What if I received a Disclosure of Activity form for an entity that is not a FONCE but is otherwise exempt from franchise and excise tax?
You should return the form with a brief statement indicating the basis for the entitys exempt status. For example, a statement that the entity is exempt because at least two-thirds of its income is derived from farming activities would be sufficient. The statement should be written on the form or on an attached sheet. You do not need to complete the remainder of the Disclosure of Activity form.
