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

2 0

Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-RIC

U.S. Income Tax Return for Regulated Investment Companies

Section references are to the Internal Revenue Code unless otherwise noted.

property transfers from a C corporation that

Advocate Service of the IRS, for a list of

Contents

Page

occur after January 1, 2002, under Temporary

addresses and fax numbers.

Changes To Note . . . . . . . . . . . . . . . . . . 1

Regulations section 1.337(d)-7T. See Built-in

Photographs of Missing Children . . . . . . . . 1

gains tax on page 11 for details.

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

How To Get Forms

How To Get Forms and Publications

. . . . . 1

and Publications

Photographs of Missing

General Instructions . . . . . . . . . . . . . . . . 1

Purpose of Form . . . . . . . . . . . . . . . . . . . 1

Children

Personal computer. You can access the IRS

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

Web Site 24 hours a day, 7 days a week at

The Internal Revenue Service is a proud

RIC Requirements . . . . . . . . . . . . . . . . . . 2

to:

partner with the National Center for Missing

•

Definition of a Fund . . . . . . . . . . . . . . . . . 2

Order IRS products on-line.

and Exploited Children. Photographs of

•

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

Download forms, instructions, and

missing children selected by the Center may

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

publications.

appear in instructions on pages that would

•

Paid Preparer Authorization . . . . . . . . . . . . 2

See answers to frequently asked tax

otherwise be blank. You can help bring these

Other Forms, Returns, Schedules,

questions.

children home by looking at the photographs

•

and Statements That May Be

Search publications on-line by topic or

and calling 1-800-THE-LOST

keyword.

Required . . . . . . . . . . . . . . . . . . . . . . 2-4

(1-800-843-5678) if you recognize a child.

•

Where To File . . . . . . . . . . . . . . . . . . . . . 3

Send us comments or request help by

e-mail.

Assembling the Return . . . . . . . . . . . . . . . 4

Unresolved Tax Issues

•

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

If the fund has attempted to deal with an IRS

news by e-mail.

Accounting Periods . . . . . . . . . . . . . . . . . 5

problem unsuccessfully, it should contact the

You can also reach us using file transfer

Rounding Off to Whole Dollars . . . . . . . . . . 5

Taxpayer Advocate. The Taxpayer Advocate

protocol at ftp.irs.gov.

Recordkeeping . . . . . . . . . . . . . . . . . . . . 5

independently represents the fund’s interest

Depository Method of Tax Payment

. . . . . 5

and concerns within the IRS by protecting its

CD-ROM. Order Pub. 1796, Federal Tax

Estimated Tax Payments . . . . . . . . . . . . . 5

rights and resolving problems that have not

Products on CD-ROM, and get:

•

Interest and Penalties . . . . . . . . . . . . . . . . 6

been fixed through normal channels.

Current year forms, instructions, and

Specific Instructions . . . . . . . . . . . . . . . 6

publications.

While Taxpayer Advocates cannot change

•

Period Covered . . . . . . . . . . . . . . . . . . . . 6

Prior year forms and instructions.

the tax law or make a technical tax decision,

•

Address . . . . . . . . . . . . . . . . . . . . . . . . . 6

Frequently requested tax forms that may be

they can clear up problems that resulted from

Date Fund Was Established . . . . . . . . . . . . 6

filled in electronically, printed out for

previous contacts and ensure that the fund’s

Employer Identification Number (EIN) . . . . . 6

submission, and saved for recordkeeping.

case is given a complete and impartial review.

•

Total Assets . . . . . . . . . . . . . . . . . . . . . . 6

The Internal Revenue Bulletin.

The fund’s assigned personal advocate will

Final Return, Name Change, Address

Buy the CD-ROM on the Internet at

listen to its point of view and will work with the

Change, or Amended Return . . . . . . . . . 6

/cdorders from the National

fund to address its concerns. The fund can

Technical Information Service (NTIS) for $22

Part I . . . . . . . . . . . . . . . . . . . . . . . . . . 6-9

expect the advocate to provide:

(no handling fee) or call 1-877-CDFORMS

Schedule A . . . . . . . . . . . . . . . . . . . . . . . 9

•

A “fresh look” at a new or on-going problem.

(1-877-233-6767) toll free to buy the CD-ROM

•

Schedule B . . . . . . . . . . . . . . . . . . . . . . . 9

Timely acknowledgement.

for $22 (plus a $5 handling fee).

•

Schedule J and Tax Computation

The name and phone number of the

Worksheet for Members of a

individual assigned to its case.

By phone and in person. You can order

•

Controlled Group . . . . . . . . . . . . . . . 9-11

Updates on progress.

forms and publications 24 hours a day, 7 days

•

Schedule K . . . . . . . . . . . . . . . . . . . . . . 11

Timeframes for action.

a week by calling 1-800-TAX-FORM

•

Schedule L . . . . . . . . . . . . . . . . . . . . . . 12

Speedy resolution.

(1-800-829-3676). You can also get most

•

Courteous service.

Schedule M-1 . . . . . . . . . . . . . . . . . . . . 12

forms and publications at your local IRS office.

When contacting the Taxpayer Advocate,

Changes To Note

the fund should provide the following

How To Access the Internal

•

A money market fund that has an interest in

information:

•

a partnership that invests in assets exempt

The fund’s name, address, and employer

Revenue Bulletin (I.R.B.)

from taxation under section 103 may qualify to

identification number (EIN).

•

You can access the I.R.B. on the Internet at

pay exempt-interest dividends by consenting to

The name and telephone number of an

(post-1995 Bulletins only). Under

the partnership’s election to close its books

authorized contact person and the hours he or

contents, select Businesses. Under topics,

monthly. For details, see Statements on page

she can be reached.

•

select More Topics. Then select Internal

The type of tax return and year(s) involved.

•

Revenue Bulletins.

Additional guidance has been issued for

A detailed description of the problem.

•

funds regarding adopting or changing an

Previous attempts to solve the problem and

General Instructions

accounting method and section 481(a)

the office that had been contacted.

•

adjustments. See Accounting Methods on

A description of the hardship the fund is

page 4 and Change in accounting method

facing (if applicable).

Purpose of Form

on page 5 for details.

The fund may contact a Taxpayer Advocate

•

New procedures were issued under which a

Use Form 1120-RIC, U.S. Income Tax Return

by calling, 1-877-777-4778 (toll free). Persons

fund may obtain automatic approval to adopt,

who have access to TTY/TDD equipment may

for Regulated Investment Companies, to report

change, or retain an accounting period. See

call 1-800-829-4059 and ask for the Taxpayer

the income, gains, losses, deductions, credits,

Change in tax year on page 5 for details.

Advocate assistance. If the fund prefers, it may

and to figure the income tax liability of a

•

The requirements for the built-in gains tax

call, write, or fax the Taxpayer Advocate office

regulated investment company as defined in

have changed for certain RIC elections and

in its area. See Pub. 1546, The Taxpayer

section 851.

Cat. No. 64251J

Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - 2002

Related Articles

Related forms

Related Categories