . . . . . .
Retained earnings. . . . . . . . . . . . . . . . . . .
Adjustments to shareholders' equity (attach stmt.)
Less cost of treasury stock . . . . . . . . . . . .
4,049,987
25,000
-20,648
)4,149,312
1 Net income (loss) per books. . . . . . . . . . .25,028 5 Income recorded on books this year not2Income included on Schedule K, lines 1, 2,included on Schedule K, lines 1 through3c, 4, 5a, 6,7, 8a, 91 and 10, not recorded 10 (itemize):on books this year (í1emize):a Tax-exempt interest $.~
3 Expenses recrded on books this year not 6 Deductions included on Schedule K, linesincluded on Schedule K, lines 1 through 1 through 12 and 141, not charl:ed against12 and 141 (itemize):book income this year (itemize :a Depreciation $ 5 7 , 0 5 3
a Depreciation $178,044bTravel and entertainment $178,04457,053 7 Add lines 5 and 6 . . . . . . . . . . . . . . . . . . .178,0444Add lines 1 throuah 3 . . . . . . . . . . . . . . . .82,081 8 Income (loss)(Schedule K, line 18). Line 4 less line 7 -95,963l_.ij.i¡:.*~il Analysis of Accumulated Adjustments Account, Other Adjustments Account, and
Shareholders' Undistributed Taxble Income Previously Taxed (see instrctons)
(e) Shareholders'unèlistbuted taxableincome reviousl taxed1
2
3
4
5
6
7
8
(a) Accumulated
adjustmnts account
-2,296
(b) Other adjustmentsaccount
Balance at beginning of tax year. . . . . . . . . . .
Ordinary income from page 1, line 21 . . . . . . .
Other additions. . . . . . . . . . . . . . . . . . . . . . . .
Loss from page 1, line 21 ....... . . . . . . . . .
Other reductions. . . . . . . . . . . . . . . . . . . . . . .
Combine lines 1 through 5 . . . . . . . . . . . . . . . - 2 0 , 64 8
Distributions other than dividend distrbutions 0
Balance at end of tax year. Subtract line 7 from line 6. . - 2 0 , 648
07 112053 TWF 23542 Copyright Forms (Software Only) _ 2007 TW
77,611#6
95,963
JVA Form 1120S (2007)
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
March 14, 2008
JAY JOHNSON
2125 CABELLARO
Idaho Falls ID 83406
Dear JAY JOHNSON:
Enclosed is your 2007 Federal Schedule K-l from FALLS WATER COMPANY. Included on
Federal Schedule K - i is your distrbutive share of income, deductions, credits, and other tax
items that should be reported on your retu. This information is included in the 2007 Federal
Form 1120S tht was fied with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1120S) have also been
enclosed to assist you in completing your income ta return.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
.......
2007
SHAREHOLDER # 1
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
JAY JOHNSON
2125 CABELLAO
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek.. the assistance
of your tax advisor with respect to the proper treatment of these
items in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did nót attempt to verify any of the
information and elections contained therein. The returns are subject
to examination by the taxing authorities and, accordingly, the income
losses, deductions or credits which appear are subject to possibleadjustment.
JVA Copyright FormslSoftware Only) - 2007TW L12130 07 _BSK1 BLNK
#1
II
Schedule K-1
(Form 11205)2007
Ordinary business inc. (loss)
-21 1112
2 Net rental real estate inc. (loss)
Department of the Treasury
Internal Revenue Service For calendar year 2007, or tax
year beginning , 2007
ending .20_
Shareholder's Share of Income, Deductions,
Credits, etc. ~ See page 2 and separate InstrucUons.
dlll~.iil¡¡¡,i:i'i.!¡¡¡:.ii,,,.i':'i:iii.iii::::::::::::;:::;;';:;I¡II¡::I~III::!i¡':¡l!llill~I!lli...::::::::::IIIIIIIII~I¡llll
A Corporation's employer identifcation number
2-6007817
3 Other net rental income (loss)
4 Interest income
sa Ordinary dividends
5b Qualifed dividends 14 Foreign transactions
6 Royales
7 Net short-term cap. gain (loss)
8a Net long-term cap. gain (loss)
8b Collectibles (28%) gain (loss)
8c Unrecaptured sec. 1250 gain
9 Net section 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMT) items1,703
B Corporation's name, address, city, state, and zip code
ALLS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
C IRS Center where corporation filed return
GDEN
:::II!/.:lllllil!I!II.lli¡¡:;;:::::::..............::.~!lllllll.IIII/IJlllllll¡llr'"''
D Shareholder's identifying number
28 -50 - 1514
E Shareholder's name, address, cit, state, and zip code
AY JOHNSON
125 CABELLAO
daho Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .22.0000%
For IRS Use Only
11 Section 179 deductin 16 Items affecting
shareholder basis1111.111 12 Other deductions
17 Other information
* See attached statement for additonal information.
Schedle K-1 (Form 11205) 2007
For Papeiwork Reduction Act NotIce, see InstrucUons for Form 11205.
JVA 07120SK112 TWF 21663 Copyright Forms (Software Only)- 2007 TW
Schedule K-1 (Form 11205) 207 JAY JOHNSON Pa e 2
This list Identifies the codes used on Schedule K-1 for all shareholders and provides summarized reportng Informaton for shareholde
who file Form 1040. For detailed reportng and filing Information, see the separate Shareholder's Instructions for Schedule K-1 and the
Instructions for your Income tax return.
1. Ordinary business Income (loss). You must first determine
whether the income (loss) is passive or non passive. Then enter on yourreturn as follows:
Passive loss
Passive income
Nonpassive loss
Nonpassive income
Net rental real estte Incom, (loss)
Other net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. Ordinary divIdends
5b. Qualified divIdends
6. Royalties
7. Net short-term caital gain (loss)
8a. Net long-term capItal gain (loss)
8b. Collectibles (28%) gain (loss)
2.
3.
8c. Unrecaptured secton 1250 gain
9. Net section 1231 gain (loss)
10. Oter Income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1258 contracts & straddles
o Mining exploration costs recapture
E Other income (loss)
11. Section 179 deucton
12. Oter deductions
A Cash contributions (50%)
B Cash contributions (30%)
C Noncash contributions (50%)
o Noncah contributions (30%)
E Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Investment interest expense
H Deductions--royalty income
I Section 59(eX2) expenditures
J Deductions--portfoljo (2% floor)
K Deductions--portfolio (other)
L Preproductive period expenses
M Commercial revitalization
deduction from rental real
estate actvities
N Reforestation expense
deduction
o Domestic production activitiesinformation
P Qualified production activities
income
Employer's Form W-2 wages
Other deductions
Q
R
13. Creit
A Low-income housing credit
(section 42(jX5))
B 'Low-income housing credit (other)C Qualified rehabilitation expenditures
(rental real estate)
Other rental real estate credits
Other rental credits
Undistributed capital gains credit
Credit for alcohol used as fuel
Work opportunity credit
Welfare-to-work credit
Disabled access credit
Empowerment zone and renewal
community employment credit
o
E
F
G
H
IJ
K
JVA 07 120SK112 TWF21884
Report on
See the Shareholder's Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column (j
See the Shareholder's Instructions
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, /lne 9b
Schedule E, line 4
Schedule 0, line 5, column (f)
Schedule 0, line 12, column (f)
28% Rate Gain Worksheet, /lne 4 ,
(Schedule 0 instructions)
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
J S"'"...~.."..
Instructions
Form 4952, line 1
Schedule E, /lne 18
See the Shareholder's Instructions
Schedule A, /lne 23
Schedule A, /lne 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
J So"h.S'~""",
Instructions
Form 1040, line 70, check box a
J See the Shareholder's
Instructions
Form 8844, line 3
Copyright Forms (Software Only) - 2007 TW
L Credit for increasing research
activities
M New markets credit
N Credit for employer social
security and Medicare taxes
o Backup withholding
P Other credits
14. Foreign trnsactons
A Name of country or U.S.
possession
B Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate levelo Passive category JE General category Form 1118, Part i
F Other
Deductions allocated and apportioned at shareholder levelG Interest expense Form 1118, Part I
H Other Form 1118,ParlDeductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available for
credit Form 1116, line 12o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. ~ne:::~:8:::::::0~~~~:temSJ See the
B Adjusted gain or loss Shareholder'sC Depletion (other than oil & ga) Instructions and
o Oil, gas, & geothermal--gross income the Instructions for
E Oil, gas, & geothermal--deductions Form 8251
F Other AMT items
16. Items afecng shareholder basIs
A
B
Co
E
Code
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distributions
Repayment of loans from
shareholders
17. Oter Information
A
B
C
Investment income
Investment expenses
Qualified rehabiltation expenditures
(other than rental real estate)
Basis of energy property
Recapture of low-income housing
credit (section 42(jX5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recapture of other credits
Look-back interest--completed
long-term contracts
Look-back interest--income forecastmethod
Dispositions of property with
section 179 deductions
Recapture of section 179
deduction
M Section 453(iX3) information
N Section 453A(c) information
o Section 1260(b) information
P Interest allocable to production
expenditures
CCF nonqualified withdrawals
Information needed to figure
depletion--oil and gas
Amortization of reforestationcosts
Other information
o
E
F
G
H
I
J
K
L
Q
R
S
T
Report on
J See the Shareholder's
Instructions
Form 1040, line 84
See the Shareholder's Instructions
J Form 1118, Part I
J Form
1116,Partl
Form 1118, Part II
Form 1116, Part II
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8611,Iine 8
Form 8811, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8897
See Form 8888
See the Shareholder'sInstructions
~
FALLS WATER COMW ANY
1770 SABIN DR
Idaho Falls ID 83406
March 14, 2008
BRENT JOHNSON
630 S 45THE
Idaho Falls ID 83406
Dear BRENT JOHNSON:
Enclosed is your 2007 Federal Schedule K-l from FALLS WATER COMPANY. Included on
Federal Schedule K-l is your distributive share of income, deductions, credits, and other ta
items that should be reported on your retu. Ths information is included in the 2007 Federal
Form 1120S that was fied with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1120S) have also been
enclosed to assist you in completing your income ta retu.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
.-2007
SHAREHOLDER #2
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
BRENT JOHNSON
630 S 45TH E
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the U.S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in tbè
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differentfY for different
taxpayers. For this reason, you may wish to see~ the assistance
of your tax advisor with respect to the proper treatment of these
items in your federal and state returns.
We h~ve prepared this information from unaudited data supplied
by the tax matters person. We did nöt attempt to verify any of theinformation and elections contained therein. The returns are subj ect
to examination by the taxing authorities and, accordingly, the income
losses, deductions or credits which appear are subj ect to possible
adj ustment .
JVA Copyright Forms (Software Only) - 2007TW L12130 07ßSK1BLNK
For calendar year 2007, or tax 1 Ordinary business inc. (loss) 13 Creditsyear beginning , 2007 - 2 3 , 031
ending , 20 _ 2 Net rental real estate inc. (loss)
Shareholder's Share of Income, Deductions,
Credits, etc. .. See page 2 and separate Instrctions.
!'I:¡:I¡¡:ilil!:!:I;¡II:¡I:.II:¡¡.::¡:IlII.II:I.'II;¡11111.:I:!¡¡li¡:¡I;¡¡:III¡lllllir:~:i::~:!1111111
A Corporation's employer identification number
2-6007817
K
Schedule K-1
(Form 11205)
2007
Department of the Treasury
Internal Revenue Service
B Corporation's name, address, cit, state, and ZiP code
ALLS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
D Shareholder's identifying number
28-85-1120
E Shareholder's name, address, city, state, and ZiP code
JOHNSON
45TH E
Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .24.0000%
For IRS Use Only
I~IIIII.I
For Papeiwork Reduction Act Notice, see Instructions for Form 11205.
JVA 07 120SK112 TWF21663 CopyrightForms(SoftwareOnly)-2007TW
t1oG
3 Other net rental income (loss)
4 Interest income
Sa Ordinary dividends
5b Qualifed dividends 14 Foreign transactions
6 Royalties
7 Net short-term ca. gain (loss)
8a Net long-term cap. gain (loss)
8b Collectibles (28%) gain (loss)
8c Unrecaptured sec. 1250 gain
9 Net secion 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMn items
1,857
11 Section 179 deduction 16 Items affecting
shareholder basis
12 Other deductions
17 Other information
* See attched stemnt for additnal information.
Schedule K-1 (Form 112OS) 2007
Schedule K-1 (Form 112OS) 207 BRENT JOHNSON Page 2
ThIs list IdentifIes the codes used on Schedule K-1 for all shareholders and provIdes summarIzed reportIng InformatIon for shareholders
who file Form 1040. For detiled reportIng and filng Information, see the separate Shareholder's Instructons for Schedule K-1 and the
InstructIons for your Income ta return.
1.Ordinary busIness Income (loss). You must first determine
whether the income (loss) is passive or nonpassive. Then enter on your
return as follows:
Passive loss
Passìve income
Nonpassive loss
Nonpassive income
Net rental rel estate Income (loss)
Other net rental Income (loss)
Netincome
Net loss
4. Interes Income
Sa. Ordinary divIdends
Sb. Qualified dIvIdends
6. Royalties
7. Net short-term caitl gaIn (loss)
8a. Net long-term capitl gaIn (loss)
8b. Collectibles (28%) gain (loss)
2.
3.
8c. Unrecaptured section 1250 gain
9. Net secton 1231 gain (loss)
10. Oter Income (loss)
Code
A Other portfolio income (loss)
a Involuntary conversions
C Sec. 1256 contracts & straddles
D Mining exploration costs recapture
E Other income (loss)
11. Section 179 deucton
12. Oter deductons
Aa
C
D
E
Cash contributions (50%)
Cash contributions (30%)
Noncash contributions (50%)
Noncah contributions (30%)
Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Investment interest expense
H Deductions--royalty income
I Section 59(e)(2) expenditures
J Deductions--portolio (2% floor)
K Deductions--portfolio (other)
L Preproductive period expenses
M Commercial revitalization
deduction from rental real
estate activities
Reforestation expense
deduction
Domestic production activities
information
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
N
o
p
Q
R
13. Credits
A Low-income housing credit
(section 42(j)(5))
a Low-income housing credit (other)
C Qualified rehabilitation expenditures
(rental real estate)
Other rental real estate credits
Other rental credits
Undistributed capital gains credit
Credit for alcohol used as fuel
Work opportunity credit
Welfare-to-work credit
Disabled accesS1:redit
Empowerment zone and renewal
community employment credit
D
E
F
G
H
IJ
K
JVA 07 12OSK112 TWF 21664
Report on
See the Shareholder's Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column (j
See the Shareholder's Instructions
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line 4
Schedule 0, line 5, column (f)
Schedule 0, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule 0 instructions)
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 6781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
J See the Shareholder's
Instructions
Form 4952, line 1
Schedule E,line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 6582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903. line 15
See the Shareholder's Instructions
J See the Shareholder's
Instructions
Form 1040, line 70, check box a
J See the Shareholder's
Instructions
Form 6844, line 3
Copyright Forms (Software Only) - 2007 TW
L Credit for increasing research
activities
M New markets credit
N Credit for employer social
security and Medicare taxes
o Backup withholding
P Other credits
14. ForeIgn transactIons
A Name of country or U.S.
possession
a Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate levelD Passive category J
E General category Form 1118, Part IF Other
Deductions allocated and apportioned at shareholder level
G Interest expense Form 1116, PartfH Other Form 1116. Part i
Deductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accued
N Reduction in taxes available forcredit Form 1116, line 12
o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. :"e::~~:8:::~:::0~~~~t"emSJ See the
a Adjusted gain or loss Shareholder'sC Depletion (other than oil & gas) Instructions and
D Oil, gas, & geoth ermal--gross income the Instructions for
E Oil, gas, & geothermal--deductions Form 6251
F Other AMTitems
16. Items affectng shareholder basIs
A Tax-exempt interest income
a Other tax-exempt income
C Nondeductble expenses
D Property distributions
E Repayment of loans from
shareholders
17. Oter Infonnatlon
A
'"8
C
Code
Investment income
Investment expenses
Qualified rehabilitation expenditures
(other than rental real estate)
Basis of energy property
Recapture of low-Income housing
credit (section 42(j)(5))
Recature of low-income housingcredit (oth er)
Recapture of investment credit
Recapture of other credits
Look-back interest--completed
long-term contracts
Look-back interest--income forecast
method
Dispositions of property with
section 179 deductions
L Recapture of section 179
deduction
M Section 453(1)(3) information
N Section 453A(c) information
o Section t260(b) information
P Interest allocable to production
expenditures
CCF nonqualified withdrawals
Information needed to figure
depletion--oil and gas
Amortization of reforestationcosts
Other information
D
E
F
G
H
I
J
K
Q
R
S
T
Report on
J See the Shareholder's
Instructions
Form 1040, line 64
See the Shareholder's Instructions
J Form 1116, Part I
J Form 1116, Part I
Form 1116, Part II
Form 1116, Part II
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8811, line 8
Form 6611, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
See Form 8666
See the Shareholder'sInstructions
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
March 14,2008
PAUL JOHNSON
4650 MAJESTIC VIEW
Idaho Falls ID 83401
Dear PAUL JOHNSON:
Enclosed is your 2007 Federal Schedule K-l from FALLS WATER COMPANY. Included on
Federal Schedule K -1 is your distrbutive share of income, deductions, credits, and other tax
items that should be reported on your retu. This infomiation is included in the 2007 Federal
Form 1 120S that was fied with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1 120S) have also been
enclosed to assist you in completing your income tax retu.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
2007
SHAREHOLDER #3
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
PAUL JOHNSON
4650 MAJESTIC VIEW
Idaho Falls ID 83401
Attached is your copy of Schedule K-1 to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek'the assistance
of your tax advisor with respect to the proper treatment of thesei terns in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did nôt attempt to verify any of theinformation and elections contained therein. The returns are subj ect
to examination by the taxing authorities and, accordingly, the incomelosses i deductions or credits which appear are subj ect to possible
adj ustment .
JVA Copyrght Forms (Software Only) - 2007TW L12130 07_BSK1BLNK
#3
Schedule K-1
(Form 1120S)2007
Department of the Treasury
Internal Revenue Service For calendar year 2007, or tax 1 Ordinary business inc. (loss) 13 Creditsyear beginning , 2007 - 2 3 , 03 1
ending , 20 _ 2 Net rental real estate inc. (loss)
Shareholder's Share of Income, Deductions,
Credits, etc. .. See page 2 and separate InstrcUons.
.....................II¡¡¡llf~:::::.:.:.:.::::::::.:::..:;::::::If.¡III¡I.IJI¡II¡I¡¡III~fM..
3 Other net rental income (loss)
4 Interest income
Sa Ordinar dividends
5b Qualified dividends 14 Foreign transactions
6 Royalties
7 Net short-term cap. gain (loss)
8a Net long-term cap. gain (loss)
8b Collectibles (28%) gain (loss)
8c Unrecaptured sec. 1250 gain
9 Net section 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMT) items
1,857
A Corporation's employer identification number
2 - 6007817
B Corporation's name, address, cit, state, and zip code
ALLS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
C IRS Center where corporation filed return
GDEN
:;;;::::::::::::::::::::::::::::::::::::':::11:11111¡1:1:1111.11¡1.'II'¡II.11111¡1¡;¡I¡IIII¡llllllllt;;;;:::::::.:.:...:.::.:..J
o Shareholder's identifying number
28 - 85-2240
E Shareholder's name, address, city, state, and zip code
AUL JOHNSON
650 MAJESTIC VIEW
daho Falls ID 83401
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .24.0000%
For IRS Use Only
11 Setion 179 deduction 16 Items affecting
shareholder basis
1111111_1 12 Other deductions
17 Other information
* See attached statement for additonal information.
Scheule K-1 (Form 11205) 2007For Paperwork Reduction Act Notice, see Instructions for Form 112OS.
JVA 07 120SK112 TWF21663 CopyrighIForms(SoftwareOnly)-2007TW
Schedule K-1 (Form 112OS) 2007 PAUL JOHNSON Page 2
This list Identifies the codes used on Schedule K-1 for all shareholders and provides summarized reportng Information for shareholders
who file Form 1040. For detailed reortng and filing Information, see the seprate Shareholder's Instrctons for Schedule K-1 and the
Instructions for your Income ta return.
1.Ordinary business Income (loss). You must first determine
whether the income (loss) is passive or nonpassive. Then enter on your
return as follows:
Passive loss
Passive income
Nonpassive loss
Nonpassive income
2. Net rental real estate Income (loss)
3. Other net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. . Ordinary dividends
Sb. Qualified dividends
6. Royalties
7. Net short-ter capitl gain (loss)
8a. :Net long-term capitl gain (los)
8b.Collectlbles (28%) gain (loss)
8c. Unrecaptured secon 1250 gain
9. Net section 1231 gain (loss)
10. Oter Income (loss)
Code
A Other portfolio income (loss)
8 Involuntary conversions
C Sec. 1258 contracts & straddles
o Mining exploration costs recapture
E Other income (loss)
11. Section 179 deuction
12. Oter deductions
A8
C
o
E
Cash contributions (50%)
Cash contributions (30%)
Noncash contributions (50%)
Noncash contributions (30%)
Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Investment interest expense
H Deductions--royalty income
I Section 59(eX2) expenditures
J Deductions--portfolio (2% floor)
K Deductions--portfolio (other)
L Preproductive penod expenses
M Commercial revitalization
deduction from rental real
estate activities
Reforestation expense
deduction
Domestic production activities
information
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
N
o
p
Q
R
13. Credits
A Low-income housing credit
(section 42(jX5))
8 Low-income housing credit (other)
C Qualified rehabilitation expenditures
(rental real estate)
Other rental real estate credits
Other rental credits
Undistributed capital gains credit
Credit for alcohol used as fuel
Work opportunity credit
Welfare-to-work credit
Disabled access credit
Empowerment zone and renewal
community employment credit
o
E
F
G
H
IJ
K
JVA 07 120SK112 TWF21664
Report on
See the Shareholder's Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column (j
See the Shareholder's Instructions
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line 4
Schedule D, line 5, column (f)
Schedule 0, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule 0 instructions)
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 6781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
J See the Shareholder's
Instructions
Form 4952, line 1
Schedule E, line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
J See the Shareholder's
Instructions
Form 1040, line 70, check box a
J See the Shareholder's
Instructions
Form 8844, line 3
Copyright Forms (Software Only) - 2007 TW
L Credit for increasing research
activities
M New markets credit
N Credit for employer social
security and Medicare taxes
o Backup withholding
P Other credits
14. Foreign trnsactons
A Name of country or U.S.
possession
8 Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate levelo Passive category JE General category Form 1116, Part I
F Other
Deductions allocated and apportioned at shareholder level
G Interest expense Form 1116, Partl
H Other Form 1118,Partl
Deductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available for
credit Form 1116, line 12o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. Alterative mInimum ta (AMT Items
A Post-1988 depreciation adjustment J See the8 Adjusted gain or loss Shareholder's
C Depletion (other than oil & gas) Instructions and
o Oil, gas, & geothermal--gross income the Instructions for
E Oil, gas, & geothermal--deductions Form 6251
F Other AMT items
16. Items affecng shareholder basIs
A8
C
o
E
Code
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distrbutions
Repayment of loans from
shareholders
17. Other InformatIon
A"8
C
o
E
F
G
H
I
J
K
L
M
No
P
Investment income
Investment expenses
Qualified rehabiltation expenditures
(other than rental real estate)
Basis of energy property
Recapture of low-income housing
credit (section 42(jX5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recapture of other credits
Look-back interest--completed
long-term contracts
Look-back interest--income forecast
method
Dispositions of property with
section 179 deductions
Recapture of section 179
deduction
Section 453(IX3) information
Section 453A(c) information
Section 1260(b) information
Interest allocable to production
expenditures
CCF nonqualified withdrawals
Information needed to figure
depletion--oil and gas
Amortzation of reforestationcosts
Other information
Q
R
S
T
Report on
J See the Shareholder's
Instructions
Form 1040, line 64
See the Shareholder's Instructions
J Form 1116, Part I
J Formltl8,Partl
Form 1116, Partll
Form 1116, Part ii
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8611,line8
Form 8611, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
See Form 8866
See the Shareholder'sInstructions
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
March 14, 2008
MARK JOHNSON
3773 AUTUMN WOOD
Idaho Falls ID 83406
Dear MARK JOHNSON:
Enclosed is your 2007 Federal Schedule K-l from FALLS WATER COMPANY. Included on
Federal Schedule K -1 is your distributive share of income, deductions, credits, and other tax
items that should be reported on your retu. This information is included in the 2007 Federal
Form 1120S that was filed with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1120S) have also been
enclosed to assist you in completig your income tax retu.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
2007
SHAREHOLDER #4
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
MARK JOHNSON
3773 AUTUM WOOD
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did nót attempt to verify any of theinformation and elections contained therein. The returns are subj ect
to examination by the taxing authorities and, accordingly, the income
losses, deductions or credits which appear are subject to possibleadjustment.
