IRS Form 1120-RIC "U.S. Income Tax Return for Regulated Investment Companies"

What Is IRS Form 1120-RIC?

IRS Form 1120-RIC, U.S. Income Tax Return for Regulated Investment Companies, is a form filed with the Internal Revenue Service (IRS) by regulated investment companies (RIC) in order to report their income, deductions, gains, losses, credits, and to calculate their income tax liability.

Form 1120-RIC was issued by the IRS and last revised in 2019. You may use the 1120-RIC Form fillable version available below.

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IRS Form 1120-RIC Instructions

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

In general, this income tax return must be filed by the 15th day of the 4th month after the end of the RIC's tax year. However, if the RIC is filing a short period, the due date is the 15th day of the 4th month after that period ends. A dissolved RIC must file an 1120-RIC tax return by the 15th day of the 4th month after the dissolution date. And if the RIC's fiscal year ends in June, then the due date is the 15th day of the 3rd month following the end of its tax year. If the due date falls on a weekend, or a legal holiday, the tax return is due on the next business day.

Should a RIC fail to file the return by the 1120-RIC 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%. For a return that is 60 or more days late, there is a penalty, which is the tax due or $210, whichever is smaller. If the RIC can demonstrate that failure to file Form 1120-RIC on time was due to reasonable cause, the penalty will not be imposed.

The applicable IRS Center where the return must be filed depends on where the RIC's principal office is located, their total assets by the end of the tax year, and the date of filing. The IRS additionally provides specific 1120-RIC filing instructions.

IRS 1120-RIC Related Forms

Below is a list with all 1120-RIC related forms:

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Download IRS Form 1120-RIC "U.S. Income Tax Return for Regulated Investment Companies"

