Instructions For Form 1120-Pc - 2001 Page 19
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shareholder in a mutual fund or other
Undiscounted unpaid losses.
For more information, see Pub. 542.
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RIC.
Loss adjustment expenses.
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Line 7a. Tax-exempt interest. Include
Unearned premiums.
Item 11
as interest on line 7a any exempt-interest
See section 846 for more information.
Check the box if the corporation elects
dividends received as a shareholder in a
Line 27. Adjustments to shareholders’
under section 172(b)(3) to forgo the
mutual fund or other RIC.
equity. Some examples of adjustments
carryback period for a NOL. To be valid,
to report on this line include:
the election must be made by the due
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Unrealized gains and losses on
date (including extensions of time) for
Paperwork Reduction Act Notice. We
securities held “available for sale.”
filing Form 1120-PC. Corporations filing a
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ask for the information on this form to
Foreign currency translation
consolidated return must check the box
carry out the Internal Revenue laws of the
adjustments.
and attach the statement required by
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United States. You are required to give us
The excess of additional pension
Regulations section 1.1502-21(b)(3)(i) or
the information. We need it to ensure that
liability over unrecognized prior service
(ii). If you are filing a separate return and
you are complying with these laws and to
cost.
check this box, do not attach the
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allow us to figure and collect the right
Guarantees of employee stock (ESOP)
statement described in Temporary
amount of tax.
debt.
Regulations section 301.9100-12T(d).
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Compensation related to employee
You are not required to provide the
Item 12
stock award plans.
information requested on a form that is
If the total adjustment to be entered on
Enter the amount of the NOL carryover to
subject to the Paperwork Reduction Act
line 27 is a negative amount, enter the
the tax year from prior years, even if
unless the form displays a valid OMB
amount in parentheses.
some of the loss is used to offset income
control number. Books or records relating
on this return. The amount to enter is the
to a form or its instructions must be
total of all NOLs generated in prior years
retained as long as their contents may
Schedule M-1—
but not used to offset income (either as a
become material in the administration of
carryback or carryover) to a tax year prior
any Internal Revenue law. Generally, tax
Reconciliation of Income
to 2001. Do not reduce the amount by
returns and return information are
(Loss) per Books With
any NOL deduction reported on Schedule
confidential, as required by section 6103.
A, line 36b.
Income per Return
The time needed to complete and file
this form will vary depending on individual
Line 5c. Travel and entertainment.
Schedule L—Balance
circumstances. The estimated average
Include on line 5c any of the following:
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times are:
Sheets per Books
Meals and entertainment not deductible
under section 274(n).
Note. All insurance companies required
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Recordkeeping . . . . . . . . .
93 hr., 59 min.
Expenses for the use of an
to file Form 1120-PC must complete
entertainment facility.
Learning about the law or the
Schedule L.
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The part of business gifts over $25.
form . . . . . . . . . . . . . . . . .
34 hr. 13 min.
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The balance sheet should agree with
Expenses of an individual over $2,000
Preparing the form . . . . . . .
57 hr., 44 min.
the corporation’s books and records.
which are allocable to conventions on
Include certificates of deposit as cash on
Copying, assembling, and
cruise ships.
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line 1, Schedule L.
sending the form to the IRS
5 hr., 54 min.
Employee achievement awards over
$400.
Line 5. Tax-exempt securities. Include
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The cost of entertainment tickets over
on this line:
If you have comments concerning the
face value (also subject to 50% limit
accuracy of these time estimates or
1. State and local government
under section 274(n)).
suggestions for making this form simpler,
obligations, the interest on which is
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The cost of skyboxes over the face
we would be happy to hear from you. You
excludable from gross income under
value of nonluxury box seat tickets.
can write to the Tax Forms Committee,
section 103(a) and
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The part of luxury water travel not
Western Area Distribution Center,
2. Stock in a mutual fund or other RIC
deductible under section 274(m).
Rancho Cordova, CA 95743-0001. Do
that distributed exempt-interest dividends
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Expenses for travel as a form of
not send the tax form to this office.
during the tax year of the corporation.
education.
Instead, see Where To File on page 2.
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Line 18. Insurance liabilities. Include
Other nondeductible travel and
on this line:
entertainment expenses.
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