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

What Is IRS Form 1120-PC?

IRS Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return, is a form filed with the tax authorities by non-life insurance companies in order to report their income, gains, losses, deductions, and credits, and to figure their income tax liability. IRS 1120-PC Form was issued by the Internal Revenue Service (IRS) and last revised in 2020.

An 1120-PC Tax Form fillable version is available below. The following is a list of all schedules to the return:

  1. Schedule D (Form 1120), Capital Gains and Losses.
  2. Schedule M-3 (Form 1120-PC), Net Income (Loss) Reconciliation for U.S. Property and Casualty Insurance Companies with Total Assets of $10 Million or More.
  3. Schedule N (Form 1120), Foreign Operations of U.S. Corporations.
  4. Schedule O (Form 1120), Consent Plan and Apportionment Schedule for a Controlled Group.
  5. Schedule PH (Form 1120), U.S. Personal Holding Company (PHC) Tax.
  6. Schedule UTP (Form 1120), Uncertain Tax Position Statement.

Check out the IRS-provided instructions for Form 1120-PC available through this link.

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IRS Form 1120-PC Instructions

The 1120-PC Form must be signed and dated by the company's president, vice president, chief accounting officer, treasurer, assistant treasurer, or any corporate officer authorized to sign.

The 1120-PC filing deadline is on the 15th day of the 4th month after the end of the company's tax year. If the tax year ends on June 30, the company is required to file the form by the 15th day of the 4th month after the end of the company's tax year. If the due date falls on a weekend or legal holiday, the form may be filed on the next business day.

Should a company fail to file its income tax return by the due date, including extensions, it may be imposed a penalty of 5% of the unpaid tax for each month or days the return is late, and up to a maximum of 25%. There is a minimum penalty for a return that is 60 or more days late: the tax due or $210, whichever is smaller. If the company can demonstrate that failure to file Form 1120-PC on time was due to reasonable cause, the penalty will not be imposed.

For companies whose principal office is located in the United States, the IRS address to file the return to is the following: Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0012. Companies located in a foreign country must file this return at the Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409.


