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Meals and entertainment not deductible

You are not required to provide the

Schedule L–Balance

under section 274(n).

information requested on a form that is

•

Expenses for the use of an

subject to the Paperwork Reduction Act

Sheets per Books

entertainment facility.

unless the form displays a valid OMB

•

The part of business gifts over $25.

control number. Books or records relating

The balance sheets should agree with the

•

RIC’s books and records.

Expenses of an individual over $2,000,

to a form or its instructions must be

which are allocable to conventions on

retained as long as their contents may

Line 1. Cash. Include certificates of

cruise ships.

become material in the administration of

deposit as cash on line 1.

•

Employee achievement awards over

any Internal Revenue law. Generally, tax

Line 4. Tax-Exempt Securities. Include

$400.

returns and return information are

on this line:

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The cost of entertainment tickets over

confidential, as required by section 6103.

1. State and local government

face value (also subject to the 50% limit

The time needed to complete and file

obligations, the interest on which is

under section 274(n)).

this form will vary depending on individual

excludible from gross income under

•

The cost of skyboxes over the face

circumstances. The estimated average

section 103(a), and

value of nonluxury box seat tickets.

time is:

2. Stock in another mutual fund or

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The part of luxury water travel not

RIC that distributed exempt-interest

Recordkeeping . . . . . . .

54 hr.,16 min.

deductible under section 274(m).

dividends during the tax year of the RIC.

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Learning about the law

Expenses for travel as a form of

or the form . . . . . . . . . . 19 hr., 16 min.

education.

Line 24. Adjustments to Shareholders’

•

Preparing the form . . . . 36 hr., 49 min.

Other nondeductible travel and

Equity. Examples of adjustments to

entertainment expenses.

Copying, assembling,

report on this line include:

•

and sending the form to

For more information, see Pub. 542,

Unrealized gains and losses on

the IRS . . . . . . . . . . . . .

4 hr., 33 min.

Corporations.

securities held “available for sale.”

•

Foreign currency translation

Line 7. Tax-Exempt Interest. Include as

If you have comments concerning the

adjustments.

interest on line 7 any exempt-interest

accuracy of these time estimates or

•

The excess of additional pension

dividends received by the RIC as a

suggestions for making this form simpler,

liability over unrecognized prior service

shareholder in a mutual fund or other

we would be happy to hear from you. You

cost.

RIC.

can write to the Internal Revenue Service;

•

Guarantees of employee stock (ESOP)

Tax Products Coordinating Committee;

Paperwork Reduction Act Notice. We

debt.

SE:W:CAR:MP:T:M:S; 1111 Constitution

•

ask for the information on this form to

Compensation related to employee

Ave., NW; IR-6526; Washington, DC

carry out the Internal Revenue laws of the

stock award plans.

20224. Do not send the tax form to this

United States. You are required to give us

If the total adjustment to be entered on

office. Instead, see Where to File, earlier.

the information. We need it to ensure that

line 24 is a negative amount, enter the

you are complying with these laws and to

amount in parentheses.

allow us to figure and collect the right

amount of tax.

Schedule M–1

Reconciliation of Income (Loss)

per Books With Income per

Return

Line 5d. Travel and Entertainment.

Include on line 5d any of the following:

-14-

Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - Internal Revenue Service - 2011 Page 14

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