Instructions For Form 1120-Pc - 2008 (Page 19 of 20) in pdf

•

M-3 (Form 1120-PC) instead of Schedule

The cost of skyboxes over the face

Schedule M-1—

M-1. See the Instructions for Schedule

value of nonluxury box seat tickets.

•

M-3 (Form 1120-PC) for more

The part of luxury water travel

Reconciliation of Income

information.

expenses not deductible under section

(Loss) per Books With

Line 5c. Travel and entertainment.

274(m).

•

Include on line 5c any of the following.

Expenses for travel as a form of

Income per Return

•

Meals and entertainment expenses not

education.

All insurance companies required to file

deductible under section 274(n).

•

Other nondeductible travel and

•

Form 1120-PC, with total assets

Expenses for the use of an

entertainment expenses.

(non-consolidated or consolidated for all

entertainment facility.

•

corporations included within the tax

The part of business gifts over $25.

•

For more information, see Pub. 542.

consolidation group) of $10 million or

Expenses of an individual over $2,000

more on the last day of the tax year must

which are allocable to conventions on

complete Schedule M-3 (Form 1120-PC)

cruise ships.

Line 7a. Tax-exempt interest. Report

•

instead of Schedule M-1. See Schedule

Employee achievement awards over

any tax-exempt interest received or

M-3 (Form 1120-PC) on page 5. A

$400.

accrued, including any exempt-interest

•

corporation filing Form 1120-PC that is

The cost of entertainment tickets over

dividends received as a shareholder in a

not required to file Schedule M-3 (Form

face value (also subject to 50% limit

mutual fund or other RIC. Also report this

1120-PC) may voluntarily file Schedule

under section 274(n)).

same amount on Schedule I, item 10.

Privacy Act and Paperwork Reduction Act Notice. We ask for the information on these forms to carry out the Internal Revenue

laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws

and to allow us to figure and collect the right amount of tax. Section 6109 requires return preparers to provide their identifying

numbers on the return.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the

form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their

contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are

confidential, as required by section 6103.

The time needed to complete and file the following forms will vary depending on individual circumstances. The estimated average

times are:

Copying,

assembling,

Learning about

and sending the

Form

Recordkeeping

the law or the form

Preparing the form

form to the IRS

1120-PC

97 hr., 5 min.

33 hr., 43 min.

57 hr., 16 min.

5 hr., 54 min.

Sch. M-3 (Form

78 hr., 40 min.

7 hr., 40 min.

21 hr., 23 min.

3 hr., 29 min.

1120-PC)

If you have comments concerning the accuracy of these time estimates or suggestions for making this form and related

schedules simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating

Committee, SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the tax form to this

address. Instead, see Where To File on page 2.

-19-

Instructions for Form 1120-PC

Instructions For Form 1120-Pc - 2008 Page 19

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