JVA Copyright Forms (Software Only) - 2007 TW L12130 07_BSK1BLNK
#4
Schedule K-1
(Form 1120S)2007
Department of the Treasury
Internal Revenue Service For calendar year 2007, or tax 1 Ordinary business inc. (loss)year beginning . 207 - 2 3 , 03 1
ending . 20_ 2 Net rental real estate inc. (loss)
C IRS Center where corporation filed return
GDEN
;:lrJii:.:':::::.:.:~!::::::"'''llli¡¡II¡j¡II¡lll.ll:¡¡.:¡III'IIIIIII~.III¡li'i¡I¡IIIIlIII'III¡IJI'III:!III¡1IIIII1
o Shareholder's identifying number
29-83-5419
E Shareholder's nam, address, city, state, and ZiP code
3 Other net rental income (loss)
4 Interest income
sa Ordinar dividends
5b Qualifed dividends 14 Foreign transactions
6 Royalties
7 Net short-term cap. gain (loss)
8a Net long-term cap. gain (loss)
8b Collecti bles (28%) gain (loss)
8c Unrecaptured sec. 1250 gain
9 Net section 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMT) items
1,857
B Corporation's name, address, city, state, and zip code
ALLS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
RK JOHNSON
773 AUTUM WOOD
daho Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .24.0000%
For IRS Use Only
11 Section 179 deduction 16 Items affectng
shareholder basis1IIIilllil12 Other deductions
17 Other information
'" See attached statement for additonal information.
Schedle K-1 (Form 112OS) 2007
For Paprwork Reducton Act Notice, see Instructions for Form 1120S.
JVA 07 120SK112 TWF 21663 Copyright Forms (Software Only)- 2007 TW
5che,ule K-1 (Form 11205) 2007 MARK JOHNSON Page 2This list Identifies the codes used on Schedule K-1 for all shareholders and provides summarized reporUng Information for shareholders
who file Form 1040. For detailed reporUng and filing Informaton, see the separate Shareholder's Instructions for Schedule K-1 and the
Instructions for your Income ta reurn.
1.Ordinary business Income (loss). You must first determine
whether the income (loss) is passive or nonpassive. Then enter on your
return as follows:
Passive loss
Passive income
Nonpassive loss
Nonpassive income
Net rental rel estate Incom,(ioss)
Other net rental Income (loss)
Netincome
Net loss
4. Interest Income
Sa. OrdInary dIvidends
5b. Qualified divIdends
6. Royalties
7. Net short-term caItal gain (loss)
8a. Net long-term capitl gaIn (loss)
8b. Collectibles (28%) gain (loss)
2.
3.
8c. Unrecaptured sectIon 1250 gain
9. Net secon 1231 gain (los)
10. Other Income (loss)
Code
A Other portolio income (loss)
B Involuntary conversions
C Sec.1256contracts&straddles
o Mining exploration costs recapture
E Other income (loss)
11. Section 179 deducton
12. ~er deductons
A
B
Co
E
F
G
H
IJ
K
L
M
Cash contributions (50%)
Cash contributions (30%)
Noncash contributions (50%)
Noncash contri butions (30%)
Capital gain property to a 50%
organization (30%)
Capital gain property (20%)
Investment interest expense
Deductions--royalty income
Section 59(eX2) expenditures
Deductions--portfollo (2% floor)
Deductions--portfolio (other)
Preproductlve period expenses
Commercial revitalization
deduction from rental real
estate activities
Reforestation expense
deduction
Domesticproduction activities
information
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
N
o
p
Q
R
13. Credits
A
B
C
lOW-income housing credit
(section 42(jX5))
low-Income housing credit (other)
Qualified rehabilitation expenditures
(rental real estate)
Other rental real estate credits
Oth er rental credits
Undistributed capital gains credit
Credit for alcohol used as fuel
Work opportunity credit
Welfare-to-work credit
Disabled access credit
Empowerment zone and renewal
community employment credit
o
E
F
G
H
IJ
K
JVA 07 120SK112 TWF21664
Report on
See the Shareholder's Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 26, column (j
See the Shareholder's Instructions
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
. Schedule E, line 4
Schedule 0, line 5, column (f)
: Schedule 0, line 12, column (f)
. 28% Rate Gain Worksheet, line 4
(Schedule 0 instructions)
See the Shareholder's Instructons
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8781, line t
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
J so..........,,~.
Instructions
Form 4952, line 1
Schedule E, line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
J See the Shareholder's
Instructions
Form 1040, line 70, check box a
J See the Shareholder's
Instructions
Form 8844, line 3
Copyright Forms (Software Only)- 2007 TW
L Credit for increasing research
activities
M New markets credit
N Credit for employer social
security and Medicare taxes
o Backup withholding
P Other credits
14. Foreign transactions
A Name of country or U.S.
possession
B Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate levelo Passive category JE General category Form 1118, Part I
F Other
Deductions allocated and apportioned at shareholder levelG Interest expense Form 1118, Part iH Other Form 1118, Part I
Deductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available forcredit Form 1116, line 12
o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. ~/te:::~:8~:~:~:0:d~~~t/temSJ Seethe
B Adjusted gain or loss Shareholder's
C Depletion (other than oil & gas) Instructions and
o Oil, gas, & geothermal-gross income the Instructions for
E Oil, gas, & geothermal--deductions Fo,m 6251
F Other AMT items
16. Items affectng shareholder basis
A
B
Co
E
Code
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distri butions
Repayment of loans from
shareholders
17. Other Information
A
B
C
Investment income
Investment expenses
Qualified rehabiltation expenditures
(other than rental real estate)
Basis of energy property
Recapture of low-income housing
credit (section 42(jX5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recapture of other credits
look-back interest--completed
10n.9-term contracts
look-back interest--income forecast
method
Dispositions of property with
section 179 deductions
Recapture of section 179
deduction
M Section 453(IX3) information
N Section 453A(c) information
o Section 1280(b) information
P Interest allocable to producton
expenditures
CCF nonqualified withdrawals
Information needed to figure
depfetion--oil and gas
Amortization of reforestationcosts
Other information
o
E
F
G
H
I
J
K
L
Q
R
S
T
Report on
J ,~,...._....Instructions
Form 1040, line 64
See the Shareholder's Instructions
J Form t 116, Part I
J Form 1118, Par I
Form 1116, Part II
Form 1116, Part II
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8811, line 8
Form 8611, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8897
See Form 8868
See the Shareholder'sInstructions
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
March 14,2008
LEVI JARVIS
5304 CLEARIELD
Idaho Falls ID 83406
Dear LEVI JARVIS:
Endosed is your 2007 Federal Schedule K -1 from FALLS WATER COMPANY. Included on
Federal Schedule K- 1 is your distributive share of income, deductions, credits, and other tax
items that should be reported on your retur. Ths information is included in the 2007 Federal
Form 1 120S that was filed with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1120S) have also been
enclosed to assist you in completing your income ta retur.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
2007
SHAREHOLDER #5
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
LEVI JARVIS
5304 CLEAFIELD
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did nöt attempt to verify any of theinformation and elections contained therein. The returns are subj ect
to examination by the taxing authorities and, accordingly, the income
losses, deductions or credits which appear are subject to possibleadjustment.
JVA Copyright Forms (Software Only) - 200TTW L 12130
07 _BSK1BLNK
Schedule K-1
(Form 11205)
2007
For calendar year 2007, or tax
year beginning , 207
ending .20_
Shareholder's Share of Income, Deductions,
Credits, etc. ~ See page 2 and separate InstrcUons.
11.:~¡"!liii¡!:ll:I.I:II::¡I:lll::jlìll.III:I.:illlll.Iljjlil:I:lllill1111111~'I!lllj:j~::::¡::~~:~:¡:
A Corporation's employer identification number
2-6007817
Department of the Treasury
Internal Revenue Service
"I :J
1 Ordinary business inc. (loss) 13 Credits-5,758
2 Net rental real estate inc. (loss)
3 Other net rental income (loss)
4 Interest income
Sa Ordinary dividends
5b Qualifed dividends 14 Foreign transactions
6 Royaltes
7 Net short-term cap. gain (Ioss)
8a Net long-term cap. gain (loss).
8b Collecti bles (28%) gain (loss)
B Corporation's name, address, city, state, and ZiP code
ALLS WATER COMPANY
C IRS Center where corporation filed return
GDEN
:!":lilii:'¡¡III:!:':.:.i,:.j:j'il:ì_I;lll.I'III.illl.II~j:¡:I:ijj:j.I:I!!I:I:ll'IIIII~'i\'II¡I¡¡llllli
D Shareholder's identifying number 8c Unrecaptured sec. 1250 gain
29-35-4405
770 SABIN DR
daho Falls ID 83406
E Shareholder's name, address, city, state, and zip code 9 Net section 1231 gain (loss)
EVI JARVIS
304 CLEARFIELD
daho Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .6.0000%
For IRS Use Only
i~mii~ii.i
For Paperwork Reduction Act Notice, see Instructions for Form 1120.
JVA 07 120SK112 TWF 21663 Copyright Forms (Software Only) - 2007 TW
10 Other income (loss)15 Alternative min. tax (AMT) items
465
11 Section 179 deduction 16 Items affecting
shareholder basis
12 Other deductions
17 Other information
* See attached statement for additonal informtion.
Schedule K-1 (Form 1120S) 2007
Schedi.le K-1 (Form 112OS) 2007 LEVI JARVI S Page 2
This list IdentifIes the codes used on Schedule K-1 for all shareholders and provIdes summarized reportng Infrmation for shareholders
who file Form 1040. For detailed reprting and filing Information, see the separate Shareholder's InstructIons for Schedule K-1 and the
Instructions for your Income ta return.
Ordinary business Income (los). You must first determine
whether the income (loss) is passive or nonpassive. Then enter on your
return as follows:
1.
Passive loss
Passive income
Nonpassive loss
Nonpassive income
Net rental real estate Income (loss)
Other net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. Ordinar dIvIdends
5b. QualifIed dividends
6. Royaltes
7. Net short-term caItal gaIn (loss)
8a. Net long-term capitl gaIn (loss)
8b. Collectbles (28%) gain (loss)
2.
3.
8c. Unrecatured secon 1250 gaIn
9. Net sectIon 1231 gaIn (loss)
10. Other Income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1256 contracts &straddles
o Mining exploration costs recapture
E Other Income (loss)
11. Secton 179 deductIon
12. ~er deductons
A
B
C
o
E
F
G
H
IJ
K
L
M
Cash contributions (50%)
Cash contributions (30%)
Noncash contributions (50%)
Noncash contributions (30%)
Capital gain property to a 50%
organization (30%)
Capital gain property (20%)
Investment interest expense
Deductions--royalty Income
Section 59(eX2) expenditures
Deductions--portfolio (2% floor)
Deductions--portfolio (other)
Preproductive period expenses
Commercial revitalization
deduction from rental real
estate activities
Reforestation expense
deduction
Domestic production activities
Information
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
N
o
p
Q
R
13. Credits
A Low-income housing credit
(section 42liK5))
B Low-income housing credit (other)
C Qualified rehabilitation expenditures
(rental real estate)
Other rental real estate credits
Other rental credits
Undistributed capital gains credit
Credit for alcohol used as fuel
Work opportunity credit
Welfare-to-work credit
Disabled access credit
Empowerment zone and renewal
community employment credit
JVA
o
E
F
G
H
IJ
K
07 120SK112 TWF21664
Report on
See the Shareholder's Instructions
Schedule E, line 26, column (g)
Schedule E, line 28, column (h)
Schedule E, line 26, column (j
See the Shareholder's Instructions
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line 4
Schedule D, line 5, column (f)
Schedule D, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule D instructions)
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 6781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
J See the Shareholder's
Instructions
Form 4952, line 1
Schedule E, line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 6903, line 7
Form 8903, line 15
See the Shareholder's Instructions
1 SN ". "....,,",
J Instructions
Form t040, line 70, check box a
J See the Shareholder's
Instructions
Form 8844, line 3
Copyright Forms (Software Only) - 2007 TW
L Credit for increasing research
activities
M New markets credit
N Credit for employer social
security and Medicare taxes
o Backup withholding
P Other credits
14. ForeIgn transactIons
A Name of country or U.S.
possession
B Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate levelo Passive category JE General category Form 1116, Part I
F Other
Deductions allocated and apportioned at shareholder levelG Interest expense Form 1116, Part IH Other Form 1116, Part!
Deductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available forcredit Form 1116, line 12
o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. Alternative mInImum ta (AMT Items
A Post-1986 depreciation adjustment J See theB Adjusted gain or loss Shareholder's
C Depletion (other than oil & gas) Instructions and.
o Oil, gas, & geothermal--gross income the Instructions for
E Oil, gas, & geothermal-deductions Form 6251
F Other AMT items
16. Items afecting shareholder basIs
A
B
Co
E
Code
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distributions
Repayment of loans from
shareholders
17. Other Information
A
'B
C
o
E
F
G
H
I
J
K
L
M
No
P
Investment income
Investment expenses
Qualified rehabilitation expenditures
(other than rental real estate)
Basis of energy property
Recapture of low-income housing
credit (section 42(X5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recapture of other credits
Look-back interest--completed
long-term contracts
Look-back interest--income forecast
method
Dispositions of property with
section 179 deductions
Recapture of section 179
deduction
Section 453(IX3) information
Section 453A(c) information
Section 1260(b) information
Interest allocable to production
expenditures
CCF nonqualified with drawals
Information needed to figure
depletion--oil and gas
Amortization of reforestationcosts
Other information
Q
R
S
T
Report on
J See the Shareholder's
Instructions
Form 1040, line 64
See the Shareholder's Instructions
J Form 1116, Part I
J Form
1116,Partl
Form 1116, Part II
Form 1116, Part II
Form 1040, line 6b
J. See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8611, line 6
Form 6611, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
See Form 8866
See the Shareholder'sInstructions
Fo'rm 4562 Depreciation and Amortization
(Including Information on Listed Propert)
OMB No. 1545-0172
Department of the Treasury
Internal Revenue Servièe ~ See separate Instructions. ~ Attch to your ta return.
Business or activit to which this form relatesWATER COMPAN OR FORM 11208
Election To Expense Certain Propert Under Section 179
Note: If you have any listed propert, complete Part V before you complete Par i.
1 Maximum amount. See the instctions for a higher limit for certain businesses. . . . . . . . . . . . . . . . . . . . . . . .
2 Total cost of section 179 propert placed in service (see instructions) ....... . . . . . . . . . . . . . . . . . . . . . . . .
3 Threshold cost of section 179 propert before reduction in limitation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If marred filing separately,
see instructions ........................................................................
2007
Attachment
Sequence No. 67
Identiing number2-6007817
1 125,000
23 500,0004 0
6 (a) Description of propert 5
(b) Cost (busn. use only)(c) Eleced cost
7 Listed propert. Enter the amount from line 29 ............................ 7
8 Total elected cost of section 179 propert. Add amounts in column (c), lines 6 and 7. . . . . . . . . . . . . . . . . . . . 89 Tentative deduction. Enter the smaller of line 5 or line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Carrover of disallowed deduction from line 13 of your 2006 Form 4562 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instrctions) 11 125 , 000
12 Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 . . . . . . . . . . . . . . . . . 12
13 Carryover of disallowed deduction to 2008. Add lines 9 and 10, les line 12. .. ~ 13 i~if¡Jll:J¡tifl(¥J¡f:tilÆM¡iM¡i¡¡
Note: Do not use Part II or Part II below for listed propert. Instead, use Par V.
iiii¡mn Special Depreciation Allowance and Other Deprecation (Do not include listed propert.) (See instrctns.)
14 Special allowance for qualified New York Libert or Gulf Opportunit Zone propert (other than listed propert)
and cellulosic biomass ethanol plant propert placed in service during the tax year (see instrctons) . . . . . . .
1415Propert subject to section 168(1)(1) election. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1516Other depreciation (including ACRS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 496f~pjHWI MACRS Depreciation (Do not include listed propert.) (See instrctions.)
17 163,060
!111¡¡111111111¡11111111l11illl¡11111111111111111111111ílil'lljlliiii¡lllìll¡llllll
(a) Classification of propert
19a 3-year propert
b 5-year property
c 7-year propert
d 10-year propeB e 8 tat
e 15-year propert
f 20-year propert
g 25-year propert
h Residential rental
propert
(b) Month andyear placed inservice
(c) Basis for depr.(business/investment use
on Iv -- see instructions)
(d) Recoveryperiod (e)Convention (1) Method (g) Depreciationdeducton
5,869 0'" HY ~oo DB 839
1,209
25 yrs.
27.5yrs. MM
27.5 yrs. MM
39 yrs. MM
MM
SIL
SIL
SIL
SIL
SIL
I Nonresidential real
propert
20a Class life
b 12- ear
c 40- ear
e.ttl¥. Summa (see Instructions
21 Listed propert. Enter amount from line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here
and on the appropriate lines of your return. Partnerships and S corporatins -- see instrctions ..........
23 For assets shown above and placed in service during the current year, enter the
portion of the basis attibutable to section 263A costs . . . . . . . . . . . . . . . . . . . . . . . 23
For Paperwork RedUction Act Notice, see serate Instructons.
JVA 07 45621 TWF 21628 Copyright Forms (Software Only)- 2007 TW
Section C -- Assets Placed In ServIce During 2007 Tax Year Using the Alternatve Depreciation SystemSee 8 tat ¡i¡¡¡.I:¡li¡li¡¡¡~I:il::¡~¡-: 12 rs. ~~~
40 yrs. MM SIL
12,440
21
22
,
FALLS WATER COMPANY
82-6007817
2007 DETAIL STATEMENTS
STATEMENT #1 - Gross Receipts or Sales (1120S PGl - INC LINE la)
Page 1
OPERATING REVENUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NON-UTILITY INCOME.............................783,712
23,431
TOTAL CARRIED TO 1120S PGl - INC LINE la...................807,143
STATEMENT #2 - Salaries & Wages (1120S PGl - DED LINE 8)
Salaries & Wage Expense:
FIELD LABOR. . . . . . . . . . . . . . . . . . . . . . . . . . 136,557
METER READING. . . . . . . . . . . . . . . . . . . . . . . . 1,131
ADMIN................................ 62,988TOTAL Salarieß & Wage Expense..... . . . . . . . . . . . . . 200,676
TOTAL CARRIED TO 1120S PGl - DED LINE 8....................200,676
STATEMENT #3 - Rent On Business Property (1120S PGl - DED LINE 11)
PROPERTY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EQUIPMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12,78219,778
TOTAL CARRIED TO 1120S PGl - DED LINE 11...................32,560
STATEMENT #4 - Taxes and Licenses (1120S PGl - DED LINE 12)
Other Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,237
TOTAL CARRIED TO 1120S PGl - DED LINE 12...................10,237
STATEMENT #5 - Other Deductions (1120S PGl LINE 19)
Other Deduct ions:
Accounting. . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank Charges. . . . . . . . . . . . . . . . . . . . . . . . .
Dues & Subscriptions. . . . . . . . . . . . . . . . .
Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .Legal & Professional.. . . . . . . . . . . . . . . .Office Expense........ . . . . . . . . . . . . . . .
Postage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Telephone. . . . . . . . . . . . . . . . . . . . . . . . . . . .Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . .
PURCHASED WATER. . . . . . . . . . . . . . . . . . . . . .
ELECTRI CAL POWER.. . . . . . . . . . . . . . . . . . . .
CHEMICALS. . . . . . . . . . . . . . . . . . . .. . . . . . . .
SOURCE M&S. . . . . . . . . . . . . . . . . . . . . ... . . . .
DIST M&S. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ENG INEERING. . . . . . . . . . . . . . . . . . . . . . . . . .
TESTING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,5802,599
1,815
12,294
1,680
24 ,63414,032
13,5175,127
1,11294,6025,83716,30716,991
8,8422,540
Continued On Page 2
JVA Copyright Forms (Software Only) - 2007 TW K0508C
07_LSSTMT
,
FALLS WATER COMPANY
82-6007817
2007 DETAIL STATEMENTS
SOURCE CONTRACT REPAIRS. . . . . . . . . . . . . . 5, 394
TRASH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, 027
DISTRIBUTION CONTRACT REPAIRS. . . . . . . . 30,927DATA PROCESSING. . . . . . . . . . . . . . . . . . . . . . 3,751
CONSULTING. . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000TRASPORTATION. . . . . . . . . . . . . . . . . . . . . . . 25,886TRAINING. . ., . . . . . . . . . . . . . . . . . . . . . . . . . . 834IDHW FEE. . : . ... .. ... .. ... . . . .. .. .. . .. 10,988MISC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250
REGULTORY FEES...................... 1,714MISC NON-UTILITY EXP. . . . . . . . . . . . . . . . . 18,199
RATE CASE AMORT. . . . . . . . . . . . . . . . . . . . . . 6 , 462TOTAL Other Deductions. . . . . . . . . . . . . . . . . . . . . . . . . 353,941
Page 2
TOTAL CARRIED TO 1120S PG1 LINE 19.........................353,941
STATEMENT #6 - Other Additions (1120S PG 4 M-2 LINE 3 (a) )
Book vs Tax Difference. . . . . . . . . . . . . . . . . . . . . . . . .77,611
TOTAL CARRIED TO 1120S PG 4 M-2 LINE 3 (a) . . . . . . . . . . . . . . . . . .77,611
JVA CopyrightForms(SoftwareOnlyl_ 200TTW K0508C
07_lSSTMT
10-YEAR ASSETS PLACED IN SERVICE DURING 2007
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPAN
82-6007817
19d (b)(c)(d)(e)(1)(g)Asset Description Date in Service Basis Period Convention Method Depreciation
EQUIPMENT 12-12-2007 16,818 10 HY ß/L 841PUMP EQUI PMENT 06-29-2007 6,484 0 HY ß/L 324TOOLS05-24-2007 881 10 HY S/L 44
.
Total 1,209
JVA Copyright Forms (Software Only) - 2007 TW KOB12C 07 _LS456210YR
ADS CLASS LIFE ASSETS PLACED IN SERVICE DURING 2007
USING ALTERNATE DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
20a (b)(c)(d)(e)(f)(g)Ast Description Date in Service Basis Period Convention Method Depreciation
METERS 09-18-2007 307,826 130 HY S/L 5,131WATER MAIN.09-30-2007 175,257 30 HY S/L 2,922WELL09-30-2007 263,156 30 HY S/L 4,387
,....
Total 12,440JVA Copyright Forms (Software Only) - 2007 TW K0612C
07 _LS4562ADSCL
FALLS WATER COMPANY
82 -6007817
2007 SHAREHOLDERS SUMMARY
Shareholder:Prof Sharing Shareholder:Profi SharingNumber and Name Percenta Number and Name Percentage1JAYJOHNSON22.000000
~BRENT JOHNSON 24.000000
3 PAUL JOHNSON 24.000000
4 MARK JOHNSON 24.0000005LEVIJARVIS6.000000
TOTAL:100.000000
n
Kee for Your Recrds
JVA Copyright Forms (Software Only) - 2007 TW T030BF 07_CSK1RW
2008 CARRYFORWARD INFORMATION
FALLS WATER COMPANY 82-6007817
Kee for Your Records
2007 taxable state and local tax refund
2007 tax liabilty
Refund amunt applied to 2008
Additional state taxes paid
Carryover of disallowed section 17e deduction
Percentage depletion carorward
20
· If there are Form(s) 6252 in this tax return, the gross profi rat and prir payments reived (including
the current year payments) will carry forward from each Form 6252.
,":~
JVA Copyright Forms (Software Only) ~ 2007 TW TOS01F 07_CSCRYFWO
I' b 415
R EF000028M 7-26-07
IDAHO S CORPORATION INCOME TAX RETURN 1043
2007
AMENDED RETURN, check the box.
. 0 See instructions for the reasons
for amending and enter the number. .
