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Federal Free Printable 2018 Form 1120-PC for 2019 Federal U.S. Property and Casualty Insurance Company Income Tax Return

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U.S. Property and Casualty Insurance Company Income Tax Return
2018 Form 1120-PC

Form U.S. Property and Casualty Insurance Company Income Tax Return 1120-PC For calendar year 2018, or tax year beginning Department of the Treasury Internal Revenue Service A Check if: 1 Consolidated return (attach Form 851) . 2 Life-nonlife consolidated return . . Schedule M-3 (Form 1120-PC) attached . . . (1) Check if: 3 Tax Computation and Payments E ▶ Please print or type OMB No. 1545-0123 , 2018, ending 2018 , 20 Go to www.irs.gov/Form1120PC for instructions and the latest information. Name B Employer identification number Number, street, and room or suite no. If a P.O. box, see instructions. C Date incorporated City or town, state or province, country, and ZIP or foreign postal code D Check applicable box if an election has been made under section(s): Final return (2) (3) Name change (4) Address change 831(b) Amended return 1 2 3 Taxable income (Schedule A, line 37) . . . . . . . . . . . . . Taxable investment income for electing small companies (Schedule B, line 21) . Check if a member of a controlled group (attach Schedule O (Form 1120)) . . . . . . . . . . . . . . . . . . . . ▶ 4 5 6 Income tax . . . . . . . . . . . . Enter amount of tax that a reciprocal must include . Base erosion minimum tax (attach Form 8991) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8a b Add lines 4 through 6 . . . . . . Foreign tax credit (attach Form 1118) . . Credit from Form 8834 (attach Form 8834) . . . . . . . . . . . . . . . . . . . . . . . . . . 8a 8b . . . . c d e General business credit (attach Form 3800) . . . Credit for prior year minimum tax (attach Form 8827) Bond credits from Form 8912 . . . . . . . . . . . . . . . . . . . . . . . . . . . . f 9 10 Total credits. Add lines 8a through 8e . . . . . . . . . . Subtract line 8f from line 7 . . . . . . . . . . . . . . Foreign corporations—Tax on income not connected with U.S. business . . . . . . . . . . . . . . . 11 12 13 Personal holding company tax (attach Schedule PH (Form 1120)) Other taxes. Check if from: Form 4255 Form 8611 Total tax. Add lines 9 through 12 . . . . . . . . . . 14 2018 Net 965 tax liability paid from Form 965-B, Part II, column (k), line 2 15a b 2017 overpayment credited to 2018 . . . Prior year(s) special estimated tax payments to be applied . . . . . . . . . . c d 2018 estimated tax payments (see instructions) 2018 Net 965 tax liability from Form 965-B, Part I, column (d), line 2 . . . . . . . e Less 2018 refund applied for on Form 4466 . . . . . . . . . . 1 2 . . . . . . 4 5 6 . . . 7 . . . . . . . . . 8f 9 10 . . . . . . . . Other (attach statement) . . . . . . . . . . . . . . . . 11 12 13 14 . . . . . . . . . . f g h i Enter the total of lines 15a through 15d less line 15e . . . . . . Tax deposited with Form 7004 . . . . . . . . . . . . . Credit by reciprocal for tax paid by attorney-in-fact under section 835(d) Other credits and payments . . . . . . . . . . . . . j 16 17 Refundable credit from Form 8827, line 8c . . . . . . . . . . Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . . Amount owed. If line 15k is smaller than the total of lines 13, 14, and 16, enter amount owed . . . . ▶ . 15k 16 17 18 19 Overpayment. If line 15k is larger than the total of lines 13, 14, and 16, enter amount overpaid . . . . Enter amount from line 18: Credited to 2019 estimated tax ▶ Refunded ▶ 18 19 . . . . . 15a 15b 15c 15d 15e ( ) . . . . 15f 15g 15h 15i 15j . Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Date Signature of officer Paid Preparer Use Only Print/Type preparer’s name Firm’s name ▶ Firm’s address ▶ Preparer’s signature For Paperwork Reduction Act Notice, see separate instructions. ▲ ▲ Sign Here 953(d) 8c 8d 8e . . . . 953(c)(3)(C) May the IRS discuss this return with the preparer shown below (see instructions)? Yes No Title Date Check if self-employed Firm’s EIN PTIN ▶ Phone no. Cat. No. 64270Q Form 1120-PC (2018) Page 2 Form 1120-PC (2018) Schedule A 1 2 Taxable Income—Section 832 (see instructions) Premiums earned (Schedule E, line 7) . . . Dividends and inclusions (Schedule C, line 17) . . . . . . . . . . . . . . . . . . . . . . . . Deductions (See instructions for limitations on deductions.) Income d Interest (including tax-exempt interest) Interest exempt under section 103 . . Subtract line 3b from line 3a . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 (b) Amortization of premium (a) Interest received 3a b c . . . . . 