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U.S. Property and Casualty Insurance Company
1120-PC
OMB No. 1545-0123
Form
Income Tax Return
2020
For calendar year 2020, or tax year beginning
, 2020, ending
, 20
Department of the Treasury
Internal Revenue Service
Go to www.irs.gov/Form1120PC for instructions and the latest information.
A
Check if:
Name
B Employer identification number
1
Consolidated return
Please
(attach Form 851) .
Number, street, and room or suite no. If a P.O. box, see instructions.
C Date incorporated
print
2
Life-nonlife consoli-
or
dated return .
.
type
City or town, state or province, country, and ZIP or foreign postal code
3
Schedule M-3
D Check applicable box if an election
(Form 1120-PC)
has been made under section(s):
attached .
.
.
E
(1)
(2)
(3)
(4)
831(b)
953(c)(3)(C)
953(d)
Check if:
Final return
Name change
Address change
Amended return
1
Taxable income (Schedule A, line 37) .
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Taxable investment income for electing small companies (Schedule B, line 21) .
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3
Check if a member of a controlled group (attach Schedule O (Form 1120)) .
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Income tax
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Enter amount of tax that a reciprocal must include .
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Base erosion minimum tax amount (attach Form 8991) .
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8a
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Foreign tax credit (attach Form 1118) .
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b
Credit from Form 8834 (attach Form 8834)
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General business credit (attach Form 3800) .
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Credit for prior year minimum tax (attach Form 8827)
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8e
Bond credits from Form 8912 .
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Total credits. Add lines 8a through 8e
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Foreign corporations—Tax on income not connected with U.S. business
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Personal holding company tax (attach Schedule PH (Form 1120))
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Other taxes. Check if from:
Form 4255
Form 8611
Other (attach statement)
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Total tax. Add lines 9 through 12 .
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2020 Net 965 tax liability paid from Form 965-B, Part II, column (k), line 4
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15a
2019 overpayment credited to 2020
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Reserved for future use .
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15b
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15c
2020 estimated tax payments (see instructions)
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2020 Net 965 tax liability from Form 965-B,
Part I, column (d), line 4 .
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15d
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15e (
Less 2020 refund applied for on Form 4466 .
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15g
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Tax deposited with Form 7004 .
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Credit by reciprocal for tax paid by attorney-in-fact under section 835(d)
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Other credits and payments
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Reserved for future use .
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15k
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Estimated tax penalty (see instructions). Check if Form 2220 is attached
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Amount owed. If line 15k is smaller than the total of lines 13, 14, and 16, enter amount owed
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Overpayment. If line 15k is larger than the total of lines 13, 14, and 16, enter amount overpaid .
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19
Enter amount from line 18: Credited to 2021 estimated tax
Refunded
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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,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
See instructions
Yes
No
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-PC
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2020)
Cat. No. 64270Q
U.S. Property and Casualty Insurance Company
1120-PC
OMB No. 1545-0123
Form
Income Tax Return
2020
For calendar year 2020, or tax year beginning
, 2020, ending
, 20
Department of the Treasury
Internal Revenue Service
Go to www.irs.gov/Form1120PC for instructions and the latest information.
A
Check if:
Name
B Employer identification number
1
Consolidated return
Please
(attach Form 851) .
Number, street, and room or suite no. If a P.O. box, see instructions.
C Date incorporated
print
2
Life-nonlife consoli-
or
dated return .
.
type
City or town, state or province, country, and ZIP or foreign postal code
3
Schedule M-3
D Check applicable box if an election
(Form 1120-PC)
has been made under section(s):
attached .
.
.
E
(1)
(2)
(3)
(4)
831(b)
953(c)(3)(C)
953(d)
Check if:
Final return
Name change
Address change
Amended return
1
Taxable income (Schedule A, line 37) .
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Taxable investment income for electing small companies (Schedule B, line 21) .
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3
Check if a member of a controlled group (attach Schedule O (Form 1120)) .
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Income tax
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Enter amount of tax that a reciprocal must include .
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Base erosion minimum tax amount (attach Form 8991) .
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8a
8a
Foreign tax credit (attach Form 1118) .
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b
Credit from Form 8834 (attach Form 8834)
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General business credit (attach Form 3800) .
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8c
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Credit for prior year minimum tax (attach Form 8827)
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8d
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8e
Bond credits from Form 8912 .
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f
Total credits. Add lines 8a through 8e
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9
10
10
Foreign corporations—Tax on income not connected with U.S. business
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11
Personal holding company tax (attach Schedule PH (Form 1120))
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11
12
Other taxes. Check if from:
Form 4255
Form 8611
Other (attach statement)
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13
Total tax. Add lines 9 through 12 .
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2020 Net 965 tax liability paid from Form 965-B, Part II, column (k), line 4
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14
15a
2019 overpayment credited to 2020
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15a
b
Reserved for future use .
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15b
c
15c
2020 estimated tax payments (see instructions)
d
2020 Net 965 tax liability from Form 965-B,
Part I, column (d), line 4 .
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15d
e
15e (
Less 2020 refund applied for on Form 4466 .
)
f
Enter the total of lines 15a through 15d less line 15e
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15f
15g
g
Tax deposited with Form 7004 .
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15h
Credit by reciprocal for tax paid by attorney-in-fact under section 835(d)
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Other credits and payments
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Reserved for future use .
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15k
16
Estimated tax penalty (see instructions). Check if Form 2220 is attached
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17
Amount owed. If line 15k is smaller than the total of lines 13, 14, and 16, enter amount owed
17
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18
Overpayment. If line 15k is larger than the total of lines 13, 14, and 16, enter amount overpaid .
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18
19
Enter amount from line 18: Credited to 2021 estimated tax
Refunded
19
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,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