Business name
FALLS WATER COMPANY
For calendar year
2007, or fiscal year Mo Day
beginning
Business mailng address
1770 SABIN DR
Cit, State and Zip Code
Idaho Falls ID 83406
1. Did the corporate name change? If yes, enter the previous nam
2. If a federal audit was finalized this year. enter the latest year audited. . . . . . . . . . . . . . . . . . . . . . . . . .. ._
3. Is this an inactive corporation or nameholder corporation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. a. Were federal quarerly estimated payments required? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b. Were quarerly esmated payments basd on annualized amounts? ..................................
5. Is this a final return?: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If yes, check the proper box below and enter the date the event occurred
o Withdrawn from Idaho 0 Dissolved 0 Merged or reorganized Enter new FEIN
6. Is this an electrical or telephone utilit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. Did the ownership change during the year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8. Enter the amunt of credit for qUalifying new employees earned this tax year. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
9. Enter the amunt of invesnt tax credit earned this tax year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
10. Enter the amunt of broadband equipment investmnt credit earned this tax year. . . . . . . . . . . . . . . . . . . . . . . . . .
11. Enter the amount of credit for Idaho reearch activities earnd this tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
12 Enter the amount of biofuel infrastcture invesment tax credit earned this year
I
State use only
State use onlyYear Mo Day Year I 107 ending 12 0 7
Federal employer identification number
FALL
82-6007817 J
Do you need Idaho income tax
forms mailed to you next year?n Yes
UYes
ix No
~No
~yes
Yes
Yes
Yes iNO
No
No
No~
U Yes . ¡gNO
13.Did you claim the propert tax exemtion for investmnt tax credit propert acquired this tax year?I I Yes ./XI No INCOME
14.Ordinary income (loss).Form 11205,page 1 .14 -95 ,96315.Net income Ooss)from rental real estate activites.Form 112OS,Schedule K .1516.Net income (loss)from other rental activites.Form 1120S,Schedule K ...1617.Portolio income Ooss).Form 1120S,Schedule K .1718.Other income (loss).Form 1120S,Schedule K .1819.Net distributable income.Add lines 14 throuah 18 19 -95 ,963ADDITIONS
20.Interest and dividends not taxable under Internal Revenue Code .2021.State,municipal and local taxes measured by net income.Attach a schedule .2122.Other additions .2223.Add lines 20 through .~
23 -95 96322
,SUBTRACTIONS -24.Interest from Idaho municipal securities .2425.Interest on U.S.Government obligations.Attach a schedule .2526.Interest and other expenses related to lines 24 and 25 .2627.Add lines 24 and 25,and subtract line 26 2728.Technological equipment donation .2829.Allocated income.Attach a schedule . r29
.¡I~'¡¡I¡¡ÎI¡II¡I¡lllll¡li¡lllll~lll¡llllllllllllill¡11¡lil!¡¡I¡¡¡ii~I¡I.¡:il¡¡:I'I.¡I:l.II:.¡¡
30.Interest and other expenses related to line 29.Attach a schedule .3031.Subtract line 30 from line 29 3132.Bonus depreciation.Attach computations .3233.Other subtractions .3334.Total subtractions.Add lines 27,28,31,32 and 33 34
35.Net business income subject to apportonment.Subtract line 34 from line 23 .35 -95 ,963
MAIL TO: Idaho State Tax CommIssIon, PO Box 56, BoIse 10 83756-0056
AlTACH A COMPLETE COPY OF YOUR FEDERAL FORM 11205.
07 104151 TWF2t561 Copyright Forms (Software Only) - 2007 TW 1I111111~ 1111 ~III723052 --
. I' ID Form 415 (2007)
EF000028p2
7-26-07
36.Net business income subject to appollonment.Enter the amunt from line 35.36 -95 ,96337.Corporations with all actvity in Idaho enter 100%.Multltate/multnational corporations complete andattachForm 42. Enter the apportionment factor from Form 42,Par I, line 21 . ..37 100 .0000 %38.Net business income appolloned to Idaho.Multply line 36 by the percent on line 37. ..38 -95 ,96339.Income allocated to Idaho.See instructions .3940.Idaho compensation of individual offcers,directors,and shareholders not reported to Idaho..4041.5 corporation income reported to Idaho on shareholders' income tax returns..41 -95 ,96342. Idaho t.axable income. Add lines 38 through 40,and subtract line 41 .42 043.Idaho income tax.Multiply line 42 by 7.6"Æ.. ..43CREDITSIl44.Credit for contrbutions to Idaho educational entities .4445. Credit for contributions to Idaho youth and rehabilitation facilities .4546.Total business income tax credits from Form 44,Par I,line 15. Attach Form 44 4647.Total credits.Add lines 44 through 46
. .47 048.Subtract line 47 from line 43.If line 47 is greater than line 43, enter zero 48 0OTHERTAXES
49.Minimum tax. See instrctions if the S corporation owes federal tax .49 2050.Permanent building fund tax.See instrctions . ..5051.Total tax from recapture of income tax credits from Form 44,Par ",line 11. Attach Form 44 5152.Fuels tax due. Attach Form 75
~. .5253.Sales/Use tax due on mail order,Internet, and other nontaxed purchases .5354.Tax from recapture of qualifed investmnt exemption (OlE). Attach Form 49ER. .5455.Total tax. Add lines 48 through 54
.55 2056.Underpayment interest. Attach Form 41 ESR ..
56.57.Add line 55 and line 56 .
57 20PAYMENTSandOTHER CREDITS
58.Estimated tax payments . ..5859. Special fuels tax refund Gasoline tax refund Attach Form 75 5960.Total payments and other credits.Add line 58 and line 59 60 0
1043
Page 2
,.REFUND or PAYMENT DUE
61. Tax Due. Subtract line 60 from line 57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.61 2062. Penalty .Interest from due date .Enter total . . . . . . . . . . . .6263. TOTAL DUE. Add line 61 and line 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. I 2064. Overpayment. Subtract line 57 from line 60. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.6465. REFUND. Amount of line 64 you want refunded to you . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. I66. ESTIMATED TAX. Amunt to credit to your 2008 estimated tax. Subtract line 65 from line 64 . . . . . . . . . . . . . . . . .
.66AMENDED RETURN ONLY. Complete thIs secton to determIne your taxdue or refund.
67. Total tax due (line 63) or overpayment (line 64) on this return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67 .68. Refund from oriinal return plus additonal refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6869. Tax paid with original return plus additional tax paid. . . . . . . . . . . . . . . " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6970. Amended tax due or refund. Add lines 67 and 68, and subtract line 69 ................................ .70. ~ Within 180 days of receiving this return, the Idaho State Tax Commission may discuss this return with the paid preparer identified below.
If line 57 Is more than line 60 GO TO LINE 61 If line 57 Is less than line 60 GO TO LINE 64
Under penalies of perjury I declare that to the best of my knowledge and belief this return is true correct and complete See instructions,
,Signature of offcer Date
SIGN .
HERE Title Phone numberPRESIDENT1208-709-6830Paid preparer's signature
I Preparer's EIN, SSN, or PTIN.. 82-0332820
Address and phone number 208-522-1412329SOUTH WOODRUFF IDAHO FALLS ID 834
07 104152 TWF 21562 Copyright Forms (Software Only) - 2007 TW 1I11/1t11l/11111723252 --
.iUd.J.U
Form 4562 Depreciation and Amortization
(Including Information on Listed Propert)
OMB No. 1545-0172
Department of the Treasury
Internal Revenue Service ~ See separate Instructions. ~ Attch to your ta retrn.
Business or activit to which this form relatesWATER COMPANY OR FORM 1120S
Election To Expense Certain Propert Under Section 179
Note: If you have any listed propert, complete Part V before you complete Part i.
1 Maximum amount. See the instructions for a higher limit for certain businesses. . . . . . . . . . . . . . . . . . . . . . . .
2 Total cost of section 179 propert placed in service (see instrctons) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Threshold cost of section 179 propert before reduction in limitation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or les, enter -0-. If marred filing separately,
see instructions ........................................................................
6 (a) Description of propert (b) Cost (busn. use only) (c) Elecd cost
See Section 179 Wrksht
2007
AttachmentSequence No. 67
IdenUfylng number
2-6007817
1
2
3
4 o
5 o
7 Listed propert. Enter the amount from line 29 .................. . . . . . . . . . . 7
8 Total elected cost of section 179 propert. Add amounts in column (c), lines 6 and 7. . . . . . . . . . . . . . . . . . . . 8
9 Tentative deduction. Enter the smaller of line 5 or line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Carrover of disallowed deduction from line 13 of your 2006 Form 4562 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instructions) 11 0
12 Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 . . . . . . . . . . . . . . . . . 12
13 Carover of disallowed deduction to 2008. Add lines 9 and 10, less line 12. .. ~ 13 ¡¡¡¡fiM¡¡~¡¡¡¡¡¡¡¡¡¡¡¡¡¡f¡¡¡~t¡¡¡¡¡ff¡Mt¡rmHlt
Note: Do not use Part II or Par III below for listed rope . Instead, use Par V.
:mmUlM: S eclal De reclatlon Allowance and Other De reclatlon (Do not include listed propert.) (Se instructons.)
14 Special allowance for qualifed New York Libert or Gulf Opportnity Zone propert (other than listed propert)
and cellulosic biomass ethanol plant propert placed in service during the tax year (see instrctions). . . . . . . 14
15 Propert subjec to section 168(f)(1) election. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
16 Other depreciation (including ACRS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
,.dUIl MACRS De reclatlon (Do not include listed propert.) (See instctions.)
SeUonA17 MACRS deductions for assets placed in service in tax years beginning before 207 '" . . . . . . . . . . . . . . . . .
18 If you are electing to group any assets placed in service during the tax year into one or more
general asset accounts, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~
Section B -- Assets Placed In ServIce During 207 Tax Year UsIng the General DerelaUon System
(b)Month and (c)Basis for depr.(d)Recovery (e)(f)Method (g)Depreciation(a)Classifcation of propert year placed in (business/investment use period Convention deductionserviceonly -- see instructions)19a 3-year propert
b 5-year propert
c 7-year propert .~
d 10-year propert 1 ,2 0 9e15-year prop~e Stat
f 20-year proper
g 25-year propert 25 yrs.S/LhResidentialrental27.5 yrs.MM S/Lpropert27.5 yrs.MM S/LINonresidentialreal39yrs.MM S/Lpropert
MM S/LSecUon C -- Assets Placed In Service During 2007 Tax Year UsIng the Alrnative DeprecIation System
20a Class life
11111111111111111111111
S/L 7 ,309b12-year See Stat 12 yrs.S/Lc40-year 40 yrs.MM S/LIBlaUMISummary (see instrctions)
21 Listed propert.Enter amunt from line 28 2122Total.Add amounts from line 12,lines 14 through 17,lines 19 and 20 in column (g),and line 21. Enter hereandon the appropriate lines of your return.Partnerships and S corporations --see instuctons 22 30 ,18323For assets shown above and placed in service during the current year,enter the
I I 1IIIll~ljl¡II¡~llr :f(¡jllllllillllll:¡IIIIII¡11I1.¡
porton of the basis attributable to section 263A costs 23For Paperwork Reduction Act NoUce, see separate Instrctions.
JVA 07 45621 TWF 21628 Copyriglt Forms (Software Only) _ 2007 TW Form 4562 (2007)
Idaho 10-YEAR ASSETS PLACED IN SERVICE DURING 2007
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
19d (b)(c)(d)(e)(f)(g)Asset Description Date in Service Basis Perid Conventor Method Depreciation
EQUIPMENT 16,818 10 HY S/L 841PUMP EQUI PMENT 6,484 10 HY S/L 324TOOLS88110HYS/L 44.
,.~.."
Total 1,209JVA CopyrightForms(SoftwareOnlyl- 2007TW D0712R 07 _ID456210YR
IDAHO ADS CLASS LIFE ASSETS PLACED IN SERVICE DURING 2007
USING ALTERNATE DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
20a (b)(c)(d)(e)(1)(g)Asset Description Date in Servce Basis Period Conventior Method Depreciation
WATER MAIN 175,257 30 HY S/L 2,922WELL263,156 13 0 HY S/L 4,387
"~
Total 7,309
JVA Copyright Forms (Softwae Only) - 2007 TW 00712R 07 _I04562AOSCL
, 2007 WORKSHEET FOR 10 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS,
CREDITS, AND TAXESFALLS WATER COMPAN
82 - 6007817
The amount shown for each line Item WILL be distributed on the Schedules K-1 by the shareoldes' percenta.
Net distributable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ 95 , 9 6 3
Additions:
Interest and dividends received, not taxable under IRC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State, municipal, and local taxes measured by net inco~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
Other additions . . . . . . . . . . . . . . ~.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtractions:
Interest recived from Idaho municipal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on U.S. obligationa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Interest expense related to U.S. obligations & municipal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income .................:..............................................................
Less: Interes and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation ...............................................................................
Other subtractions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total subtractions .................................................................................
Net business Income subjec to apportionment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Idaho apportionment factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net business Income apportoned to Idaho . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholder's Income tax return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CredIts
Credit for contributions to educational enties ..........................................................
Credit for contrbutions to youth and rehabiltation facilites. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investmnt tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for production equipment using post-consumer wase. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for qualifing new emloyees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Idaho research actvities ...................................................................
Broadband equipment Investnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Incentive Investrrent tax credit ......................................................................
Corporate headquarers investmnt tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . : ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarters real propert improvement tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarters new jobs tax credit ...........................................................
Small employe invesnttax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer real propert improvement tax credit '" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer new jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infrastcture investent tax credit .............................................................
-95,963100.0000
-95,963
-95,963
JVA Copyright Forms (Software Only) - 2007 TW Tl023F
07_SIDUVKl
SHAREHOLDER # 1
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
JAY JOHNSON
2125 CABELLAO
Idaho Falls ID 83406
Attached is your copy of Schedule K-l to the IDAHO Tax Return
for an S Corporation (Form 1D 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited datasupplied by the tax matters person. No attempt was made to verify
any of the information and elections contained therein. The returns
are subject to examination by the tä~ing authorities and, therefore,
the income, losses, deductions or credits which appear aresubj ect
to possible adj ustment .
200710 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31, 2007, or fiscal year beginning
Shareholder's identiing number 52 8 - 5 0 - 1 5 14
Shareholder's name, addres, and zip code
JAY JOHNSON
, and ending Keep for Your Records
S Corporation's identing number 82 - 6 0 0 78 1 7
S Corporaton's nam, address, and zip code
FALLS WATER COMPAN
2125 CABELLARO
Idaho Falls ID 83ft06 1770 SABIN DR
Idaho Falls ID 83406
Profi sharng percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 .............................................................................................
Amended K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22.00000
Yes
Yes
YesShareholder's Share of Idaho Source Income
Net distributable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exempt interest and dividends .............................................................
State, municipal, or local taxes ....................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additions ..................................................................................
Subtractions:
Interest from Idaho municipal secunties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligations .......................................................................
Less: Interest expense related to U.S. obligations & municipal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractions ................................................................................
Net business income subject to apportonment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportionment factor .............................................................................
Net business income apportioned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholder's Incme tax return. . . . . :~. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-21,112
-21,112
-21,112
Idaho Credits
-21,112
Credit for contrbutins to educational entities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contributions to youth and rehabilitation facilties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for production equipment using post-consumer waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifying New Employees .................................................................
Credit for Idaho research activites. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investmnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .
Incentive investnt tax credit ......................................................................
Corporate headquarters investmnt tax credit ..........................................................
Corporate headquarters real propert Improvementtax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarters new jobs tax credit ...........................................................
Small employer investment tax credit ................................................... . . . . . . . . . . . . .
Small employer real propert improvementtax credit .......................... . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer ne jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infrastrctre investmnt tax credit .............................................................
JVA Copyright Forms (Software Only) - 2007 TW T1023F 07_SIDK1
SHAREHOLDER #2
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
BRENT JOHNSON
630 S 45TH E
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited data
supplied by the tax matters person. No attempt was made to verify
any,of the information and elections contained therein. The returns
are subject to examination by the tåxing authorities and, therefore,
the income, losses, deductions or credits which appear are subjectto possible adj ustment .
..
200710 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31, 2007, or fiscal year beginning
Shareholders identifyng number 52 8 - 8 5 - 1 12 0
Shareholder's nam, address, and zip code
BRENT JOHNSON
, and ending Kee for Your Records
S Corporation's identiing number 82 - 6 0 0 7 8 1 7
S Corporation's nam, addres, and ZiP code
FALLS WATER COMPAN
630 S 45TH E
Idaho Falls ID 83~06 1770 SABIN DR
Idaho Falls ID 83406
Profit sharing percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 .............................................................................................
Amended K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24.00000
Yes
Yes
Yes
Shareholder's Share of Idaho Source Income
Net distributable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exempt interest and dividends .............................................................
State, municipal, or local taxes ........................... . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additons ..................................................................................
Subtractions:
Interest from Idaho municipal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligations .......................................................................
Less: Interest expense related to U.S. obligations & municipal seurities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractions ................................................................................
Net business income subjec to apportonment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportonment factor .............................................................................
Net business income apportioned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated, to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholder's Income tax return. . . . :.~. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-23,031
-23,031
-23,031
Idaho Credits
-23,031
Credit for contrbutions to educational enti. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contributions to youth and rehabilitation facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for production equipment using post-consumer waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifing New Employees .................................................................
Credit for Idaho research actiities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Incentive investmnt tax credit ......................................................................
Corporate headquarers investmnt tax credit ..........................................................
Corporate headquarters real propert improvement tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarers new jobs tax credit ...........................................................
Small employer investnt tax credit ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer real propert improvement tax credit .....................................................
Small employer new Jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infrastructure investmnt tax credit .............................................................
JVA Copyright Forms (Software Only) - 2007 TW T1023F 07_SIOKl
~ SHAREHOLDER #3
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
PAUL JOHNSON
4650 MAJESTIC VIEW
Idaho Falls ID 83401
Attached is your copy of Schedule K-1 to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited data
supplied by the tax matters person. No attempt was made to verify
any,of the information and elections contained therein. The returns
are subject to examination by the t~xing authorities and, therefore,
the income, losses, deductions or credits which appear are.subject
to possible adj ustment .
..
200710 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31,2007, or fiscal year beginning
Shareholders identifying number 5 2 8 - 8 5 - 2 2 4 0
Shareholder's name, address, and ZiP code
PAUL JOHNSON
, and ending Keep for Your Records
S Corporation's identiing number 82 - 6 0 0 78 1 7
S Corporation's name, addres, and zip code
FALLS WATER COMPAN
4650 MAJESTIC VIEW
Idaho Falls ID 83401 1770 SABIN DR
Idaho Falls ID 83406
Profit sharing percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 .............................................................................................
Amended K-1 .........................................................................................
Check ifthis shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24.00000
Yes
Yes
YesShareholder's Sharø of Idaho Source Income
Net distributable Income .. ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exempt interest and dividends ........... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State, municipal, or local taxes ................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additons ..................................................................................
Subtractions:
Interes from Idaho municipal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligations .......................................................................
Less: Interest expense related to U.S. obligations & municipal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractions ................................................................................
Net business income subject to apportonment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportionment factor .............................................................................
Net business income apportoned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholder's Income tax return. . . . . ;'": . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-23,031
-23,031
-23,031
Idaho Credits
-23,031
Credit for contrbutions to educatinal enties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contrbutions to youth and rehabilitation facilties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investnt tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for production equipment using post-consumer waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifying New Employees .................................................................
Credit for Idaho research activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
Broadband equipment investment credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Incentive investmnt tax credit ......................................................................
Corporate headquarers investment tax credit ................;.........................................
Corporate headquarers real propert improvemnttax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarters new jobs tax credit ...........................................................
Small employer investmnt tax credit ........ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer real propert Improvement tax credit ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer new jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infrastructure investmnt tax credit .............................................................
JVA Copyright Forms (Software Only) - 2007 TW T1 023F 07_SIDK1
SHAREHOLDER #4
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
MARK JOHNSON
3773 AUTUM WOOD
Idaho Falls ID 83406
Attached is your copy of Schedule K-l to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return. .
The enclosed information has been prepared from unaudited data
supplied by the tax matters person. No attempt was made to verify
any of the information and elections contained therein. The returns
are subject to examination by the taxing authorities and, therefore,
the income, losses, deductions or credits which appear are subj ect
to possible adj ustment .
200710 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31, 2007, or fiscal year beginning
Shareholder's identing number 52 9 - 8 3 - 54 19
Shareholder's name, address, and zip code
MARK JOHNSON
, and ending Kee for Your Records
5 Corporation's identng number 8 2 - 6 0 0 7 81 7
S Corporation's nam, address, and ZiP code
FALLS WATER COMPAN
3773 AUTUM WOOD
Idaho Falls ID 83406 1770 SABIN DR
Idaho Falls ID 83406
Profit shanng percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 ................................................................ .......... ...................
Amended K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ". . . .
24.00000
Yes
Yes
YesShareholder's Share of Idaho Source Income
Net distributable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exempt interes and dividends .............................................................
State, municipal, or local taxes .............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additions ..................................................................................
Subtractions:
Interest from Idaho municipal securies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligations .......................................................................
Less: Interest expense related to U.S. obligations & municipal secunties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractions ................................................................................
-23,031
Net business incorn subject to apportonment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportionment factor .............................................................................
Net business income apportoned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholder's Income tax return. . . . . :: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-23,031
-23,031
-23,031
Idaho Credits
Credit for contributins to educational enties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contnbutions to youth and rehabilitation faciliies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for production equipment using post-consumer waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifying New Employees .................................................................
Credit for Idaho research activit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investmnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Incentive investmnt tax credit ......................................................................
Corporate headquarers investmnt tax credit ..........................................................
Corporate headquarers real propert improvement tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarters new jobs tax credit ...........................................................
Small employer investment tax credit ....................................................... . . . . . . . . .
Small employer real propert improvemnt tax credit .....................................................
Small employer new jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infrastrcture investment tax credit .............................................................
JVA Copyright Forms (Softare Only)- 2007 TW n023F 07_SIDK1
SHAEHOLDER #5
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
LEVI JARVIS
5304 CLEARFIELD
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistanceof your tax advisor with. respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited datasupplied by the tax matters person. No attempt was made to verify
any of the information and elections contained therein. The returns
are subject to examination by the taxing authorities and, therefore,
the income, losses, deductions or credits which appear are subject
to possible adjustment.
r
200710 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31, 207, or fiscal year beginning
Shareholder's identifying number 529 - 3 5 - 4 4 0 5
Shareholder's name, address, and zip code
LEVI JARVIS
, and ending Keep for Your Recrds
S Corporation's identiing number 82 - 6 0 0 7 8 i 7
S Corporation's name, address, and zip code
FALLS WATER COMPANY
5304 CLEARFIELD
Idaho Falls ID 83~06 i 770 SABIN DR
Idaho Falls 1D 83406
Profit sharing percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 ....................................... . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amended K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.00000
I- Yes
I- Yes
Yes
Shareholder's Share of Idaho Source Income
Net distributable incme . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exempt interest and dividends .............................................................
State, municipal, or local taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtractions:
Interest from Idaho municipal securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligatons .......................................................................
Less: Interest expense related to U.S. obligations & municipal secrities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interes and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractons ...............................................................................
Total subtractions ......................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net business income subject to apportionment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportonment factor .............................................................................
Net business income apportioned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated!o Idaho. . . . . . . .. .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
S Corporation income reported to Idaho on shareholder's Income tax return. . . . ":': . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-5,758
-5,758
-5,758
Idaho Credits
-5,758
Credit for contrbutins to educatonal enties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contrbutions to youth and rehabilitation facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for productin equipment using post-consumer waste. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifing New Empioyees .................................................................
Credit for Idaho research actiites. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment invesnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .
Incentive investmnt tax credit ......................................................................
Corporate headquarers invesment ta credit ..........................................................
Corporate headquarter real propert improvement tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarters new jobs tax credit ...........................................................
Small employer investmnt tax credit ........................................ . . . . . . . . . . . . . . . . . . . . . . . .
Small employer real propert improvement tax credit .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer new Jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infrastrcture investment tax credit .............................................................
JVA Copyright Forms (Software Only)- Z007 TW Tl0Z3F 07_SIOKl
L";:'-
02-02-2009
CRAALL & OSEEN PA
329 SOUTH WOODRUFF
IDAHO FALLS, ID 83401-
[phone]
FALLS WATER COMPANY 82-6007817
INSTRUCTIONS FOR FILING 2008 FEDERA FORM 1120S. You have elected to file the S-Corporation return electronically.. Your tax obligation is exactly met. No additional tax. is due.