4 Taxable interest. Subtract line 3c, column (b) from line 3c, column (a) Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3d 4 5 6 7 Royalties . . . . . . . . . . . . . . . . . . Capital gain net income (attach Schedule D (Form 1120)) . . . . Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 7 8 9 10 Certain mutual fire or flood insurance company premiums (section 832(b)(1)(D)) Income on account of special income and deduction accounts . . . . . Income from protection against loss account (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 10 11 12 13 14 Mutual interinsurers or reciprocal underwriters—decrease in subscriber accounts Income from a special loss discount account (attach Form 8816) . . . . . Other income (attach statement) . . . . . . . . . . . . . . Gross income. Add lines 1 through 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 13 15 16 Compensation of officers (attach statement) (see instructions) Salaries and wages (less employment credits) . . . . . . . . . . . . . . . . . . . . . . . 14 15 16 17 18 19 Agency balances and bills receivable that became worthless during the tax year Rents . . . . . . . . . . . . . . . . . . . . . . Taxes and licenses . . . . . . . . . . . . . . . . . . Interest ▶ b Less tax-exempt interest exp. ▶ . . . . . . . . . . . . . . . . . . . . . . . . 17 18 19 Charitable contributions . . . Depreciation (attach Form 4562) c Bal. ▶ . . . . . . 20c 21 22 20a 21 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 25 Depletion . . . . . . . . Pension, profit-sharing, etc., plans Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 25 26 27 28 Losses incurred (Schedule F, line 14) . . . . . Reserved for future use . . . . . . . . . Other capital losses (Schedule G, line 12, column (g)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 28 29 30 31 Dividends to policyholders . . . . . . . . . . . . . . . . . Mutual interinsurers or reciprocal underwriters—increase in subscriber accounts . Other deductions (see instructions) (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 30 31 32 33 34a Total deductions. Add lines 15 through 31 . . . . . . . . Subtotal. Subtract line 32 from line 14 . . . . . . . . . Special deduction for section 833 organizations (Schedule H, line 6) . . . . . . . . . . . 34a . . . . . . . . . . . . 32 33 35 Deduction on account of special income and deduction accounts Total. Add lines 34a and 34b . . . . . . . . . . . Subtotal. Subtract line 34c from line 33 . . . . . . . . . . . . . . 34b . . . . . . . . . . . . . . . . 34c 35 36a b c 37 Dividends-received and other special deductions (Schedule C, line 30) . . 36a Net operating loss deduction . . . . . . . . . . . . . . 36b Total. Add lines 36a and 36b . . . . . . . . . . . . . . . . . Taxable income. Subtract line 36c from line 35. Enter here and on page 1, line 1 . . . . . . . . . . . . . . 36c b c . . . . . . . 37 Form 1120-PC (2018) Page 3 Form 1120-PC (2018) Schedule B Part I—Taxable Investment Income of Electing Small Companies (section 834) (see instructions) (b) Amortization of premium Deductions Income (a) Interest received 1a b c d Interest (excluding tax-exempt interest) . . . . . Interest exempt under section 103 . . . . . . . Subtract line 1b from line 1a . . . . . . . . Taxable interest. Subtract line 1c, column (b), from line 1c, column (a) . . . . . . . . . . . 1d 2 3 4 Dividends and inclusions (Schedule C, line 17) Rents . . . . . . . . . . . . Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 4 5 6 7 8 Gross income from a trade or business, other than an insurance business, and from Form 4797 Income from leases described in sections 834(b)(1)(B) and 834(b)(1)(C) . . . . . . . . Capital gain net income from Schedule D (Form 1120), line 18 . . . . . . . . . . Gross investment income. Add lines 1d through 7 . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 7 9 10 Real estate taxes . . . . Other real estate expenses . . . . . . . . . . . . . . . . . 8 9 10 11 12 13 Depreciation (attach Form 4562) . . . . . . . . . . . . . . . Depletion . . . . . . . . . . . . . . . . . . . . . . Trade or business deductions as provided in section 834(c)(8) (attach statement) . . . . . . . . . . . . . . . . . . . . . . 11 12 13 14 15 16 Interest . . . . . . . . . . . . . Other capital losses (Schedule G, line 12, column (g)) Total. Add lines 9 through 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 16 17 18 19 Investment expenses (attach statement) . Total deductions. Add lines 16 and 17 . Subtract line 18 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 19 20 21 Dividends-received and other special deductions (Schedule C, line 30) . . . . . . . Taxable investment income. Subtract line 20 from line 19. Enter here and on page 1, line 2 . . . . . . . . 