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1120-RIC
U.S. Income Tax Return for
OMB No. 1545-0123
Form
Regulated Investment Companies
2019
For calendar year 2019 or tax year beginning
, 2019, and ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120RIC for instructions and the latest information.
Internal Revenue Service
A
C Employer identification number
Year of RIC status
Name of fund
election
Please
Number, street, and room or suite no. (If a P.O. box, see instructions.)
D Total assets (see instructions)
type or
B
Date fund was established
print
(see instructions)
City or town, state, and ZIP code
$
(1)
(2)
(3)
(4)
E
Check applicable boxes:
Final return
Name change
Address change
Amended return
Check if the fund is a personal holding company (attach Sch. PH) or if the fund is not in compliance with Regs. sec. 1.852-6 for this tax year
F
Part I—Investment Company Taxable Income (see instructions)
1
Dividends .
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Interest
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Net foreign currency gain or (loss) from section 988 transactions (attach statement) .
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Payments with respect to securities loans .
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Excess of net short-term capital gain over net long-term capital loss from Schedule D (Form 1120), line
16 (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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Other income (see instructions—attach statement) .
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Total income. Add lines 1 through 7
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Compensation of officers (see instructions—attach Form 1125-E)
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Salaries and wages (less employment credits)
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Rents .
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Taxes and licenses .
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Interest (see instructions) .
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Depreciation (attach Form 4562) .
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Advertising
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Registration fees
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Insurance .
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Accounting and legal services
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Management and investment advisory fees
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Transfer agency, shareholder servicing, and custodian fees and expenses
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Reports to shareholders
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Other deductions (see instructions—attach statement) .
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Total deductions. Add lines 9 through 22
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Taxable income before deduction for dividends paid and deductions under sections 851(d)(2) and 851(i).
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Less:
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Deduction for dividends paid (Schedule A, line 8a)
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Deductions for tax imposed under sections 851(d)(2) and 851(i)
(Schedule J, line 2c) .
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25b
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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?
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-RIC
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2019)
Cat. No. 64140B
1120-RIC
U.S. Income Tax Return for
OMB No. 1545-0123
Form
Regulated Investment Companies
2019
For calendar year 2019 or tax year beginning
, 2019, and ending
, 20
Department of the Treasury
Go to www.irs.gov/Form1120RIC for instructions and the latest information.
Internal Revenue Service
A
C Employer identification number
Year of RIC status
Name of fund
election
Please
Number, street, and room or suite no. (If a P.O. box, see instructions.)
D Total assets (see instructions)
type or
B
Date fund was established
print
(see instructions)
City or town, state, and ZIP code
$
(1)
(2)
(3)
(4)
E
Check applicable boxes:
Final return
Name change
Address change
Amended return
Check if the fund is a personal holding company (attach Sch. PH) or if the fund is not in compliance with Regs. sec. 1.852-6 for this tax year
F
Part I—Investment Company Taxable Income (see instructions)
1
Dividends .
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Interest
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Net foreign currency gain or (loss) from section 988 transactions (attach statement) .
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Payments with respect to securities loans .
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Excess of net short-term capital gain over net long-term capital loss from Schedule D (Form 1120), line
16 (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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6
7
Other income (see instructions—attach statement) .
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Total income. Add lines 1 through 7
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Compensation of officers (see instructions—attach Form 1125-E)
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9
10
Salaries and wages (less employment credits)
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Rents .
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Taxes and licenses .
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Interest (see instructions) .
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Depreciation (attach Form 4562) .
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Advertising
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Registration fees
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Insurance .
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Accounting and legal services
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Management and investment advisory fees
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19
20
Transfer agency, shareholder servicing, and custodian fees and expenses
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21
Reports to shareholders
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Other deductions (see instructions—attach statement) .
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23
Total deductions. Add lines 9 through 22
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23
24
Taxable income before deduction for dividends paid and deductions under sections 851(d)(2) and 851(i).
Subtract line 23 from line 8
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Less:
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Deduction for dividends paid (Schedule A, line 8a)
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25a
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Deductions for tax imposed under sections 851(d)(2) and 851(i)
(Schedule J, line 2c) .
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25b
25c
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-RIC
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2019)
Cat. No. 64140B
2
Form 1120-RIC (2019)
Page
Part I—Investment Company Taxable Income (see instructions) (continued)
26
Investment company taxable income. Subtract line 25c from line 24 .
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27
Total tax. (Schedule J, line 7)
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28
2019 Net 965 Tax Liability Paid from Form 965-B, Part II, column (k), line 3
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28
29a
29a
