Instructions For Form 1120-Pc - 2004 printable pdf download

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Department of the Treasury

Internal Revenue Service

Instructions for

Form 1120-PC

U.S. Property and Casualty Insurance Company

Section references are to the Internal Revenue Code unless otherwise noted.

income taxes if (1) the gross receipts for

after October 22, 2004, is limited to the

Contents

Page

the taxable year are $600,000 or less,

amount treated as compensation to

Photographs of Missing Children . . . . 1

and over half of the gross receipts consist

officers, directors, and more-than-10%

Unresolved Tax Issues . . . . . . . . . . . . 1

of premiums; or (2) if a specified mutual

shareholders. See section 274(e)(2).

How To Get Forms and

•

insurance company, the gross receipts for

If the corporation is an expatriated

Publications . . . . . . . . . . . . . . . . . . 2

the taxable year are $150,000 or less,

entity or a partner in an expatriated entity,

IRS E-Services . . . . . . . . . . . . . . . . . 2

and over 35 percent of the gross receipts

the corporation’s taxable income cannot

General Instructions . . . . . . . . . . . . . . 2

consist of premiums. For additional

be less than its inversion gain for the tax

Purpose of Form . . . . . . . . . . . . . . . . 2

information, including exceptions and

year. See section 7874.

Who Must File . . . . . . . . . . . . . . . . . . 2

transition rules, see section 501(c)(15)(A).

•

When To File . . . . . . . . . . . . . . . . . . . 2

Photographs of Missing

Charitable contributions made in

Where To File . . . . . . . . . . . . . . . . . . 2

January 2005 for the relief of victims in

Children

Who Must Sign . . . . . . . . . . . . . . . . . 3

areas affected by the Indian Ocean

Paid Preparer Authorization . . . . . . . . 3

The Internal Revenue Service is a proud

tsunami may be treated as if made on

Other Forms That May Be

partner with the National Center for

December 31, 2004.

•

Missing and Exploited Children.

Required . . . . . . . . . . . . . . . . . . . . 3

Corporations can file new Form 8895,

Photographs of missing children selected

Consolidated return . . . . . . . . . . . . . . 3

Section 965(f) Election for Corporations

by the Center may appear in instructions

that are U.S. Shareholders of a Controlled

Statements . . . . . . . . . . . . . . . . . . . . 4

on pages that would otherwise be blank.

Foreign Corporation, to elect the 85%

Assembling the Return . . . . . . . . . . . . 4

You can help bring these children home

dividends-received deduction on

Accounting Methods . . . . . . . . . . . . . . 4

by looking at the photographs and calling

repatriated dividends received under

Accounting Periods . . . . . . . . . . . . . . 4

1-800-THE-LOST (1-800-843-5678) if you

section 965. Changes are made to Form

Rounding Off to Whole Dollars . . . . . . 4

recognize a child.

1120-PC, Schedule C, lines 10 and 24.

Recordkeeping . . . . . . . . . . . . . . . . . . 5

•

For tax years beginning after October

Depository Methods of Tax

Unresolved Tax Issues

22, 2004, corporations can elect to be

Payment . . . . . . . . . . . . . . . . . . . . 5

taxed on income from qualifying shipping

If the corporation has attempted to deal

Estimated Tax Payments . . . . . . . . . . 5

activities using an alternative tax method.

with an IRS problem unsuccessfully, it

Interest and Penalties . . . . . . . . . . . . . 5

See page 10.

should contact the Taxpayer Advocate.

•

Specific Instructions . . . . . . . . . . . . . . 6

Corporations can elect to deduct a

The Taxpayer Advocate independently

Period Covered . . . . . . . . . . . . . . . . . 6

limited amount of business start-up and

represents the corporation’s interests and

Address . . . . . . . . . . . . . . . . . . . . . . . 6

organizational costs paid or incurred after

concerns within the IRS by protecting its

Employer Identification Number . . . . . . 6

October 22, 2004. See page 11.

rights and resolving problems that have

•

Item A . . . . . . . . . . . . . . . . . . . . . . . . 6

Corporations cannot deduct certain

not been fixed through normal channels.

interest paid or incurred in tax years

Item E . . . . . . . . . . . . . . . . . . . . . . . . 6

While Taxpayer Advocates cannot

beginning after October 22, 2004, on an

Taxable Income . . . . . . . . . . . . . . . . . 6

change the tax law or make a technical

underpayment of tax from certain

Tax Computation and Payments

. . . 6-9

tax decision, they can clear up problems

undisclosed transactions. See page 12.

Schedule A . . . . . . . . . . . . . . . . . . 9-15

that resulted from previous contacts and

•

For charitable contributions of certain

Schedule B, Part I . . . . . . . . . . . . . . 15

ensure that the corporation’s case is

property made after June 3, 2004, a

Schedule B, Part II . . . . . . . . . . . . . . 15

given a complete and impartial review.

corporation must file Form 8283 and

Schedule C . . . . . . . . . . . . . . . . . 15-17

The corporation’s assigned personal

obtain a qualified appraisal if claiming a

Schedule E . . . . . . . . . . . . . . . . . . . 17

advocate will listen to its point of view and

deduction of more than $5,000. See page

Schedule F . . . . . . . . . . . . . . . . . . . 18

will work with the corporation to address

13.

Schedule G . . . . . . . . . . . . . . . . . . . 18

•

its concerns. The corporation can expect

For charitable contributions of patents

Schedule H . . . . . . . . . . . . . . . . . . . 19

the advocate to provide:

and certain other intellectual property

•

Schedule I . . . . . . . . . . . . . . . . . . . . 19

A “fresh look” at a new or ongoing

made after June 3, 2004, corporations will

Schedule L . . . . . . . . . . . . . . . . . . . 20

problem.

receive a reduced deduction but can

•

Timely acknowledgment.

Schedule M-1 . . . . . . . . . . . . . . . . . 20

deduct certain qualified donee income.

•

The name and phone number of the

Index . . . . . . . . . . . . . . . . . . . . . . . . 21

See page 13.

•

individual assigned to its case.

Special rules apply to charitable

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Updates on progress.

What’s New

contributions after 2004 of used motor

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Timeframes for action.

vehicles, boats, or airplanes with a

•

Speedy resolution.

For tax years beginning after

claimed value of more than $500. See

•

Courteous service.

section 170(f)(12).

December 31, 2003, an insurance

•

company, other than a life insurance

The deduction for certain travel, meals,

When contacting the Taxpayer

company, is generally exempt from

and entertainment expenses incurred

Advocate, the corporation should be

Cat. No. 64537I

Instructions For Form 1120-Pc - 2004

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