Form 8916 - Reconciliation Of Schedule M-3 Taxable Income With Tax Return Taxable Income For Mixed Groups Page 2

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8916
2
Form
(Rev. 12-2008)
Page
General Instructions
Line 7. Other adjustments to reconcile to taxable income
on tax return. Enter on line 7, any other adjustments neces-
Section references are to the Internal Revenue Code unless
sary to reconcile to taxable income reported on the consoli-
otherwise noted.
dated income tax return from the supporting workpapers and
attach a short explanation of the adjustment.
What’s New
Line 8. Total. The amount on line 8 must equal the “Taxable
The IRS will revise this December 2008 version of the Form
income” line of the applicable consolidated income tax
8916 only when necessary. Continue to use this version of
return. For example, see the 2008 Form 1120, page 1, line
Form 8916 for tax years beginning after 2007 until a new
30; 2008 Form 1120-L, page 1, line 27; or 2008 Form
revision is issued.
1120-PC, Schedule A, line 37.
Purpose of Form
Paperwork Reduction Act Notice
Use Form 8916 to reconcile Schedule M-3 taxable income to
tax return taxable income for a mixed group, which is a
We ask for the information on this form to carry out the
consolidated tax group which uses two or more of the
Internal Revenue laws of the United States. You are required
following tax return forms: Form 1120, 1120-L, or 1120-PC. A
to give us the information. We need it to ensure that you are
mixed group is a consolidated tax group that (1) includes
complying with these laws and to allow us to figure and
both a corporation that is an insurance company and a
collect the right amount of tax.
corporation that is not an insurance company, (2) includes
You are not required to provide the information requested
both a life insurance company and a property and casualty
on a form that is subject to the Paperwork Reduction Act
insurance company, or (3) includes a life insurance company,
unless the form displays a valid OMB control number. Books
a property and casualty insurance company, and a
or records relating to a form or its instructions must be
corporation that is not an insurance company.
retained as long as their contents may become material in
the administration of any Internal Revenue law. Generally, tax
Who Must File
returns and return information are confidential, as required by
Form 8916 must be filed by a mixed group consisting of
section 6103.
filers of Form 1120, 1120-L, or 1120-PC that is required to
The time needed to complete and file this form will vary
file Schedule M-3.
depending on individual circumstances. The estimated
average time is:
How To File
Recordkeeping
6 hr., 27 min.
Attach Form 8916 to the consolidated Schedule M-3.
Learning about the law or the form
6 min.
Taxpayers must summarize the taxpayer tax return taxable
Preparing, copying, assembling, and
income calculation workpapers on Form 8916 and retain
sending the form to the IRS
12 min.
those workpapers. The taxable income calculation
If you have comments concerning the accuracy of these
workpapers need not be submitted with the Form 8916.
time estimates or suggestions for making this form simpler,
Specific Instructions
we would be happy to hear from you. See the instructions for
the tax return with which this form is filed.
Line 1. Schedule M-3 tax reconciliation amount. The
amount on line 1 must equal the tax reconciliation amount
from the applicable line of Schedule M-3. For example, this
amount was reported on Part II, line 30, column (d), of the
2008 Schedule M-3 for Forms 1120, 1120-L, or 1120-PC.
Line 2a. Life/non-life loss limitation amount. Enter any
life/non-life loss limitation amount from the supporting
workpapers.

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