Instructions For Form 1120-Pc - 2010 (Page 20 of 21) in pdf

•

Guarantees of employee stock (ESOP)

instead of Schedule M-1. See Schedule

The cost of entertainment tickets over

debt.

M-3 (Form 1120-PC) on page 6. A

face value (also subject to 50% limit

•

Compensation related to employee

corporation filing Form 1120-PC that is

under section 274(n)).

•

stock award plans.

not required to file Schedule M-3 (Form

The cost of skyboxes over the face

1120-PC) may voluntarily file Schedule

value of nonluxury box seat tickets.

If the total adjustment to be entered on

M-3 (Form 1120-PC) instead of Schedule

•

line 27 is a negative amount, enter the

The part of luxury water travel

M-1. See the Instructions for Schedule

amount in parentheses.

expenses not deductible under section

M-3 (Form 1120-PC) for more

274(m).

information.

•

Expenses for travel as a form of

Schedule M-1—

education.

Line 5c. Travel and entertainment.

Reconciliation of Income

•

Include on line 5c any of the following.

Other nondeductible travel and

•

entertainment expenses.

Meals and entertainment expenses not

(Loss) per Books With

deductible under section 274(n).

Income per Return

•

Expenses for the use of an

For more information, see Pub. 542.

entertainment facility.

All insurance companies required to file

•

The part of business gifts over $25.

Form 1120-PC, with total assets

Line 7a. Tax-exempt interest. Report

•

Expenses of an individual over $2,000

(non-consolidated or consolidated for all

any tax-exempt interest received or

which are allocable to conventions on

corporations included within the tax

accrued, including any exempt-interest

cruise ships.

consolidation group) of $10 million or

dividends received as a shareholder in a

•

Employee achievement awards over

more on the last day of the tax year must

mutual fund or other RIC. Also report this

$400.

complete Schedule M-3 (Form 1120-PC)

same amount on Schedule I, item 10.

Paperwork Reduction Act Notice. We ask for the information on these forms to carry out the Internal Revenue laws of the United

States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to

figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the

form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their

contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are

confidential, as required by section 6103.

The time needed to complete and file the following forms will vary depending on individual circumstances. The estimated average

times are:

Copying,

assembling,

Learning about

and sending the

Form

Recordkeeping

the law or the form

Preparing the form

form to the IRS

1120-PC

97 hr., 5 min.

33 hr., 43 min.

57 hr., 16 min.

5 hr., 54 min.

Sch. M-3 (Form

78 hr., 40 min.

7 hr., 40 min.

21 hr., 23 min.

3 hr., 29 min.

1120-PC)

If you have comments concerning the accuracy of these time estimates or suggestions for making this form and related schedule

simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating Committee,

SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the tax form to this address.

Instead, see Where To File on page 2.

-20-

Instructions for Form 1120-PC (2010)

Instructions For Form 1120-Pc - 2010 Page 20

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