Instructions For Form 1120-Pc - 2005 Page 20
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Guarantees of employee stock (ESOP)
The part of luxury water travel
to a form or its instructions must be
debt.
expenses not deductible under section
retained as long as their contents may
•
Compensation related to employee
274(m).
become material in the administration of
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stock award plans.
Expenses for travel as a form of
any Internal Revenue law. Generally, tax
education.
returns and return information are
If the total adjustment to be entered on
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Other nondeductible travel and
confidential, as required by section 6103.
line 27 is a negative amount, enter the
entertainment expenses.
amount in parentheses.
The time needed to complete and file
For more information, see Pub. 542.
this form will vary depending on individual
Line 7a. Tax-exempt interest. Report
circumstances. The estimated average
Schedule M-1—
any tax-exempt interest received or
times are:
Reconciliation of Income
accrued, including any exempt-interest
Recordkeeping . . . . . . . . .
97 hr., 48 min.
dividends received as a shareholder in a
(Loss) per Books With
mutual fund or other RIC. Also report this
Learning about the law or the
same amount on Schedule I, item 10.
form . . . . . . . . . . . . . . . . .
37 hr., 40 min.
Income per Return
Preparing the form . . . . . . .
68 hr., 50 min.
Line 5c. Travel and entertainment.
Privacy Act and Paperwork Reduction
Include on line 5c any of the following.
Copying, assembling, and
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Act Notice. We ask for the information
sending the form to the IRS
8 hr., 2 min.
Meals and entertainment expenses not
on this form to carry out the Internal
deductible under section 274(n).
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Revenue laws of the United States. You
Expenses for the use of an
If you have comments concerning the
are required to give us the information.
entertainment facility.
accuracy of these time estimates or
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We need it to ensure that you are
The part of business gifts over $25.
suggestions for making this form simpler,
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complying with these laws and to allow us
Expenses of an individual over $2,000
we would be happy to hear from you. You
to figure and collect the right amount of
which are allocable to conventions on
can write to the Internal Revenue Service,
tax. Section 6109 requires return
cruise ships.
Tax Products Coordinating Committee,
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preparers to provide their identifying
Employee achievement awards over
SE:W:CAR:MP:T:T:SP, 1111 Constitution
number on the return.
$400.
Ave. NW, IR-6406, Washington, DC
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The cost of entertainment tickets over
You are not required to provide the
20224. Do not send the tax form to this
face value (also subject to 50% limit
information requested on a form that is
address. Instead, see Where To File on
under section 274(n)).
subject to the Paperwork Reduction Act
page 2.
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The cost of skyboxes over the face
unless the form displays a valid OMB
value of nonluxury box seat tickets.
control number. Books or records relating
-20-
Instructions for Form 1120-PC
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