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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.

•

For charitable contributions of certain

The RIC may contact a Taxpayer Advocate

Contents

Page

property made after June 3, 2004, a RIC must

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

What’s New . . . . . . . . . . . . . . . . . . . . . . 1

file Form 8283 and obtain a qualified appraisal

who have access to TTY/TDD equipment may

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

if claiming a deduction of more than $5,000.

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

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

See new section 170(f)(11) for details.

Advocate assistance. If the RIC prefers, it may

How To Get Forms and Publications

. . . . . 1

•

New rules for reporting charitable

call, write, or fax the Taxpayer Advocate office

How To Access the Internal Revenue

contributions of patents and certain other

in its area. See Pub. 1546, The Taxpayer

Bulletin (I.R.B.) . . . . . . . . . . . . . . . . . . . 1

intellectual property made after June 3, 2004,

Advocate Service — How to Get Help With

General Instructions . . . . . . . . . . . . . . . . 2

will require RICs to furnish additional

Unresolved Tax Problems, for a list of

Purpose of Form . . . . . . . . . . . . . . . . . . . 2

information. See section 6050L for details.

addresses and fax numbers.

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

General Requirements to Qualify as a

Photographs of Missing

How To Get Forms

RIC . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Children

and Publications

Other Requirements . . . . . . . . . . . . . . . . . 2

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

The Internal Revenue Service is a proud

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

Personal computer

partner with the National Center for Missing

Where To File . . . . . . . . . . . . . . . . . . . . . 2

and Exploited Children. Photographs of

You can access the IRS website 24 hours a

Who Must Sign . . . . . . . . . . . . . . . . . . . . 3

missing children selected by the Center may

day, 7 days a week, at to:

•

appear in instructions on pages that would

Paid Preparer Authorization . . . . . . . . . . . . 3

Order IRS products online.

•

otherwise be blank. You can help bring these

Other Forms That May Be Required

. . . . 3-4

Download forms, instructions, and

children home by looking at the photographs

Statements . . . . . . . . . . . . . . . . . . . . . . . 4

publications.

•

and calling 1-800-THE-LOST (1-800-843-5678)

See answers to frequently asked tax

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

if you recognize a child.

questions.

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

•

Search publications online by topic or

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

Unresolved Tax Issues

keyword.

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

•

Send us comments or request help by email.

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

If the RIC has attempted to deal with an IRS

•

Depository Method of Tax Payment

. . . . . 5

problem unsuccessfully, it should contact the

news by email.

Taxpayer Advocate. The Taxpayer Advocate

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

You can also reach us using file transfer

independently represents the RIC’s interest

Interest and Penalties . . . . . . . . . . . . . . . . 5

protocol at ftp.irs.gov.

and concerns within the IRS by protecting its

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

rights and resolving problems that have not

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

CD-ROM

been fixed through normal channels.

Name and Address . . . . . . . . . . . . . . . . . 6

Order Pub. 1796, Federal Tax Products on

Date RIC Was Established . . . . . . . . . . . . 6

While Taxpayer Advocates cannot change

CD-ROM, and get:

the tax law or make a technical tax decision,

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

•

Current year forms, instructions, and

they can clear up problems that resulted from

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

publications.

previous contacts and ensure that the RIC’s

•

Final Return, Name Change, Address

Prior year forms and instructions.

case is given a complete and impartial review.

•

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

Frequently requested tax forms that may be

Part I — Investment Company Taxable

filled in electronically, printed out for

The RIC’s assigned personal advocate will

Income . . . . . . . . . . . . . . . . . . . . . . . 6-9

submission, and saved for recordkeeping.

listen to its point of view and will work with the

•

Schedule A . . . . . . . . . . . . . . . . . . . . . . 10

The Internal Revenue Bulletin.

RIC to address its concerns. The RIC can

Schedule B . . . . . . . . . . . . . . . . . . . . . . 10

expect the advocate to provide:

•

You can purchase the CD-ROM on the

Schedule J . . . . . . . . . . . . . . . . . . . . 10-12

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

•

Internet at /cdorders from the

Timely acknowledgement.

Schedule K . . . . . . . . . . . . . . . . . . . . . . 12

•

National Technical Information Service (NTIS)

The name and phone number of the

Schedule L . . . . . . . . . . . . . . . . . . . . . . 13

for $22 (no handling fee) or call

individual assigned to its case.

Schedule M-1 . . . . . . . . . . . . . . . . . . . . 13

•

1-877-CDFORMS (1-877-233-6767) toll free to

Updates on progress.

•

buy the CD-ROM for $22 (plus a $5 handling

Timeframes for action.

What’s New

•

fee).

Speedy resolution.

•

Courteous service.

•

The American Jobs Creation Act of 2004

By phone and in person

(AJCA) made several changes that affect RICs

When contacting the Taxpayer Advocate,

You can order forms and publications by

and their shareholders for tax years beginning

the RIC should be prepared to provide the

calling 1-800-TAX-FORM (1-800-829-3676).

after October 22, 2004. The following list

following information:

You can also get most forms and publications

•

includes provisions that may affect your 2004

The RIC’s name, address, and employer

at your local IRS office.

return. See Pub. 553, Highlights of 2004 Tax

identification number (EIN).

•

Changes, for more information.

The name and telephone number of an

•

How To Access the Internal

The AJCA has modified the 90% test with

authorized contact person and the hours he or

respect to income of a RIC to include net

she can be reached.

Revenue Bulletin (I.R.B.)

•

income derived from an interest in a publicly

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

•

traded partnership. See section 851(b)(2).

A detailed description of the problem.

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

•

RICs can elect to deduct up to $5,000 of

Previous attempts to solve the problem and

(post-1995 Bulletins only). Under

business start-up and organizational costs paid

the office that was contacted.

information for Tax Professionals, select More

•

or incurred after October 22, 2004. See

A description of the hardship the RIC is

Topics. Finally, select IRS Resources to locate

Deductions in Part I.

facing (if applicable).

the Internal Revenue Bulletins.

Cat. No. 64251J

Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - 2004

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