IRS Form 1120-L "U.S. Life Insurance Company Income Tax Return"

What Is IRS Form 1120-L?

IRS Form 1120-L, U.S. Life Insurance Company Income Tax Return, is a form that domestic life insurance companies file with the Internal Revenue Service (IRS) in order to report their income, gains, losses, deductions, and credits for the tax year, as well as to figure their income tax liability. The form was last revised in 2020. Corporations may use the IRS fillable Form 1120-L available below.

Alternate Name:

  • Life Insurance Company Tax Return.

The applicable address for domestic corporations to send their Life Insurance Company Tax Return is the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0012, while foreign corporations must send their forms to the Internal Revenue Service Center, PO Box 409101, Ogden, UT 84409.

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IRS Form 1120-L Instructions

IRS 1120-L Form must be filed by all domestic life insurance companies of the United States, as well as any foreign corporation that would qualify as such if it were a United States corporation. The form must be signed and dated by the corporation's president, vice president, chief accounting officer, treasurer, assistant treasurer, or any corporate officer authorized to sign.

Generally, this income tax return must be filed by the 15th day of the 4th month after the end of the corporation's tax year. However, if the corporation is new and is filing for a short-period return, if it is dissolved, or its tax year ends in June, the dates may differ. If the due date falls on a weekend, or a legal holiday, the return is due on the next business day.

Should a corporation 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 day the return is late, and up to a maximum of 25%. The minimum penalty for a return that is 60 days late or more is the tax due or $210, whichever is smaller. If the corporation is able to demonstrate that their failure to file Form 1120-L on time was due to a reasonable cause, the penalty can be avoided.