.An officer must sign Form 8879-S.
INSTRUCTIONS FOR FILINt:2Q 0~..Il)M9~ORM4 1S
. Your return has a balance ... due of $20.00..An officer must sign Form 8879-S.
.Make a check for $20.00 payable to: IDAHO STATE TAX COMMISSION. Wri te your employer identification number on the check.
.Attach the check to the left hand margin of your return.
.Mail your return on or before 04-15-2009 to:
IDAHO STATE TAX COMMISSION
P.O. BOX 56
BOISE, ID 83756-0056
(Ç(Q~V
Attachment 2
f Of.
2008 TWO YER COMPARISON
FALLS WATER COMPANY
82-6007817
2008
INCOME:
Gross receipts or sales .................................. 1 , 011 , 3 93
Less returns and allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance...................,.......................... 1,011,393
Cost of goods sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Grossprofit......... ..... ....... .... ..... .............. 1,011,393
Net Form 4797 gain/(Ioss~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income/(ioss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTALINCOMEI(LOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, 011 , 393
DEDUCTIONS:
Compensatin of offcers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Salares and wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repairs and maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
Bad debts............................................
Rents............................................... .
Taxes and licenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .
Depletion............................................ .
Advertising. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pension, profit-sharng, plans, etc., . . . . . . . . . . . . . . . . . . . . . . . . .
Employee benefit programs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other deductns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deductons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ordinar Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TAXES & PAYMENTS:
Tax................................................. .
Paymnts............................................ .
Estimated tax penalt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amunt OWED wi return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Overpayment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amunt credited to next year. . .. . . . . . . . . . . . . . . . . . . . . . . . . . .REFUND............................................ .
SCHEDULE K - Income/(Loss):
Ordinar income les built-In gains tax. . . . . . . . . . . . . . . . . . . . . . .
Net income/(ioss) from rental real estate. . . . . . . . . . . . . . . . . . . . . .
Net income/(ioss) from other rental. . . . . . . . . . . . . . . . . . . . . . . . .
Interest income.. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .
Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Royal income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net short-term capital gain/(Ioss). . . . . . . . . . . . . . . . . . . . . . . . . . .
Netlong-term capital gain/(ioss~ . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net gain/(Ioss) under Section 123.1. . . . . . . . . . . . . . . . . . . . . . . . . .
Other income/(ioss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
JVA Copyright Forms (Software Only) - 2008 TW M080SA
54,426
238,533
13,61244,899
36,245
13,445214,517
4,772
64,017
421,5551,106,021
-94,628
..94,628
2007
807,143
807,143
807,143
807,143
55,064
200,676
9,316
32,560
10,237
13,262
178,044
2,593
47,413
353,941
903,106
-95,963
-95,963
Page 1
Keep for Your Records
DIFFERENCE
204,250
204,250
204,250
204,250
-638
37,857
4,296
12,339
26,008
18336,473
2,179
16,604
67,614
202,915
1,335
1,335
Olt_CS2YRl
FALLS WATER COMPANY82-6007817
2008 TWO YEAR COMPARISON
Page 2
Kee for your Records
SCHEDULE K - Deductions:
Section 179 expense deducton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Charitable Contrbutions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 59(e)(2) expenditures ...............................
Other deductions. . .. . . . . . . . . .' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CREDITS:
Low-income housing credit (Sec 42 (j)(5) from pre-208 buildings. . .
Low-income housing credit (other) from pre-208 buildinga . . . . . . . .
Low-income housing credit (Sec 42 (j)(5) from post-207 buildings . .
Low-income housing credit (other) from post-207 buildings. . . . . . .
Qualifed rehabilitation expenditres. . . . . . . . . . . . . . . . . . . . . . . . . . .
Other rental real estate credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other rental credits .......................................
Alcohol used as fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . . .
Other credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FOREIGN TRANSACTIONS:
Gross income from all sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross income sourced at shareholder level. . . . . . . . . . . . . . . . . . . . . .
Foreign Gross Income at Corp level (passive) . . . . . . . . . . . . . . . . . . . .
Usted categories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deductons at shareholder level (Interest expense) . . . . . . . . . . . . . . . .Other................................................. .
Deductions allocated at Corp level (pasive) . . . . . . . . . . . . . . . . . . . . .
Usted categries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign taxes paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign taxes accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reduction in taxes available for credit and gross income. . . . . . . . . . . .
AMT ITEMS:
Depreciation adjustmnt - post '86 propert . . . . . . . . . . . . . . . . . . . . .
Adjusted gain/(Ioss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deleootl. . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross incme from oil, gas, or geotheral propert. . . . . . . . . . . . . . . .
Deductions from oii, gas, or geothermal proper1. . . . . . . . . . . . . . . . . .
Other AMT items. ',' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ITEMS AFFECTING SHAREHOLDER BASIS
Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other tax-exempt income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nondeductible expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propert distrbutins other than dividends . . . . . . . . . . . . . . . . . . . . . .
Repayment of loans from shareholders. . . . . . . . . . . . . . . . . . . . . . . . .
OTHER INFORMATION
Investmnt income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investmnt expens. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend distrbutions paid from accumulated earnings and profit:. . . .
Income/loss reconcilation ..................................
JVA Copyright Forms (Software Only) - 2008 TW M0805A
2008
5,131
-94,628
2007
7,739
-95,963
DIFFERENCE
-2,608
1,335
08_CS2YR2
Form 11205 u.s. Income Tax Return for an S Corporation
.. Do not file this form unles the corpration has filed or Is
attching Form 2553 to elect to be an S corporation.
.. See separate Instuctons.
20 ending
OMB No. 1545-0130
Department of the Treasury
Internal Revenue Service 2008
For calendar year 200 or tax year beginning
,,,AS election Name Number, street, room/suite no.Cit/town, state, & Zip code o Employer ID no.effective date
Use FALLS01-01-2006 IRS WATER COMPANY 82-6007817B Business activity label.
E Date incorporatedcode number Other-
(see instructions)wise,770 SABIN DR 04-01-1959221300print or trdaho Falls ID 83406 F Total assets (see inst.)C Check if Sch. M-3 type.
attached n $4,342,904G Is the corporation electing to be an S corporation beinning with this tax year? U Yes ~No If "Yes," attach Form 255 if not already filed
20
H Check if; (1) B Final return (2) 0 Nam change (3) 0 Address change
(4) Amended return (5) 0 S election termination or revocation
I Enter the number of shareholders who were shareholders dunng any par 01 the tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 5
Caution. Include only trade or business income and expense on lines 1 a through 21 see the instructons for more information
o
Eo
U
C
T
Io
N
S
1a Gross receipts or sales I 1,011,393 Ib Less returns and allowances ICBal"1c 1,011,393I2Cost of gòods sold (Schedule A, line 8)2N................................................ .
C 3 Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . '. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 1,011,39304Net gain (loss) from Form 4797, Par II, line 17 (attach Form 4797). . . . . . . . . . . . . . . . . . . . . . . . . . . . .4M
E 5 Other income (loss) (see instrctions -- attach statement).................................. .56Total Income (loss). Add lines 3 through 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...6 1,011,3937Compensation of offcers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 54,4268Salanes and wages (less employment credits)........................................... .8 238,5339Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9SF
13,612E010Bad debts......... ...... .......... " .... . .. .... .... ............ .. ................10ER11Rents....................... .... .................................................
11 44,899i L 12 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 36,245N i
13 Interest 13 13,445S M
................,;...................................... 0....................T i 14 Depreciation not claimed on Schedule A or elsewhere on return (attach Form 4562).... 0..........14 214,517R T
U A 15 Depletion (Do not deduct 011 and gas depletion.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15C T
16 Advertsing 16 4,772T i ................... 0............................... ........ 0.............I a 17 Pension, profit-sharing, etc., plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17ON
N S 18 Employee benefit program ....................... ..0.................................18 64,017S
19 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 421,55520Total deductions. Add lines 7 through .19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...20 1,106,02121Ordinary business Income (loss). Subtract line 20 from line 6 ...... ..........................21 -94,62822Exces net passive income or LIFO recapture tax (se instrctions) . . .22a
.1¡1:1¡111¡llllll
T b 22b IATax from Schedule D (Form 112OS) . . . . . . . . . . . . . . . . . . . . . . . . . . .
X c Add lines 22a and 22b (see instrctions for additional taxes). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22c 0A23a2008 estimated tax payments and 207 overpayment credited to 2008 23 INb230Tax deposited with Form 7004 . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .
P c Credit for federal tax paid on fuels (attach Form 4136) . . . . . . . . . . . . .23cAdAdd lines 23a through 23c ............ ................................................23d 0V24024MEstimated tax penalty (see instrctions). Check if Form 2220 is attached . . . . . . . . . . . . . . . . . ...E 25 Amount owed. If line 23d is smaller than the total of lines 22c and 24, enter amunt owed. . . . . . . . . .25 0NT26Overpyment If line 23d is larger than the total of lines 22c and 24, enter amunt overpaid. . . . . . . . .26527Enter amunt from line 26 Credite to 2009 estimated ta ..0 Refnded ..27 0Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and
Sign belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
I
May the IRS discuss this returnHere
~ Sianature of offcer
~ PRESIDENT with the pre~er shownnlow
Date Title (see ¡nst.)? Yes NoPreparer's ~
b~ate I Check if self- ~repars SSN or PTINPaidsignature2-02-2009 employed n 00191681Preparer's Firm's name (or ~CRAALL &OSEEN PA EIN 82-0332820Use Only yours if self-employed),329 SOUTH WOODRUFF Phone no.address, and zip code IDAHO FALLS,ID 83401 [phone]
#2
#3
#4
For Privacy Act and Paperwork Reduction Act Notice, see Instrctions.
JVA 08 1120S12 TWF 27388 Copyright Forms (Software Only)- 2008 TW Form 11208 (200)
T
FALLS WATER COMPANY 82-6007817
Form 1120S (20)
PaQe
:..::.~:.:.:::'''::::.:':JltAJ Cost of Goods Sold (see instructons)
1 Inventory at beginning of year ....... ............................... .........................12Purchases......0................... .................................................. .23Cost of labor. . . . . . . . . . . . . .. ..................... ........ 0.0..............................34Additonal setion 263A costs (attach statement). .. ....................................... ...... .45Other costs (attach statement).. .............. .. ..... ................. ................... .56Total. Add lines 1 through 5 .......................... .................................... .67Inventory at end of year. . . ....................0.0..................... ......................78Cost of goods sold. Subtract line 7 from line 6. Enter here and on page 1, line 2. . . . . . . . . . . . .. . . . . . . . . .8
2
9a Check all methods used for valuing closing inventory: (i) 0 Cost as described in Regulations section 1.471-3
(ii) B Lower of cost or maret as described in Regulatins setion 1.471-4
(ii) . Other (Specify method used and attach explanation.)~
b Check if there was a writedown of subnormal goods as desribed in Regulations section 1.471-2(c). . . . . . . . . . . . . . . . . . ... . . .. .. ~
e Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970). . . . . . . . . . . . . . . . . . . . . . ~
d If the LIFO inventory method was used for this tax year, enter percentage (or amunts) of closing
inventory computed under LIFO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9d
e If propert is produced or acquired for resale, do the rules of section 263A apply to the corporation? . . . . . . . . . . . . . . .
f Was there any change in determning quantities, cost, or valuations beeen opening and closing inventory? . . . . . . . . .
If "Yes," attach ex lanation.
..':JDiW'i18 Other Information (see instctions)1 Check accounting method: a Cash b
2 See the instrctions and enter the:
a Business activity ~ Utili ties b Product or service ~ Utilities
3 At the end of the tax year, did the corporation own, directly or indirectl, 50.4 or more of the voting stock of a domesti
corporation? (For rules of attibution, se setion 267(c).) If "Yes," attach a statement showing: (a) nam and employer
identifcation number (EIN), (b) percentage owned, and (e) if 100% owned, was a QSub election made? . . . . . . . . . . . . . . . . . .
4 Has this corporation filed, or is it required to file, a return under secn 6111 to provide information on any reportable
transaction? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Check this box if the corporation issued publicly offered debt instments wih original issue discount. . . . . . . . . . . . . .. ~ 0
If checked, the corp. may have to file Form 8281, Information Return for Publicly Offered Oriinal
Issue Discount Instrments.6 If the corporation: (a) was a C corporation before it elected to be an S corporation or the corporation acquired an aset wih
a basis determined by reference to its basis (or the basis of any other propert) in the hands of a C corporatin and (b) has
net unrealized built-in gain (defined in section 1374(d)(1)) in exces of the net recgnized built-in gain from prior year,
enter the net unrealized built-in gain reduced by net recgnized built-in gain from prior
years........................................................... . $
7 Enter the accumulated earnings and profi of the corporaton at the end of the tax year. $
8 Are the corporation's total receipts (se instructions) for the tax year and it total asts at the end of the tax year les
than $250,00? If "Yes," the corporation is not required to co Iete Schedules Land M-1 . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . ..:..ø...f.:.::: Shareholders' Pro Rata Share Items Total amount
1 Ordinar business income (Ioss)(page 1,line 21)....................................... 1 _ 94,628
2 Net rental real estate income (loss) (attach Form 8825). . . . . . .. . . . . . . . . . . . . . . . . . . . . . .. . . . . 2
3a Other gross rental income (loss). . . . . . . .:. . . . . . . . . . . . . . . . . . . 3a
b Expenses from other rental activites (attach statement) . . . . . . . . . 3b
c Other net rental income (loss). Subtract line 3b from line 3a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interes income. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends: a Ordinar dividends . . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b Qualifed dividends. . . . . . . . . . . . . . . . . . . . . . . . . . 5b6 Royalties......................................................................
7 Net short-term capital gain (loss) (attach Schedule D (Form 1120S)) . . . . . . . . . . . . . . . . . . . . . . , .
8a Net long-term capital gain (loss) (attach Schedule D (Form 112OS)). . . . . . . . . . . . . . . . . . . . . . . . .
b Collectibles (28%) gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b
e Unrecaptured secton 1250 gain (attach statementi . . . . . . . . . . . . Be
9 Net seion 1231 gain (loss) (attach Form 4797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Other income (loss) (see instructins) . . . . . . .. Type ~
08 1120812 TWF 27389 Copyright Forms (Software Only)- 2008 TW
No
No
Yes No
Accrual e Other (spec)~II
i
N
Co
M
E
i/iiii~,ii/
4
5
3c
4
sa
~~~~~~~f~Il~~¡
L
oss
6
7
sa
1IIIlJll¡/
JVA
9
10
Form 11208 (200)
FALLS WATER COMPANY 82-6007817
Form 1120S (200)
~agShareholders' Pro Rata Share Itms (continued)Total amount11Section 179 deduction (attach Form 4562)...... ..... ... ....... ." ...... .... ... .1112aContrbutions 0 . . . . . . . . .. ..... ." ...--.. ..... ........ .. 0. 0 " .. .. .. .12aDedue-b Investmnt interest expense
12btlons. .............. .'".. 0 o.. ...0.o.... ." ....... .e Section 59(e)(2) expenditres (1)Type ..(2)Amount ..12c(2)d Other deductions (se insctons)Type ..12d13aLow-income housing credit (seon 420)(5)).. .. 0'..... .. .. ...... .... .... ...... .13abLow-income housing credit (other) .... .. ..... ...... ... ....... ...... .. ..... ..13beQualifed rehabiltation expenditures (rental real estate) (attach Form 3468). .. ..... ..... .. .13eCreditsdOther rental real estate credit (se instctns)Type ..13deOther rental credit (se instructions). .. .. .. .Type ..13efAlcohol and cellulosic biofuel fuels credit (attach Form 6478). ." ... .o." .. .. ..... .13f9Other credits (see instctns). . .Type ..13914aNam of countr or U.S. possssion ..
~f:l~~ll¡¡~IltbGross income from all source." ..'. .. 0 . .,.'. .... ...... .. ..... ... .. .. .14bcGross income sourced at shareholder level ..... .'.. .. ... .. .. .. .. ..... .14cForeign gross income sourced at corporate level
~~~l~~~¡~~¡I~~~~¡l~¡~l~d Passive category ....... .. .. .. ... ... .... .. ... ... .o. .o. .. .14deGeneral category . .. .... ... .. ... ... 0 ... .. ......... .. .... ..o.o. .14efOther (attach statement)... .. .. .... .. ... .o... ...... .. .o... .'.. ...0,.. .141ForeIgnDeductions allocated and apportioned at shareholder level
~¡~¡lt~~~t~~~~~¡~~~¡Trans-9 Interest expense ... .. ..... .... ... ..0 . .. .... .. .. ... ." .... .14gactIonshOther... ..'.. ........ .. .." ..... ...... .. ..... .. .14hDeductons allocated and apportoned at corporate level to foreign source income
tl~îi~~l~~¡I Passive category . ..... ...O'..O' .. .. ..O' O'.O'.........O'. .o..O'... .o.141
J General category .. .'''O' .o ." ..O'O'..O' ... .. ...O'. .. .'" .. ... .... ....O' .. .14JkOther (attch statement)" ." ....O'..... ........ .. 0. .o. .. ... ....... .............. .14kOther information
~¡~~~¡~~~~i~I£î~~~¡I Total foreign taxes (check one):..o Paid o Accrued . ."0 .... .O'.. ... ...... ... .141mReduction in taxes available for credit (attach statement).. ........O' ...O'.O' ..O'O'O'O'O'O' .. .14mnOther foreign tax informatin (attach statement)." ...O'.. ... .. .. .. .. .. ." .~§~1~t*~~~li~~~;ll~~~~tJ~~l~~¥.~~~~~ii~~~~*-~~i;'~;l~~~~~~~Alern-158 Post-1986 depreciation adjustmnt. .O'O'..O'.. .. ....O'O'O' ... ." .. .. '.'. ...O'O'.. ..O'O'..O' .158 5,131aUvebAdjusted gain or loss ..... .O'.O' .. .. .'O" .. ... ..O'O'.O'O'O' ... ....O' .. .. ... .15bMlnl-c Depletion (other than oil and gas). .. .... ... ... .15c. .. .. .... .. .. ... .mum d Oil, gas, and geothermal propertes--gross income
15dTax.O'O' .. .. ."" ... ....O'.... ... .o. .. .(AMT e Oil, gas, and geothermal propertes--deductions . ".. ." .. .. ... .. .. .158ItemsfOther AMT itern (attach statemnt). . . . 0 . .
15f'" .o. ... ..O'. .. ."" .'''O' .. .o .. .Items 16a Tax-exempt interest income .. .. ... ."" .. ... ..O'. .. .. .. ... .O'O'.O' ... .. .16aAffect-b Other tax-exempt income ". .. .o.0". ..O'O'..O' .. .. ... .. .. ...O'. .16bI"g . .
16cSha-e Nondeductible expenses. . . . .. .o... .. .. .. .. ." .. .. 0 .. ... .O'O'O' ..O'hòldr d Propert distrbutions . ... ...O'.. .. .. .O'..O'.O' .o. .O'.O'... ..O'. .. .. .. .. ... ... .16dBasieRepayment of loans from shareholder . . . .168'O'. .. .o. ... .. .. ..0 .0 ...... .........O'. .17a Invesnt income ..... O'........... .... .. .. .. ...... ... .. ......... ... .. .. .17aOterbInvestment expenses .
17bInform-o........ ...... ....... ..... ...o.. ." ...O'... .. .. .aUon c Dividend distrbutions paid from accumulated earnings and profis . .. .. .. ." .. .17cdOther items and amunts (attach statement). .'O'. ..O'... .. ...... ....... ...... .O'.... .¡~¡~lIi~~~~t~~f~~~t~¡~;;~~~~¡t~ft~~~~rItE~t~tl~liU~~;;~~~~;m¡
Reeon-18 Incomeloss recncllaUon. Combine the amunts on lines 1 through 10 in the far rightelllaUon
column. From the result, subtract the sum of the amunts on lines 11 through 12d and 141 O'.... .18 -94,628
3
JVA 08 1120534 TWF27390 Copyright Forms (Software Only) - 2008 TW
Form 11208 (208)
Form 1120S (200)
:\ .ø.lile:.:tt, Balance Sheets per Boob
Assets1 Cash........ .....................
2a Trade notes and accunts receivable. . . .
b Les allowance for bad debts. . . . . . . . . .
3 Inventories. . . . . . . . . . . . . . . . . . . . . . . .
4 U.S. government obligations ..........
5 Tax-exempt securities (see instructions)
6 Other current assts (attach statement). . .
7 Loans to shareholders . . . . . . . . . . . . . . .
8 Mortgage and real estate loans ........
9 Other investmnts (attach statement) . . . .
1Qa Buildings and other depreciable assets. .
b Less accumulated depreciation ....... .
11 a Depletable assets . . . . . . . . . . . . . . . . . . .
b Les accumulated depletion. . . . . . . . . . .
12 Land (net of any amrtzation) . . . . . . . . .
13a Intangible assets (amrtzable only) . . . . .
b Less accumulated amortzation. . . . . . . . .
14 Other assets (attach statement) ........
15 Total assets .......................
UabllUes and Shareholders' EquIty
Accunts payable. . . . . . . . . . . . . . . . . . .
FALLS WATER COMPANY 82-6007817
Pa 4
End of tax year
(c)(d)478,864~s:~::: ~: ~ ~ ~.:: \;:?:: ~~~ ¡¡ ~~: ~¡ ¡~ ~¡~ ~ ;~~~ ~~!¡ ~ ~~~ ¡~:¡!; :¡~!~~i¡~~~~~~~~~~¡~~
1,076
" 13,1354,342,904
Mortgages, notes, bonds payable in less than 1 yr
Other current liabilties (attach statemnt)
Loans from shareholders . . . . . . . . . . . . .79,511
Mortgages, notes, bonds payable in 1 year or more
Other liabilties (attach statement). . . . . . .
Capital stock. . . . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital . . . . . . . . . . . . .
Retained earnings. . . . . . . . . . . . . . . . . . .
Adjustments to shareholders' equity (attach stmt.)
Less cost of treasury stock . . . . . . . . . . . .
4,284,901
25,000
-66,756
)4,342,904
.
1 Net income (loss) per books. . . . . . . . . . .41,679 5 Income recorded on books this year not2Income included on Schedule K, lines 1, 2,included on SChedule K, lines 1 through3c, 4, 5a, 6, 7, 8a, 9, and 10, not recrded 10 (itemize):on books this year (Itemize):a i:~-exempt interest $
3 Expenses recorded on books this year not 6 Deductions included on Schedule K, linesincluded on SChedule K, lines 1 through 1 through 12 and 14/, not charfed against12 and 141 Otemize):book income this year (itemize :a Depreciation $ 7 8 , 21 0
a Depreciation $214,517bTravel and entertainment $214,51778,210 7 Add lines 5 and 6 . . . . . . . . . . . . . . . . . . .214,5174Add lines 1 through 3 . . . . . . . . . . . . . . . .119,889 8 Income (loss)(Schedule K, line 18). Line 4 less line 7 -94,628
1
2
3
4
5
6
7
8
Balance at beginning of tax year. . . . . . . . . . .
Ordinary income from page 1, line 21 . . . . . . .
Other additons . . . . . . . . . . . . . . . . . . . . . . . .
Loss from page 1, line 21 . . . . . . . . . . . . . . . .
Other reductions. . . . . . . . . . . . . . . . . . . . . . .
Combine lines 1 through 5 . . . . . . . . . . . . . . .
Distributions other than dividend distributions
Balance at end of tax year. Subtract line 7 from line 6. .
Analysis of Accumulated Adjustments Account, Other Adjustments Account, and
Shareholders' Undistributed Taxable Income Previously faxed (see instrctns)
(c) Shareholders'u nèJistnbutec taxable
income reviou taxed
(a) Accumulatedadjustments account
-20,648
(b) Other adjustents.account
~ll:tl4J.:1
48,520#5
94,628
-66,756
o-66,756
JVA 08 1120S34 TWF 27391 Copyright Forms (Software Only) - 2008 TW Form 11205 (2008)
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
Febru 02, 2009
JAY JOHNSON
2125 CABELLARO
Idaho Falls ID 83406
Dear JAY JOHNSON,
Enclosed is your 2008 federal Schedule K- 1 from FALLS WATER COMPANY. Included on
the federal Schedule K- 1 is your distrbutive share of income, deductions, credits, and other tax
items that should be reported on your retu. This information is included in the 2008 federal
retur, Form 1 120S that was fied with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1 L20S) have also been
enclosed to assist you in completing your income ta retu.
