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Connecticut Free Printable  for 2020 Connecticut Information Return for Passive Investment Companies

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Information Return for Passive Investment Companies
Form CT-1120 PIC

Form CT-1120 PIC Department of Revenue Services State of Connecticut PO Box 2974 Hartford CT 06104-2974 (Rev. 12/18) Information Return for Passive Investment Companies Complete this form in blue or black ink only. See instructions on reverse. Enter Income Year Beginning ____________________________, ________, and Ending __________________________, ________ Taxpayer Please type or print. Passive investment company (PIC) name CT Tax Registration Number Number and street PO Box Federal Employer ID Number (FEIN) City or town State ZIP code Check and Complete All Applicable Boxes 1. Date PIC began commercial operations:___________________ Date PIC began commercial operations in CT: ______________ 5. Indicate the method used to determine the number of full-time _ equivalent employees. See Instructions.  Actual time or business records 2. Parent company’s name:_______________________________  Safe harbor method elected: ___________________________________________________ ____ First 30 days of taxable year ____ Average of first three months of taxable year CT Tax Registration Number: ___________________________ 3. Is a common paymaster used:  Yes  No 6. Indicate the method used to allocate expenses and employee _ costs to the PIC. See instructions. If Yes, indicate the common paymaster’s: Name:______________________________________________ ___________________________________________________ CT Tax Registration Number:____________________________ 4. Did the PIC have at least five full-time equivalent employees in Connecticut for the period covered by this return:  Yes  No If Yes, indicate the number of PIC employees: Full-time:________________ Part-time: __________________ Dual: _________ See instructions. If No, the company does not qualify as a PIC. Do not file this return.  IRC § 482 type method  Safe harbor method elected: ____ Percentage of time ____ Percentage of loans The PIC hereby affirms that the applicable period selected under the safe harbor methods in either Line 5 or Line 6 is representative of, or generally no less than, its level of employment for the entire year. 7. Amount of expenses and employee costs to be allocated to the PIC: ______________________________________________ Attach detailed schedule. See instructions. 8. Amount of the PIC’s total gross receipts: _________________ Attach detailed schedule. 9. Amount of total dividends issued by the PIC: ______________ Attach detailed schedule. 10. PIC apportionment fraction: ____________________________ Carry to six places. Complete and attach Form CT-1120A-FS, Corporation Business Tax Return Apportionment Computation of Income From Financial Service Company Activities. Declaration: I declare under penalty of law that I have examined this return (including any accompanying schedules and statements) and, to the best of my knowledge and belief, it is true, complete, and correct. I understand the penalty for willfully delivering a false return or document to the Department of Revenue Services (DRS) is a fine of not more than $5,000, or imprisonment for not more than five years, or both. The declaration of a paid preparer other than the taxpayer is based on all information of which the preparer has any knowledge. Corporate officer’s name (print) Corporate officer’s signature Sign Here Corporate officer’s email address (print) Keep a copy of this return for your records. Paid preparer’s signature Title Date Firm’s name and address Date Telephone number ( ) Preparer’s SSN or PTIN FEIN Telephone number ( ) Department of Revenue Services State of Connecticut (Rev. 12/18) Form CT-1120 PIC Information Return for Passive Investment Companies Instructions Complete this form in blue or black ink only. Use Form CT-1120 PIC, Information Return for Passive Investment Companies, to establish that the corporation meets the requirements of a passive investment company (PIC) as defined in Conn. Gen. Stat. § 12-213(a)(27). Filing Instructions If the PIC parent company (taxpayer) is subject to the Connecticut corporation business tax, Form CT-1120 PIC must be attached to Form CT-1120, Corporation Business Tax Return. If the PIC parent company is not subject to such tax, Form CT-1120 PIC must be filed on or before the fifteenth day of the month following the due date of the corporation’s corresponding federal income tax return for the income year (May 15 for calendar year taxpayers). Mail to: Department of Revenue Services PO Box 2974 Hartford CT 06104-2974 Definitions Passive investment company (PIC) means any corporation which is a related person to a financial service company or to an insurance company, as defined in Conn. Gen. Stat. § 12-218b, and: • Employs not less than five full-time equivalent employees in the state; • Maintains an office in the state; and • Confines its activities to the purchase, receipt, maintenance, management, and sale of its intangible investments, and the collection and distribution of the income from such investments, including but not limited to interest and gains from the sale, transfer, or assignment of such investments or from the foreclosure upon or sale, transfer, or assignment of the collateral securing such investments. Related person means: • A corporation, limited liability company, partnership, association, or trust controlled by the taxpayer; • An individual, corporation, limited liability company, partnership, association, or trust in control of the taxpayer; • A corporation, limited liability company, partnership, association, or trust controlled by an individual, corporation, limited liability company, partnership, association, or trust in control of the taxpayer; or • A member of the same controlled group as the taxpayer. Control, with respect to a corporation, means ownership, directly or indirectly, of stock possessing 50% or more of the total combined voting power of all classes of