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1120-L
U.S. Life Insurance Company Income Tax Return
OMB No. 1545-0123
Form
2020
For calendar year 2020 or tax year beginning
, 2020, ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120L for instructions and the latest information.
Internal Revenue Service
B Employer identification number
A Check if:
Name
1 Consolidated return
Please
(attach Form 851)
print
C Date incorporated
Number, street, and room or suite no. If a P.O. box, see instructions.
2 Life-nonlife
or
consolidated return
type
D Check applicable box if an
City or town, state or province, country, and ZIP or foreign postal code
3 Schedule M-3 (Form
election has been made under
1120-L) attached
section(s):
(1)
(2)
(3)
(4)
953(c)(3)(C)
953(d)
E Check if:
Final return
Name change
Address change
Amended return
1
Gross premiums, etc., less return premiums, etc. Enter balance .
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1
2
Net decrease, if any, in reserves (Schedule F, line 12) .
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2
3a
3a
Decrease in reserves under section 807(f)
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Income from Reserve Transition Relief (see instructions)
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3b
4
Investment income (Schedule B, line 6) (see instructions) .
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5
5
Net capital gain (Schedule D (Form 1120), line 18) .
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Other income (attach statement)
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7
8
Life insurance company gross income. Add lines 1 through 7 .
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8
9
9
Death benefits, etc. .
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Net increase, if any, in reserves (Schedule F, line 12)
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11a
Increase in reserves under section 807(f) .
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Deduction from Reserve Transition Relief (see instructions)
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11b
12
12
Deductible policyholder dividends under section 808
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13
Assumption by another person of liabilities under insurance, etc., contracts
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13
14
Dividends reimbursable by taxpayer
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14
15a
b Less tax-exempt interest expense
c Balance
15c
Interest
16
Deductible policy acquisition expenses (Schedule G, line 20) .
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16
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Reserved for future use .
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18
18
Other deductions (see instructions) (attach statement) .
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19
Add lines 9 through 18 .
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20
Subtotal. Subtract line 19 from line 8 .
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21a
21a
Dividends-received and other special deductions (Schedule A, line 22) .
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Plus: b. Net operating loss deduction (see instructions) (attach statement) .
21b
21c
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22
Gain or (loss) from operations. Subtract line 21c from line 20 .
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22
23
Life insurance company taxable income (LICTI). Enter line 22 here
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23
24
Phased inclusion of balance of policyholders surplus account (see instructions)
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24
25
Taxable income. Add lines 23 and 24 (see instructions)
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26
Total tax (Schedule K, line 10) .
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27
27
2020 Net 965 tax liability paid from Form 965-B, Part II, column (k), line 4
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28a
2019 overpayment credited to 2020
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28a
Line 28b is
reserved.
c
2020 estimated tax payments
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28c
d
28d (
) 28e
Less 2020 refund applied for on Form 4466 .
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f
Tax deposited with Form 7004 .
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28f
g
Credits: (1) Form 2439
(2) Form 4136
28g
h
U.S. income tax paid or withheld at source (attach Form 1042-S) .
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28h
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28i
2020 Net 965 tax liability from Form 965-B, Part I, column (d), line 4 .
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Reserved for future use .
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28j
28k
29
Estimated tax penalty. Check if Form 2220 is attached .
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29
30
Amount owed. If line 28k is smaller than the total of lines 26, 27, and 29, enter amount owed
30
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31
Overpayment. If line 28k is larger than the total of lines 26, 27, and 29, enter amount overpaid .
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31
32
Enter amount from line 31: Credited to 2021 estimated tax .
Refunded
.
32
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?
Yes
No
See instructions.
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-L
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11480E
Form
(2020)
1120-L
U.S. Life Insurance Company Income Tax Return
OMB No. 1545-0123
Form
2020
For calendar year 2020 or tax year beginning
, 2020, ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120L for instructions and the latest information.
Internal Revenue Service
B Employer identification number
A Check if:
Name
1 Consolidated return
Please
(attach Form 851)
print
C Date incorporated
Number, street, and room or suite no. If a P.O. box, see instructions.
2 Life-nonlife
or
consolidated return
type
D Check applicable box if an
City or town, state or province, country, and ZIP or foreign postal code
3 Schedule M-3 (Form
election has been made under
1120-L) attached
section(s):
(1)
(2)
(3)
(4)
953(c)(3)(C)
953(d)
E Check if:
Final return
Name change
Address change
Amended return
1
Gross premiums, etc., less return premiums, etc. Enter balance .
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1
2
Net decrease, if any, in reserves (Schedule F, line 12) .
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2
3a
3a
Decrease in reserves under section 807(f)
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b
Income from Reserve Transition Relief (see instructions)
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3b
4
Investment income (Schedule B, line 6) (see instructions) .
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4
5
5
Net capital gain (Schedule D (Form 1120), line 18) .
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7
Other income (attach statement)
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7
8