Your business is appreciated. Please calI if you have any questions.
Sincerely,
OFFICER
2008
SHAEHOLDER #1
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
JAY JOHNSON
2125 CABELLAO
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the u. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service apd shows your share of distribution from:
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of thesei terns in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did nöt attempt to verify any of theinformation and elections contained therein. The returns are subj ect
to examination by the taxing authorities and, accordingly, the: incomelosses, deductions or credi ts which appear are subj ect to possibleadjustment.
JVA Copyright Forms (Software Only) - 2008 TW L07080
08_BSK1BLNK
#1
Schedule K-1
(Form 11205)2008
Department of the Treasury
Internal Revenue Service For calendar year 20, or tax 1 Ordinary business inc. (loss) 13 Creditsyear beinning , 2008 - 2 0 , 8 18
ending , 20_ 2 Net rental real estate inc. (loss)
3 Other net rental income (loss)
4 Interest income
Sa Ordinar dividends
5b Qualified dividends 14 Foreign transactons
6 Royales
7 Net short-term cap. gain (loss)
sa Net long-term cap. gain (loss)
8b Collectibles (28%) gain (loss)
.. See page 2 and separate Instctns.
B Corporation's nam, address, city, state, and zip code
~LS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
C IRS Center where corporation fied return
GDEN
¡1".i!¡¡ill:!.i::¡I¡!!lli,llflllllll::.!IIII..¡II¡!1111!1/I/iillll//III¡IIIII!!I¡lli!I/I/llillll'
D Shareholder's identifying number 8c Unrecaptured sec. 1250 gain
28-50-1514
E Shareholder's name, address, city, state, and zip code
9 Net section 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMT) items
1,129AY JOHNSON
125 CABELLAO
daho Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .22.0000%
For IRS Use Only
11 Setion 179 deduction 16 Items affecting
shareholder basis
12 Other deductions
17 Other information
* Se atached statement for additonal information.
Schedule K-1 (Form 11205) 208
For Paprwork Reducton Act Notice, see Instrctions for Form 11205.
JVA 08 1205K112 TWF 27396 Copyright Forms (Software Only) _ 2008 TW
Schedule K-1 (Form 11205) 200 JAY JOHNSON Page 2
ThIs lIst Identies the codes used on Scule K-1 for all shareholdes and provides summarized reporUng Inforaton for shareolders
who file Form 1040. For detailed rerUng and filing InformatIon, see the serate Shareholder's Instctons for Schedle K-1 and the
Instructions for your Income ta return.
1. Ordinary busIness Income (loss). Determine whether the
income (loss) is passive or nonpassive and enter on your return as follows:
Report on
See the Shareholder's Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column (j
See the Shareholder's Instructions
Passive loss
Passive income
Nonpassive loss
Nonpassive income
2.
3.
Net rental real estate Income. (loss)Oter net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. Ordinary dividends
5b. Qualified divIdends
6. Royaltes
7. Net short-term capital gain (loss)
sa. Net long-term capital gain (loss)
ab. Collectibles (28%) gain (los)
Be. Unrecaptured secton 1250 gaIn
9. Net secton 1231 gain (loss)
10. Oter Income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1256 contracts &straddles
o Mining exploration costs recapture
E Other income (loss)
11. Secon 179 deductIon
12. Oter deductions
A Cash contribulions (50%)
B Cash contributions (30%)
C Noncah contributions (50%)
o Noncash contributions (30%)
E Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Contri butions (1 00%)
H Investment interest expense
I Deductions--royalty income
J Section 59(eX2) expenditures
K Deductions--portfolio (2% floor)L Deductions--portfolio (other)
M Preproductive period expenses
N Commercial revitalization
deduction from rental real
estate activiiies
Reforestation expense
deductionDomestic production activities
information .
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
o
P
Q
R
S
13. Credits
A Low-income housing credit (section
420X5)) from pre-2008 buildingsB Low-income housing credit(other)from pre-2008 buildings
C LOW-income housing credit (section
42 OX5)) from post-2007 buildings
o LOW-income housing credit (other)
from post-2007 buildings
Qualified rehabilitation expenditures
(rental real estate)Other rental real estate credits
Other rental credits
E
F
G
H
I
J
K
L
Undistributed capital gains credit
Alcohol and cellulosic biofuel fuelscredit
Work opportunity credit
Disabled access credit
Empowerment Zone and renewalcommunity employment credit
JVA 08 120SK112 TWF27397
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line 4
Schedule 0, line 5, column (f)
Schedule 0, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule 0 instructions)
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 6781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's
Instructions
Form 4952, line 1
Schedule E, line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8586, line 11
Form 8586, line 11
J See the Shareholder's
Instructions
Form 1040, line 68, box a
Form 6478, line 9
Form 5884, fine 3
See the Shareholder's Instructions
Form 8844, line 3
14. Foreign transactions
A Name of country or U.S.
possession
B Gross income from all sources
C Gross .income sourced at
shareholder level
Foreign gross inco me sourced at corporate level
o Passive category
E General category
F Other
Deductions allocated and apportioned at shareholder levelG Interest expense Form 1116, Part I
H Other Form 1116,PartlDeductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available for
credit Form ltt6, line 12o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. ~te:=~:8:::~:::0~~~~t"emSJ See the
B Adjusted gain or loss Shareholder's
C Depletion (other than oil & gas) Instructions and
o Oil, gas, & geothermal--gross income the Instructions for
E Oil, gas, & geothermal--deductions Form 625t .
F Other AMT items
16. Item affecting shareholder basis
A
B
Co
E
Code
M
N
o
P
Credit for increasing researchactivities
Credit for employer social
security and Medicare taxes
Backup with holding
Other credits
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distri butions
Repayment of loans from
shareholders
17. Oter Information
A
B
C
Investment income
Investment expenses
Qualified rehabiltation expenditures
(other than rental real estate)
Basis of energy property
Recapture of lOW-income housing
credit (section 420X5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recapture of other credits
Look-back interest--completed
long-term contracts
Look-back interest--income forecat
method
Dispositions of property with
section 179 deductions
Recapture of section 179
deduction
M Section 453(IX3) information
N Section 453A(c) information
o Section 1260(b) information
P Interest allocable to production
expenditures
CCF nonqualified withdrawals
Depletion information -- oil and gas
Amortization of reforestationcosts
Other information
o
E
F
G
H
I
J
K
L
Q
R
S
T
Copyright Forms (Software Only) - 2008 TW
Report on
See the Shareholder's Instructions
Form 8846, line 5
Form 1040, line 62
See the Shareholder's Instructions
J Form 1116, Part I
J Form t t 16, Part i
J Form 1116, Part i
Form 1116, Pat II
Form 1116, Part ii
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8611, line 8
Form 8611, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
See Form 8866
See the Shareholder'sInstructions
FALLS WATER CONWANY
1770 SABIN DR
Idaho Falls ID 83406
Febru 02, 2009
BRENT JOHNSON
630 S 45THE
Idaho Falls ID 83406
Dear BRENT JOHNSON,
Enclosed is your 2008 federal Schedule K- 1 from FALLS WATER COMPANY. Included on
the federal Schedule K - 1 is your distributive share of income, deductions, credits, and other tax
items that should be reported on your retu. This information is included in the 2008 federa
retur, Form 1 120S that was filed with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1 120S) have also been
enclosed to assist you in completing your income tax retur.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
2008
SHAEHOLDER #2
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
BRENT JOHNSON
630 S 45TH E
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service apd shows your share of distribution from:
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of theseitems in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did nöt attempt to verify any of theinformation and elections contained therein. The returns are subj ect
to examination by the taxing authorities and, accordingly, the incomelosses, deductions or crédi ts which appear are subj ect to possibleadjustment.
JVA Copyright Forms (Software Only) - 2008 TW L07080
08_BSK1BLNK
#2
Schedule K-1
(Form 11205)2008
Department of the Treasury
Internal Revenue Service For calendar year 2008, or tax 1 Ordinary business inc. (loss) 13 Credityear beginning ,208 -22,711
ending , 20_ 2 Net rental real estate inc. (loss)
Shareholder's Share of Income, Deductions,
Credits, etc. ~ 5ee page 2 and separlte Instrctons.3 Other net rental income (loss)
4 Interest income
sa Ordinai dividends
Sb Qualifd divdends 14 Foreign transactions
6 Royales
7 Net short-term cap. gain (foss)
sa Net long-term cap. gain (foss)
8b Collectibles (28%) gain (foss)
8c Unrecaptured sec. 1250 gain
9 Net section 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMT) items
1,231
A Corporation's employer identifiation number
2-6007817
B Corporation's nam, address, ci, state, and ZIP code
ALLS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
C IRS Center where corporation filed return
GDEN
';~::::'.::'."::'::::~:':':.:':~tj!:!:!::::::::;::::::;II'.11111lIIIE:;':::':;:::;:.:::::"Il¡¡!I¡i/II¡¡I~¡11IIIj¡III¡IIIII¡,,/¡111/li'lli¡
D Shareholder's identifying number
28-85-1120
E Shareholder's nam, address, cit, state, and ZIP code
JOHNSON
45TH E
Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .24.0000%
For IRS Use Only
11 Section 179 deduction 16 Items affecting
shareholder basis
12 Other deductions
17 Other information
* See attached statement for additional information.
Schedule K-1 (Fonn 11205) 208
For PapeiworkReduction Act Notice, see Instrctons for Fonn 11205.
JVA 08 1205K112 TW 27396 Copyright Forms (Software Only)- 2008 TW
Schedule K-1 (Form 11205) 200 BRENT JOHNSON Page 2
This list Identiies the coes used on Schedule K-1 for all shareholders and provIdes summarized reprtng Informatn for shareholders
who file Form 1040. For detailed reportng and filing Information. see the seprate Shareholder's Instrctons for Schedule K -1 and 1he
Instructions for your Income ta return.
1. Ordinary busines Income (loss). Determine whether the
income (loss) is passive or nonpassive and enter on your return as follows:
Report on
See the Shareholders Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column (j
See the Shareholder's Instructions
Passive loss
Passive income
Nonpassive loss
Nonpassive income
2.
3.
Net rental real estate Income (loss)
Oter net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. Ordinary divIdends
5b. QualIfIed divIdends
6. Royalties
7. Net short-term capital gaIn (loss)
8a. Net long-term capItal gain (loss)
8b. Collectibles (28%) gain (loss)
8c. Unrecaptured section 125 gaIn
9. Net secton 1231 gain (loss)
10. Other Income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1256 contracts & straddles
D Mining exploration costs recapture
E Other income (loss)
11. Section 179 deducton
12. Oter deductions
A
B
C
D
E
Cash contributions (50%)
Cash contributions (30%)Noncash contributionsf50%)
Noncash contributions (30%)
Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Contri butions (100%)
H Investment interest expense
I Deductions--royalty income
J Section 59(eX2) expenditures
K Deductions--portfolio (2% floor)L Deductions--portfolio (other)
M Preproductive period expenses
N Commercial revitalizationdeduction from rental real
estate activities
Reforestation expense
deduction
Domestic production activitiesinformation
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
o
P
Q
R
S
13. CredIts
A LOW-income housing credit (section
42(jX5)) from pre-2008 buildings
B Low-income housing credit (other)from pre-2008 buildings
C Low-income housing credit (section42 (jX5)) from post-2007 buildings
D Low-income housing credit (other)
from post-2007 buildings
Qualified rehabilitation expenditures
(rental real estate)Other rental real estate credits
Other rental credits
E
F
G
H
I
J
K
L
Undistributed capital gains credit
Alcohol and cellulosic biofuel fuelscredit
Work opportunity credit
Disabled access credit
Empowerment zone and renewalcommunity employment credit
JVA 08 120SK112 TWF 27397
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line 4
Schedule D, line 5, column (f)
Schedule D, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule D instructions)
See the Shareholder's Instrllc;tions
See the Shareholders Instructions
See the Shareholder's Instructions
See the Shareholder's Instructons
Form 6781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's
Instructions
Form 4952, line 1
Schedule E, line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8586, line 11
Form 8586, line 11
J See the Shareholder's
Instructions
Form 1040, line 68, box a
Form 6478, line 9
Form 5884, line 3
See the Shareholder's Instructions
Form 8844, line 3
14. ForeIgn transactions
A Name of country or U.S.
possession
B Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate level
D Passive category
E General category
F Other
Deductions allocated and apportioned at shareholder level
G Interest expense Form 1118, Par IH Other Form 1118, Par I
Deductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available forcredit Form 1116, line 12
o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. Alternatve mInimum ta (AM Items
A Post-1986 depreciation adjustment J See the
B Adjusted gain or loss . Shareholder's
C Depletion (other than oil & gas) Instructions and
D Oil, gas, & geothermal--gross income the Instrctions for
E Oil, gas, & geothermal--deductions Form 8251
F Other AMTitems
16. Items affecng shareholder basIs
A
B
C
D
E
Copyright Forms (Software Only) - 2008 TW
Code
M
N
o
P
Credit for increasing researchactivities
Credit for employer social
security and Medicare taxes
Backup with holding
Other credits
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distributions
Repayment of loans from
shareholders
17. Oter Information
A
Be
D
E
F
G
H
I
J
K
L
M
No
P
Investment income
Investment expenses
Qualified nihabilitation expenditures
(other than rental real estate)
Basis of energy property
Recapture Of low-income housing
credit (section 42(jX5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recapture of other credits
Look-back interest--completed
long-term contracts
Look-back interest--income forecast
method
Dispositions of property with
section 179 deductions
Recapture of section 179
deduction
Section 453(IX3) information
Section 453A(c) information
Section 1260(b) information
Interest allocable to production
expenditures
CCF nonqualified with drawals
Depletion information -- oil and gas
Amortization of reforestationcosts
Other information
Q
R
S
T
Report on
See the Shareholders Instructions
Form 8846, line 5
Form 1040, line 82
See the Shareholder's Instructions
J Form 111~, Part I
J Form 1118, Part I
J Form 1118, Partl
Form 1118, Part II
Form 1116. Part II
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instriictions
See the Shareholders Instructions
Form 8611,Iine 8
Form 8811, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
See Form 8866
See the Shareholder'sInstructions
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
Februar 02, 2009
PAUL JOHNSON
4650 MAJESTIC VIEW
Idaho Falls ID 83401
Dear PAUL JOHNSON,
Enclosed is your 2008 federal Schedule K- i from FALLS WATER COMPANY. Included on
the federal Schedule K- i is your distributive share of income, deductions, credits, and other tax
items that should be reported on your retu. This information is included in the 2008 federal
return, Form 1 120S that was filed with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-1 (Form 1 120S) have also beenenclosed to assist you in completing your income ta return.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
2008
SHAEHOLDER #3
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
PAUL JOHNSON
4650 MAESTIC VIEW
Idaho Falls ID 83401
Attached is your copy of Schedule K-1 to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items in your federal and state returns.
We have prepared this information from unaudited data suppliedby the tax matters person. We did nóè attempt to verify any of the
information and elections contained therein. The returns are subjectto examination by the taxing authorities and, accordingly, thé income
losses, deductions or credits which appear are subject to possible
adj ustment .
JVA Copyright Forms (Software Only) - 2008 TW L07080
08_BSK1BLNK
#3
Schedule K-1
(Form 11205)2008
1 Ordinary business inc. (loss) 13 Credit
-22,711
Department of the Treasury
Internal Revenue Service For calendar year 20, or tax
year beginning , 200
ending ,20_
Shareholder's Share of Income, Deductions,
Credits, etc. ~ See page 2 and separate Insctons.
:~¡:t¡¡..I¡i,IIIIÎj¡II¡¡¡lt~:t
2 Net rental real estate inc. (loss)
3 Other net rental income (loss)
4 Interest income
sa Ordinar dividends
5b Qualifed dividends 14 Foreign transactions
6 Royaltie
7 Net short-term cap. gain (loss)
sa Net long-term cap. gain (loss)
8b Collectibles (28%) gain (loss)
B Corporation's nam, address, city, state, and ZIP code
ALLS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
8c Unrecaptured sec. 1250 gain
9 Net setion 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMT) items
i,231AUL JOHNSON
650 MAJESTIC VIEW
daho Falls ID 83401
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .24.0000%
For IRS Use Only
11 Section 179 deduction 16 Items affecng
shareholder basis
12 Other deductions
17 Other information
* See attached statement for additnal informatin.
Schedule K-1 (Form 1120) 208
For Papiwork Reduction Act Notice, see Instructions for Form 11205.
JVA 08 12OSK112 TWF 27396 Copyright Forms (Software Only)- 2008 TW
Schedule K-1 (Form 11205) 20 PAUL JOHNSON Page 2
This list Identies the codes used on Schedule K-1 for all shareholders and provides summarized rertng InforaDon for shareholrs
who file Form 1040. For detailed reprting and filing Information, see the separate Shareholder's InstrCUons for Schedule K-1 and the
InstrCUons for your Income ta return.
1. Ordinary business Income (losS). Determine whether the
income (loss) is passive or nonpassive and enter on your return as follows:
Report on
See the Shareholder's Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column Ol
See the Shareholder's Instructions
Passive loss
Passive income
Nonpassive loss
Nonpassive income
2.
3.
Net rental real estate Income (loss)
Oter net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. Ordinary dividends
Sb. Qualifed dividends
6. Royaltes
7. Net short-term capital gain (loss)
8a. Net long-term capital gain (loss)
8b. CollecUbles (28%) gain (loss)
8c. Unrecatured section 1250 gain
9. Net secion 1231 gain (loss)
10. Other Income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1256 contracts & straddles
o Mining exploration costs recapture
E Other income (loss)
11. SecDon 179 deduction
12. Oter deduCUons
A Cash contributions (50%)
B Cash contributions (30%)
C Noncash contributions (50%)
o Noncash contributions (30%)
E Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Contributions (100%)H Investment interest expense
I Deductions--royalty income
J Section 59(e)(2) expenditures
K Deductions--portfolio (2% floor)L Deductions--portfolio (other)
M Preproductive penod expenses
N Commercial revitalizationdeduction from rental real
estate activities
Reforestation expense
deduction_
Domestic production activitiesinformation
Qualified production activities
Income
Employer's Form W-2 wages
Other deductions
o
p
Q
R
5
13. Credits
A lOW-income housing credit (section
420)(5)) from pre-2008 buildings
B low-income housing credit (other)from pre-2008 buildings
C lOW-income housing credit (section
420)(5)) from post-2007 buildings
o low-income housing credit (other)
from post-2007 buildings
Qualified rehabilitation expenditures
(rental real estate)Other rental real estate credits
Other rental credits
E
F
G
H
I
J
K
L
Undistributed capital gains credit
Alcohol and cellulosic biofuel fuelscredit
Work opportunity credit
Disabled access credit
Empowerment 20ne and renewalcommunity employment credit
JVA 08 120SK112 TWF 27397
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line 4
Schedule D, line 5, column (f)
Schedule D, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule D instructions)
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 678t, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's
Instructions
Form 4952, line 1
Schedule E,line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8586, line 11
Form 8586, line 11
J See the Shareholder's
Instructions
Form 1040, line 68, box a
Form 6478, line 9
Form 5884, line 3
See the Shareholder's Instructions
Form 8844, line 3
14. Foreign transaCUons
A Name of country or U.S.
possession
B Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate level
o Passive category
E General category
F Other
Deductions allocated and apportioned at shareholder level
G Interest expense Form 1116, Part IH Other Form 1116, Partl
Deductions allocated and apportioned at corporate level to foreign source
Income
I Passive category
J General category
K Other
Other information
L -Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available forcredit Form 1116, line 12
o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. AlternaDve minimum ta (AMT) Items
A Post-1986 depreciation adjustment J SeetheB Adjusted gain or loss Shareholder's
C Depletion (other than oil & gas) Instructions and
o Oil, gas, & geothermal--gross income the Instructions for
E Oil, gas, & geothermal--deductions Form 6251
F Other AMT items
16. Items affecUng shareholder basis
A
B
C
o
E
Code
M
N
o
p
Credit for increasing researchactivities
Credit for employer social
security and Medicare taxes
Backup with holding
Other credits
Tax-exempt interest income
Other tax-exempt income
Nondeducti ble expenses
Property distributions
Repayment of loans from
shareholders
17. Oter InformaDon
A
B
"C
Investment income
Investment expenses
Qualified rehabilitation expenditures
(other than rental real estate)
Basis of energy property
Recature of low-income housing
credit (section 42(j)(5))
Recapture of lOW-income housingcredit(other)
Recapture of investment credit
Recapture of other credits
look-back interest--completed
long-term contracts
look-back interest--income forecast
method
Dispositions of property with
section 179 deductions
L Recapture of section 179
deduction
M Section 453(1)(3) information
N Section 453A(c) information
o Section 1260(b) information
P Interest allocable to production
expenditures
CCF nonqualified withdrawals
Depletion information -- oil and gas
Amortization of reforestationcosts
Other information
o
E
F
G
H
I
J
K
Q
R
S
T
Copyright Forms (Software Only) - 2008 TW
Report on
See the Shareholder's Instructions
Form 8846, line 5
Form 1040, line 62
See the Shareholder's Instructions
J Form 1116, Part I
J Form 1116, Part I
J Form
1116,Partl
Form 1116, Part ii
Form 1116, Partll
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8611, line 8
Form 8611,Iine 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
See Form 8866
See lhe Shareholder'sInstructions
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
Febru 02, 2009
MARK JOHNSON
3773 AUTUMN WOOD
Idaho Falls ID 83406
Dear MAR JOHNSON,
Enclosed is your 2008 federal Schedule K- 1 from FALLS WATER COMPANY. Included on
the federal Schedule K-l is your distributive share of income, deductions, credits, and other tax
items that should be reported on your retu. This information is included in the 2008 federal
return, Form 1 120S that was filed with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-l (Form 1 120S) have also been
enclosed to assist you in completing your income tax retur.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
2008
SHAEHOLDER #4
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
(208 )523 - 9631
MAK JOHNSON
3773 AUTUMN WOOD
Idaho Falls ID 83406
Attached is your copy of Schedule K-l to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the Internal
Revenue Service and shows your share of distribution from:
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls, ID 83406
The i terns of income, loss, deduction or credi t which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However i the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek. the assistance
of your tax advisor with respect to the proper treatment of thesei terns in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did nót attempt to verify any of theinformation and elections contained therein. The returns are subj ect
to examination by the taxing authorities and, accordingly, the income
losses, deductions or credits which appear are subj ect to possibleadjustment.
JVA Copyright Forms (Software Only) - 2008 TW L07080
08_BSK1 BLNK
#4
Schedule K-1
(Form 1120S)2008
Department of the Treasury
Internal Revenue Service For calendar year 20, or tax
year beginning , 20
ending ,20_
1 Ordinary business inc. (loss) 13 Credit-22,711
2 Net rental real estate inc. (loss)
3 Other net rental income (loss)
4 Interes income
sa Ordinary dividends
Sb Qualifed dividends 14 Foreign transactions
6 Royalties
7 Net short-term cap. gain (loss)
~ See page 2 and seprate InstrcUons.
A Corporation's employer identication number
2-6007817
B Corporation's name, address, city, state, and zip code
ALLS WATER COMPANY
"" j:¡lliil¡llillllll¡III¡IlII¡IIIIIIIII~'
770 SABIN DR
daho Falls ID 83406
C IRS Center where corporation filed return
GDEN
II:r::¡=:.::;::.:::'"::.'.:.;.:::::';;.;Ji¡:¡::¡I:,I:I.¡¡:¡lilll.lì¡¡I.I:¡I¡:II.llì:lll¡:II¡i:¡II¡llllllill¡11.¡lil¡i¡¡I,II¡'IIII¡I'lljl¡'I¡11
8a Net long-term cap. gain (loss)
8b Collecti bles (28%) gain (loss)
8e Unrecaptured sec. 1250 gain
E Shareholder's nam, address, cit, state, and zip code 9 Net secon 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMT) items
1,231K JOHNSON
773 AUTUMN WOOD
daho Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .24.0000%
For IRS Use Only
11 Section 179 deduction 16 Items affecting
shareholder basis
12 Other deductions
17 Other information
* See attached statement for additonal information.
Schedule K-1 (Form 11205) 2008
For Paperwork Reduction Act NoUce, see Instrctions for Form 11205.
JVA 08 1205K112 TWF 27396 Copyright Forms (Software Only)- 2008 TW
Schedule K-1 (Form 11205) 20sMAK JOHNSON Page 2
This list Identifies the cods used on Schedule K-1 for all shareholdrs and provides summarized rerUng Infrmn for shareholders
who file Form 1040. For detailed reporUng and filing Informtion, see the separate Shareholder's Instctons for Schedle K-1 an the
Instrctons for your Income ta return.