20 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part II—Invested Assets Book Values Note: Complete only if claiming a deduction for general expenses allocated to investment income. (a) Beginning of tax year 22 Real estate . 23 24 25 26 27 28 29 30 31 Mortgage loans . . . . . . . . . Collateral loans . . . . . . . . . Policy loans, including premium notes . . . Bonds of domestic corporations . . . . Stock of domestic corporations . . . . . Government obligations, etc. . . . . . Bank deposits bearing interest . . . . . Other interest-bearing assets (attach statement) Total. Add lines 22 through 30 . . . . . 32 33 34 35 36 Add columns (a) and (b), line 31 . . . . . . . . . . . . . . . . . Mean of invested assets for the tax year. Enter one-half of line 32 . . . . . . . Multiply line 33 by 0.0025 . . . . . . . . . . . . . . . . . . Income base. Line 1b, column (a), plus line 8 less the sum of line 1b, column (b), and line 16 . . . . . . . . . . . . . . . . . . . . . 35 Multiply line 33 by 0.0375 . . . . . . . . . . . . . . . . 36 37 38 39 Subtract line 36 from line 35. Don’t enter less than zero . . . . . Multiply line 37 by 0.25 . . . . . . . . . . . . . . Limitation on deduction for investment expenses. Add lines 34 and 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) End of tax year 22 23 24 25 26 27 28 29 30 31 . . 37 . . . . . . . . . . . . . . . . . . . . . . . 32 33 34 . . . . . . . . . . . . . . 38 39 Form 1120-PC (2018) Page 4 Form 1120-PC (2018) Schedule C Dividends, Inclusions, Dividends-Received Deduction, and Other Special Deductions (see instructions) Dividends and Inclusions (a) Subject to section 832(b)(5)(B) Income 1 Dividends from less-than-20%-owned domestic corporations (other than debtfinanced stock) . . . . . . . . . . . . . . . . . . . 2 Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . . . 3 4 5 6 Dividends on certain debt-financed stock of domestic and foreign corporations . Dividends on certain preferred stock of less-than-20%-owned public utilities . . Dividends on certain preferred stock of 20%-or-more-owned public utilities . . . Dividends from less-than-20%-owned foreign corporations and certain foreign sales corporations (FSCs) . . . . . . . . . . . . . . . . . . . . . 1 2 3 4 5 . . . . 6 7 8 9 7 8 9 10 Dividends from 20%-or-more-owned foreign corporations and certain FSCs . . . Dividends from wholly owned foreign subsidiaries and certain FSCs . . . . . . Dividends from certain affiliated companies . . . . . . . . . . . . . Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividends) (see instructions) . . . . . . . . . 10 11 Dividends from foreign corporations not included on line 3, 6, 7, 8, or 10 (including any hybrid dividend) . . . . . . . . . . . . . . . . . . . . . 11 12a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471) (see instructions) . . . . . . . . . . . . . . . . . . . 12a b Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s) 5471) (see instructions) . . . . . . . . . . . . . . . . . 12b c Other inclusions from CFCs under subpart F not included on line 12a, 12b, 13, or 15 (attach Form(s) 5471) . . . . . . . . . . . . . . . . . . . . 13 14 15 16 17 Global intangible low-taxed income (GILTI) (attach Forms 5471 and 8992) . . . . Gross-up for foreign taxes deemed paid . . . . . . . . . . . . . . Section 965(a) inclusion . . . . . . . . . . . . . . . . . . . Other dividends (attach statement) . . . . . . . . . . . . . . . . Total dividends and inclusions. Add lines 1 through 16. Enter here and on Schedule A, line 2, or Schedule B, line 2, whichever applies . . . . . . . . . . . (b) Dividends and inclusions 12c 13 14 15 16 17 Dividends-Received and Other Special Deductions Deductions (a) Subject to section 832(b)(5)(B) (b) Total dividends-received and special deductions 18 19 20 21 22 23 24 25 26 27 Multiply line 1 by 50% (0.50) . . . . . . . . . . . . Multiply line 2 by 65% (0.65) . . . . . . . . . . . . Deduction for line 3 (see instructions) . . . . . . . . . . Multiply line 4 by 23.3% (0.233) . . . . . . . . . . . . Multiply line 5 by 26.7% (0.267) . . . . . . . . . . . . Multiply line 6 by 50% (0.50) . . . . . . . . . . . . Multiply line 7 by 65% (0.65) . . . . . . . . . . . . Enter the amount from line 8 . . . . . . . . . . . . Total. Add lines 18 through 25. (See instructions for limitation.) . . Total. Add line 26, column (a), and line 9, column (a). Enter here and line 10 . . . . . . . . . . . . . . . . . . . 28 Section 250 deduction (attach Form 8993) . . 28 29 30 Section 965(c) participation exemption (see instructions) . . . . . . . . . . . . . . . Total deductions. Add line 26, column (b), and lines 9, 10, 12a, 28, and 29, column (b). Enter here and on Schedule A, line 36a, or Schedule B, line 20, whichever applies . . . . . . . . . . . . . . 