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1120-RIC” on the check or money

reported on Form 720, Quarterly

created. Otherwise, enter the date the

order. Darken the “1120” box under

Federal Excise Tax Return, Form 941,

RIC was incorporated or organized.

“Type of Tax” and the appropriate

Employer’s Quarterly Federal Tax

“Quarter” box under “Tax Period” on the

Return, or Form 945, Annual Return of

Item C. Employer

coupon. Records of these deposits will

Withheld Federal Income Tax. The trust

Identification Number

be sent to the IRS.

fund recovery penalty may be imposed

on all persons who are determined by

For more information on deposits,

(EIN)

the IRS to have been responsible for

see the instructions in the coupon

collecting, accounting for, and paying

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

booklet (Form 8109) and Pub. 583,

over these taxes, and who acted

have an EIN, it must apply for one. An

Starting a Business and Keeping

willfully in not doing so. The penalty is

EIN may be applied for:

Records.

•

equal to the unpaid trust fund tax. See

Online — Click on the EIN link at

If the RIC owes tax when it files

the Instructions for Form 720, or Pub.

The EIN

Form 1120-RIC, do not include

15 (Circular E), Employer’s Tax Guide,

is issued immediately once the

the payment with the tax return.

for details, including the definition of

CAUTION

application information is validated.

•

Instead, mail or deliver the payment

responsible persons.

By telephone at 1-800-829-4933 from

with Form 8109 to an authorized

7:00 a.m. to 10:00 p.m. in the RIC’s

Other penalties. Other penalties can

depositary or use EFTPS, if applicable.

local time zone.

be imposed for negligence, substantial

•

By mailing or faxing Form SS-4,

understatement of tax, reportable

Estimated Tax Payments

Application for Employer Identification

transaction understatements, and fraud.

Number.

The RIC must make installment

See sections 6662, 6662A and 6663.

payments of estimated tax if it expects

If the RIC has not received its EIN by

its total tax for the year (less applicable

the time the return is due, write

credits) to be $500 or more.

Specific Instructions

“Applied for” and the date you applied

If the RIC must pay estimated taxes,

in the space for the EIN. See the

see Form 1120-W, Estimated Tax for

Instructions for Form SS-4 for details.

Period Covered

Corporations.

File the 2006 return for calendar year

Item D. Total Assets

Interest and Penalties

2006 and fiscal years that begin in

Enter the RIC’s total assets (as

2006. For a fiscal year return, fill in the

Interest. Interest is charged on taxes

determined by the accounting method

tax year space at the top of the form.

paid late even if an extension of time to

regularly used in keeping the fund’s

Note. The 2006 Form 1120-RIC may

file is granted. Interest is also charged

books and records) at the end of the

also be used if:

on penalties imposed for failure to file,

tax year. If there are no assets at the

•

The RIC has a tax year of less than

negligence, fraud, substantial valuation

end of the tax year, enter -0-.

misstatements, substantial

12 months that begins and ends in

2007 and

understatements of tax, and reportable

Item E. Final Return,

•

The 2007 Form 1120-RIC is not

transaction understatements from the

available at the time the RIC is required

due date (including extensions) to the

Name Change, Address

to file its return.

date of payment. The interest charge is

Change, or Amended

figured at a rate determined under

The RIC must show its 2007 tax year

section 6621.

on the 2006 Form 1120-RIC and take

Return

Late filing of return. A RIC that does

into account any tax law changes that

•

If this is the RIC’s final return, file

not file its tax return by the due date,

are effective for tax years beginning

Form 1120-RIC and check the “Final

including extensions, may be penalized

after December 31, 2006.

return” box.

5% of the unpaid tax for each month or

•

If the RIC has changed its name

part of a month the return is late, up to

Name and Address

since it last filed a return, check the box

a maximum of 25% of the unpaid tax.

Type or print the RIC’s true name (as

for “Name change.” Generally, a RIC

The minimum penalty for a return that

set forth in the charter or other legal

must also have amended its articles of

is over 60 days late is the smaller of the

document creating it) and address on

incorporation and filed the amendment

tax due or $100. The penalty will not be

with the state in which it was

the appropriate lines. Include the suite,

imposed if the RIC can show that the

incorporated.

room, or other unit number after the

failure to file on time was due to

•

street address. If the post office does

If the RIC has changed its address

reasonable cause. Attach a statement

not deliver mail to the street address

since it last filed a return (including a

explaining the reasonable cause.

and the RIC has a P.O. box, show the

change to an “in care of” address),

Late payment of tax. A RIC that does

box number instead.

check the box for “Address change.”

not pay the tax when due generally

may be penalized

of 1% of the

If the RIC receives its mail in care of

Note. If a change in address occurs

unpaid tax for each month or part of a

a third party (such as an accountant or

after the return is filed, use Form 8822,

month the tax is not paid, up to a

an attorney), enter on the street

Change of Address, to notify the IRS of

maximum of 25% of the unpaid tax.

address line “C/O” followed by the third

the new address.

•

The penalty will not be imposed if the

party’s name and street address or

If the RIC is amending its return,

RIC can show that the failure to pay on

P.O. box.

check the box for “Amended return,”

time was due to reasonable cause.

complete the entire return, correct the

Item B. Date RIC Was

Trust fund recovery penalty. This

appropriate lines with the new

penalty may apply if certain income,

information, and refigure the RIC’s tax

Established

social security, and Medicare taxes that

liability. Attach a statement that

must be collected or withheld are not

If this return is being filed for a series

explains the reason for the

collected or withheld, or these taxes are

fund (as described in section

amendments and identifies the lines

not paid. These taxes are generally

851(g)(2)), enter the date the fund was

being changed on the amended return.

-6-

Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - 2006 Page 6

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