1. Ordinary business Income (loss). Determine whether the
income (loss) is passive or nonpassive and enteron your return as follows:
Report on
See the Shareholder's Instructions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column (j
See the Shareholder's Instructions
Passive loss
Passive income
Nonpassive loss
Nonpassive income
2.
3.
Net rental real estate Income (loss)
Other net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. Ordinary dividends
Sb. Qualifed dividends
6. Royaltes
7. Net short-term caital gain (loss)
sa. Net long-term caitl gain (loss)
8b. Collectibles (28%) gain (loss)
8c. Unrecaptured section 1250 gain
9. Net secton 1231 gain (loss)
10. Oter Income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1258 contracts & straddles
D Mining exploration costs recapture
E Other income (loss)
11. Setion 179 deuction
12. Oter deductons
A Cash contributions (50%)
BCash contributions (30%)
C Noncash contributions (50%)
D Noncash contributions (30%)
E Capital gain property to a 50%
organization (30%)
F Capital gain property(20%)
G Contri butions (1 00%)
H Investment interest expense
I Deductions--royalty income
J Section 59(eX2) expenditures
K Deductions--portfolio (2% floor)L Deductions--portfolio (other)
M Preproductive period expenses
N Commercial revitalizationdeduction from rental real
estate activities
Reforestation expense
deductionDomestic production activitiesinformation
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
o
p
Q
R
S
13. Credits
A
B
C
D
Low-income housing credit(section
42UX5)) from pre-2008 buildings
Low-inca me housing credit (other)from pre-2008 buildings
Low-income ho~sing credit (section
42 UX5)) from post-2007 buildings
Low-income housing credit (other)
from post-2007 buildings
Qualified rehabilitation expenditures
(rental real estate)Other rental real estate credits
Other rental credits
Undistri buted caital gains creditAlcohol and cellulosic biofuel fuelscredit
Work opportunity credit
Disabled access credit
Empowerment zone and renewalcommunity employment credit
E
F
G
H
I
J
K
L
JVA 08 120SK112 TWF27397
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line4
Schedule 0, line 5, column (f)
Schedule 0, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule 0 instructions)
See the Shareholder's Insti:ctions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 6781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's
Instructions
Form 4952, line 1
Schedule E, line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8588, line 11
Form 8588, line 11
J See the Shareholder's
Instructions
Form 1040,Iine 88, boxa
Form 8478, line 9
Form 5884, line 3
See the Shareholder's Instructions
Form 8844, line 3
14. Foreign trnsactons
A Name of country or U.S.
possession
B Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate level
D Passive category
E General category
F Other
Deductions allocated and apportioned at shareholder level
G Interest expense Form 1118, Part I
H Other Form 1118,Parl
Deductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General category
K Other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available forcredit Form 1118, line 12
o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. Alternative minimum ta (AMT Items
A Post-1988 depreciation adjustment J See the
B Adjusted gain or loss . Shareholder's
C Depletion (other than oil & gas) Instructons and
D Oil, gas, & geothermal--gross income the Instructions for
E Oil, gas, & geothermal--deductions Form 8251
F Other AMT items
16. Items affecng shareholder basis
A
B
C
o
E
Code
M
N
o
P
Credit for increasing researchactivities
Credit for employer social
security and Medicare taxes
Backup withholding
Other credits
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distri butions
Repayment of loans from
shareholders
17. Other Information
A
B
C
D
E
F
G
H
I
J
K
L
M
No
P
Investment income
Investment expenses
Qualified rehabiltation expenditures
(other than rental real estate)
Basis of energy property
Recapture of low-income housing
credit (section 42(X5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recapture of other credits
Look-back interest--completed
long-term contracts
Look-back interest--income forecast
method
Dispositions of property with
section 179 deductions
Recapture of section 179
deduction
Section 453(IX3) information
Section 453A(c) information
Section 1260(b) information
Interest allocable to production
expenditures
CCi= nonqualified withdrawals
Depletion information -- oil and gas
Amortization of reforestationcosts
Other information
Q
R
S
T
Copyright Forms (Software Only) - 2008 TW
Report on
See the Shareholder's Instructions
Form 8848, line 5
Form 1040, line 82
See the Shareholder's Instructions
J Form 1116, Partl
J Form 1118, Part I
J Form 111,8, Part I
Form 1118, Part II
Form 1116, Part ii
Form 1040, line 8b
J See the Shareholder's
Instructions
Form 4952, line 4a
Form 4952, line 5
See the Shareholder's Instrctions
See the Shareholder's Instructions
Form 88",line 8
Form 8611, line 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
See Form 8868
See the Shareholder'sInstructiOnS
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
Februar 02, 2009
LEVI JARVIS
5304 CLEARFIELD
Idaho Falls ID 83406
Dear LEVI JARVIS,
Enclosed is your 2008 federal Schedule K- 1 from FALLS WATER COMPANY. Included on
the federal Schedule K- 1 is your distrbutive share of income, deductions, credits, and other ta
items that should be reported on your retur. Ths informtion is included in the 2008 federa
retu, Form 1 120S that was fied with the Internal Revenue Service.
The Federal Shareholder's Instrctions for Schedule K-I (Form 1 120S) have also been
enclosed to assist you in completing your income tax retu.
Your business is appreciated. Please call if you have any questions.
Sincerely,
OFFICER
2008
SHAEHOLDER #5
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
LEVI JARVIS
5304 CLEAFIELD
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the U. S. Income Tax Return
for an S Corporation (Form 1120S) which was filed with the InternalRevenue Service and shows your share of distribution from:
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls, ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items in your federal and state returns.
We have prepared this information from unaudited data supplied
by the tax matters person. We did not attempt to verify any of the
information and elections contained therein. The returns are subject
to examination by the taxing authorities and, accordingly, the income
losses, deductions or credits which appear are subject to possibleadjustment.
JVA Copyright Forms (Software Only) - 2008 TW L07080 08_BSK1BLNK
.. ''r
Schedule K-1
(Form 1120S)2008
Dep..rtment of the Tre..sury
Intem..1 Revenue Service For calendar year 208, or tax
year beinning . 20
ending .20_
Shareholder's Share of Income, Deductions,
Credits, etc. .. 5ee page 2 and separate InstcUons.
A Corporation's employer identifcation number
2-6007817
B Corporation's name, address, city, state, and zip code
ALLS WATER COMPANY
770 SABIN DR
daho Falls ID 83406
1 Ordinar business Inc. (loss) 13 Credits
-5,677
2 Net rental real estate inc. (loss)
3 Other net rental income (loss)
4 Interest income
sa Ordinar dividends
5b Qualified dividends 14 Foreign transactions
6 Royales
7 Net short-term cap. gain (loss)
C IRS Center where corporation filed return
GDEN 8a Net long-term cap. gain (loss)
EVI JARVIS
304 CLEARFIELD
daho Falls ID 83406
F Shareholder's percentage of stock
ownership for tax year. . . . . . . . . . . .6.0000%
For IRS Use Only
For Paperwork Reduct/on Act Notice, see InstrucUons for Form 11205.
JVA 08 1205K112 TWF 27396 Copyright Forms (Software Only) _ 2008 TW
8b Co/lecti bles (28%) gain (loss)
8e Un recaptured sec. 1250 gain
9 Net section 1231 gain (loss)
10 Other income (loss)15 Alternative min. tax (AMTJ items
309
11 Section 179 deduction 16 Item affecng
shareholder basis
. 12 Other deductons
17 Other information
* See attached sttement for additional informtin.
Scedule K-1 (Form 11205) 2008
Schedule K-1 (Form 11205) 2008 LEVI JARVIS Page 2
ThIs list Identiies the codes use on Schedle K-1 for all shreholders and provIdes summarIzed rertng Informtin tor sharolders
who file Form 1040. For detailed reportng and filing InformaUon, se the searate Shareholder's InstcUons for Schedle K-1 and the
Instructions for your Income ta return.
1. Ordinary business Income (loss). Determine whether the
income (loss) is passive or nonpassive and enter~on your return as follows:
Report on
See the Shareholder's Instrctions
Schedule E, line 28, column (g)
Schedule E, line 28, column (h)
Schedule E, line 28, column (j
See the Shareholder's Instructions2.
3.
Passive loss
Passive inco me
Nonpassive loss
Nonpassive income
Net rental real estate Income (loss)
Other net rental Income (loss)
Net income
Net loss
4. Interest Income
Sa. OrdInary dividends
5b. QualifIed dIvidends
6. Royaltes
7. Net short-term capitl gain (loss)
sa. Net long-term capItal gain (loss)
Sb. Collectibles (28%) gaIn (loss)
8c. Unreaptred section 1250 gaIn
9. Net section 1231 gain (loss)
10. Oter Income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1256 contracts & straddlesD Mining exploration costs recapture
E Other income (loss)
11. Section 179 deuction
12. Oter deductons
A
B
C
D
E
Cash contributions (50%)
Cash contributions (30%)
Noncash contributions (50%)
Noncash contributions (30%)
Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Contributions (100%)
H Investment interest expense
I Deductions--royalty income
J Section 59(eX2)expenditures
K Deductions--portfolio (2% floor)
L Deductions--portfolio (other)
M Preproductive period expenses
N Commercial revitalization
deduction from rental real
estate activities
Reforestation expense
deduction
Domestic production activitiesinformation
Qualified production activities
income
Employer's Form W-2 wages
Other deductions
o
p
Q
R
S
13. Credits
A
B
C
D
LOW-income housing credit (section
42liX5)) from pre-2008 buildings
LOW-income housing credit (other)
from pre-2008 buildings
LOW-income housing credit (section
42 liX5)) from post-2007 buildings
Low-income housing credit (other)from post-2007 buildings
Qualified rehabilitation expenditures
(rental real estate)
Other rental real estate credits
Other rental credits
E
F
G
H
I
J
K
L
Undistributed capital gains credit
Alcohol and cellulosic biofuel fuelscredit
Work opportunity credit
Disabled access credit
Empowerment zone and renewalcommunity employment credit
JVA 08 120SK112 TWF27397
Schedule E, line 28, column (g)
See the Shareholder's Instructions
Form 1040, line 8a
Form 1040, line 9a
Form 1040, line 9b
Schedule E, line 4
Schedule 0, line 5, column (f)
Schedule 0, line 12, column (f)
28% Rate Gain Worksheet, line 4
(Schedule D instructions)
See the Shareholder's Instri¿c;tions
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 6781, line 1
See Pub. 535
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's
Instructions
Form 4952, line 1
Schedule E, line 18
See the Shareholder's Instructions
Schedule A, line 23
Schedule A, line 28
See the Shareholder's Instructions
See Form 8582 Instructions
See the Shareholder's Instructions
See Form 8903 Instructions
Form 8903, line 7
Form 8903, line 15
See the Shareholder's Instructions
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8586, line 11
Form 8586, line 11
J See the Shareholder's
Instructions
Form 1040, line 68, box a
Form 6478, line 9
Form 5884, line 3
See the Shareholder's Instructions
Form 8844, line 3
Copyright Forms (Software Only) - 2008 TW
Code Report on
M
N
o
P
Credit for increasing researchactivities
Credit for employer social
security and Medicare taxes
Backup with holding
Other credits
See the Shareholder's Instructions
Form 8846, line 5
Form 1040, line 62
See the Shareholder's Instructons
14. Foreign trnsacUons
A Name of country or U.S.
possession
B Gross income from all sources
C Gross income sourced at
shareholder level
Foreign gross income sourced at corporate level
D Passive category
E General category
F Other
Deductions allocated and apportioned at shareholder levelG Interest expense Form 1116, Part I
H Other Form 1116,PartlDeductions allocated and apportioned at corporate level to foreign source
income
I Passive category
J General categoryK other
Other information
L Total foreign taxes paid
M Total foreign taxes accrued
N Reduction in taxes available forcredit Form 1116, line 12
o Foreign trading gross receipts Form 8873
P Extraterritorial income exclusion Form 8873
Q Other foreign transactions See the Shareholder's Instructions
15. Alernatve minImum ta (AM Items
A Post-1986 depreciation adjustment J See theB Adjusted gain or loss Shareholder'sC Depletion (other than oil & gas) Instrctions and
D Oil, gas, & geothermal--gross income the Instructions for
E Oil, gas, & geothermal--deductions Form 6251Father AMT items ~
16. Items affcUng shareholder bais
A
B
C
D
E
J Form 1116, Part i
J Form 1116, Partl
J Form 1118, Partl
Form 1118, Part II
Form 1116, Part II
Tax-exempt interest income
Other tax-exempt income
Nondeductible expenses
Property distributions
Repayment of loans from
shareholders
17. Oter Information
A
B
C'
Form 1040, line 8b
J See the Shareholder's
Instructions
Investment income
Investment expenses
Qualified rehabilitation expenditures
(other tban rental real estate)
Basis of energy property
Recaptwe of lOW-income housing
credit (section 42liX5))
Recapture of low-income housingcredit (other)
Recapture of investment credit
Recature of other credits
Look-back interest--completed
long-terln contracts
Look-back interest--income forecat
method
Dispositions of property with
section 179 deductions
L Recapture of section 179
deduction
M Section 453(IX3) information
N Section 453A(c) information
o Section 1260(b) information
P Interest allocable to production
expenditures
CCF nonqualified withdrawals
Depletion information -- oil and gas
Amortization of reforestationcosts
Other information
Form 4952, line 4a
Form 4952, line 5
D
E
See the Shareholder's Instructions
See the Shareholder's Instructions
Form 8611, line 8F
G
H
I
J
Form 8811,Iine 8
See Form 4255
See the Shareholder's Instructions
See Form 8697
K See Form 8886
See the Shareholder'sInstructions
Q
R
S
T
..""
2008 SCHEDULE M-1 EXPLANATION ATTACHMENT
FALLS WATER COMPANY
82-6007817
Computtion 01 Net Income (Los) Per Boks
Form 1120, Schedule M-1, Une 1
Income (loss) (Scheule M-1, line 8) cares from Form 11205, page 3. line 1a. .. . . . . . . . . . . . . . . . . . . . . . . . .-94,628
Increase:
Deductons on return not charged against book Incme (Schedule M-1, line 6) .......................
Income recrded on books not included on return (Scheule M-1, line 5). . . . . . . . . . . . . . . . . . . . . . . . . . . .214,517
Decreass:
Expense recrded on boks not included on return (Schedule M-1, line 3) .........................
Incme subje to tax not recorded on books (Schedule M-1, line 2) ...............................78,210
Computed net income (loss) per books (Schedule M-1, line 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41,679
JVA Copyright Forms (Software M0918A 08_CSMl
"
Form 4562 Depreciation and Amortization
(Including Information on Listed Propert)
OMB No. 154-0172
Department of the Treasury
Internal Revenue Service (99) . See separate InstrucUons. ~ Attch to your ta return.
Nam(s) shown on return Busines or actvity to which this form relatesFALLS WATER COMPANY OR FORM 112 OS
plft:ii:::::: Election To Expense Certain Propert Under Secion 179
Note: If you have any listed proper, complete Par V before you complete Part i.
1 Maximum amunt. See the instructions for a higher limit for cerain businesses. . . . . . . . . . . . . . . . . . . . . . . .
2 Total cost of section 179 propert placed in service (see instctions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Threshold cost of section 179 propert before reduction in limiation (see instrctions). . . . . . . . . . . . . . . . . . .
4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately,
see instructins ........................................................................
2008
Attachment
Seuence No. 67
Identing numbr
82-6007817
1 250,000
23 800,0004 0
6 (a) Description of propert 5
(b) Cost (busn. use only)(c) Eleced cost
7 Usted propert. Enter the amunt from line 29 .......................... . . 7
8 Total eleced cost of section 179 propert. Add amounts in column (c), lines 6 and 7. . . . . . . . . . . . . . . . . . . . 8
9 Tentative deduction. Enter the smaller of line 5 or line 8 . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Carryover of disallowed deduction from line 13 of your 2007 Fp.rm 4562 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instctions) 11 250 , 000
12 seon 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 . . . . . . . . . . . . . . . . . 12
13 Carver of disallowed deducton to 2009. Add lines 9 and 10, les line 12. .. . 13 :¡itM¡:¡MMiimt:t¡ttIM¡:¡:¡tWJ
Note: Do not use Part II or Par II below for listed ro e . Instead, use Par V.
lrOft S oolal De roolatlon Allowance and Oter De reclatlon (Do not include listed proper.) (Se instctions.)
14 Special depreciation allowance for qualifed propert (other than listed proper) placed in service
during the tax year (see instructions) .......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Propert subject to section 168(f)(1) election. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
16 Other depreciation (including ACRS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4 95
PidU:: MACRS De reclatlon (Do not include listed propert.) (See instrctions.)
SecUonA17 MACRS deductions for assets placed in service in tax year beinning before 208 . . . . . . . . . . . . . . . . . . . .
18 If you are elecng to group any assets placed in serice during the tax year into one or more
general asset accounts, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SecUon B -- Asets Placed In ServIce During 20 Tax Year UsIng the Genera DerelaUon Sytem
(b)Month and (c)Basis for depr.(d)Recvery (e)(f)Method (g)Depreciaton(a)Classifcation of propert year placed in (business/investment useserviceonlv -- see instructions)period Convention deduction19a3-year propert
b 5-year propertee Sta 4 ,204c7-year propertee Sta 18 ,3 59d10-year propert
e 15-year propertee Sta 5 i 23 9f2O-year propert
g 25-year propert 25 yrs.SILhResidentialrental27.5 yrs.MM S/Lpropert27.5 yrs.MM SIL
I Nonresidential real 108 -2 0 08 4 ,160 39 yrs.MM S/L 4 0propert
MM SIL
20a Class life
b 12- ear
c 40 ear
liHtlV Summa (See instructions.)
21 Usted propert. Enter amount from line 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here
and on the approprlate lines of your return. Parnerships and S corporations -- see instrctions ..........
23 For assets shown above and placed in service during the current year, enter the
porton of the basis attrlbutable to section 263A costs . . . . . . . . . . . . . . . . . . . . . . . 23
For Paperwork ReductIon Act NotIce, see separate InstrucUons.
JVA 08 45621 Copyright Forms (Software Only) _ 2008 TW
SecUon C -- Assets Placed In ServIce During 200 Tax Year UsIng the Altern8Uve DepreIation Systm
See St ¡¡¡i¡111111¡II¡Iilll¡::. 12 rs. :~~
40 yrs. MM S/L
11 1295
21
22 214,517
Fonn 4562 (208)
FALLS WATER COMPANY
82-6007817
200 DETAIL STATEMENTS
Page 1
STATEMENT #1 - Gross Receipts or Sales (1120S PG1 - INC LINE 1a)
OPERATING REVENUE. . . . . . . . . . . . . . . . . . . .. . . . . . . . . .
NON - UTILITY INCOME.............................997,043
14,350
TOTAL CARRIED TO 112 OS PG1 - INC LINE 1a...................1,011,393
STATEMENT #2 - Rent On Business Property (1120S PG1 - DED LINE 11)
PROPERTY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EQUIPMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24,198
20,701
TOTAL CAIED TO 1120S PG1 - DED LINE 11...................44,899
STATEMENT #3 - Taxes and Licenses (1120S PG1 - DED LINE 12)
Payroll Tax....................................
Real Estate Tax................................
State Income Taxes.............................
19,459
16,766
20
TOTAL CARRIED TO 1120S PG1 - DED LINE 12...................36,245
STATEMENT #4 - Other Deductions (1120S PG1 LINE 19)
Other Deductions:
Accounting. . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank Charges.........................Dues & Subscriptions. . . . . . . . . . . . . . . . .
Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office Expense.......................
Postage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Telephone. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . .
PURCHASED WATER. . . . . . . . . . . . . ~ . . . . :-. . .
ELECTRICAL POWER......................
CHEMICAS. . . . . . . . . . . . . . . . . . . .' . . . . . . . .
SOURCE M&S. . . . . . . . . . . . . . . . . . .: . . . . . . . .
DIST M&S. . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
ENGINEERING. . . . . . . . . . . . . . . . . . . . . . . . . .
TESTING. . . . . . . . . . . . . . . . . . .. . ., . . . . . . . .
SOURCE CONTRACT REPAIRS. . . . . . . . . . . . . .
TRASH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DISTRIBUTION CONTRACT REPAIRS. , . . . . . .
DATA PROCESSING. . . . . . . . . . . . . . . . . . . . . .
CONSULTING. . . . . . . . . . . . . . . . . . . . . . . . . . .
TRASPORTATION. . . . . . . . . . . . . . . . . . . . . . .
IDHW FEE... . . . . . . . . . . . . . .. . . . . . . . . . . .
REGULATORY FEES.. . . . . . . . . . . . . . . . . . . . .
MISC NON-UTILITY EXP. . . . . . . . . . . . . . . . .
OUTSOURCED BAD DEBT COLLECTION.......
5,116
3,829
96821,748
31,64415,90712,9604,176
1,112
96,596
6,337
17,921
63,6771,6209,866
8401,00028,0564,22810,00032,98610,9881,96536,385
270
Continued On Page 2JVA Copyright Forms (Software Only) - 2008 TW C07030
08_lSSTMT
~,-~"-
FALLS WATER COMPAN
82-6007817
2008 DETAIL STATEMENTS
L()SS ()ll PR()P. . . . . . . . . . . . . . . . . . . . . . . . . 8 S 0RATE CASE AMORT. . . . . . . . . . . . . . . . . . . . . . S10T()TAL Other Deductions. . . . . . . . . . . . . . . . . . . . . . . . . 421, SSS
Page 2
TOTAL CAIED TO 1120S PG1 LIllE 19.......... . . . . . . . . . . . . . . .421,SSS
STATEMEllT #S - Other Additions (1120S PG 4 M-2 LIllE 3 (a) )
Book vs Tax Difference. . . . . . . . . . . . . . . . . . . . . . . . .48, S20
TOTAL CARRIED TO 1120S PG 4 M-2 LIllE 3 (a) . . . . . . . . . . . . . . . . . .48, S20
5-YER ASSETS PLACED IN SERVICE DURING 2008
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
19b (b)(c)(d)(e)(f)(g)Ast Desriptin Date in Service Basis Perod Convention Method Deprecatin
36 "PLOTTER 01-30-2008 4,719 ~MQ 200 DB 1,652AUTO CAD LIGHT 01-30-2008 3,486 ~MQ 200 DB 1,220DELL DESKOP 07-01-2008 954 ~MQ 200 DB 143DELL DESKTOP 02-11-2008 1,132 f5 MQ 200 DB 396SENSUS HAHELD READ 04-03-2008 3,172 5 MQ 200 DB 793
..
..
Total 4,204Copyright Forms (Software Only) - 2008 TW C0619D 08_
7-YEARAS$ETS PLACED IN SERVICE DURING 2008
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
19c (b)(c)(d)(e)(f)(g)Asset Description Date in Service Bas Period Conventior Method Depreciatin
METERS 06-30-2008 9,683 7 MQ 200 DB 1,728METERS06""30-2008 93,171 7 MQ 200 DB 16,631
.,
. .
Total 18,359JVA Copyright Forms (SDftware Only) - 2008 TW
08 _lS45827YR
15-YEAR ASSETS PLACED IN SERVICE DURING 2008
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
1ge (b)(c)(d)(e)(f)(g)Asset Desnption Date in Service Basis Penod Convention Method Derecatn
DOOR FOR 711 EDEN 05-01-2008 3,402 15 MQ 150 DB 213REBUILT VFD FOR WELL tL2-1S-2008 8,902 tLs MQ tLso DB 111WELL#9 05-02-2008 78,639 15 MQ 150 DB 4,915
",
. .
.
Total 5,239ACopyright Forms (Software Only) - 2008 TW C06190 08
JV
ADS CLASS LIFE ASSETS PLACED IN SERVICE DURING 2008
USING ALTERNATE DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
20 (b)(c)(d)(e)(I)(g)Aset Description Date in Service Basis Period Conventioii Method Depreatin
HYDRAT REPLACEMENTS 06-30-2008 15,775 ßO HY S/L 263LAOR FOR METER 06-30-2008 51,943 10 HY S/L 2,597LAOR06-30-2008 7,600 10 HY 's/L 380LAOR06-30-2008 8,977 30 HY S/L 150NEW ELECTRICA PANEL 06-01-2008 48,494 20 HY 's/L 1,212WELL #9 CONTROLS 08-18-2008 131,200 120 HY 's/L 3,280WELL #9 IMPROVEMENTS 07-07-2008 255,865 ßO MQ S/L 3,198WELL & WELLHOUSE #9 11-30-2008 51,648 30 MQ S/L 215
..