29 . 30 . . . . . . . . . . . . . . . . . on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule . . . . . . 18 19 20 21 22 23 24 25 26 . . . . . . . . . F, . . . 27 . . . . Form 1120-PC (2018) Page 5 Form 1120-PC (2018) Schedule E 1 2 Premiums Earned—Section 832 (see instructions) Net premiums written . . . . . . . . . . . . . . . . . . . Unearned premiums on outstanding business at the end of the preceding tax year: . . . . . . . . 1 a Enter 100% of life insurance reserves included in unearned premiums (section 832(b)(7)(A)) and unearned premiums of section 833 organizations (see instructions) . . . . . . . . . . . . . . . . . . . b Enter 90% of unearned premiums attributable to insuring certain securities . . 2a 2b c d e Discounted unearned premiums attributable to title insurance . Enter 80% of all other unearned premiums (see instructions) . Total. Add lines 2a through 2d . . . . . . . . . . . . . 2c 2d . . . . . . . . . 2e . . . . . . . . 3 3 4 . . . . . . . . . . . . Total. Add lines 1 and 2e . . . . . . . . . . . . . . . . Unearned premiums on outstanding business at the end of the current tax year: . a Enter 100% of life insurance reserves included in unearned premiums (section 832(b)(7)(A)) and unearned premiums of section 833 organizations (see instructions) . . . . . . . . . . . . . . . . . . . b Enter 90% of unearned premiums attributable to insuring certain securities . . 4a 4b c d e Discounted unearned premiums attributable to title insurance . Enter 80% of all other unearned premiums (see instructions) . Total. Add lines 4a through 4d . . . . . . . . . . . . . . . . 4c 4d . . . . . . . . . 4e Subtract line 4e from line 3 . . . . . . . . . . . . . . . Transitional adjustments under section 832(b)(7)(D) (see instructions) . . . Premiums earned. Add lines 5 and 6. Enter here and on Schedule A, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 7 Losses paid during the tax year (attach reconciliation to annual statement) . Balance outstanding at the end of the current tax year for: . . . . . . . . . . 1 Unpaid losses on life insurance contracts . Discounted unpaid losses . . . . . Total. Add lines 2a and 2b . . . . . 5 6 7 Schedule F 1 2 a b c . . . . . . . . . Losses Incurred (section 832) (see instructions) . . . . . . . . . . . . . . . . . . 2a 2b . . . . . . . . . 2c Add lines 1 and 2c . . . . . . . . . . . . . Balance outstanding at the end of the preceding tax year for: Unpaid losses on life insurance contracts . . . . . . . . . . . . . . . . . . . . 3 . . . . . 4a 5 Discounted unpaid losses . Total. Add lines 4a and 4b . Subtract line 4c from line 3 . . . . . . . . . . . . . . . . 4b . . . . . . . . . . . . . . . . . . 4c 5 6 7 8 Estimated salvage and reinsurance recoverable at the end of the preceding tax year Estimated salvage and reinsurance recoverable at the end of the current tax year . Losses incurred (line 5 plus line 6 less line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 8 . . . . . . 3 4 a b c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Tax-exempt interest subject to section 832(b)(5)(B) . . . . . . . . . Dividends-received deduction subject to section 832(b)(5)(B) (Schedule C, line 27) . . . . . . . . . . . . . . . . . . . . . . . 11 The increase in policy cash value of section 264(f) policies, as defined in section 805(a)(4)(F) . . . . . . . . . . . . . . . . . . . . . 12 Total. Add lines 9, 10, and 11 . 12 13 14 Reduction of deduction under section 832(b)(5)(B). Multiply line 12 by applicable percentage (see instructions) Losses incurred deductible under section 832(c)(4). Subtract line 13 from line 8. Enter here and on Schedule A, line 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 . . . . . . . . . . . . . . . 9 10 . 11 . 14 Form 1120-PC (2018) Page 6 Form 1120-PC (2018) Schedule G Other Capital Losses (see instructions) Note: Capital assets sold or exchanged to meet abnormal insurance losses and to pay dividends and similar distributions to policyholders 1 Dividends and similar distributions paid to policyholders . . . . . . . . . . . . . . . . 1 2 3 4 Losses paid . . . . . Expenses paid . . . . . Total. Add lines 1, 2, and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 4 5 6 Note: Adjust lines 5 through 8 to cash method if necessary. Interest received . . . . . . . . . . . . . Dividends received and inclusions (Schedule C, line 17) . . . . . . . . . . . . . 7 Net premiums received . . . . . . . . . . . . . . . . . 8 Total. Add lines 5 through 8 . . . . . . . . . . . . . . . . . . . . . . Limitation on gross receipts from sales of capital assets. Line 4 less line 9. If zero or less, enter -0- . . . . . . . 9 10 7 . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Gross rents, gross royalties, lease income, etc., and gross income from a trade or business other than an insurance business including income from Form 4797 (include gains for invested assets only) . . . . . . . . . . . . 8 9 10 (a) Description of capital asset (b) Date acquired (c) Gross sales price (d) Cost or other basis (e) Expense of sale (g) Loss ((d) plus (e) less the sum of (c) and (f)) (f) Depreciation allowed (or allowable) 11 12 Totals. Column (c) must not be more than line 10. (Enter amount from column (g) in Schedule A, line 28, or Schedule B, line 15, whichever applies.) . . . Schedule H Special Deduction and Ending Adjusted Surplus for Section 833 Organizations (see instructions) 1 Healthcare claims incurred during the tax year and liabilities incurred during the tax year under cost-plus contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Expenses incurred during the tax year in connection with the administration, adjustment, or settlement of healthcare claims or in connection with the administration of cost-plus contracts . . . . . . . . . 3 Total. Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 4 5 Multiply line 3 by 0.25 . . Beginning adjusted surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 6 Special deduction. If you checked “No” on line 13 of Schedule I, enter -0- here; you can’t take the special deduction. All others subtract line 5 from line 4. If zero or less, enter -0-. Enter amount here and on Schedule A, line 34a. (see instructions for limitation) . . . . . . . . . . . . . . . . . . 7 Net operating loss deduction (Schedule A, line 36b) . . . . . . . . . . . . . . . . . . 6 7 8 Net exempt income: Adjusted tax-exempt income . . . Adjusted dividends-received deduction a b 9 10 . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8a 8b Taxable income (Schedule A, line 37) . . . . Ending adjusted surplus. Add lines 5 through 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 . . . . Form 1120-PC (2018) Page 7 Form 1120-PC (2018) Schedule I Other Information (see instructions) Yes No 1 a b c Check method of accounting: Cash Yes No 7a Accrual Other (specify) ▶ b 2 a b Check box for kind of company: Mutual Stock 3 At the end of the tax year, did the corporation own, directly or indirectly, 50% or more of the voting stock of a domestic corporation? (For rules of attribution, see section 267(c).) . . . . . . If “Yes,” attach a statement showing: (a) name and employer identification number (EIN), (b) percentage owned, and (c) taxable income or (loss) before NOL and special deductions of such corporation for the tax year ending with or within your tax year. 4 5 At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly, 50% or more of the corporation’s voting stock? (For rules of attribution, see section 267(c).) If “Yes,” attach a statement showing name and identifying number. (Don’t include any information already entered on line 4 above.) Enter percentage owned. 6 $ $ 8 Does the corporation discount any of the loss reserves shown on its annual statement? . . . 9 Enter the amount of tax-exempt interest received or accrued during the tax year: $ 10 If the corporation has an NOL for the tax year and is electing to forgo the carryback period, check here . . . . . . . . . . ▶ If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election won’t be valid. 11 Enter the available NOL carryover from prior tax years. (Don’t reduce it by any deduction on line 36b, Schedule A. ) . . . . ▶ $ 12 Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement (see instructions)? . . . . . . . . . . . If “Yes,” complete and attach Schedule UTP. 13 If the corporation is a Blue Cross or Blue Shield organization described in section 833(c)(2), or other organization described in section 833(c)(3), did it meet the medical loss ratio (MLR) requirements of section 833(c)(5)? . . . . . . . . . . ▶ At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of (a) the total voting power of all classes of stock of the corporation entitled to vote, or (b) the total value of all classes of stock of the corporation? . . . . Enter: (a) Section 833(c)(5) MLR numerator . If “Yes,” enter: a Percentage owned, and ▶ b Owner’s country. ▶ (c) The corporation may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter number of Forms 5472 attached. ▶ $ (1) for the current tax year: $ (2) for the previous tax year: Enter the total unpaid loss adjustment expenses shown on the corporation’s annual statement: (1) for the current tax year: (2) for the previous tax year: Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? . . . If “Yes,” enter name and EIN of the parent corporation. ▶ Enter the total unpaid losses shown on the corporation’s annual statement: . ▶ $ (b) Section 833(c)(5) MLR denominator . ▶ $ (c) Section 833(c)(5) MLR ▶ 14 % If the corporation is a small company as defined in section 831(b)(2) and elects under section 831(b)(2) (A)(iii) to be taxed on taxable investment income: (a) Does the corporation satisfy the diversification requirements of section 831(b)(2)(B)(i)(l) because no more than 20 percent of the net written premiums (or, if greater, direct written premiums) of the corporation for the taxable year is attributable to any one policyholder? . . . . . . . . . (b) If the answer to (a) is no, does the corporation satisfy the diversification requirements of section 831(b)(2)(B)(i)(II)? . . . . . . . . . . Form 1120-PC (2018) Page 8 Form 1120-PC (2018) Schedule I Other Information (see instructions) (continued) Yes No Yes No 15 Does the corporation have gross receipts of at least $500 million in any of the three preceding tax years? (See section 59A(e)(2) and (3)) . . . . . . If “Yes,” complete and attach Form 8991. 17 Did the corporation have an election under section 163(j) for any real property trade or business or any farming business in effect during the taxable year (see instructions)? . . . . . . . . . . 16 During the tax year, did the corporation pay or accrue any interest or royalty for which the deduction is not allowed under section 267A (see instructions)? . . . . . . . . . . . If “Yes,” enter the total amount of the disallowed deductions . . . . . ▶ $ 18 Is the corporation required to file Form 8990, Limitation on Business Interest Expense IRC 163(j), to calculate the amount of deductible business interest (see instructions)? . . . . . . . Schedule L Balance Sheets per Books Note: All filers are required to complete this schedule. Beginning of tax year Assets 1 2a b 3 4 5 6 7 8 9 10a b 11a b 12 13a b 14 15 Cash . . . . . . . . . . Trade notes and accounts receivable . Less allowance for bad debts . . . Inventories . . . . . . . . . U.S. government obligations . . . Tax-exempt securities (see instructions) Other current assets (attach statement) Loans to shareholders . . . . . Mortgage and real estate loans . . . Other investments (attach statement) . Buildings and other depreciable assets Less accumulated depreciation . . . Depletable assets . . . . . . . Less accumulated depletion . . . . Land (net of any amortization) . . . Intangible assets (amortizable only) . Less accumulated amortization . . . Other assets (attach statement) . . . Total assets . . . . . . . . (a) . . . . . . . . . . . . . . . . . . . End of tax year (b) (c) (d) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Liabilities and Shareholders’ Equity 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Accounts payable . . . . . . . . Mortgages, notes, bonds payable in less than 1 year Insurance liabilities (see instructions) . . Other current liabilities (attach statement) . Loans from shareholders . . . . . . Mortgages, notes, bonds payable in 1 year or more Other liabilities (attach statement) . . . Capital stock: a Preferred stock b Common stock . . . Additional paid-in capital . . . . . . Retained earnings—Appropriated (attach statement) Retained earnings—Unappropriated . . Adjustments to shareholders’ equity (attach statement) Less cost of treasury stock . . . . . Total liabilities and shareholders’ equity ( ) ( ) Form 1120-PC (2018) Page 9 Form 1120-PC (2018) Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note: Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or more (see instructions). 1 2 Net income (loss) per books . Federal income tax per books 3 4 Excess of capital losses over capital gains Income subject to tax not recorded on books this year (itemize) 5 Expenses recorded on books this year not deducted in this return (itemize) a b c . . . . . . 7 Income recorded on books this year not included in this return (itemize) a 8 a b Charitable contributions $ Travel and entertainment $ 6 Add lines 1 through 5 . 1 2 3 . 9 10 . . . . . Balance at beginning of year . . . . Net income (loss) per books . Other increases (itemize) . . . . Tax-exempt interest $ Deductions in this tax return not charged against book income this year (itemize) Depreciation $ Schedule M-2 4 . . Depreciation $ Charitable contributions $ Add lines 7 and 8 . . . . . . Income (Schedule A, line 35, or Schedule B, line 19, if applicable)—line 6 less line 9 Analysis of Unappropriated Retained Earnings per Books (line 26, Schedule L) Add lines 1, 2, and 3 . . . . . . . 5 Distributions: a Cash . . . . . . . . . . 6 b Stock . c Property Other decreases (itemize) 7 8 Add lines 5 and 6 . . . . . . Balance at end of year (line 4 less line 7) Form 1120-PC (2018)
Extracted from PDF file 2018-federal-form-1120-pc.pdf, last modified February 2019