2018 overpayment credited to 2019
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b
2019 estimated tax payments
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29b
c
Less 2019 refund applied for on Form 4466 .
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29c (
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29d
dBal
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29e
Tax deposited with Form 7004
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Credit for tax paid on undistributed capital gains (attach Form 2439)
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Credit for federal tax paid on fuels (attach Form 4136) .
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Refundable credits from Form 8827, line 5c .
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29i
29j
2019 Net 965 Tax Liability from Form 965-B, Part I, column (d), line 3 .
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Estimated tax penalty (see instructions). Check if Form 2220 is attached .
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31
Amount owed. If line 29j is smaller than the total of lines 27, 28, and 30, enter amount owed .
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32
Overpayment. If line 29j is larger than the total of lines 27, 28, and 30, enter amount overpaid
32
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Enter amount from line 32: Credited to 2020 estimated tax .
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Refunded
33
Part II—Tax on Undistributed Net Capital Gain Not Designated Under Section 852(b)(3)(D)
1
1
Net capital gain from Schedule D (Form 1120), line 17 (attach Schedule D (Form 1120)) .
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Capital gain dividends from Schedule A, line 8b .
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3
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Capital gains tax. Multiply line 3 by 21% (0.21). Enter tax here and on line 2b, Schedule J
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4
Schedule A
Deduction for Dividends Paid (Do not include exempt-interest dividends or capital gain dividends
reported on Form 2438, line 9b. See instructions.)
1
Dividends paid (other than dividends paid after the end of the tax year). Do not include
(b) Capital gain
(a) Ordinary dividends
dividends
dividends deemed paid in the preceding tax year under section 852(b)(7) or 855(a), or
deficiency dividends as defined in section 860(f) .
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2
Dividends paid in the 12-month period following the close of the tax year that the fund
elects to treat as paid during the tax year under section 855(a)
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3
Dividends declared in October, November, or December and deemed paid on December
31 under section 852(b)(7) .
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Consent dividends (section 565) (attach Forms 972 and 973) .
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Deficiency dividends (section 860) (attach Form 976)
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6
Foreign tax paid deduction (section 853(b)(1)(B)), if applicable .
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Credits from tax credit bonds distributed to shareholders (see instructions)
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8
Deduction for dividends paid:
a
Ordinary dividends. Add lines 1 through 7 of column (a). Enter here and on line 25a, Part I
8a
Capital gain dividends. Add lines 1 through 5 of column (b). Enter here and on line 2,
b
Part II, above .
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8b
Schedule B
Information Required With Respect to Income From Tax-Exempt Obligations
1
Did the fund qualify under section 852(b)(5) or 852(g) to pay exempt-interest dividends for 2019?
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Yes
No
If “Yes,” complete lines 2 through 5.
2
Amount of interest excludible from gross income under section 103(a) .
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2
3
Amounts disallowed as deductions under sections 265 and 171(a)(2)
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4
Net income from tax-exempt obligations. Subtract line 3 from line 2 .
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5
Amount of line 4 designated as exempt-interest dividends .
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Schedule J
Tax Computation (see instructions)
1
Check if the fund is a member of a controlled group (attach Schedule O (Form 1120))
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2a
2a
Tax on investment company taxable income .
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b
Tax on undistributed net capital gain (from Part II, line 4)
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2b
c
Tax imposed under sections
851(d)(2)
and
851(i)
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2c
d
Income tax. Add lines 2a through 2c
2d
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3a
Foreign tax credit (attach Form 1118)
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3a
b
Credit from Form 8834, line 7 (attach Form 8834)
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3b
c
3c
General business credit (attach Form 3800)
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d
3d
Other credits (attach statement—see instructions)
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e
Total credits. Add lines 3a through 3d .
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3e
4
Subtract line 3e from line 2d .
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4
1120-RIC
Form
(2019)
3
Form 1120-RIC (2019)
Page
Schedule J
Tax Computation (see instructions) (continued)
5
5
Personal holding company tax (attach Schedule PH (Form 1120))
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6
Other taxes. Check if from:
Form 4255
Other (attach statement) .
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6
7
Total tax. Add lines 4 through 6. Enter here and on line 27
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7
Schedule K
Other Information (see instructions)
Yes No
1
Check method of accounting:
a
Cash
b
Accrual
c
Other (specify)
2
At the end of the tax year, did the RIC own, directly or indirectly, 50% or more of the voting stock of a domestic corporation? .
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(For rules of attribution, see section 267(c).)
If “Yes,” attach a statement showing (a) name and identification number, (b) percentage owned, and (c) taxable income or (loss)
before a net operating loss (NOL) and special deductions of such corporation for the tax year ending with or within your tax year.
3
Is the RIC a subsidiary in a parent-subsidiary controlled group? .
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If “Yes,” enter the employer identification number and the name of the parent corporation
4
At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly, 50% or
more of the RIC’s voting stock? (For rules of attribution, see section 267(c).) .
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If “Yes,” attach a statement showing name and identification number. (Do not include any information already entered in 3
above.) Enter percentage owned
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 fund entitled to vote, or
b
The total value of all classes of stock of the fund?
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If “Yes,” enter:
(1) Percentage owned
(2) Owner’s country
The fund may have to file Form 5472. Enter number of Forms 5472 attached
6
During this tax year, did the fund pay dividends (other than stock dividends and distributions in exchange for stock) in excess
of the fund’s current and accumulated earnings and profits? (see sections 301 and 316)