See instructions
Yes
No
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-PC
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2020)
Cat. No. 64270Q
2
Form 1120-PC (2020)
Page
Schedule A
Taxable Income—Section 832 (see instructions)
1
1
Premiums earned (Schedule E, line 7) .
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Dividends and inclusions (Schedule C, line 17) .
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(b) Amortization of
(a) Interest received
premium
3a
Interest (including tax-exempt interest)
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Interest exempt under section 103 .
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Taxable interest. Subtract line 3c, column (b) from line 3c, column (a)
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3d
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Rents .
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Royalties .
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Capital gain net income (attach Schedule D (Form 1120)) .
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Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
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Certain mutual fire or flood insurance company premiums (section 832(b)(1)(D))
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9
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Income on account of special income and deduction accounts
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Income from protection against loss account (see instructions)
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Mutual interinsurers or reciprocal underwriters—decrease in subscriber accounts .
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12
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Reserved for future use .
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Other income (attach statement)
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Gross income. Add lines 1 through 13
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15
Compensation of officers (attach statement) (see instructions)
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16
16
Salaries and wages (less employment credits)
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Agency balances and bills receivable that became worthless during the tax year .
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18
Rents .
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Taxes and licenses
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20a
Interest
b Less tax-exempt interest exp.
c Bal.
20c
21
Charitable contributions .
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Depreciation (attach Form 4562)
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Depletion .
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Pension, profit-sharing, etc., plans
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Employee benefit programs
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26
Losses incurred (Schedule F, line 14) .
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Reserved for future use .
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Other capital losses (Schedule G, line 12, column (g)) .
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29
29
Dividends to policyholders .
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Mutual interinsurers or reciprocal underwriters—increase in subscriber accounts .
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31
Other deductions (see instructions) (attach statement) .
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32
Total deductions. Add lines 15 through 31 .
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Subtotal. Subtract line 32 from line 14
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34a
Special deduction for section 833 organizations (Schedule H, line 6) .
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Deduction on account of special income and deduction accounts
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34b
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Total. Add lines 34a and 34b
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Subtotal. Subtract line 34c from line 33 .
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36a
Dividends received and other special deductions (Schedule C, line 30) .
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36a
b
36b
Net operating loss deduction
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c
Total. Add lines 36a and 36b
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36c
37
Taxable income. Subtract line 36c from line 35. Enter here and on page 1, line 1 .
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37
1120-PC
Form
(2020)
3
Form 1120-PC (2020)
Page
Schedule B
Part I—Taxable Investment Income of Electing Small Companies (section 834) (see instructions)
(b) Amortization of
(a) Interest received
premium
1a
Interest (including tax-exempt interest)
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.
b
Interest exempt under section 103 .
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c
Subtract line 1b from line 1a
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d
Taxable interest. Subtract line 1c, column (b), from line 1c, column (a)
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1d
2
2
Dividends and inclusions (Schedule C, line 17) .
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3
Rents .
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3
4
Royalties .
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4
5
Gross income from a trade or business, other than an insurance business, and from Form 4797
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5
6
6
Income from leases described in sections 834(b)(1)(B) and 834(b)(1)(C) .
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7
Capital gain net income from Schedule D (Form 1120), line 18
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7
8
Gross investment income. Add lines 1d through 7 .
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8
9
9
Real estate taxes .
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10
Other real estate expenses .
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10
11
Depreciation (attach Form 4562)
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11
12
12
Depletion .
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13
Trade or business deductions as provided in section 834(c)(8) (attach statement) .
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13
14
Interest
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14
15
Other capital losses (Schedule G, line 12, column (g)) .
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15
16
Total. Add lines 9 through 15 .
16
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17
Investment expenses (attach statement) .
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17
18
Total deductions. Add lines 16 and 17
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18
19
19
Subtract line 18 from line 8 .
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20
Dividends received and other special deductions (Schedule C, line 30) .
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20
21
Taxable investment income. Subtract line 20 from line 19. Enter here and on page 1, line 2
.
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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
(b) End of tax year
22
Real estate .
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22
23
23
Mortgage loans
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24
Collateral loans
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24
25
Policy loans, including premium notes .
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25
26
26
Bonds of domestic corporations
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27
Stock of domestic corporations .
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27
28
Government obligations, etc.
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28
29
29
Bank deposits bearing interest .
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30
Other interest-bearing assets (attach statement) .
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30
31
Total. Add lines 22 through 30 .
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31
32
Add columns (a) and (b), line 31 .
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32
33
33
Mean of invested assets for the tax year. Enter one-half of line 32 .
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34
Multiply line 33 by 0.0025
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34
35
Income base. Line 1b, column (a), plus line 8 less the sum of line 1b, column (b),
and line 16 .
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35
36
Multiply line 33 by 0.0375
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36
37