Life insurance company gross income. Add lines 1 through 7 .
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8
9
9
Death benefits, etc. .
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10
Net increase, if any, in reserves (Schedule F, line 12)
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10
11a
Increase in reserves under section 807(f) .
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11a
b
Deduction from Reserve Transition Relief (see instructions)
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11b
12
12
Deductible policyholder dividends under section 808
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13
Assumption by another person of liabilities under insurance, etc., contracts
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13
14
Dividends reimbursable by taxpayer
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14
15a
b Less tax-exempt interest expense
c Balance
15c
Interest
16
Deductible policy acquisition expenses (Schedule G, line 20) .
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16
17
Reserved for future use .
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17
18
18
Other deductions (see instructions) (attach statement) .
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19
Add lines 9 through 18 .
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19
20
Subtotal. Subtract line 19 from line 8 .
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20
21a
21a
Dividends-received and other special deductions (Schedule A, line 22) .
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.
Plus: b. Net operating loss deduction (see instructions) (attach statement) .
21b
21c
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22
Gain or (loss) from operations. Subtract line 21c from line 20 .
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22
23
Life insurance company taxable income (LICTI). Enter line 22 here
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23
24
Phased inclusion of balance of policyholders surplus account (see instructions)
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24
25
Taxable income. Add lines 23 and 24 (see instructions)
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25
26
Total tax (Schedule K, line 10) .
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26
27
27
2020 Net 965 tax liability paid from Form 965-B, Part II, column (k), line 4
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28a
2019 overpayment credited to 2020
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28a
Line 28b is
reserved.
c
2020 estimated tax payments
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28c
d
28d (
) 28e
Less 2020 refund applied for on Form 4466 .
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.
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f
Tax deposited with Form 7004 .
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28f
g
Credits: (1) Form 2439
(2) Form 4136
28g
h
U.S. income tax paid or withheld at source (attach Form 1042-S) .
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28h
i
28i
2020 Net 965 tax liability from Form 965-B, Part I, column (d), line 4 .
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j
Reserved for future use .
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28j
28k
29
Estimated tax penalty. Check if Form 2220 is attached .
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29
30
Amount owed. If line 28k is smaller than the total of lines 26, 27, and 29, enter amount owed
30
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31
Overpayment. If line 28k is larger than the total of lines 26, 27, and 29, enter amount overpaid .
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31
32
Enter amount from line 31: Credited to 2021 estimated tax .
Refunded
.
32
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?
Yes
No
See instructions.
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-L
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11480E
Form
(2020)
2
Form 1120-L (2020)
Page
Schedule A
Dividends, Inclusions, Dividends-Received Deduction, and Other Special Deductions (see instructions)
(a) Dividends and
(c) Deductions
(b) %
Dividends subject to proration
inclusions
((a) times (b))
1
Dividends from less-than-20%-owned domestic corporations (other than
50
1
debt-financed stock) .
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Dividends from 20%-or-more-owned domestic corporations (other than
2
65
debt-financed stock) .
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2
Dividends on certain debt-financed stock of domestic and foreign
3
see instructions
corporations
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3
23.3
4
Dividends on certain preferred stock of less-than-20%-owned public utilities
4
26.7
5
Dividends on certain preferred stock of 20%-or-more-owned public utilities .
5
Dividends from less-than-20%-owned foreign corporations and certain
6
50
foreign sales corporations (FSCs)
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6
65
7
Dividends from 20%-or-more-owned foreign corporations and certain FSCs
7
100
8
8
Dividends from wholly owned foreign subsidiaries and certain FSCs .
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100
9
Dividends from certain affiliated companies
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9
10
Gross dividends-received deduction. Add lines 1 through 9
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10
0.7
11
11
Company share percentage .
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12
Prorated amount. Line 10 times line 11
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12
Dividends not subject to proration
see instructions
13
13
Affiliated company dividends
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14
Foreign-source portion of dividends received from a specified 10%-owned
100
foreign corporation (excluding hybrid dividends) (see instructions)
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14
Dividends from foreign corporations not included on line 3, 6, 7, 8, or 14
15
(including hybrid dividends) .
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15
see instructions
16
Section 965(a) inclusion .
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16
17a
Subpart F inclusions derived from the sale by a controlled foreign
corporation (CFC) of the stock of a lower-tier foreign corporation treated as
100
a dividend (attach Form(s) 5471) (see instructions)
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17a
Subpart F inclusions derived from hybrid dividends of tiered corporations
b
(attach Form(s) 5471) (see instructions)
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17b
c
Other inclusions from CFCs under subpart F not included on line 16, 17a,
17b, or 18 (attach Form(s) 5471) (see instructions)
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17c
18
18
Global intangible low-taxed income (GILTI) (attach Form(s) 5471 and 8992) .
19
Other corporate dividends
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19
Total dividends and inclusions. Add lines 1 through 19, column (a). Enter
20
here and on Schedule B, line 2 .
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20