the stock of such corporation entitled to vote. Control, with respect to a trust, means ownership, directly or indirectly, of 50% or more of the beneficial interest in the principal or income of such trust. The ownership of stock in a corporation, of a capital or profits interest in a partnership or association, or of a beneficial interest in a trust shall be determined in accordance with the rules for constructive ownership of stock provided in IRC § 267(c) other than paragraph (3) of said section. Intangible investments of a PIC are limited to: • Loans secured by real property, as defined in Conn. Gen. Stat. § 12-218b(a)(11); or • Short-term investments of cash. Line Instructions Line 1 - Enter the date the PIC began commercial operations and the date the PIC began commercial operations in Connecticut. Line 2 - Enter the PIC’s parent company name and its Connecticut Tax Registration Number. Line 3 - Check the appropriate box to indicate whether a common paymaster is used. If Yes, indicate the common paymaster’s name and Connecticut Tax Registration Number. Line 4 - Check the appropriate box to indicate whether the PIC had at least five full-time equivalent employees in Connecticut. Enter the number of employees on the appropriate line(s). If the company did not have at least five full-time equivalent employees in Connecticut, the company does not qualify as a PIC, and its income will be subject to tax. Do not complete this informational return. A full-time employee must work 35 hours or more per week. See Conn. Gen. Stat. § 12-217u(d); Conn. Agencies Regs. § 31-236-58(c)(2). A dual employee works for both the PIC and the parent company. Part-time or dual employees may be used in calculating the number of full-time equivalent employees. The PIC must employ the number of full-time, part-time, and/or dual employees that will add up to at least five full-time equivalent employees, when calculating the amount of time such employees work on PIC-related matters. However, the maximum number of employees whose time may be allocated to attain the requisite five full-time equivalent employees is 25. Line 5 - Check the appropriate box to identify the method used to determine the number of full-time equivalent employees. The five full-time equivalent employees may be established from the employees’ time records. In lieu of relying on actual time records maintained throughout the year, taxpayers may use an annual safe-harbor test based on the employees’ time records for either the first 30 days of the taxable year or an average of the first three months in such taxable year (“the applicable period”). Line 6 - Check the appropriate box to identify the method used to allocate expenses and employee costs to the PIC. PIC-related expenses and costs may be allocated to a PIC on any reasonable basis provided in IRC § 482. Use of such method will require the taxpayer to maintain adequate books and records. In lieu of this method, the taxpayer is allowed to make one of two alternative safe harbor elections on its return each year in determining the reasonable allocation of the aggregate pool of expenses and employee costs to the PIC. Page 2 of 3 Percentage of Time Method Under this safe harbor method, PIC-related expenses and employee costs are allocated on the basis of the ratio of the number of PIC employees to the total number of employees in the PIC and the related financial service company. The number of PIC employees may be determined either from the employees’ time records used in calculating the five full-time equivalent employees under the safe harbor test, or from actual time records for those taxpayers that do not rely on the safe harbor test. No employee that expends less than 20% of his or her time on PIC business shall be included in the calculation of the number of PIC employees for purposes of determining the ratio. Percentage of Loans Method Under this method, PIC-related expenses and employee costs may be allocated on the basis of the ratio of the number of PIC loans to all loans serviced by the PIC and its related financial service company. Such ratio shall be based upon the average number of loans held during the first month of a PIC’s taxable year or first 30 days after it begins commercial operations in Connecticut for its first taxable year, and the average number of loans held during the last month of a PIC’s taxable year. This method may be used by any entity that employs five or more full-time employees on PIC business without the need to allocate employees’ time in order to qualify for PIC status. Line 7 - Enter the amount of expenses and employee costs to be allocated to the PIC. A detailed schedule must be attached showing all expenses and employee costs (including wages) of the financial service company to be allocated to the PIC, the computation of the percentage used in allocating expenses and employee costs to the PIC, and the resulting amount of PIC expenses and employee costs for the taxable year. Do not include interest expenses on borrowings, deposits, and escrows. Do not include expenses related to FDIC insurance premiums and investment and banking fees relating to mergers, acquisitions, and other extraordinary transactions. Line 8 - Enter the PIC’s total gross receipts. A detailed schedule must be attached to this return. Line 9 - Enter the total amount of dividends issued by the PIC. A detailed schedule must be attached to this return. Line 10 - Enter the apportionment fraction for the PIC. Carry to six places. Complete and attach Form CT-1120A-FS, Corporation Business Tax Return Apportionment Computation of Income From Financial Service Company Activities. Complete the form using the PIC’s receipts and apportioning such receipts as if the PIC were a financial service company. The method selected in a particular year must be consistently applied to all expenses and employee costs on an all or nothing basis. On the basis of the method identified, detailed schedules must be attached to this return. Form CT-1120 PIC (Rev. 12/18) Page 3 of 3
Extracted from PDF file 2019-connecticut-form-ct-1120-pic.pdf, last modified December 2018

