Form 1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2012 Page 6
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Form 1120-POL (2012)
Page
Note. Estimated tax and alternative
Paperwork Reduction Act Notice. We
2. The organization owns more than
minimum tax do not apply to political
50% of the stock in any corporation that
ask for the information on this form to
organizations.
would answer “Yes” to item 1 above.
carry out the Internal Revenue laws of
the United States. You are required to
Line 21. Tax credits. The organization
See Form TD F 90-22.1, Report of
give us the information. We need it to
may qualify for the following credits:
Foreign Bank and Financial Accounts, to
ensure that you are complying with these
find out if the organization is considered
• Foreign tax credit. See Form 1118,
laws and to allow us to figure and collect
to have an interest in or signature or
Foreign Tax Credit—Corporations.
the right amount of tax.
other authority over a financial account
• Qualified electric vehicle credit. See
in a foreign country.
You are not required to provide the
Form 8834, Qualified Plug-in Electric and
information requested on a form that is
If “Yes” is checked for this question,
Electric Vehicle Credit, and section 30.
subject to the Paperwork Reduction Act
file Form TD F 90-22.1 by June 30, 2013,
• General business credit (excluding
unless the form displays a valid OMB
with the Department of the Treasury at
the small employer health insurance
control number. Books or records
the address shown on the form. Do not
premium credit, and the work
relating to a form or its instructions must
attach it to Form 1120-POL.
opportunity credit). See Form 3800,
be retained as long as their contents
If the due date falls on a Saturday,
General Business Credit.
may become material in the
Sunday, or legal holiday, the
administration of any Internal Revenue
Enter the total amount of qualified
organization must file on the next
law. Generally, tax returns and return
credits on line 21 and attach the
business day.
information are confidential, as required
applicable credit forms.
You can get Form TD F 90-22.1 by
by section 6103.
Line 22. Total tax. If the political
calling 1-800-TAX-FORM
The time needed to complete and file
organization must recapture any of the
(1-800-829-3676) or you can download it
this form will vary depending on
qualified electric vehicle credit, include
from IRS.gov.
individual circumstances. The estimated
the amount of the recapture in the total
Also, if “Yes” is checked for this
average time is:
for line 22. On the dotted line next to the
question, enter the name of the foreign
entry space, write “QEV recapture” and
Recordkeeping .
.
.
17 hr., 13 min.
country or countries. Attach a separate
the amount. See Regulations section
Learning about the
sheet if more space is needed.
1.30-1 for details on how to figure the
law or the form .
.
.
. 5 hr., 15 min.
recapture.
Question 2
Preparing the form.
.
12 hr., 17 min.
Additional Information
If you checked “Yes” to Question 2, the
Copying, assembling,
organization may be required to file Form
and sending the form
Question 1
3520, Annual Return To Report
to the IRS .
.
.
.
.
. 1 hr., 52 min.
Transactions With Foreign Trusts and
Foreign financial accounts. Check the
If you have comments concerning the
Receipt of Certain Foreign Gifts. For
“Yes” box if either 1 or 2 below applies
accuracy of these time estimates or
details, see Form 3520.
to the organization. Otherwise, check the
suggestions for making this form
“No” box.
Note. An owner of a foreign trust must
simpler, we would be happy to hear
ensure that the trust files an annual
1. At any time during the 2012
from you. You can write to:
information return on Form 3520-A,
calendar year the organization had an
Internal Revenue Service
Annual Information Return of Foreign
interest in or signature or other authority
Tax Products Coordinating Committee
Trust With a U.S. Owner. For details, see
over a bank, securities, or other financial
SE:W:CAR:MP:T:M:S
the Instructions for Form 3520-A.
account in a foreign country;
1111 Constitution Ave. NW, IR-6526
Question 3
• The combined value of the accounts
Washington, DC 20224
was more than $10,000 at any time
In the space provided, show any tax-
Do not send the tax form to this
during the calendar year; and
exempt interest income received or
address. See When and Where To File
• The account was not with a U.S.
accrued. Include any exempt-interest
on page 3.
military banking facility operated by a
dividends received as a shareholder in a
U.S. financial institution.
mutual fund or other regulated
investment company.
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