21
Section 250 deduction (attach Form 8993)
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21
Total deductions. Add lines 12, 13, 14, 16, 17a, and 21, column (c). Enter
22
here and on page 1, line 21a
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22
Schedule B
Investment Income (see instructions)
1
Interest (excluding tax-exempt interest)
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1
2
Total dividends and inclusions (Schedule A, line 20, column (a))
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2
3
3
Rents
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4
Royalties
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4
5
Leases, terminations, etc.
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5
6
Investment income. Add lines 1 through 5. Enter here and on page 1, line 4 .
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6
1120-L
Form
(2020)
3
Form 1120-L (2020)
Page
Schedule F
Increase (Decrease) in Reserves (section 807) (see instructions)
(a) Beginning
(b) End of tax year
of tax year
1
Life insurance reserves
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1
2
2
Unearned premiums and unpaid losses
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3
Supplementary contracts
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3
4
Dividend accumulations and other amounts .
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4
5
5
Advance premiums
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6
Special contingency reserves
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6
7
Add lines 1 through 6 .
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7
8
8
Increase (decrease) in reserves under section 807. Subtract line 7, column (a), from line 7, column (b) .
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9a
Tax-exempt interest .
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9a
b
Increase in policy cash value of section 264(f) policies as defined in section 805(a)(4)(F)
9b
c
9c
Add lines 9a and 9b .
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30%
10
Policyholders’ share percentage .
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10
11
Policyholders’ share of tax-exempt interest and the increase in policy cash value of section 264(f) policies as
11
defined in section 805(a)(4)(F). Multiply line 9c by line 10
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Net increase (decrease) in reserves. Subtract line 11 from line 8. If an increase, enter here and on page 1,
12
line 10. If a decrease, enter here and on page 1, line 2 .
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12
Schedule G
Policy Acquisition Expenses (section 848) (see instructions)
(a) Annuity
(b) Group life
(c) Other
insurance
1
Gross premiums and other consideration .
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1
Return premiums and premiums and other consideration incurred for
2
reinsurance
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2
3
Net premiums. Subtract line 2 from line 1
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3
4
4
Net premium percentage (see instructions)
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5
Multiply line 3 by line 4
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5
6
Combine line 5, columns (a), (b), and (c), and enter here. If zero or less, enter -0- on lines 7 and 8
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6
(
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7
7
Unused balance of negative capitalization amount from prior years
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8
Combine lines 6 and 7. If zero or less, enter -0- .
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8
9
General deductions (attach statement) .
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9
10
10
Enter the lesser of line 8 or line 9
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11
Deductible general deductions. Subtract line 10 from line 9. Enter here and include on page 1, line 18 .
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11
12
If the amount on line 6 is negative, enter it as a positive amount. If the amount on line 6 is positive, enter -0- .
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12
13
13
Unamortized specified policy acquisition expenses from prior years .
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14
Deductible negative capitalization amount. Enter the lesser of line 12 or line 13 .
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14
15a
Tentative 60-month specified policy acquisition expenses. Enter amount from line 10,
but not more than $5 million .
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15a
$10,000,000
b
Limitation .
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15b
16
Phase-out amount. Subtract line 15b from line 10. If zero or less, enter -0- .
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16
Current year 60-month specified policy acquisition expenses. Subtract line 16 from line
17a
15a. If zero or less, enter -0-
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17a
b
Enter 10% (0.10) of line 17a .
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17b
18a
Current year 180-month specified policy acquisition expenses. Subtract line 17a from
line 10 .
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18a
b
Enter 3.34% (0.0334) of line 18a
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18b
19
Enter the applicable amount of amortization from specified policy acquisition expenses capitalized in prior years
and deductible this year. Attach statement
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19
20
Deductible policy acquisition expenses. Add lines 14, 17b, 18b, and 19. Enter here and on page 1, line 16 .
20
.
1120-L
Form
(2020)
4
Form 1120-L (2020)
Page
Schedule K
Tax Computation (see instructions)
1
Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)) .
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2
Income tax .
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2
3
Base erosion minimum tax amount (attach Form 8991) .
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3
4
4
Add lines 2 and 3 .
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5 a
Foreign tax credit (attach Form 1118) .
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5a
b
Credit from Form 8834 (attach Form 8834)
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5b
c
5c
General business credit (attach Form 3800)
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d
Credit for prior year minimum tax (attach Form 8827)
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5d
e
Bond credits from Form 8912
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5e
6
Total credits. Add lines 5a through 5e
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6
7
7
Subtract line 6 from line 4
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8
Foreign corporations—tax on income not effectively connected with U.S. business
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8
9
Other taxes. Check if from:
Form 4255
Form 8611
Other (attach statement) .
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9
10
