2017 Instructions for Form 1120-PC

1 2017 Department of the Treasury Internal Revenue Service Instructions for form 1120-PC . Property and Casualty Insurance Company Income Tax Return Section references are to the Internal Revenue Code unless otherwise noted. Future Developments received from the foreign corporation. This applies to distributions after December 31, For the latest information about Contents Page 2017 . See new section 245A. developments related to form 1120-PC . What's New .. 1 and its Instructions , such as legislation Treatment of deferred foreign income Reminders .. 1 enacted after they were published, go to upon transition to participation ex- Photographs of Missing Children .. 1 emption system of taxation. The Taxpayer Advocate Service .. 2 shareholders of specified foreign How To Get Forms and What's New corporations (as defined under section Publications.)

2 2 965(e), as amended by 115-97) may Tax rates for fiscal year filers. have an inclusion under section 965. General Instructions .. 2. 115-97 changed the corporation tax rates based on the post-1986 deferred foreign Purpose of form .. 2 under section 11 for tax years beginning Who Must File .. 2 income of the specified foreign after 2017 . Additionally, section 15 corporations determined as of November Where To File .. 2 provides rules for using the tax rates 2, 2017 or December 31, 2017 . The Electronic Filing .. 2 effective before and after a change to shareholders may elect to pay the liability When To File .. 2 calculate the tax if the effective date for under section 965 on the post-1986. Who Must Sign .. 3 the change occurs during the tax year.

3 Deferred foreign income in eight Paid Preparer Authorization .. 3 See the discussion under Schedule J. installments. See section 965, as Statements .. 3 Tax Computation and Payment in the amended. Also, for further guidance see Assembling the Return .. 3 Instructions for form 1120. Section 965 Frequently asked Questions. Tax Payments .. 3 Disaster tax relief. Disaster tax relief Increase in penalty for failure to file. Estimated Tax Payments .. 4 was enacted for those impacted by For tax years beginning in 2017 , the Interest and Penalties .. 4 California wildfires, Tropical Storm minimum penalty for failure to file a return Accounting Methods .. 4 Harvey, Hurricane Harvey, Irma, or Maria. that is over 60 days late has increased to Accounting Period.

4 5 See Pub. 976, Disaster Relief, for details the smaller of the tax due or $210. See Rounding Off to Whole and updates. Late filing of return, later. Dollars .. 5 form 8975. Certain United States Recordkeeping .. 5 Foreign-owned domestic disregarded persons that are the ultimate parent entity entities reporting. A foreign-owned Other Forms and of a United States multinational enterprise Statements That May Be domestic disregarded entity may be group with annual revenue for the required to file form 5472 even if Required .. 5. preceding reporting period of $850 million otherwise exempt from filing a return. See Specific Instructions .. 5 or more are required to file form 8975. Period Covered .. 5 Foreign-owned domestic disregarded form 8975 and its Schedules A ( form entities in the Instructions for Who Must Name and Address.)

5 5 8975) must be filed with the income tax File, later. Identifying Information .. 6 return of the ultimate parent entity of a Employer Identification Number (EIN) .. 6. multinational enterprise group for the tax year in or within which the reporting Reminders Section 953 Elections .. 7 period covered by form 8975 ends. The Patient-centered outcomes research Final Return, Name Change, first required reporting period for an institute fee. The Patient-Centered Address Change, or ultimate parent entity is the 12-month Outcomes Research Institute fee is Amended Return .. 7 reporting period that begins on or after the imposed on issuers of specified health Taxable Income .. 7 first day of a tax year of the ultimate parent insurance policies (section 4375) and plan Tax Computation and entity that begins on or after June 30, sponsors of applicable self-insured health Payments.

6 7 2016. For more information, see form plans (section 4376) for policy and plan Schedule A .. 9 8975, Schedule A ( form 8975) and the years ending on or after October 1, 2012. Schedule B, Part I .. 14 Instructions for form 8975 and See form 720 and its Instructions for Schedule B, Part II .. 15 Schedule A ( form 8975). more information. Schedule C .. 15 Deduction for foreign-source portion Schedule E .. 17 of dividends received by domestic cor- Photographs of Schedule F .. 17. Schedule G .. 18. porations from specified 10%-owned Missing Children foreign corporations. Certain domestic Schedule H .. 18 The Internal Revenue Service is a proud corporations that are shareholders of Schedule I .. 19 partner with the National Center for specified 10%-owned foreign corporations Missing & Exploited Children (NCMEC).

7 Schedule L .. 20 are allowed a 100% deduction Photographs of missing children selected Schedule M-1 .. 20 ( participation exemption DRD ) for the by the Center may appear in Instructions Index .. 22 foreign-source portion of dividends on pages that would otherwise be blank. Apr 05, 2018 Cat. No. 64537I. You can help bring these children home by looking at the photographs and calling Where To File 1-800-THE-LOST (1-800-843-5678) if you recognize a child. File the corporation's return at the applicable IRS address listed below. The Taxpayer Advocate If the corporation's principal business, office, Service or agency is located in: Use the following addresses: The Taxpayer Advocate Service (TAS) is Department of the Treasury an independent organization within the The United States Internal Revenue Service IRS that helps taxpayers and protects Ogden, UT 84201-0012.

8 Taxpayer rights. TAS's job is to ensure that every taxpayer is treated fairly and knows Internal Revenue Service and understands their rights under the A foreign country or possession Box 409101. Taxpayer Bill of Rights. Ogden, UT 84409. As a taxpayer, the corporation has rights that the IRS must abide by in its OrderForms to place an order and have corporation separate from its owner (the dealings with the corporation. TAS can forms mailed to it. The corporation should foreign corporation) for purposes of the help the corporation if: receive its order within 10 business days. reporting requirements under section A problem is causing financial difficulty 6038A that apply to 25% foreign-owned for the business. The business is facing an immediate General Instructions domestic corporations.

9 These rules apply to a domestic DE owned by a foreign threat of adverse action. insurance company that makes an The corporation has tried repeatedly to Purpose of form election under section 953(c)(3)(C) but do contact the IRS but no one has Use form 1120-PC , Property and not apply to a domestic DE owned by a responded, or the IRS hasn't responded Casualty Insurance Company Income Tax foreign insurance company that makes an by the date promised. Return, to report the income, gains, election under section 953(d) (for The TAS tax toolkit at losses, deductions, credits, and to figure information on these elections, see the can help the the income tax liability of insurance Instructions for Item D). If a foreign corporation understand these rights.

10 Companies, other than life insurance insurance company electing under section companies. 953(c)(3)(C) wholly owns a domestic DE, TAS has offices in every state, the the DE may be required to file form 5472. District of Columbia, and Puerto Rico. Local advocates' numbers are in their Who Must File For additional information and Every domestic nonlife insurance coordination with form 5472 filing by the local directories and at company and every foreign corporation domestic DE, see the Instructions for that would qualify as a nonlife insurance form 5472. The corporation can also call TAS at 1-877-777-4778. company subject to taxation under section 831, if it were a corporation, must file Electronic Filing TAS also works to resolve large-scale form 1120-PC .