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If “Yes,” file Form 5452.
7
Check this box if the fund issued publicly offered debt instruments with original issue discount
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If checked, the fund may have to file Form 8281.
8
Enter the amount of tax-exempt interest received or accrued during the tax year.
$
9
If this return is being filed for a series fund (as defined in section 851(g)(2)), enter
The name of the regulated investment company in which the fund is a series
a
The date the regulated investment company was incorporated or organized
b
10a
Section 853 election. Check this box if the fund meets the requirements of section 853(a) and section 901(k) and elects
to pass through the deduction or credit for foreign taxes it paid to its shareholders. See the instructions for additional
details and requirements
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b
Section 852(g) election. Check this box if the fund meets the requirements of section 852(g) and elects the application
of section 853 without regards to the requirement of section 853(a)(1). See the instructions for additional details and
requirements .
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11
Section 853A election. Check this box if the fund elects under section 853A to pass through credits from tax credit
bonds to its shareholders. See instructions
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12
Section 852(b)(8) election. Check this box if, for purposes of computing taxable income, the fund elects under section
852(b)(8) to defer all or part of its post-October capital loss or late-year ordinary loss for this tax year
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If the election is made, enter the amounts deferred:
a
Post-October capital loss
Late-year ordinary loss
b
Did the corporation have an election under section 163(j) for any real property trade or business for any farming business in
13
effect during the tax year (see instructions)?
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14
Does the corporation satisfy one or more of the following (see instructions)? .
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a
The corporation owns a pass-through entity with current or prior year carryover excess business interest expense.
b
The corporation’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preceding
the current tax year are more than $26 million and the corporation has business interest expense.
c
The corporation is a tax shelter and the cooperative has business interest expense.
If “Yes” to any, complete and attach Form 8990.
1120-RIC
Form
(2019)
4
Form 1120-RIC (2019)
Page
Schedule L
Balance Sheets per Books
Beginning of tax year
End of tax year
Assets
(a)
(b)
(c)
(d)
1
Cash
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2a
Trade notes and accounts receivable
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b
Less allowance for bad debts .
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(
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(
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3
U.S. government obligations .
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4
Tax-exempt securities (see instructions)
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5
Other current assets (attach statement) .
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6
Loans to shareholders .
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7
Mortgage and real estate loans
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8
Other investments (attach statement)
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9a
Buildings and other fixed depreciable assets .
b
Less accumulated depreciation .
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(
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(
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10
Land (net of any amortization) .
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11a
Intangible assets (amortizable only) .
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b
Less accumulated amortization .
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(
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(
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12
Other assets (attach statement) .
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13
Total assets
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Liabilities and Shareholder’s Equity
14
Accounts payable
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15
Mortgages, notes, bonds payable in less than 1 year
16
Other current liabilities (attach statement) .
17
Loans from shareholders .
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18
Mortgages, notes, bonds payable in 1 year or more
19
Other liabilities (attach statement)
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20
Capital stock .
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21
Additional paid-in capital .
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22
Retained earnings—Appropriated (attach statement)
23
Retained earnings—Unappropriated
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24
Adjustments to shareholders’ equity (attach statement)
25
Less cost of treasury stock
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(
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(
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26
Total liabilities and shareholders’ equity .
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Note: The fund is not required to complete Schedules M-1 and M-2 if the total assets on Schedule L, line 13, column (d), are less than $25,000.
Schedule M-1
Reconciliation of Income (Loss) per Books With Income per Return (see instructions)
7
Income recorded on books this year
1
Net income (loss) per books
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not included on this return (itemize):
2
Federal income tax (less built-in gains tax)
3
$
Excess of capital losses over capital gain
Tax-exempt interest
4
Income subject to tax not recorded on
books this year (itemize):
8
Deductions on this return not charged
against book income this year (itemized):
$
a
Depreciation .
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5
Expenses recorded on books this year not
b
Deduction for dividends paid (line
deducted on this return (itemize):
25a, Part I)
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$
a
Depreciation .
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$
b
Expenses allocable to tax-exempt interest
9
Net capital gain from Form 2438, line 9a
income .
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$
10
If the fund did not file Form 2438, enter
c
$
the net capital gain from Schedule D
Section 4982 tax .
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(Form 1120), line 17. Otherwise, enter -0-
d
Travel and entertainment $
11
Add lines 7 through 10
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12
Investment company taxable income
(line 26, Part I)—line 6 less line 11
6
Add lines 1 through 5
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Schedule M-2
Analysis of Unappropriated Retained Earnings per Books (Schedule L, line 23)
1
5
a Cash .
Balance at beginning of year .
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Distributions:
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2
b Stock .
Net income (loss) per books
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3
Other increases (itemize):
c Property .
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6
Other decreases (itemize):
7
Add lines 5 and 6 .
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4
Add lines 1, 2, and 3 .
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8
Balance at end of year (line 4 less line 7)
1120-RIC
Form
(2019)
Page of 4