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A RIC that does not satisfy the

Other Returns, to request a 6-month

bind the RIC to anything (including any

distribution requirements will be

extension of time to file. Generally, the

additional tax liability), or otherwise

subject to taxation as a C

corporation must file Form 7004 by the

represent the RIC before the IRS.

CAUTION

corporation.

regular due date of the return.

The authorization will automatically

Earnings and profits. The RIC must

end no later than the due date (excluding

Who Must Sign

either have been a RIC for all tax years

extensions) for filing the RIC’s 2010 tax

ending after November 7, 1983, or, at the

The return must be signed and dated by:

return. If the RIC wants to expand the

•

end of the current tax year, had no

The president, vice president,

paid preparer’s authorization or revoke

accumulated earnings and profits from

treasurer, assistant treasurer, chief

the authorization before it ends, see Pub.

any non-RIC tax year.

accounting officer or

947, Practice Before the IRS and Power

•

Any other corporate officer (such as tax

of Attorney.

Note. For this purpose, current year

officer) authorized to sign.

distributions are treated as made from the

Assembling the Return

earliest earnings and profits accumulated

If a return is filed on behalf of a RIC

in any non-RIC tax year. See section

by a receiver, trustee, or assignee, the

To ensure that the RIC’s tax return is

852(c)(3). Also see section 852(e) for

fiduciary must sign the return, instead of

correctly processed, attach all schedules

procedures that may allow the RIC to

the corporate officer. Returns and forms

and other forms after page 4, Form

avoid disqualification for the initial year if

signed by a receiver or trustee in

1120-RIC, in the following order.

the RIC did not meet this requirement.

bankruptcy on behalf of a RIC must be

1. Schedule N (Form 1120).

accompanied by a copy of the order or

2. Schedule O (Form 1120).

Definition of a Fund

instructions of the court authorizing

3. Form 4626.

signing of the return or form.

The term “fund” refers to a separate

4. Form 4136.

Note. If this return is being filed for a

portfolio of assets, whose beneficial

5. Additional schedules in alphabetical

series fund (as defined in section

interests are owned by the holders of a

order.

851(g)(2)), the return may be signed by

class or series of stock of the RIC that is

6. Additional forms in numerical order.

any officer authorized to sign for the RIC

preferred over all other classes or series

in which the fund is a series.

Complete every applicable entry space

for that portfolio of assets.

on Form 1120-RIC. Do not enter “See

If an employee of the RIC completes

When To File

attached” instead of completing the entry

Form 1120-RIC, the paid preparer’s

spaces. If more space is needed on the

Generally, a RIC must file its income tax

space should remain blank. A preparer

forms or schedules, attach separate

return by the 15th day of the 3rd month

who does not charge the RIC to prepare

sheets using the same size and format as

after the end of its tax year. A new RIC

Form 1120-RIC should not complete that

the printed forms. If there are supporting

filing a short period return must generally

section. Generally, anyone who is paid to

statements and attachments, arrange

file by the 15th day of the 3rd month after

prepare the return must sign it and fill in

them in the same order as the schedules

the short period ends. A RIC that has

the “Paid Preparer’s Use Only” area.

or forms they support and attach them

dissolved must generally file by the 15th

The paid preparer must complete the

last. Show the totals on the printed forms.

day of the 3rd month after the date of

required preparer information and:

Enter the RIC’s name and EIN on each

•

dissolution.

Sign the return in the space provided

supporting statement or attachment.

for the preparer’s signature; and

If the due date falls on a Saturday,

•

Give a copy of the return to the

Sunday, or legal holiday, the RIC may file

Depository Methods

corporation.

its return on the next business day.

of Tax Payment

Note. A paid preparer may sign original

Private delivery services

or amended returns by rubber stamp,

The RIC must pay the tax due in full no

RICs can use certain private delivery

mechanical device, or computer software

later than the 15th day of the 3rd month

services designated by the IRS to meet

program.

after the end of the tax year. The two

the “timely mailing as timely filing/paying”

methods of depositing RIC income taxes

rule for tax returns and payments.

Paid Preparer

are discussed below.

These private delivery services include

Authorization

Electronic Deposit Requirement

only the following.

•

DHL Express (DHL): DHL Same Day

If the RIC wants to allow the IRS to

The RIC must make electronic deposits of

Service.

discuss its 2009 tax return with the paid

all depository taxes (such as employment

•

Federal Express (FedEx): FedEx

preparer who signed the return, check the

tax, excise tax, and corporate income tax)

Priority Overnight, FedEx Standard

“Yes” box in the signature area of the

using the Electronic Federal Tax Payment

Overnight, FedEx 2Day, FedEx

return. This authorization applies only to

System (EFTPS) in 2010 if:

•

International Priority, and FedEx

the individual whose signature appears in

The total deposits of such taxes in

International First.

the “Paid Preparer’s Use Only” section of

2008 were more than $200,000; or

•

United Parcel Service (UPS): UPS Next

the RIC’s return. It does not apply to the

The RIC was required to use EFTPS in

Day Air, UPS Next Day Air Saver, UPS

firm, if any, shown in that section.

2009.

2nd Day Air, UPS 2nd Day Air A.M., UPS

If the “Yes” box is checked, the RIC is

If the RIC is required to use EFTPS

Worldwide Express Plus, and UPS

authorizing the IRS to call the paid

and fails to do so, it may be subject to a

Worldwide Express.

preparer to answer any questions that

10% penalty. If the RIC is not required to

The private delivery service can tell

may arise during the processing of its

use EFTPS, it can participate voluntarily.

you how to get written proof of the mailing

return. The RIC is also authorizing the

To enroll in or receive more information

date.

paid preparer to:

about EFTPS, call 1-800-555-4477. To

•

Give the IRS any information that is

enroll online, visit

Private delivery services cannot

missing from the return,

Depositing on time. For EFTPS

deliver items to P.O. boxes. You

•

Call the IRS for information about the

deposits to be made timely, the RIC must

must use the U.S. Postal Service

CAUTION

processing of the return or the status of

initiate the transaction at least 1 business

to mail any item to an IRS P.O. box

any related refund or payment(s), and

day before the date the deposit is due.

address.

•

Respond to certain IRS notices about

Extension of Time To File

Deposits With Form 8109

math errors, offsets, and return

preparation.

File Form 7004, Application for Automatic

If the RIC does not use EFTPS, deposit

Extension of Time To File Certain

The RIC is not authorizing the paid

RIC income tax payments (and estimated

Business Income Tax, Information, and

preparer to receive any refund check,

tax payments) with Form 8109, Federal

-3-

Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - 2009 Page 3

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