. .
Total 11,295ACopyright Forms (Software Only) - 2008 TW C0619D OR .....
JV
ELECTION NOT TO DEDUCT 50% SPECIAL DEPRECIATION ALLOWANCE
FALLS WATER COMPANY
82-6007817
Taxpayer elec unde IRC se. 168(k)(2)(C)(iii) to not claim the additional 50;( firs-year specal depreciation allowance for the
following classes of propert placed in service during the tax year ended:December 31, 2008
3-Year Property
S-Year Property
7-Year Property
10-Year Property..
IS-Year Property
20-Year Property
Water ulJ6 NOT FILE
ESIMÄ'TD R~EASE:Qualified tr~ei'j_ 20ent Property
JVA Copyright Forms (Software Only) - 2008 TW
KOS05C
08_DP1YR5
FALLS WATER COMPANY
82-6007817
2007 SHAREHOLDERS SUMMARY
Shareholder:Profi Sharing Shareholder:Pr ShringNumber and Name Percentge Numbr and Name Pep.JAY JOHNSON 22.000000
~BRENT JOHNSON 24.000000
ß PAUL JOHNSON 24.0000004MAKJOHNSON24.0000005LEVIJARVIS6.000000
rOTAL:100.000000
."-
..
,
Forms (Software Only) - 2007 TW T0308F ,07 CSK1RW
Kee fo Your Recrds
FALLS WATER COMPAN
2009 CARRYFORWARD INFORMATION
20 taxable state and local tax refund
20 tax liabilit
Refund amunt applied to 20
Additional state taes paid
Carover of disallowed setion 179 deductin
Percentage depletion Carorward
· If there are Form(s) 6252 in this tax return, the gross profit rati and pnor payments reced (including
the current year payments) will carr forward from each Form 622.
,JVA Copyright Forms (Software Only) - 2008 TW M080SA
82-6007817
Kee for Your Recrd
20
08_CSCRYFWD
,-~ 418
R EF000028
M 10-02-08
AMENDED RETRN, check the box.
. 0 See instrctions for the reasnsfor amending and enter the number. .
Business name
FALLS WATER COMPANY
IDAHO 8 CORPORATION INCOME TAX RETURN 104
2008
For calendar year
208, or fiscal year Mo Day
beinning
I
State use only
State use onlyYear Mo Day Year I I08 ending 1208
Federal employer identification number
Business mailing addres
1770 SABIN DR
City, State and Zip Code
Idaho Falls ID 83406
FALL
82-6007817
Do you need Idaho income tax
form mailed to you next year?n Yes /X No
UYes ~No
~yæ rYæNo
Yes No
Yes No
1. Did the corporate nam change? If yes, enter the previous nam
2. If a federal audit was finalized this year, enter the lates year audited . . . . . . . . . . . . . . . . . . . . . . . . . .. ._
3. Is this an inactive corporatin or namholder corporation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. a. Were federal quarterly estimated payment required? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b. Were quarterly estimated payments based on annualized amounts? ........................... . . . . . . .
5. Is this a final return? .........................................................................
If yes, chec the proper box below and enter the date the event occurred
o Withdrawn from Idah 0 Dissolved 0 Mergec; .or reorganized Enter new FEIN
6. Is this an eleccal or telhone utilit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. Did the ownership change during the year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8. Enter the amunt of credit for qualifying new emloyee earned this tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
9. Enter the amunt of investmnt ta credit eard this tax year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
10. Enter the amount of broadband equipment invesnt credit earned this tax year. . . . . . . . . . . . . . . . . . . . . . . . .. .
11. Enter the amount of credit for Idaho resarch acties eared this tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
12. Enter the amunt of biofuelinfrascture invesnt tax credit earned this year. . . . . . . . . . . . . . . . . . . . . . . . . . .. .
13. Did you claim the propert tax exemption for investmnt ta credit prope acquired this tax yea? . . . . . . . . . . . . .
INCOME
14. Ordinar income (loss). Form 112OS, page 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . " . 14
.15. Net incme (loss) from rental real esate actites. Form 1120S, Schedule K .............. . . . . . . . . . . . .. . 15
16. Net incme (loss) from other rental actvities. Form 1120S, Schedule K ............................... . 16
17. Portolio income (loss). Form 112OS, Schedule K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 17
18. Other income Ooss). Form 1120S, Schedule K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 18
19. Net distrbutable income. Add lines 14 throu h 18 ............................................... 19
ADDITONS
20. Interes and dividends not taxable under Internal Revenue Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21. State, municipal and local taxes measured by net income. Attach a schedule ..........................
22. Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23. Add lines 19 through 22 ...................................................................
SUBTRACTIONS
24. Interest trm Idaho municipal securies . . . . . .. . . . .. . . . . . . . . . . . . . . . . . . . . 24
25. Interes on U.S. Government obligations. Attach a schedule . . . . . . . . . . . . . . . . 25
26. Interest and other expense related to lines 24 and 25. . . . . . . . . . . . . . . . . . . . . 26
27. Add lineS 24 and 25, and subtract line 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28. Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29. Allocated income. Attach a schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . 29
30. Interest and other expenses related to line 29. Attach a schedule ............ . 30
31. Subtract line 30 from line 29 ................................................................ 31
32. Bonus depreciation. Attach computations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'. . 32
33. Other subtractions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 33
34. Total subtractions. Add lines 27,28,31,32 and 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
~
U Yes .. p§ No ·
No
-94,628
-94,628
20
35. Net business income subject to apportonment. Subtract line 34 from line 23 . . . . . . . . . . . . . . . . . . . . . . . . . .. . 35 -94,608
MAIL TO: Idaho State Tax Commission, PO Box 56, Boise 10 83756-0056ATTACH A COMPLETE COpy OF YOUR FEDERAL FORM 11205.
08 104151 TWF27100 Copyright Forms (Software Only)- 2008 TW iiiiiimii823052 .J
,-10 Form 41S (2008)
EF000028p2 10-02-08 1043
Page 2
36. Net business income subjet to apportonment Enter the amunt from line 35. . . . . . . . . . . . . . . . . . . . 36
37. Corporations with all activity in Idaho enter 100%. Multstate/multnatinal corporations complete and
attach Form 42. Enter the apportonment factor from Form 42, Par I, line 21 ..................... . 37
38. Net busines income apportoned to Idaho. Multply line 36 by the percent on line 37. . . . . . . . . . . . . " . 38
39. Income allocated to Idaho. See instrctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 39
40. Idaho compensation of individual officers, direcors, and shareholders not reported to Idaho. . . . . . . .. . 40
41. S corporation income reported to Idaho on shareholder' income tax retums. . . . . . . . . . . . . . . . . . . .. . 41
42. Idaho taxable income. Add lines 38 throu h 40, and subtrac line 41 . . . . . . . . . . . . . . . . . . . . . . . . . .. . 42
43. Idaho income tax. Multply line 42 by 7.6% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . 43
CREDITS
44. Credit for contributions to Idaho educational entities . . . . . . . . . . . . . . . . . . . . . . . . 44
45. Credit for contnbutions to Idaho youth and rehabilitation facilits . . . . . . . . . . . . . . 45
46. Total business incme tax credits from Form 44, Par " line 12. Attach Form 44 . . . 46
47. Total credits. Add lines 44 through 46 ..........................................................
48. Subtract line 47 from line 43. If line 47 is greaterthan line 43, enter zero ...... . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER TAXES
49. Minimum tax. See instructions if the S corporation owes federal tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50. Permanent building fund tax. See instructions ....................................................
51. Total tax from recapture of income tax credits from Form 44, Par II, line 7. Attach Form 44 . . . . . . . . . . . . . . . . . .
52. Fuels tax due. Attach Form 75 ................................................................
53. Sales/Use tax due on mail order, internet, and other nontaxed purchas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54. Tax from recapture of qualified investment exemption (QIE). Attach Form 49ER. . . . . . . . . . . . . . . . . . . . . . . . . ..
55. Total tax. Add lines 48 through 54 .............................................................
56. Underpayment interest. Attach Form 41ESR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57. Add line 55 and line 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PAYMENTS AND OTHER CREDITS
58. Estimated tax payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59. Special fuels tax refund Gasoline tax refund Attach Form 75
60. Total payments and other credits. Add line 58 and line 59 ...........................................
If line 57 Is more than line 60 GO TO LINE 61 If line 57 Is les than line 60 GO TO LINE 64
-94,608
100.0000 %
-94,608
-94,608
o
,..REFUND OR PAYMENT DUE
61. Tax due. Subtract line 60 from line 57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . . . . . . . . . . ..61 2062. Penalty .Interest from due date .Enter total . . . . . . . . . . . .6263. TOTAL DUE. Add line 61 and line 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. r 2064. Overpayment. Subtract line 57 from line 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.6465. REFUND. Amunt of line 64 you want refunded to you . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
~ I66. ESTIMATED TAX. Amunt to credit to your 209 estimated tax. Subtract line 65 from line 64 . . . . . . . . .. . . . . . . .
.66AMENDED RETURN ONLY. Complete this section to determine your ta due or refnd.
67. Total due (line 63) or overpayment (line 64) on this return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . . . . . .
6768. Refund from original return plus additonal refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :. . . . . . .
6869. Tax paid with original return plus additional tax paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6970. Amended tax due or refund. Add lines 67 and 68, and subtract line 69 ..................0......;...... .70. U Within 180 days of receiving this return, the Idaho State Tax Common may discuss this return with the paid preparer identied beow.
47
48
. 49 20
. 50
51
52
. 53
. 54
. 55 20
. 56
57 20
. 58
59
60 0
Under penales of perjury I declare that to the bet of my knowledge and beief this return is tre correct and complete See instructions,
,Signature of offcer Date
SIGN .
HERE Title Phone numberPRESIDENT208-523-9631Paid preparer's signature
I Preparets EIN, SSN or PTIN
.. 82-0332820Address and phone number (208)522-1412329SOUTH WOODRUFF IDAHO FALLS ID 834
Copyright Forms (Software Only) - 2008 TW 1m miiiiill~ II08 104152 TWF27101
· Idåho
Form 4562
Department of the Treasury
Internal Revenue Service (99) .. See separate InstrcUons. .. AttCh to our ta return.
Nam(s) shown on return Busines or actiit to which this form relatesFALLS WATER COMPAN OR FORM 1120S
Nftiiit:ti Elecion To Expense Certain Propert Under Secon 179
Note: If you have any listed propert, complete Par V before you complete Par i.
1 Maximum amunt. See the instrctions for a higher limi for certain businesse. . . . . . . . . . . . . . . . . . . . . . . .
2 Total cost of section 179 propert placed in service (se instrctions) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Threshold cost of section 179 propert before reduction in limiation (se instructions). . . . . . . . . . . . . . . . . . .
4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or les, enter -0-. If married filing separately,
see Instrctions ........................................................................
6 (a) Decription of propert (b) Cost (busn. use only) (c) Eleced cost
Depreciation and Amortization
(Including Information on Listed Propert)
OMB No. 1545-0172
2008
Attachment
se uene No. 67
Identing number
2-6007817
1
2
3
4 o
5 250,000
7 Listed proper. Enter the amunt from line 29 ............................ 7
8 Total elected cost of section 179 propert. Add amunts in column (c), lines 6 and 7. . . . . . . . . . . . . . . . . . . . 8
9 Tentative deduction. Enter the smaller of line 5 or line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Carryover of disallowed deduction from line 13 of your 2007 Form 4562 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Busines income limitation. Enter the smaller of busines income (not less than zero) or line 5 (se instrctins) 11 250 , 000
12 Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 . . . . . . . . . . . . . . . . . 12
13 Carryover of disallowed deduction to 2009. Add lines 9 and 10, less line 12. .. .. 13 tlWIWMtttliMMM:twilitm
N Dote:o not use Par II or Part II below for listed propert. Instead, use Par v.
I_dim Special Depreciaton Allowance and Other Depreciation (Do not include listed prope.) (Se Instctns.)
14 Special depreciation allowance for qualified propert (other than listed propert) placed in service
during the tax year (see instructions) .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1415Propert subject to secon 168(f)(1) elecion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1516Other depreciation (including ACRS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 495i_am MACRS Depreciation (Do not include listed propert.) (See instrctns.)
SecUonA17 MACRS deductins for assets placed in service in tax years beginning before 20 ....................
18 If you are elecng to group any assets placed in service during the tax year into one or more
general asset accounts, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ~:.
Seon B -- Assts Placed In Service During 20 Tax Year Using the General Depreciation Syste
(a)Classifcation of propert (b) Month and (c)Basis for depr.(d)Recvery (e)(1)Method (g)Deprecationyear placed In (business/investment use perid Convention deductinseiconly -- see instructions!19a 3-year propert
b 5-year propert 4,204c7-year prope9e 18 ,359d1o-year prope9e
e 15-year proper
5 ,239f20-year propee
9 25-year propert 25 yrs.S/LhResidentialrental27.5 yrs.MM S/Lpropert27.5 yrs.MM S/LiNonresidentialreal08-8 -08 4 ,160 39 yrs.MM S/L 40propert
MM S/L
20a Class life
b 12- ear
c 40- ear
JlW:. Summa (See instructions.)
21 Listed propert. Enter amunt from line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here
and on the appropriate lines of your return. Parnerships and S corporatins __ see instrctions ..........
23 For assets shown above and placed in service during the current year, enter the
porton of the basis attbutable to section 263A costs . . . . . . . . . . . . . . . . . . . . . . . 23
For Paperwork ReducUon Aet NoUee. see seprate Instredons.,JVA 08 45621 TWF 27117 2008 TW
11,29512 rs.
40 yrs.MM
21
22 214,517
.'"
IDAHO 5-YEAR ASSETS PLACED IN SERVICE DURING 2008
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
19b (b)(c)(d)(e)(1)(9)Ast Desption Date in Serce Basis Penod Conventior Method Depriation
36"PLOTTER 4,719 ~MQ 200 DB 1,652AUTOCA LIGHT 3,486 ~MQ 200 DB i,220DELL DESKOP 954 5 MQ 200 DB 143DELL DESKTOP 1,132 5 MQ ~OO DB 396SENSUS HAHELD READ 3,172 5 MQ 1200 DB 793
..."
i
:
. .
Total 4,204ACopyright Forms (Software Only) - 2008 TW 01118W d;;
.JV
IDAHO 7-YER ASSETS PLACED IN SERVICE DURING 2008
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
19c (b)(c)(d)(e)(1)(g)Asst Desription Date in service Basis Period Convention Method Deprecation
METERS 9,683 7 MQ 200 DB 1,728METERS93,171 ~MQ 200 DB 16,631
..
..
Total 18,359ACopyright Forms (Software Only) - 2008 TW Dll18WJV
IDAHO 15-YER ASSETS PLACED IN SERVICE DURING 2008
USING GENERAL DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
1ge (b)(c)(d)(e)(1)(g)Asset Description Date in Serce Basis Perid Conventiii Method Dereiaton
DOOR FOR 711 EDEN 3 í 402 15 MQ 150 DB 213REBUILT VFD FOR WELL 8,902 15 MQ 150 DB 111WELL #9 78,639 15 MQ .150 DB 4,915
..
-.
..
Total 5,239JVA Copynght - 2008TW 08-' 0456215YR
IDAHO 2008 ADS CLASS LIFE ASSETS PLACED IN SERVICE DURING 2008
USING ALTERNATE DEPRECIATION SYSTEM
FALLS WATER COMPANY
82-6007817
20a (b)(C)(d)(8)(1)(g)As Description Date in service Basis Perod Conventon Method Deprecatin
HYDRAT REPLACEMENTS 15,775 30 HY ß/L 263LAOR FOR METER 51,943 10 HY ß/L 2,597LAOR7,600 10 HY ß/L 380LAOR8,977 30 HY S/L 150NEW ELECTRICA PANL 48,494 20 HY S/L 1,212WELL #9 CONTROLS 131,200 ~O HY S/L 3,280WELL #9 IMPROVEMENTS 255,865 30 MQ S/L 3,198WELL & WELLHOUSE #9 51,648 30 MQ ß/L 215
.
"
"
Total 11,295Copyright Forms (Software Only) - 2008 TW 01118W '.
OA
.....
2007 WORKSHEET FOR 10 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS,
CREDITS, AND TAXESFALLS WATER COMPANY
82-6007817
The amount shown for each line Itm will be distrbut on the Schedles K-1 by the shareholders' pecentge.
Net distrbutable Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ 94 , 62 8
Additions:
Interest and dividends recived, not taxable under IRC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State, municipal, and local taxes measured by net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Othe addions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additins. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Subtractions:
Interest recved from Idaho municipal seurities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on U.S. obligatin& . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Interest expense related to U.S. obligations & municipal secries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interes and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation .................................. '~c' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total subtractions ................................................................................
Net busines Incme subject to apportonment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Idaho apportnment facor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net busines Incme apportioned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholder's Income tax return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credits
Credit for contrbutions to educational enties ..........................................................
Credit for contrbutons to youth and rehabßitation facilites . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investmnt tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for production equipment using post-consumer waste . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for qualifing new employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .
Credit for Idaho resarch activies ...................................................................
Broadband equipment Invent credit. . . . . . . . . . . . . . . . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Incentive Investnt ta credit ......................................................................
Corprat headquarers invesnt tax credit. . . . . . . . . . . . . . . . : . . . . . . . . . .':. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarers real propert Improvement ta credit. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .. . . . . . . . . . .
Corprate headquarer ne jobs ta credit ................:..........................................
Small emloyer Investnt tax credit. . . . . . . . . . . . . . . . . . . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer real propert improvement ta credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer new jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infasctre investmnt tax credit ...................,..........................................
-94,608
100.0000
-94,608
-94,608
JVA Copyright Forms (Software Only) - 2007 TW Tl023F
07_SIOUVKl
SHAEHOLDER #1
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
JAY JOHNSON
2125 CAELLAO
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited data
s~pplied by the tax matters person. No attempt was made to verify
any of the information and elections contained therein. The returnsare subj ect to examination by the tåXing authorities and, therefore,
the income, losses, deductions or credits which appear are subj ect
tp possible adjustment.
2008 10 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31, 2007, or fiscal year beinning
Shareholders identiing number 52 8 - 5 0 - 1514
Shareholders nam, address, and zip code
, and ending Kee for Your Recrd
S Corporaton's identiing numbe 82 - 60 0 7 8 1 7
S Corpration's nam, addres, and 21P code
FALLS WATER COMPAN
JAY JOHNSON
2125 CAELLAO
Idaho Falls ID 83406
1770 SABIN DR
Idaho Falls ID 83406
Profit sharing percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 ................................................ .............................................
Amnded K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22.00000
Yes
Yes
YesShareholder's Share of Idaho Source Income
Net distbutable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exemt interest and dividends .............................................................
State, municipal, or local taxes .............................................. . . . . . . . . . . . . . . . . . . . . . . . .
Other additons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additons ..................................................................................
Subtractions:
Interestfrom Idaho municipal seurites. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligatons .......................................................................
Less: Interest expense related to U.S. obligatins & municipal securies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net business income subject to appol1onment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Appol1onment factor .............................................................................
Net business income appol1oned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . . .
Income allocated to Idaho . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . .
S Corporation income reported to Idaho on shareholdets Income tax return. . . . . ~: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-20,818
4
4
-20,814
-20,814
Idaho Credits -20,814
Credit for contrbutions to educational entiti. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . . . . . . . . . .
Credit for contributions to youth and rehabiltation facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . . . . . . . . . .
Investmnt tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . .
Creditfor production equipment using post-consumer waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . .
Promoter-sponsored event credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifing New Employees .................................................................
Credit for Idaho research actvities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investmnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'. . . .
Incentive investmnt tax credit ......................................................................
Corporate headquarers investnt tax credit ..........................................................
Corporate headquarers real prope improvementtax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarers new jobs tax credit ...........................................................
Small employer investmnt tax credit ................................................................
Small employer real propert improvement tax credit . . . . . . . .. .. . . . .. . . . .. . . . . . .. . . . . . . . . . . . . . . . . .. . . . . . . .
Small emloyer new jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .
Biofuel infrastrcture investment tax credit .............................................................
JVA Copyright Forms (Software Only) - 2007 TW Tl023F
~
SHAEHOLDER #2
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
(208) 523 -9631
BRENT JOHNSON
630 S 45TH E
Idaho Falls ID 83406
Attached is your copy of Schedule K-1 to the IDAHO Tax Return'
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the ~ncome tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited data
supplied by the tax matters person. No attempt was made to verify
any of the information and elections contained therein. The returnsare subject to examination by the ta~ing authorities and, therefore,
the income, losses, :deductions or credits which appear are subject
to possible adjustment.
..~
2008 10 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - De 31, 207, or fiscal year beinning
Shareholder's identing number 52 8 .; 8 5 - 112 0
Shareholder's nam, addres, and zip code
, and endi" Kee for Your Recrds
S Corporation's idetiing number 82 - 6 0 0781 7
S Corporation's nam, addres, and ZiP code
FALLS WATER COMPAN
BRENT JOHNSON
630 S 45TH E
Idaho Falls 10 83406
1770 SABIN OR
Idaho Falls 10 83406
Profit shanng percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 . 0 0 0 0 0
Final K-1 ............................................................................................. Yes
Amended K-1 ......................................................................................... Yes
Check if this shareholder is a nonresident. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes
Shareholder's Share of Idaho Source Income
Net distrbutable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exempt interes and divdends ...................::........................................
State, municipal, or local taxes .............................................. . . . . . . . . . . . . . . . . . . . . . . . .
Other additons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additions ..................................................................................
Subtractions:
Interest from Idaho municipal secunties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligations .......................................................................
Less: Interest expense related to U.S. obligations & municipal seurites. . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated incme. ................................................................................
Less: Inteest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractions ................................................................................
-22,711
5
5
Net busines income subjec to apportonment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportònment factor .............................................................................
Net busines income apportned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholder's Income tax return. . . . . : ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-22,706
-22,706
-22,706Idaho Credits
Credit for contbutions to educational enties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contnbutions to youth and rehabilitation facilites . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment ta credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credittor producton equipment using post-consumer waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . ; . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifing New Employee .................................................................
Credit for Idaho research actvities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investmnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'. . . .
Incentive investmnt tax credit ......................................................................
Corporate headquarers investmnt tax credit ..........................................................
Corporate headquarters real propert improvemnttax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarers new jobs tax credit ...........................................................
Small employer investmnt tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer real propert improvementtax credit .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small employer new jobs tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biofuel infrastrcture invesnt tax credit .............................................................
JVA Copynght Forms (Software Only) - 2007 TW T1 023F
SHAEHOLDER #3
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 83406
[phone]
PAUL JOHNSON
4650 MAESTIC VIEW
Idaho Falls ID 83401
Attached is your copy of schèdule K-1 to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPAN
1770 SABIN DR
Idaho Falls ID 8340~
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of theseitems on your state return.
The enclosed information has been prepared from unaudited data
supplied by the tax matters person. No attempt was made to verify
any of the information and elections contained therein. The returnsare subject to examination by the täXing authorities and, therefore,
the income, losses, deductions or credits which appear aresubj ectto possible adjustment. .
..
200810 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31, 207, or fiscal year beinning
Shareholders identifying number 528 - 85 - 2240
Shareholders nam, address, and zip code
l and ending Kee for Vour Recrd
S Corporatin's identiing number 82 - 60 0 7 8 1 7
S Corporatin's nam, addre, and zip code
FALLS WATER COMPANY
PAUL JOHNSON
4650 MAESTIC VIEW
Idaho Falls ID 83401
1770 SABIN DR
Idaho Falls ID 83406
Profi sharing percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 .............................................................................................
Ainded K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24.00000
Ves
Ves
VesShareholder'S Share of Idaho Source Income
Net distbutable income .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Additions: ..
Federal tax exempt interest and dividends .............................................................
State, municipal, or local taxes ..................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additons ..................................................................................
Subtractions:
Interest from Idaho municipal securies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligations .......................................................................
Less: Interest expense related to U.S. obligations & municpal secunties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Les: Interest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractions ................................................................................
Net business income subject to apportonment. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
Apportonment factor .............................................................................
Net business income apportol)ed to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .
S Corporatin income reported to Idaho on shareholdes Income tax return. . . . . . : '. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-22,711
5
5
-22,706
-22,706
Idaho Credits -22,706
.Credi for contrbutions to educational entiies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contrbutions to youth and rehabilitation faciliti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investmnt tax credit. . . . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Creditfor production equipment using post-consumer waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifying New Employees .................................................................
Credit for Idaho resarh activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investmnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . .
Incentive investment tax credit ......................................................................
Corporate headquarers investnt tax credit ..........................................................
Corporate headquarters real propert improvementtax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate headquarters new jobs tax credit .............................................................
Small employer investmnt tax credit ............... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .
Small employer real propert improvement tax credit. . " . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .
Sman employer new jobs tax credit. . . . . . . . . . . . . . .. . . . . . . . . . . . . ... ...................................
Biofuel infrastrcture investnt tax credit .............................................................
JVA Copyright Forms (Software Only)- 2007 TW T1023F
07_S10K1
.... ..
SHAEHOLDER #4
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
[phone]
MAK JOHNSON
3773 AUTUM WOOD
Idaho Falls ID 83406
Attached is your copy of schèdule K-1 to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
The items of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determination
of your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited data
supplied by the tax matters person. No attempt was made" to verify
any of the information and elections contained therein. "The returns
are subject to examination by the táxing authorities and, therefore,
the income, losses, deductions or credits which appear are subject
to possible adj ustment .
"'"
2008 10 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31, 2007, or fisc ear beinning
Shareholders identing numbe 52 9 - 83 - 54 19
Shareholders nam, addres, and zip code
, and ending Kee for Your Rec
S Corporaton's identing number 82 - 6 0 078 1 7
S Corporation's nam, addres, and zip code
FALLS WATER COMPANY
MAK JOHNSON
3773 AUTUMN WOOD
Idaho Falls ID 83406
1770 SABIN DR
Idaho Falls ID 83406
Profit sharing percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 .............................. .................................. .............................
Amended K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24.00000
Yes
Yes
YesShareholder's Share of Idaho Source Income
Net distbutable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Additions: ...
Federal tax exempt interest and dividends .............................................................
State, municipal, or local taxes ................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additions ..................................................................................
Subtractions:
Interest from Idaho municipal secrities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest from U.S. obligations .......................................................................
Less: Interest expense related to U.S. obligations & municpal seurites. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interest and other expenses related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractins ...............................................................................
Total subtractions .......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-22,711
5
5
Net business income subject to apportonment. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportonment factor .............................................................................
Net busines income apportoned to Idaho. . . . . . . . . . . . . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ',' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reported to Idaho on shareholders Income tax return. . .. . : ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-22,706
-22,706
-22,706Idaho Credits
Credit for contrbutions to educatnal enties. . . . . . . . . . . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contrbutions to youth and rehabiltation facilites . . . . . . '.' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investnnt tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for production equipment using post-consumer waste. . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifing New Employees .................................................................
Credit for Idaho research activites. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investmnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . .'. . . .
Incentive invesnt tax credit ......................................................................
Corporate headquarer invesnt tax credit ..........................................................
Corporate headquarer real prope improvementtax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . .. .......
Corporate headquarers new jobs tax credit ...........................................................
Small emloyer invesnt ta credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . ..
Small employer real proper improvement tax credit .. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .
Small employer new jobs tax credit. . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . " . . . . . . . .
Biofuel infrasucture Investnnt tax credit ....................................................;........
JVA Copyright Forms (Software Only) - 2007 TW Tl023F
07_SIDK1
..
SHAEHOLDER #5
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
(208) 523 - 9631
LEVI JARVIS
5304 CLEARFIELD
Idaho Falls ID 83406
Attached is your copy of schèdule K-1 to the IDAHO Tax Return
for an S Corporation (Form ID 41S) which was filed with the
Franchise Tax Board and shows your share of distribution from:
FALLS WATER COMPANY
1770 SABIN DR
Idaho Falls ID 83406
The i terns of income, loss, deduction or credit which appear in the
enclosed material may have an important bearing in the determinationof your taxable income. However, the provisions of the income tax
laws are complex and may be interpreted differently for different
taxpayers. For this reason, you may wish to seek the assistance
of your tax advisor with respect to the proper treatment of these
items on your state return.
The enclosed information has been prepared from unaudited data
supplied by the tax matters person. No attempt was made to verify
any of the information and elections contained therein. The returnsare subject to examination by the táXing authorities and, therefore,
the income, losses, deductions or credi ts which appear are subj ect
to possible adjustment.
200810 SHAREHOLDER'S SHARE OF INCOME, MODIFICATIONS, CREDITS, AND TAXES
FORM 41S SCHEDULE K-1
For the year Jan 1 - Dec 31,2007, or fiscal year beinning
Shareholders identiing number 52 9 - 3 5 - 4 4 0 5
Shareholder's name, addres, and zip code
, and ending Kee for Your Recrds
S Corporation's identing numbe 8 2 - 6007 8 i 7
S Corporatin's nam, addres, and zip code
FALLS WATER COMPANY
LEVI JARVIS
5304 CLEARFIELD
Idaho Falls ID 83406
i 770 SABIN DR
Idaho Falls ID 83406
Profit shanng percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Final K-1 .............................................................................................
Amnded K-1 .........................................................................................
Check if this shareholder is a nonresident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.00000
Yes
Yes
YesShareholder's Share of Idaho Source Income
Net distrbutable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:
Federal tax exempt interes and dividends .............................................................
State, municipal, or local taxes ......................................................................
Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total additions ..................................................................................
Subtractions:
Interest from Idaho municipal secunties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . .
Interest from U.S. obligatns .......................................................................
Les: Interest expens related to U.S. obligatins & municipal securis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technological equipment donation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocated income ................................................................................
Less: Interest and other expenss related to allocated income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonus deprecation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other subtractions ...............................................................................
Total subtractions ................................................................................
-5,677
i
i
Net busines income subject to apportonment. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apportonment factor .............................................................................
Net busines income apportoned to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . .
Income allocated to Idaho. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S Corporation income reportd to Idaho on shareholder's Income tax return . . . . ~: . . . . . . . . . . . . . . .. . . . . . . . . . . . . .
-5,676
'-5,676
-5,676Idaho Credits
Credit for contnbutions to educational enties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for contnbutins to youth and rehabilitation facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investmnt tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . .
Credit for producton equipment using post-consumer wase. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . .
Promoter-sponsored event credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit for Qualifying New Employees .................................................................
Credit for Idaho resarch activies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broadband equipment investmnt credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . .
Incntive investmnt tax credit ......................................................................
Corporate headquarers invesnt tax credit ..........................................................
Corporate headquarers real proper improvemnt ta credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .
Corporate headquarters new jobs tax credit ...........................................................
employer investmnt tax credit ......................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . .
Small employer real proper improvementtax credit .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Smal emloyer new jobs tax credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . .
Bifuel infrastructure investmt tax credit .............................................................
JVA Copyright Forms (Software Only) - 2007 TW T1023F
.
WINSTAR REALTY
Ben Winder - Realtor
[phone]
Market Analysis on Rental Space for Falls Water Inc.
Subject Propert for Falls Water:
Address:
Description:
Rental Rate:
Comparisons
#1
Address:
Description:
Rental Rate:
#2
Address:
Description:
Rental Rate:
2180 Deborah Dr. Idaho Falls, ID
1600 sq ft. Offce Space - Six of'ces, 1 bath, 1 break room,
storage closets
2400 sq ft. Warehouse, Attached 18' Ceilings, Heated, Insulated,
Floor Drains, 220 Power, Storage Racks
4000 Sq Ft Total
$2,700 Monthly Plus Utilties, Taxes, Maintenance.
4770 Wi 7th Street Idaho Falls, ID
1800 sq. ft. Offce Space - 6 Offices, 2 Baths, 1 Break Room,
Utilty Room, Storage Closets
No Warehouse
$2,000 Monthly Plus Utilities, Taxes, Maintenance
$ 1. 11 per sq ft.
1546 N. 2500 E. Idaho Falls, ID
2500 Sq Ft. Offce Space - 6 Offces, 1 Bath, Lunch Room,
Utility Room.
No Warehouse
$2,640 Monthly Plus Utilties, Taxes, Maintenance
$ 1.05 per sq ft.
Attachment 3
#3
Address:
Description:
Rental Rate
#4
Address:
Description:
Rental Rate:
#5
Address:
Description:
Rental Rate:
#6
Address:
Description:
Rental Rate:
2222 Teton Idaho Falls, ID
2500 sq ft Offce Space - 7 Offices Plus Lunch Room, 1 Bath
Very Old Building with high maintenance
$2,250 Monthly plus Utilties, Taxes, Maintenance
$.90 per sq ft.
4323 Commerce Way Idaho Falls, ID
1500 sq ft Offce Space - 5 Offices, 1 Bath, Break Room
6000 sq ft Warehouse - Heated, Insulated, 16' Ceilngs,
7500 sq ft Total
$4,500 Monthly plus Utilities, Taxes, Maintenance
2090 E Industral Idaho Falls, ID
250 sq ft Offce Space - 2 Offices, 1 Bath
2000 sq ft Warehouse - No Heat, 12' Ceilngs,
2250 sq ft Total
$1,500 Monthy plus Utilties, Taxes, Maintenance
2342 Gallatin Idaho Falls, ID
No Offce Space
3200 sq ft Warehouse - No Heat, 12' Ceilngs, Loading Dock
$1,900 Monthly plus Utilities, Taxes, Maintenance
$.59 per sq ft. - Warehouse
#7
Address:805 N Clay Idaho Falls, ID
Description:No Offce Space -1 Bath
5000 sq ft Warehouse - No Heat, 14' Ceilngs,
Rental Rate:$2,600 Monthly plus Utilties, Taxes, Maintenance
$.52 per sq ft - Warehouse
Analysis
Based on the Square footage rates for comparable offce space of$I.00 per sq. ft. and
warehouse space at $.50 per sq ft. I feel that Falls Water is paying the Fair Market Value
for the Offce and Warehouse Space.
Falls Water
Offce 1600 sq ft * $1.00 $1,600
Warehouse 2400 sq ft * $0.50 $1.200
Total $2,800
Comparable #4
Offce 1500 sq ft * $1.00 $1,500
Warehouse 6000 sq ft * $0.50 $3,000
Total $4,500
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Falls Water Company, Inc
2025 E First St
Idaho Falls, 10 83401-4411
Oua!Y
~OnTapi
Phone: [phone]
Fax: [phone]
Web site: ww.fallswater.com
SERVICE CONTRACT
This contract is made on this the 22nd day of October, 2003 by and between Falls WaterCompany, Inc. ("FWC"), 2025 E. First St., Idaho Falls, 1083401 and Howell & Howell, Inc.,
2025 East First Street, Idaho Falls, 10 83401.
Howell & Howell, Inc. owns a small Public Water System, PWS# 7/CX00 , located at
2372 E. lana Rd., Idaho Falls, ID 83401. Howell & Howell, Inc. is responsible for water
samples and routine maintenance of the above water system. Falls Water Company, Inc.
owns and operates a drinking water system with certified water system operators.
FWC agrees ,to use its certified operators to provide the following services Howell & Howell,
Inc.:
1. Collection of water samples required by District Seven Health Department to comply with
state health and safety requirements. Howell & Howell, Inc. wil pay FWC $50.00 (the fee
includes service fees and lab costs for this test for one (1) coliform bacteria analysis per
quarter for the PWS# 7/ oo~oo . Additional coliform tests taken during a quarter
wil incur additional charges. These additional charges wil include a $45.00 service fee for
each on site visit by FWC's certified operator to collect the additional samples plus the cost
of the sample analysis and any related shipping and handling charges. Other required
water tests (ie. lead/copper, nitrate, volatile organic contaminants, etc.) wil be collected at
the same time the monthly/quarterly coliform bacteria sample is collected to avoid an added
service charge for collection of these tests. FWC wil invoice Howell & Howell, Inc. for the
lab analysis costs and any shipping and handling costs associated with these requiredtests. -.
2. Consultation on system maintenance and repairs. If Howell & Howell, Inc. wants someone
other than FWC's certified operator to perform the maintenance and repairs on its system,
FWC's certified operator wil be available as a consultant. The consultant fee wil be
$45.00 per hour.
3. Maintenance and repairs to system if requested by Howell & Howell, Inc.. FWC's certified
operator wil perform maintenance and repairs to Howell & Howell, Inc.'s water system at
the request of Howell & Howell, Inc.. This service wil be charged out on a time and
materials basis. The labor rate wil be $45.00 per hour.
FWC's operator wil notify Howell & Howell, Inc. of any potential and/or actual problems with
the water system discovered while taking samples or performing any maintenance or repairs.
FWC wil provide Howell & Howell, Inc. with copies of all analysis results. An itemized invoice
wil be provided with the copies of the analysis results.
Attachment 4
." ;/
Should either part become dissatisfied with the performance of the other part and
satisfactory resolution of the problem can not be attained, this agreement can be cancelled by
either part by giving thirt (30) days writen notice to the other party.
Dated this él,;NJ day of Be+a be/ 2003.
FALLS WATER COMPANY, INC. HOWELL & HOWELL, INC.
By K.Ço~ BY~
Title fllhtl tJ if Title ,q e..
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lll FALLS v;~~~~
2180 Deborah Dr
Idaho Falls, 10 83401
Oualy~OnTap!
Phone: [phone]
Fax: [phone]
Web site: ww.fallswater.com
Statement Date 10126/09
Accunt Number
Due Date 11/15/09
Service Address:
METER READING DETAIL
Meter Readings & Usages are shown in Thousands of Gallons
PREVIOUS CURRENT TOTAL
DATE READING DATE READING USAGE
09/15/09 83 10/14/09 93 10
Previous Balance
Payments
Misc Adjustments
Current Charges:
WATER
22.00
22.00 CR
14.00
CR - Denotes a credit to your account. If CR appears to the
right of the total of TOTAL AMOUNT DUE and AMOUNT DUE,
you have a credit balance and owe nothing at this time.Total Amount Due:14.00
Attachment 6
i"f FALLS WATERi&~. COMPANY
2180 Deborah Di
Idaho Falls, ID 83401
Please detach and return lower portion with payment.
If you wish to pay by Credit Card, please fill out
the information below. Otherwise, do not forget to
write your accunt number on the check or money
order you return for payment. Thank YOl!o
D (VIS'.
D
ACCOUNT NO
11/15/1DUE DATE
AMOUNT DUE 14.00
AMOUNT PAID $
. .
rrJ/rnDI~Signature for Credij Card Signature Panel Number
(l 3 digit ot ba 01 Canl)
Customei Billng Address
City State zip
i)f FALLS WATER~~~ COMPANY
2180 Deborah Dr
Idaho Falls, 10 83401
C\ualy~OnTap!~
Phone: [phone]
Fax: [phone]
Web site: ww.fallswater.com
Statement Date
Account Number
Due Date
10126/09 I /'
i
11115/09 I
Service Address:
METER READING DETAIL
Meter Readings & Usages are shown in Thousands of Gallons
PREVIOUS CURRENT TOTAL
DATE READING DATE READING USAGE
09/15/09 77 10/14/09 77 0
Previous Balance
Payments
Misc Adjustments
Current Charges:
WATER
42.01
14.00
CR - Denotes a credit to your account. If CR appears to the
right of the total of TOTAL AMOUNT DUE and AMOUNT DUE,
you have a credit balance and owe nothing at this time.Total Amount Due:56.01
Attachment 7
."n... FALLS WATER1.((, COMPANY
2180 Deborah Di
Idaho Falls, ID 83401
Please detach and return lower portion with payment.
/( you wish to pay by Credit Card, please fill out
the information below. Otherwise, do not forgt to
write your account number on the check or money
order you return for payment. Thank You.
0.'
o
ACCOUNT NO
DUE DATE 11/15/09
AMOUNT DUE 56.01
AMOUNT PAID $
. .
rn~ÕJDJ
Signature for Credit Card Signature Pane Number
(Last 3 dig on ba or Cat)-Service Address
Customer Billng Address
City Slate zip
~~. FALLS WAT. ER~((. COMPANY
2180 Deborah Dr
Idaho Falls, 10 83401
Oua~onllp!~
Phone: [phone]
Fax: [phone]
Web site: ww.fallswater.com
Statement Date 02125/09
Account Number
Due Date 03/15/09
Service Address:
METER READING DETAIL
Meter Readings & Usages are shown in Thousands of Gallons
PREVIOUS CURRENT TOTAL
DATE READING DATE READING USAGE
10/14/08 6730 0 0
Previous Balance
Payments
Misc Adjustments
Current Charges:
WATER
14.00
14.00 CR
14.00
CR . Denotes a credit to your account. If CR appears to the
right of the total of TOTAL AMOUNT DUE and AMOUNT DUE,
you have a credit balance and owe nothing at this time.Total Amount Due:14.00
Attachment 8
l1tt FALLS ~~~~
2180 Deborah Di
Idaho Falls, ID 83401
Please detach and return lower portion with payment.
If you wish to pay by Credit Card, please fill out
the information below. Otherwise, do not forget to
write your account number on the check or money
order you retum for payment. Thank You.
o ¡VIS I.
D
ACCOUNT NO
DUE DATE
AMOUNT DUE
AMOUNT PAID
rn~rnrn
Signature for Credit Card
Signàture Panel Number
(l 3 digits on back of Caol)
Customer Billng Address
City State zip
l211 FALLS ~~~~~
2180 Deborah Dr
Idaho Falls, ID 83401
()ua!Y~OnTap!~
Phone: [phone]
Fax: [phone]
Web site: ww.fallswater.com
..
.
Statement Date
Account Number
Due Date
04/24/09,t'':li''
05115/09
Service Address:
METER READING DETAIL
Meter Readings & Usages are shown in Thousands of Gallons
PREVIOUS CURRENT TOTAL
DATE READING DATE READING USAGE
10/14/08 4931 04/13/09 5010 79
Previous Balance
Payments
Misc Adjustments
Current Charges:
WATER
14.00
42.00CR
18.67
CR - Denotes a credit to your account. If CR appears to the
right of the total of TOTAL AMOUNT DUE and AMOUNT DUE,
you have a credit balance and owe nothing at this time.Total Amount Due:9.33 CR
Attachment 9
."f. FALLS WATER~((. COMPANY
2180 Deborah Di
Idaho Falls, ID 83401
Please detach and return lower portion with payment.
If you wish to pay by Credit Card, please fill out
the information below. Otherwise, do not forget to
write your account number on the check or money
order you return for payment. Thank You.
01.1
D
ACCOUNT NO
DUE DATE
AMOUNT DUE
AMOUNT PAID
rn~Eo(J
Signature for Credit Card
Signature Panel Number
(Lst 3 digit on back of Carol
Customer Billng Address
14577 E 9TH NORTH
Service Address City State zip
.)W. FALLS WATER~\(~ COMPANY
2180 DEBORAH DR.
IDAHO FALLS, ID 83401
~!Y~OnTap!
Phone # [phone]
Fax # [phone]
Visit our web site at
ww.fallswater.com
NOTICE OF INTENT TO TERMINATE SERVICES
ACCT#~
DATE: 10109/2009
FINAL DATE: 10/21/2009
BALANCE DUE $ 138.63
SERVICE ADDRESS:
You are hereby notified that you are delinquent in the paymentof charges for Water
Service provided by FALLS WATER COMPANY, INC. The balance of your account,
according to our records, is indicated above.
In accordance with the rules and regulations of the Idaho Public Utilities Commission, if
this balance is not paid, or a payment arrangement is not made by the Final Date shown
above, then YOUR WATER SERVICE WILL BE DISCONNECTED after the Final Date.
To avoid termination you must contact FALLS WATER COMPANY before the final date to
make a payment arrangement or to pay in full. Please call on weekdays between 9:00
am and 5:00 pm and ask for our water collection department
Termination may be delayed by:
1. Providing a physicians certificate to the existence of a Medical Emergency.
2. Filing a complaint regarding the proposed termination with the Idaho Public Utilities
Commission, PO Box 83720, Boise, Idaho 837.20-0074 (Phone [phone]).
Service wil not be terminated prior to resolution of a filed complaint.
Termination of service in no way relieves you of your obligation to pay for all services
prior to termination.
If service is not disconnected and payment is made to field personnel, a field collection
fee of $15.00 wil be added to the amount due and must be paid at the time payment is
given to the field personneL. Should service be terminated, a charge for restoration of
service ($20.00 during office hours, $40.00 after office hours until 7:00 p.m.) must be
paid plus the account balance prior to restoration of service.
FALLS WATER COMPANY wil, one-time, assist you by making payment
arrangements not requiring immediate payment in full, if you contact us prior to
the final date to arrange such a payment plan.
Remember, your water wil be turned off after the Final Date unless you act before the
Final Date.
Attchment 10
FALLS WATER COMPANY, INC.
FALLS WATER COMPANY, INC.
2180 Deborah Drive
Idaho Falls, ID 83401
[phone]
FINAL WATER SHUT OFF NOTICE
Date: 10/20/2009
Final Date: 10/21/200.
Name: I ai.;. ~
Servicå Address: _!l .
Accountttd
Accou~t Balanc~
~~:.
You were recently notified that you are delinquent in the
payment of charges for Water Service provided by FALLS
WATER COMPANY, INC. The balance of your account,
according to our records, is indicated above.
In accordance with the rules and regulations of the Idaho
Public Utilities Commission, if this balance is not paid, or a
payment arrangement is not made by 5:00 p.m. on the
final date, then YOUR WATER WILL BE
DISCONNECTED THE DAY AFTER THE FINAL DATE
INDICATED ABOVE.
Termination may be delayed by:
1. Providing a physicians certificate to the existence of a
Medical Emergency.
2. Filng a complaint regarding the proposed termination
with the Idaho Public Utilties Commission, PO Box
83720, Boise, Idaho 83720-0074 (Phone
800-432-0369). Service wil not be terminated prior to
resolution of a filed complaint.
Termination of service in no way relieves you of your
obligation to pay for all services prior to termination.
If service is not disconnected and payment is made to field
personnel, a field collection fee of $15.00 wil be added to
the amount due and must be paid at the time payment is
given to the field personneL. Should services be
terminated, a charge for restoration of service ($20.00
during offce hours, $40.00 after offce hours until 7:00
p.m.) must be paid plus the account balance prior to
restoration of services.
FALLS WATER COMPANY wil, one time, assist you by
making payment arrangements not requiring
immediate payment in full, if you contact us prior to
the final date to arrange such a payment plan.
Remember, your water wil be turned off the day after the
final date unless you act before 5:00 p.m. on the final date.Attachment 11
FINAL
WATER
SHUT-OFF
NOTICE
EM" l:..t'¡ .. ..tI. .",...... . .
~. f..J!'" .~. ..WATTR.
SHUT-OFF
NOTICE
Please read the
important message
on the other side of
th is notice.
Please read the
important message
on the other side of
this notice.
FALLS WATER COMPANY, INC.
Phone [phone]
FALLS WATER COMPANY, INC.
Phone (208) 522~300
FALLS WATER COMPANY, INC.
2180 Deborah Drive
Idaho Falls, 10 83401
[phone]
FINAL WATER SHUT OFF NOTICE
Date: 10/22/2009
Shut-off Date: 10/22/2009
Name:
Service Address:
Account #: . F
Account Balance $_
You were recently notified that you are delinquent
in the payment of charges for Water Service
provided by FALLS WATER COMPANY, INC.
The balance of your account, according to our
records, is indicated above.
In accordance with the rules and regulations of the
Idaho Public Utilities Commissiol1, YOUR WATER
SERVICE HAS BEEN DISCONNECTED.
Termination of service in no way relieves you of
your obligation to pay for all services prior to
termination.
You wil be required to pay your delinquent
balance in full prior to restoration of your water
service.
If payment is made to field personnel prior to
termination of service, a field collection fee of
$15.00 wil be added to the amount due and must
be paid at the time payment is given to the field
personneL. A charge for restoration of service
following termination of service ($20.00 during
office hours, $40.00 after office hours until 7:00
p.m.) wil be due prior to restoration of your water
service.
Please contact Falls Water if you have any
question regarding this termination of service or
the requirement for restoration of service.
Attachment 12
FINAL
WATER
SHUT-OFF
NOTICE
..,'.
SHUiT-OFF
NOTICE
Please read the
important message
on the other side of
th is notice.
Please read the
important message
on the other side of
this notice.
FALLS WATER COMPANY, INC.
Phone [phone]
FALLS WATER COMPANY, INC.
Phone [phone]