More about the Connecticut Form CT-1120 PIC Corporate Income Tax TY 2019

We last updated the Information Return for Passive Investment Companies in March 2020, so this is the latest version of Form CT-1120 PIC, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form CT-1120 PIC directly from TaxFormFinder. You can print other Connecticut tax forms here.

Related Connecticut Corporate Income Tax Forms:

TaxFormFinder has an additional 85 Connecticut income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Connecticut Form CT-1120 PIC.

Form Code Form Name
Form CT-1120 Instructions Connecticut Corporation Business Tax Instructions
Form CT-1120 CU Combined Unitary Corporation Business Tax Return
Form CT-1120 EXT Application for Extension of Time to File Connecticut Corporation Tax Return
Form CT-1120 CC Authorization and Consent to be Included in a Combined Return
Form CT-1120 Corporation Business Tax Return
Form CT-1120 RDC Research and Development Credit
Form CT-1120 SBJ Small Business Job Creation Tax Credit
Form CT-1120 ATT Corporation Business Tax Return Attachment H, I and J
Form CT-1120 MEC Machinery and Equipment Expenditure Credit
Form CT-1120A Corporation Business Tax Return Apportionment Computation

Download all CT tax forms View all 86 Connecticut Income Tax Forms


Form Sources:

Connecticut usually releases forms for the current tax year between January and April. We last updated Connecticut Form CT-1120 PIC from the Department of Revenue Services in March 2020.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Connecticut Form CT-1120 PIC

We have a total of eight past-year versions of Form CT-1120 PIC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 Form CT-1120 PIC

CT-1120 PIC, Information Return for Passive Investment Companies

Information Return for Passive Investment Companies 2015 Form CT-1120 PIC

CT-1120 PIC, Information Return for Passive Investment Companies

Information Return for Passive Investment Companies 2014 Form CT-1120 PIC

CT-1120 PIC, Information Return for Passive Investment Companies

Information Return for Passive Investment Companies 2013 Form CT-1120 PIC

Form CT-1120 PIC, Information Return for Passive Investment Companies

Information Return for Passive Investment Companies 2012 Form CT-1120 PIC

Form CT-1120 PIC, Information Return for Passive Investment Companies

Information Return for Passive Investment Companies 2011 Form CT-1120 PIC

Form CT-1120 PIC, Information Return for Passive Investment Companies


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