Instructions For Form 1120-Pc - 2009 (Page 8 of 21) in pdf

additional taxes and interest such as the

must be made in an amount equal to the

2008-65, 2008-44 I.R.B. 1082, Rev. Proc.

items discussed below. See How to report

tax benefit of the deduction. These

2009-16, 2009-6 I.R.B. 449, and Rev.

below, for details on reporting these

payments must be made on or before the

Proc. 2009-33, 2009-29 I.R.B. 150.

amounts on an attached schedule.

due date (without regard to extensions) of

Line 14k. Total payments. Add the

•

Recapture of qualified electric vehicle

this tax return. See Form 8816 and

amounts on lines 14f through 14j and

(QEV) credit. The corporation must

section 847(2) for additional information.

enter the total on line 14k.

recapture part of the QEV credit it claimed

Tax benefit rule. Section 847(8)

Line 15. Estimated tax penalty. If Form

in a prior year if, within 3 years of the date

requires that if a corporation carries back

2220 is attached, check the box on line

the vehicle was placed in service, it

net operating losses or capital losses that

15 and enter the amount of any penalty

ceases to qualify for the credit. See

arise in years after a year in which a

on this line.

Regulations section 1.30-1 for details on

section 847 deduction was claimed, then

how to figure the recapture.

Line 18. Electronic deposit of tax

the corporation must recompute the tax

•

Recapture of Indian employment credit.

refund of $1 million or more. If the

benefit attributable to the previously

Generally, if an employer terminates the

corporation is due a refund of $1 million

claimed section 847 deduction taking into

employment of a qualified employee less

or more and wants it electronically

account the loss carrybacks. Tax benefits

than 1 year after the date of initial

deposited into its checking or savings

also include those derived from filing a

employment, any Indian employment

account at any U.S. bank or other

consolidated return with another

credit allowed for a prior tax year because

financial institution instead of having a

insurance company (without regard to

of wages paid or incurred to that

check sent to the corporation, complete

section 1503(c)).

employee must be recaptured. See Form

Form 8302 and attach it to the

Therefore, if the recomputation

8845 and section 45A.

corporation’s tax return.

•

changes the amount of the section 847

Recapture of new markets credit (see

tax benefit, then the taxpayer must

Form 8874).

•

provide a computation schedule and

Recapture of employer-provided

Schedule A—Taxable

attach it to Form 8816.

childcare facilities and services credit

Income

(see Form 8882).

Line 14e. Overpaid Estimated Tax. If

•

Interest on deferred tax attributable to

the corporation overpaid estimated tax, it

Gross income. Under section 832,

certain nondealer installment obligations

may be able to get a quick refund by filing

gross amounts of underwriting and

(section 453A(c)).

Form 4466. The overpayment must be at

investment income should be computed

•

Interest due on deferred gain (section

least 10% of the corporation’s expected

on the basis of the Statement of Income

1260(b)).

income tax liability and at least $500. File

of the NAIC annual statement to the

•

Alternative tax on qualifying shipping

Form 4466 after the end of the

extent not inconsistent with the Internal

activities (see Form 8902).

corporation’s tax year, and no later than

Revenue Code and its Regulations.

How to report. If the corporation

the 15th day of the third month after the

Income from qualifying shipping

checked the “Other” box, attach a

end of the tax year. Form 4466 must be

activities. Gross income does not

schedule showing the computation of

filed before the corporation files its tax

include income from qualifying shipping

each item included in the total for line 12

return.

activities if the corporation makes an

and identify the applicable Code section

election under section 1354 to be taxed

Line 14h. Credit by reciprocal for tax

and the type of tax or interest.

on its notional shipping income (as

paid by attorney-in-fact under section

835(d). Enter the amount of tax paid by

defined in section 1353) at the highest

Line 13. Total Tax

an attorney-in-fact as a result of income

corporate tax rate (35%). If the election is

Include any deferred tax on the

received by the attorney-in-fact from the

made, the corporation generally may not

termination of a section 1294 election

reciprocal during the tax year. For more

claim any loss, deduction, or credit with

applicable to shareholders in a qualified

information, see section 835, the related

respect to qualifying shipping activities. A

electing fund in the amount entered on

regulations, and the instructions for line 5

corporation making this election also may

line 13. See Form 8621, Part V, and How

on page 7.

elect to defer gain on the disposition of a

to report below.

qualifying vessel.

Line 14i. Other credits and payments.

Subtract any deferred tax on the

Use Form 8902, Alternative Tax on

Enter the amount of any other credits the

corporation’s share of undistributed

corporation may take and/or payments

Qualifying Shipping Activities, to figure

earnings of a qualified electing fund (see

made. Write an explanation of the entry to

the tax. Include the alternative tax on line

Form 8621, Part II).

the left of the entry space.

12, page 1 of the Form 1120-PC.

How to report. Attach a schedule

Note. In computing the amounts for lines

Backup withholding. If the corporation

showing the computation of each item

2, 3, and 4, take all interest, dividends, or

had federal income tax withheld from any

included in, or subtracted from, the total

rents received during the year, add

payments it received because, for

for line 13. On the dotted line next to line

interest, dividends, or rents due and

example, it failed to give the payer its

13, specify (a) the applicable Code

accrued at the end of the tax year, and

correct EIN, include the amount withheld

section, (b) the type of tax, and (c) the

deduct interest, dividends, or rents due

in the total for line 14i. Write the amount

amount of tax.

and accrued at the end of the preceding

withheld and the words “Backup

Line 14b. Prior year(s) special

tax year. For rules regarding the accrual

Withholding” on the dotted line to the left

estimated tax payments to be applied.

of dividends, see Regulations section

of the entry space for line 14i.

The amount entered on line 14b must

1.301-1(b).

Line 14j. Refundable Credits from

agree with the amount(s) from Form

Line 3a, column (a). Gross interest.

Forms 3800 and 8827. The corporation

8816, Part III, line 11. See Form 8816 and

Enter the gross amount of interest

can elect to claim certain unused

section 847 for additional information.

income, including all tax-exempt interest.

research and minimum tax credits instead

Line 14c. Estimated tax payments.

of claiming any additional first-year

Line 3b, column (a). Section 103(a)

Enter any estimated tax payments the

special depreciation allowance for eligible

excludes interest on state or local bonds

corporation made for the tax year. Do not

qualified property or qualified extension

from gross income.

include any amount being applied on line

property placed in service during the tax

14d.

This exclusion does not apply to any:

year. If the corporation makes the

Line 14d. Special estimated tax

election, enter on line 14j the amounts

1. Private activity bond which is not a

payments. If the deduction under

from line 19c of Form 3800 and line 8c of

qualified bond as defined by section 141;

section 847 is claimed on Schedule A,

Form 8827, if applicable. See the

2. Arbitrage bond as defined by

line 27, special estimated tax payments

instructions for these forms, Rev. Proc.

section 148; or

-8-

Instructions for Form 1120-PC (2009)

Instructions For Form 1120-Pc - 2009 Page 8

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