Total tax. Add lines 7 through 9. Enter here and on page 1, line 26
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10
Schedule L
Part I—Total Assets (see instructions)
(a) Beginning
(b) End of tax year
of tax year
1
Real property .
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1
2
Stocks .
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2
3
Proportionate share of partnership and trust assets .
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3
4
4
Other assets (attach statement) .
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5
Total assets. Add lines 1 through 4
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5
Part II—Total Assets and Total Insurance Liabilities (section 842(b)(2)(B)(i)) (see instructions)
Note: The information provided in Part II should conform with the “Assets” and “Liabilities, Surplus, and Other Funds” sections of
the NAIC Annual Statement.
(a) Beginning
(b) End of tax year
of tax year
1
Subtotals for assets .
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1
2
Total assets
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2
3
3
Reserve for life policies and contracts .
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4
4
Reserve for accident and health policies .
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5
Liability for deposit-type contracts .
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5
6
Life policy and contract claims .
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6
7
7
Accident and health policy and contract claims .
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8
Policyholder’s dividend and coupon accumulations .
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8
9
Premiums and annuity considerations received in advance less discount
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9
10
10
Surrender values on canceled policies .
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11
Part of other amounts payable on reinsurance assumed
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11
12
Part of aggregate write-ins for liabilities. (Only include items or amounts includible in “total
insurance liabilities on U.S. business” as defined in section 842(b)(2)(B)(i))
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12
13
Separate accounts statement
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13
14
Total insurance liabilities. Add lines 3 through 13 .
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14
1120-L
Form
(2020)
5
Form 1120-L (2020)
Page
Schedule M
Other Information (see instructions)
Yes
No
Yes
No
The corporation may have to file Form 5472,
8c
1
Check accounting method:
Information Return of a 25% Foreign-Owned U.S.
a
Accrual
Corporation or a Foreign Corporation Engaged in a
b
Other (specify)
U.S. Trade or Business. Enter number of Forms
5472 attached.
2
Check if the corporation is a:
a
Legal reserve company—if checked
9
Does the corporation discount any of the loss
Kind of company:
reserves shown on its annual statement? .
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(1)
Stock
(2)
Mutual
10 a
Enter the total unpaid losses shown on the
Principal business:
corporation’s annual statement:
(1)
(1) For the current year:
Life Insurance
$
(2)
(2) For the previous year:
$
Health and accident insurance
b
Fraternal or assessment association
b
Enter the total unpaid loss adjustment expenses
c
Burial or other insurance company
shown on the corporation’s annual statement:
$
(1) For the current year:
3
Enter the percentage that the total of the
(2) For the previous year:
$
corporation’s life insurance reserves (section 816(b))
plus
unearned
premiums
and
unpaid
losses
11
Enter the available net operating loss carryover from
(whether or not ascertained) on noncancelable life,
prior tax years. (Do not reduce it by any deduction
health, or accident policies not included in life
on page 1, line 21b.)
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$
insurance reserves bears to the corporation’s total
reserves (section 816(c)) .
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%.
Attach a statement showing the computation.
12a
Enter the corporation’s state of domicile.
4
Does the corporation have any variable annuity
b
Was the annual statement used to prepare the tax
contracts outstanding?
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return filed with the state of domicile? .
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If “No,” complete c below.
5
At the end of the tax year, did the corporation own,
c
Enter the state where the annual statement used to
directly or indirectly, 50% or more of the voting
prepare the tax return was filed.
stock of a domestic corporation? (For rules of
attribution, see section 267(c).) .
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.
If “Yes,” attach a statement showing (a) name and
13
Is the corporation required to file Schedule UTP
employer identification number (EIN), (b) percentage
(Form 1120), Uncertain Tax Position Statement?
owned, and (c) taxable income or (loss) before NOL
See instructions
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and special deductions of such corporation for the
If “Yes,” complete and attach Schedule UTP.
tax year ending with or within your tax year.
14
Does the corporation have gross receipts of at least
$500 million in any of the 3 preceding tax years?
6
Is the corporation a subsidiary in an affiliated group
or a parent-subsidiary controlled group? .
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(See section 59A(e)(2) and (3).)
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If “Yes,” complete and attach Form 8991.
If “Yes,” enter name and EIN of the parent
corporation.
15
During the tax year, did the corporation pay or
accrue any interest or royalty for which the
deduction is not allowed under section 267A? See
7
At the end of the tax year, did any individual,
instructions .
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partnership, corporation, estate, or trust own, directly
If “Yes,” enter the total amount of the disallowed
or indirectly, 50% or more of the corporation’s voting
deductions .
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$
stock? (For rules of attribution, see section 267(c).)
If “Yes,” complete a and b below.
16
Did the corporation have an election under section
a
Attach a statement showing name and identifying
163(j) for any real property trade or business or any
number. (Do not include any information already
farming business in effect during the tax year? See
entered on line 6 above.)
instructions .
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b
Enter percentage owned.
17
Is the corporation required to file Form 8990,
Limitation on Business Interest Expense Under
At any time during the year, did one foreign person
8
Section 163(j), to calculate the amount of deductible
own, directly or indirectly, at least 25% of (a) the
business interest? See instructions .
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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?
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.
If “Yes,” enter:
a Percentage owned and
b Owner’s country.
1120-L
Form
(2020)
Page of 5