More about the Federal Form 1120-PC Corporate Income Tax Tax Return TY 2018

We last updated the U.S. Property and Casualty Insurance Company Income Tax Return in February 2019, so this is the latest version of Form 1120-PC, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form 1120-PC directly from TaxFormFinder. You can print other Federal tax forms here.


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Related Federal Corporate Income Tax Forms:

TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Federal Form 1120-PC.

Form Code Form Name
1120-PC (Schedule M-3) Net Income (Loss) Reconcilliation for US Property and Casualty Insurance Companies With Total Assets of $10 Million or More

Download all  tax forms View all 775 Federal Income Tax Forms


Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 1120-PC from the Internal Revenue Service in February 2019.

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Form 1120-PC is a Federal Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

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 Federal Form 1120-PC

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


2018 Form 1120-PC

2018 Form 1120-PC

2017 Form 1120-PC

2017 Form 1120-PC

2016 Form 1120-PC

2016 Form 1120-PC

U.S. Property and Casualty Insurance Company Income Tax Return 2015 Form 1120-PC

2015 Form 1120-PC

U.S. Property and Casualty Insurance Company Income Tax Return 2014 Form 1120-PC

2014 Form 1120-PC

U.S. Property and Casualty Insurance Company Income Tax Return 2013 Form 1120-PC

2013 Form 1120-PC

U.S. Property and Casualty Insurance Company Income Tax Return 2012 Form 1120-PC

2012 Form 1120-PC

U.S. Property and Casualty Insurance Company Income Tax Return 2011 Form 1120-PC

2011 Form 1120-PC


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