Instructions For Form 1120-Pc - 2010 printable pdf download

2010

Department of the Treasury

Internal Revenue Service

Instructions for

Form 1120-PC

U.S. Property and Casualty Insurance Company Income Tax Return

•

Section 833(c)(5) limits the 100%

the general business credit of an eligible

Section references are to the Internal

deduction of unearned premiums to

small business, the tentative minimum tax

Revenue Code unless otherwise noted.

section 833 organizations with a medical

is treated as being zero for eligible small

Contents

Page

loss ratio (MLR) of 85% or more. See the

business credits. Thus, an eligible small

Photographs of Missing Children . . . . 1

instructions for Schedule E, lines 2a and

business credit may offset both the

Unresolved Tax Issues . . . . . . . . . . . . 1

4a, on page 17.

regular and alternative minimum tax

How To Get Forms and

•

The special deduction under section

liability. See section 38(c)(5) and the

Publications . . . . . . . . . . . . . . . . . . 2

833(b) can only be taken by section 833

2010 Instructions for Form 3800.

IRS E-Services . . . . . . . . . . . . . . . . . 2

organizations with an MLR of 85% or

General Instructions . . . . . . . . . . . . . 2

more. See the instructions for Schedule

For the latest information, see

Purpose of Form . . . . . . . . . . . . . . . . 2

H, line 6, on page 18.

•

Who Must File . . . . . . . . . . . . . . . . . . 2

Companies must complete Schedule I,

Question 14, on page 7 of Form 1120-PC

When To File . . . . . . . . . . . . . . . . . . . 2

Photographs of Missing

to indicate whether they have met the

Where To File . . . . . . . . . . . . . . . . . . 2

requirements of section 833(c)(5). See

Children

Who Must Sign . . . . . . . . . . . . . . . . . 2

the instructions for Schedule I, Question

Paid Preparer Authorization . . . . . . . . 3

The Internal Revenue Service is a proud

14, on page 19.

Statements . . . . . . . . . . . . . . . . . . . . 3

partner with the National Center for

Limitations on the deduction of certain

Assembling the Return . . . . . . . . . . . . 3

Missing and Exploited Children.

deferred compensation. Under section

Tax Payments . . . . . . . . . . . . . . . . . . 3

Photographs of missing children selected

162(m)(6), added by section 9014 of the

Estimated Tax Payments . . . . . . . . . . 3

by the Center may appear in instructions

Patient Protection and Affordable Care

on pages that would otherwise be blank.

Interest and Penalties . . . . . . . . . . . . . 4

Act, the deduction of certain deferred

You can help bring these children home

Accounting Methods . . . . . . . . . . . . . . 4

compensation attributable to services

by looking at the photographs and calling

Accounting Period . . . . . . . . . . . . . . . 4

performed for specified health insurance

1-800-THE-LOST (1-800-843-5678) if you

Rounding Off to Whole Dollars . . . . . . 4

providers, in tax years beginning after

recognize a child.

Recordkeeping . . . . . . . . . . . . . . . . . . 4

December 31, 2009, will be limited in tax

Other Forms and Statements

years beginning after December 31,

Unresolved Tax Issues

2012. See section 162(m)(6) for more

That May Be Required . . . . . . . . . . 4

information.

Specific Instructions . . . . . . . . . . . . 5

The Taxpayer Advocate Service (TAS) is

New Schedule UTP (Form 1120),

Period Covered . . . . . . . . . . . . . . . . . 5

an independent organization within the

Uncertain Tax Position Statement.

Name and Address . . . . . . . . . . . . . . 5

IRS whose employees assist taxpayers

Certain filers of Forms 1120, 1120-F,

Identifying Information . . . . . . . . . . . . 5

who are experiencing economic harm,

1120-L, and 1120-PC with assets that

Employer Identification Number

who are seeking help in resolving tax

equal or exceed $100 million must file

(EIN) . . . . . . . . . . . . . . . . . . . . . . . 6

problems that have not been resolved

new Schedule UTP (Form 1120) to report

through normal channels, or who believe

Section 953 Elections . . . . . . . . . . . . . 6

uncertain tax positions. See Schedule I,

that an IRS system or procedure is not

Final Return, Name Change,

Question 13 on page 19.

working as it should. The service is free,

Address Change, or Amended

Federal tax deposits must be made by

confidential, tailored to meet your needs,

Return . . . . . . . . . . . . . . . . . . . . . . 6

electronic funds transfer. Beginning

and is available for businesses, as well as

Taxable Income . . . . . . . . . . . . . . . . . 6

January 1, 2011, corporations must use

individuals.

Tax Computation and Payments

. . . . 6

electronic funds transfers to make all

Schedule A . . . . . . . . . . . . . . . . . . . . 8

The corporation can contact the TAS

federal tax deposits (such as deposits of

Schedule B, Part I . . . . . . . . . . . . . . 14

as follows.

employment tax, excise tax, and

Schedule B, Part II . . . . . . . . . . . . . . 15

•

corporate income tax). Forms 8109 and

Call the TAS toll-free line at

Schedule C . . . . . . . . . . . . . . . . . . . 15

8109-B, Federal Tax Deposit Coupon,

1-877-777-4778 or TTY/TDD

Schedule E . . . . . . . . . . . . . . . . . . . 17

cannot be used after December 31, 2010.

1-800-829-4059 to see if the corporation

Schedule F . . . . . . . . . . . . . . . . . . . 17

Generally, electronic funds transfers are

is eligible for assistance.

made using the Electronic Federal Tax

Schedule G . . . . . . . . . . . . . . . . . . . 18

•

Call or write the corporation’s local

Payment System (EFTPS). See

Schedule H . . . . . . . . . . . . . . . . . . . 18

taxpayer advocate, whose phone number

Electronic Deposit Requirement on page

Schedule I . . . . . . . . . . . . . . . . . . . . 18

and address are listed in the local

telephone directory and in Pub. 1546,

Schedule L . . . . . . . . . . . . . . . . . . . 19

5-year carryback of general business

Taxpayer Advocate Service – Your Voice

Schedule M-1 . . . . . . . . . . . . . . . . . 20

credits for eligible small businesses.

at the IRS.

Index . . . . . . . . . . . . . . . . . . . . . . . . 21

Beginning in 2010, eligible small

•

File Form 911, Request for Taxpayer

businesses can carry back unused

Advocate Service Assistance (And

What’s New

eligible small business credits 5 years.

Application for Taxpayer Assistance

See section 39(a)(4).

Order), or ask an IRS employee to

Section 833 organizations. For tax

General business credit of eligible

complete it on the corporation’s behalf.

small businesses not subject to

years beginning after December 31,

alternative minimum tax. For purposes

For more information, go to

2009, there are new requirements for

gov/advocate.

section 833 organizations.

of determining the section 38(c) limit on

Cat. No. 64537I

Instructions For Form 1120-Pc - 2010

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