Instructions For Form 1120-Pc - 2006
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202006
Department of the Treasury
Internal Revenue Service
Instructions for
Form 1120-PC
U.S. Property and Casualty Insurance Company Income Tax Return
Schedule M-3 (Form 1120-PC), Net
American Samoa economic development
Section references are to the Internal
Income (Loss) Reconciliation for U.S.
credit. See the Instructions for Form
Revenue Code unless otherwise noted.
Property and Casualty Insurance
5735.
Contents
Page
Companies With Total Assets of $10
Photographs of Missing Children . . . . 1
Photographs of Missing
Million or More. See the Schedule M-3
Unresolved Tax Issues . . . . . . . . . . . . 1
(Form 1120-PC) and related instructions
Children
How To Get Forms and
for more information.
Publications . . . . . . . . . . . . . . . . . . 2
•
The Internal Revenue Service is a proud
The filing address for corporations
IRS E-Services . . . . . . . . . . . . . . . . . 2
partner with the National Center for
whose principal business, office, or
General Instructions . . . . . . . . . . . . . 2
Missing and Exploited Children.
agency is located in a foreign country or
Purpose of Form . . . . . . . . . . . . . . . . 2
Photographs of missing children selected
U.S. possession has changed. See
Who Must File . . . . . . . . . . . . . . . . . . 2
by the Center may appear in instructions
Where To File on page 2.
•
When To File . . . . . . . . . . . . . . . . . . . 2
on pages that would otherwise be blank.
Corporations must include in income
Where To File . . . . . . . . . . . . . . . . . . 2
You can help bring these children home
part or all of the proceeds received from
Who Must Sign . . . . . . . . . . . . . . . . . 3
by looking at the photographs and calling
certain corporate-owned life insurance
1-800-THE-LOST (1-800-843-5678) if you
Paid Preparer Authorization . . . . . . . . 3
contracts issued after August 17, 2006.
recognize a child.
Statements . . . . . . . . . . . . . . . . . . . . 3
See section 101(j) for details.
•
Assembling the Return . . . . . . . . . . . . 3
Cash contributions made in tax years
Unresolved Tax Issues
Depository Methods of Tax
beginning after August 17, 2006, must be
supported by a dated bank record or
Payment . . . . . . . . . . . . . . . . . . . . 3
If the corporation has attempted to deal
receipt. See Substantiation requirements
Estimated Tax Payments . . . . . . . . . . 3
with an IRS problem unsuccessfully, it
on page 11.
Interest and Penalties . . . . . . . . . . . . . 4
should contact the Taxpayer Advocate.
•
New rules and restrictions apply to
Accounting Methods . . . . . . . . . . . . . . 4
The Taxpayer Advocate independently
certain contributions of real property
represents the corporation’s interests and
Accounting Period . . . . . . . . . . . . . . . 4
interests located in a registered historic
concerns within the IRS by protecting its
Rounding Off to Whole Dollars . . . . . . 4
district. Also, a $500 filing fee may apply
rights and resolving problems that have
Recordkeeping . . . . . . . . . . . . . . . . . . 4
to certain deductions over $10,000. See
not been fixed through normal channels.
Other Forms and Statements
Special rules for contributions of certain
That May Be Required . . . . . . . . . . 4
While Taxpayer Advocates cannot
easements in registered historic districts
Specific Instructions . . . . . . . . . . . . 5
change the tax law or make a technical
on page 11.
Period Covered . . . . . . . . . . . . . . . . . 5
tax decision, they can clear up problems
•
The larger deductions for contributions
that resulted from previous contacts and
Name and Address . . . . . . . . . . . . . . 5
of certain food inventory and qualified
ensure that the corporation’s case is
Identifying Information . . . . . . . . . . . . 5
book contributions to certain schools have
given a complete and impartial review.
Employer Identification Number
been extended through December 31,
(EIN) . . . . . . . . . . . . . . . . . . . . . . . 6
The corporation’s assigned personal
2007. See Other special rules on page
Section 953 Elections . . . . . . . . . . . . . 6
advocate will listen to its point of view and
11.
•
Final Return, Name Change,
will work with the corporation to address
Corporations that paid the federal
Address Change, or Amended
its concerns. The corporation can expect
telephone excise tax on long distance or
the advocate to provide:
Return . . . . . . . . . . . . . . . . . . . . . . 6
bundled service may be able to request a
•
A “fresh look” at a new or ongoing
Taxable Income . . . . . . . . . . . . . . . . . 6
credit. See the instructions for line 14i on
problem,
Tax Computation and Payments
. . . . 6
page 8.
•
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Timely acknowledgment,
Schedule A . . . . . . . . . . . . . . . . . . . . 8
Controlled groups must complete new
•
The name and phone number of the
Schedule B, Part I . . . . . . . . . . . . . . 13
Schedule O (Form 1120), Consent Plan
individual assigned to its case,
Schedule B, Part II . . . . . . . . . . . . . . 14
and Apportionment Schedule for a
•
Updates on progress,
Controlled Group, before completing
Schedule C . . . . . . . . . . . . . . . . . . . 14
•
Timeframes for action,
Form 1120-PC. See the Instructions for
Schedule E . . . . . . . . . . . . . . . . . . . 15
•
Speedy resolution, and
Schedule O.
Schedule F . . . . . . . . . . . . . . . . . . . 16
•
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Courteous service.
The possessions tax credit under
Schedule G . . . . . . . . . . . . . . . . . . . 17
section 936 or section 30A has expired
When contacting the Taxpayer
Schedule H . . . . . . . . . . . . . . . . . . . 17
for most corporations for tax years
Advocate, the corporation should be
Schedule I . . . . . . . . . . . . . . . . . . . . 17
beginning in 2006. For guidance on
prepared to provide the following
Schedule L . . . . . . . . . . . . . . . . . . . 18
certain issues that may arise depending
information.
Schedule M-1 . . . . . . . . . . . . . . . . . 18
•
on the manner in which the business of
The corporation’s name, address, and
Index . . . . . . . . . . . . . . . . . . . . . . . . 20
the corporation continues to be conducted
employer identification number.
•
after 2005, see Notice 2005-21, 2005-11
The name and telephone number of an
What’s New
I.R.B. 727.
authorized contact person and the hours
•
For tax years beginning in 2006, a
he or she can be reached.
•
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Nonlife insurance companies with total
corporation that is an existing credit
The type of tax return and year(s)
assets of $10 million or more on the last
claimant with respect to American
involved.
•
day of the tax year must complete new
Samoa, may be able to claim the
A detailed description of the problem.
Cat. No. 64537I
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