Looking for a Form 1120-ric Templates? Download it for free!

•

remains in effect for all subsequent

account on a monthly basis its distributive

The 2010 Form 1120-RIC is not

calendar years and may not be revoked

share of partnership items if the eligible

available at the time the RIC is required to

without IRS consent. See Temporary

partnership makes a proper election to

file its return.

Regulations section 1.67-2T for

close its books at the end of each month.

The RIC must show its 2010 tax year

definitions and other details.

See Rev. Proc. 2003-84 for details.

information on the 2009 Form 1120-RIC

Transfers to a corporation controlled

Eligibility. A RIC is entitled to take

and take into account any tax law

by the transferor. Every significant

into account its distributive share of

changes that are effective for tax years

transferor (as defined in Regulations

partnership items on a monthly basis if:

beginning after December 31, 2009.

•

section 1.351-3(d) that receives stock of a

The RIC is entitled to hold itself out as

corporation in exchange for property in a

a money market fund, or an equivalent of

Name and Address

nonrecognition event must attach the

a money market fund.

•

statement required by Regulations

Enter the RIC’s true name (as set forth in

The RIC provides a statement to the

section 1.351-3(a)) to its return for the tax

the charter or other legal document

partnership that it consents to the

year of the exchange. The transferee

creating it), address, and EIN on the

partnership’s election to close its books

corporation must include the statement

appropriate lines. Enter the address of the

monthly and that the RIC will include in its

required by Regulations section

RIC’s principal office or place of business.

taxable income its distributive share of

1.351-3(b) for the tax year of the

Include the suite, room, or other unit

partnership items in a manner consistent

exchange, unless all the required

number after the street address. If the

with the election. See Rev. Proc. 2003-84

information is included in any

post office does not deliver mail to the

for the required contents of the statement

statement(s) provided by a significant

street address and the RIC has a P.O.

of consent.

•

transferor that is attached to the same

box, show the box number instead.

The RIC provides the statement of

return for the same section 351

consent to the custodian or manager of

Note. Do not use the address of the

exchange. If the transferor or transferee

the partnership by the last day of the

registered agent for the state in which the

corporation is a controlled foreign

second month after the month in which

RIC is incorporated. For example, if a

corporation, each U.S. shareholder

the RIC acquires the partnership interest.

business is incorporated in Delaware or

•

(within the meaning of section 951(b))

The partnership is eligible under Rev.

Nevada and the RIC’s principal office is

must include the required statement on or

Proc. 2003-84 to make the monthly

located in Little Rock, AR, the RIC should

with its return.

closing election and the election is

enter the Little Rock address.

Distributions under section 355. Every

effective by the second month after the

corporation that makes a distribution of

month in which the RIC acquires the

If the RIC receives its mail in care of a

partnership interest.

stock or securities of a controlled

third party (such as an accountant or an

corporation, as described in section 355

attorney), enter on the street address line

Statement of consent. The consent to a

(or so much of section 356 as it relates to

“C/O” followed by the third party’s name

partnership’s monthly closing election is

section 355), must attach the statement

and street address or P.O. box.

effective for the month in which the RIC

required by Regulations section 1.355-5

acquires the partnership interest, unless

to its return for the year of the distribution.

Item B. Date RIC Was

the RIC requests that the consent be

If the distributing corporation is a

effective for either of the two immediately

Established

controlled foreign corporation, each U.S.

following calendar months. In addition to

shareholder (within the meaning of

If this return is being filed for a series fund

timely providing the partnership with the

section 951(b)), must include the

(as described in section 851(g)(2)), enter

statement of consent, the statement

statement on or with its return.

the date the fund was created. Otherwise,

should be filed with Form 1120-RIC for

Dual consolidated losses. If a

enter the date the RIC was incorporated

the first tax year in which the consent is

domestic corporation incurs a dual

or organized.

effective. The monthly closing consent

consolidated loss (as defined in

(and the partnership’s election) may be

Regulations section 1.1503-2(c)(5)), the

revoked only with the consent of the

Item C. Employer

corporation (or consolidated group) may

Commissioner. However, the RIC’s

Identification Number (EIN)

need to attach an elective relief

consent becomes ineffective on any day

agreement and/or an annual certification

when the RIC ceases to be an eligible

Enter the RIC’s EIN. If the RIC does not

as provided in Temporary Regulations

partner and the partnership’s monthly

have an EIN, it must apply for one. An

section 1.1503-2(g)(2).

closing election is terminated as of the

EIN may be applied for:

•

first day of any month the partnership is

Notice to shareholders. A RIC must

Online — Click on the EIN link at www.

no longer eligible for the election under

notify its shareholders within 60 days after

irs.gov/businesses/small. The EIN is

Rev. Proc. 2003-84. For more details, see

the close of its tax year of the distribution

issued immediately once the application

the Revenue Procedure.

made during the tax year that qualifies for

information is validated.

•

the dividends-received deduction under

By telephone at 1-800-829-4933 from

Other forms and statements. See Pub.

section 243. For purposes of the

7:00 a.m. to 10:00 p.m. in the RIC’s local

542 for a list of other forms and

dividends-received deduction, a capital

time zone.

statements a corporation may need to file

•

gain dividend received from a RIC is not

By mailing or faxing Form SS-4,

in addition to the forms and statements

treated as a dividend. The capital gain

Application for Employer Identification

discussed throughout these instructions.

dividend is treated as a long-term capital

Number.

gain by the shareholder.

If the RIC has not received its EIN by

Consent to partnership election to

the time the return is due, write “Applied

Specific Instructions

close its books monthly. Certain

for” and the date you applied in the space

money market funds that obtain an

for the EIN. See the Instructions for Form

interest in an eligible partnership that

Period Covered

SS-4 for details.

invests in assets exempt from taxation

File the 2009 return for calendar year

under section 103 may be qualified to pay

Item D. Total Assets

2009 and fiscal years that begin in 2009.

exempt-interest dividends to their

For a fiscal year return, fill in the tax year

shareholders. To qualify for payment of

Enter the RIC’s total assets (as

space at the top of the form.

exempt-interest dividends, a RIC must

determined by the accounting method

meet the quarterly net asset value (NAV)

Note. The 2009 Form 1120-RIC may

regularly used in keeping the fund’s

requirements under section 852(b)(5). To

also be used if:

books and records) at the end of the tax

•

maintain the required NAV at the end of

The RIC has a tax year of less than 12

year. If there are no assets at the end of

each quarter, the RIC may take into

months that begins and ends in 2010; and

the tax year, enter -0-.

-6-

Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - 2009 Page 6

Related Articles

Related forms

Related Categories