Subtract line 36 from line 35. Don’t enter less than zero .
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37
38
38
Multiply line 37 by 0.25
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39
Limitation on deduction for investment expenses. Add lines 34 and 38
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39
1120-PC
Form
(2020)
4
Form 1120-PC (2020)
Page
Schedule C
Dividends, Inclusions, Dividends-Received Deduction, and Other Special Deductions
(see instructions)
Dividends and Inclusions
(a) Subject to section
(b) Dividends and
Income
inclusions
832(b)(5)(B)
1
Dividends from less-than-20%-owned domestic corporations (other than debt-
financed stock)
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1
2
Dividends from 20%-or-more-owned domestic corporations (other than debt-financed
stock)
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2
3
Dividends on certain debt-financed stock of domestic and foreign corporations
.
.
3
4
Dividends on certain preferred stock of less-than-20%-owned public utilities
.
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.
4
5
5
Dividends on certain preferred stock of 20%-or-more-owned public utilities .
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6
Dividends from less-than-20%-owned foreign corporations and certain foreign sales
corporations (FSCs) .
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6
7
7
Dividends from 20%-or-more-owned foreign corporations and certain FSCs
.
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.
8
Dividends from wholly owned foreign subsidiaries and certain FSCs .
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8
9
Dividends from certain affiliated companies
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9
10
Foreign-source portion of dividends received from a specified 10%-owned foreign
corporation (excluding hybrid dividends) (see instructions) .
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10
11
Dividends from foreign corporations not included on line 3, 6, 7, 8, or 10 (including any
hybrid dividend)
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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)
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.
12a
b
Subpart F inclusions derived from hybrid dividends of tiered corporations (attach
Form(s) 5471) (see instructions) .
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.
12b
c
Other inclusions from CFCs under subpart F not included on line 12a, 12b, 13, or 15
(attach Form(s) 5471) .
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12c
13
Global intangible low-taxed income (GILTI) (attach Forms 5471 and 8992)
.
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13
14
Gross-up for foreign taxes deemed paid .
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14
15
Section 965(a) inclusion .
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15
16
16
Other dividends (attach statement) .
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17
Total dividends and inclusions. Add lines 1 through 16. Enter here and on Schedule
A, line 2, or Schedule B, line 2, whichever applies
.
.
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.
.
.
.
.
.
17
Dividends Received and
Other Special Deductions
Deductions
(a) Subject to section
(b) Total dividends received
and special deductions
832(b)(5)(B)
18
Multiply line 1 by 50% (0.50)
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18
19
Multiply line 2 by 65% (0.65)
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19
20
Deduction for line 3 (see instructions) .
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20
21
21
Multiply line 4 by 23.3% (0.233) .
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22
Multiply line 5 by 26.7% (0.267) .
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22
23
Multiply line 6 by 50% (0.50)
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23
24
24
Multiply line 7 by 65% (0.65)
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25
Enter the amount from line 8
.
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25
26
Total. Add lines 18 through 25. (See instructions for limitation.)
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26
27
Total. Add line 26, column (a), and line 9, column (a). Enter here and on Schedule F,
line 10 .
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27
28
28
Section 250 deduction (attach Form 8993)
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29
29
Section 965(c) participation exemption (see instructions)
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30
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
.
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.
30
1120-PC
Form
(2020)
5
Form 1120-PC (2020)
Page
Schedule E
Premiums Earned—Section 832 (see instructions)
1
1
Net premiums written .
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.
2
Unearned premiums on outstanding business at the end of the preceding 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 .
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2a
b
Enter 90% of unearned premiums attributable to insuring certain securities .
.
2b
c
2c
Discounted unearned premiums attributable to title insurance .
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.
d
Enter 80% of all other unearned premiums. See instructions
.
.
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2d
e
Total. Add lines 2a through 2d .
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2e
3
Total. Add lines 1 and 2e
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.
3
4
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 .
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.
4a
b
Enter 90% of unearned premiums attributable to insuring certain securities .
.
4b
c
Discounted unearned premiums attributable to title insurance .
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.
4c
d
4d
Enter 80% of all other unearned premiums. See instructions
.
.
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e
Total. Add lines 4a through 4d .
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.
4e
5
Subtract line 4e from line 3 .
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.
5
6
Transitional adjustments under section 832(b)(7)(D) (see instructions) .
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.
6
7
Premiums earned. Add lines 5 and 6. Enter here and on Schedule A, line 1 .
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.
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.
.
.
7
Schedule F
Losses Incurred (section 832) (see instructions)
1
Losses paid during the tax year (attach reconciliation to annual statement) .
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.
1
2
Balance outstanding at the end of the current tax year for:
a
Unpaid losses on life insurance contracts .
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2a
b
Discounted unpaid losses
.
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2b
c
Total. Add lines 2a and 2b .
2c
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3
Add lines 1 and 2c
.
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3
4
Balance outstanding at the end of the preceding tax year for:
a
Unpaid losses on life insurance contracts .
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4a
b
4b
Discounted unpaid losses
.
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.
c
Total. Add lines 4a and 4b .
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.
4c
5
Subtract line 4c from line 3 .
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.
5
6
6
Estimated salvage and reinsurance recoverable at the end of the preceding tax year
.
.
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.
7
Estimated salvage and reinsurance recoverable at the end of the current tax year .
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.
7
8
Losses incurred (line 5 plus line 6 less line 7) .
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.
.
8
9
9
Tax-exempt interest subject to section 832(b)(5)(B) .
.
.
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.
.
.
.
10
Dividends-received deduction subject to section 832(b)(5)(B) (Schedule C,
line 27) .
.
.
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.
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.
.
.
.
.
.
10
11
The increase in policy cash value of section 264(f) policies, as defined in section
805(a)(4)(F) .
.
.
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.
11
12
Total. Add lines 9, 10, and 11
.
.
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.
.
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.
.
.
12
13
Reduction of deduction under section 832(b)(5)(B). Multiply line 12 by applicable percentage. See instructions .
.
13
14
Losses incurred deductible under section 832(c)(4). Subtract line 13 from line 8. Enter here and on
Schedule A, line 26
.
.
.
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14
1120-PC
Form
(2020)