Instructions For Form 1120-Pc - 2009

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2 0 09
Department of the Treasury
Internal Revenue Service
Instructions for
Form 1120-PC
U.S. Property and Casualty Insurance Company Income Tax Return
qualified long-term care insurance
The election to accelerate the minimum
Section references are to the Internal
contract as part of, or as a rider on, the
tax and research credits in lieu of claiming
Revenue Code unless otherwise noted.
annuity or life insurance contract, must be
any additional first year special
Contents
Page
capitalized at the rate of 7.7 percent of
depreciation allowance for eligible
Photographs of Missing Children . . . . 1
the net premiums.
qualified property has been extended to
Unresolved Tax Issues . . . . . . . . . . . . 1
eligible qualified extension property. See
Under section 6050U(b), specified
How To Get Forms and
the instructions for line 14j, on page 8.
information must be reported to persons
Publications . . . . . . . . . . . . . . . . . . 2
Certain tax benefits for Midwestern
who make a charge against the cash
IRS E-Services . . . . . . . . . . . . . . . . . 2
disaster areas, including special
value of an annuity contract or the cash
General Instructions . . . . . . . . . . . . . 2
charitable contribution benefits, have
surrender value of a life insurance
Purpose of Form . . . . . . . . . . . . . . . . 2
expired. See Publication 4492-B,
contract after 2009, as payment for
Who Must File . . . . . . . . . . . . . . . . . . 2
Information for Affected Taxpayers in the
coverage under certain long-term care
When To File . . . . . . . . . . . . . . . . . . . 2
Midwestern Disaster Areas.
insurance contracts. See the Instructions
Where To File . . . . . . . . . . . . . . . . . . 2
for the 2010 Form 1099-R for more
For the latest information, see
Who Must Sign . . . . . . . . . . . . . . . . . 2
information.
Paid Preparer Authorization . . . . . . . . 3
The corporation can elect to defer
Statements . . . . . . . . . . . . . . . . . . . . 3
income from cancellation of debt in
Photographs of Missing
Assembling the Return . . . . . . . . . . . . 3
connection with an applicable debt
Depository Methods of Tax
instrument reacquired after December 31,
Children
2008, and before January 1, 2011, and
Payment . . . . . . . . . . . . . . . . . . . . 3
The Internal Revenue Service is a proud
include the deferred income over a 5-year
Estimated Tax Payments . . . . . . . . . . 4
partner with the National Center for
period. See section 108(i). In addition,
Interest and Penalties . . . . . . . . . . . . . 4
Missing and Exploited Children.
any original issue discount (OID) subject
Accounting Methods . . . . . . . . . . . . . . 4
Photographs of missing children selected
to section 108(i) generally is allowed as a
Accounting Period . . . . . . . . . . . . . . . 4
by the Center may appear in instructions
deduction ratably over the 5-year period
Rounding Off to Whole Dollars . . . . . . 4
on pages that would otherwise be blank.
that the income from cancellation of debt
Recordkeeping . . . . . . . . . . . . . . . . . . 5
You can help bring these children home
is includible in income. Also, see the
Other Forms and Statements
by looking at the photographs and calling
instructions for lines 13 and 20a, of
That May Be Required . . . . . . . . . . 5
1-800-THE-LOST (1-800-843-5678) if you
Schedule A, on pages 9 and 11,
Specific Instructions . . . . . . . . . . . . 5
recognize a child.
respectively.
Period Covered . . . . . . . . . . . . . . . . . 5
The American Recovery and
Name and Address . . . . . . . . . . . . . . 5
Unresolved Tax Issues
Reinvestment Act of 2009 expanded the
Identifying Information . . . . . . . . . . . . 5
rules that apply to limitations on
The Taxpayer Advocate Service (TAS) is
Employer Identification Number
deductions for executive compensation.
an independent organization within the
(EIN) . . . . . . . . . . . . . . . . . . . . . . . 6
These rules now apply to any entity that
IRS whose employees assist taxpayers
Section 953 Elections . . . . . . . . . . . . . 6
receives or had received financial
who are experiencing economic harm,
Final Return, Name Change,
assistance under the Troubled Asset
who are seeking help in resolving tax
Address Change, or Amended
Relief Program (TARP). See the
problems that have not been resolved
Return . . . . . . . . . . . . . . . . . . . . . . 6
instructions for line 15, Schedule A, on
through normal channels, or who believe
Taxable Income . . . . . . . . . . . . . . . . . 6
page 10.
that an IRS system or procedure is not
Tax Computation and Payments
. . . . 6
The limitations on net operating loss
working as it should. The service is free,
Schedule A . . . . . . . . . . . . . . . . . . . . 8
(NOL) carryforward following an
confidential, tailored to meet your needs,
Schedule B, Part I . . . . . . . . . . . . . . 14
ownership change do not apply to certain
and is available for businesses, as well as
Schedule B, Part II . . . . . . . . . . . . . . 15
ownership changes after February 17,
individuals.
2009, made according to a restructuring
Schedule C . . . . . . . . . . . . . . . . . . . 15
plan under the Emergency Stabilization
The corporation can contact the TAS
Schedule E . . . . . . . . . . . . . . . . . . . 17
Act of 2008. See the instructions for line
as follows.
Schedule F . . . . . . . . . . . . . . . . . . . 17
36b, Schedule A, on page 14.
Call the TAS toll-free line at
Schedule G . . . . . . . . . . . . . . . . . . . 18
1-877-777-4778 or TTY/TDD
The Worker, Homeownership, and
Schedule H . . . . . . . . . . . . . . . . . . . 18
1-800-829-4059 to see if the corporation
Business Assistance Act of 2009 allows
Schedule I . . . . . . . . . . . . . . . . . . . . 18
is eligible for assistance.
most corporations to elect a 3, 4, or
Schedule L . . . . . . . . . . . . . . . . . . . 19
Call or write the corporation’s local
5-year carryback period for an applicable
Schedule M-1 . . . . . . . . . . . . . . . . . 19
taxpayer advocate, whose phone number
NOL for a tax year ending after Dec. 31,
Index . . . . . . . . . . . . . . . . . . . . . . . . 21
and address are listed in the local
2007, and beginning before Jan. 1, 2010.
telephone directory and in Pub. 1546,
However, this relief is not available for
What’s New
Taxpayer Advocate Service – Your Voice
those that received payments under
at the IRS.
TARP. Other special rules apply. See
For tax years beginning after 2009,
Rev. Proc. 2009-52, 2009-49 I.R.B. 774.
File Form 911, Request for Taxpayer
policy acquisition expenses for an annuity
Also see the instructions for line 36b,
Advocate Service Assistance (And
or life insurance contract that includes a
Schedule A, on page 14.
Application for Taxpayer Assistance
Cat. No. 64537I

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