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2011

Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-RIC

U.S. Income Tax Return for Regulated Investment Companies

Unresolved Tax Issues

Section references are to the Internal

What’s New

Revenue Code unless otherwise noted.

The Taxpayer Advocate Service (TAS) is

Contents

Page

an independent organization within the

Net capital losses. For tax years

Photographs of Missing Children . . . . 1

IRS whose employees assist taxpayers

beginning after December 22, 2010, there

who are experiencing economic harm,

Unresolved Tax Issues . . . . . . . . . . . . 1

is no limit on the number of tax years that

who are seeking help in resolving tax

a RIC is allowed to carryover a net capital

How To Get Forms and

problems that have not been resolved

loss. See the instructions for line 5.

Publications . . . . . . . . . . . . . . . . . . 1

through normal channels, or who believe

Change of address. Form 8822-B,

General Instructions . . . . . . . . . . . . . 2

that an IRS system or procedure is not

Change of Address — Business, has been

working as it should. The service is free,

Purpose of Form . . . . . . . . . . . . . . . . 2

created specifically for business use.

confidential, tailored to meet your needs,

Who Must File . . . . . . . . . . . . . . . . . . 2

RICs use this form to notify the IRS of its

and is available for businesses, as well as

new business address or location. See

General Requirements to Qualify

individuals.

instructions for Item E.

as a RIC . . . . . . . . . . . . . . . . . . . . 2

A RIC can contact the TAS as follows.

Compensation of officers. For tax

Other Requirements . . . . . . . . . . . . . . 2

•

Call the TAS toll-free line at

years beginning in 2011, RICs must use

Definition of a Fund . . . . . . . . . . . . . . 2

1-877-777-4778 or TYY/TDD

new Form 1125-E, Compensation of

1-800-829-4059 to see if the RIC is

When to File . . . . . . . . . . . . . . . . . . . 2

Officers, if it deducts an expense for

eligible for assistance.

compensation for officers and has total

Who Must Sign . . . . . . . . . . . . . . . . . 3

•

Call or write the RIC’s local taxpayer

receipts of $500,000 or more. See the

Paid Preparer Authorization . . . . . . . . 3

advocate, whose phone number and

instructions for line 9.

Where to File . . . . . . . . . . . . . . . . . . . 3

address are listed in the local telephone

Other deductions. For tax years

directory and in Pub. 1546, Taxpayer

Assembling the Return . . . . . . . . . . . . 3

beginning after December 31, 2010,

Advocate Service – Your Voice at the

Tax Payments . . . . . . . . . . . . . . . . . . 4

taxpayers can deduct tax(es) paid relating

IRS.

to failure to meet the requirements under

•

Estimated Tax Payments . . . . . . . . . . 4

File Form 911, Request for Taxpayer

IRC Section 851(d)(2) and 851(i). For

Advocate Assistance (And Application for

Interest and Penalties . . . . . . . . . . . . . 4

details, see instructions for line 22.

Taxpayer Assistance Order), or ask an

Accounting Methods . . . . . . . . . . . . . . 4

Other taxes. RICs are now required to

IRS employee to complete it on the RIC’s

Accounting Periods . . . . . . . . . . . . . . 5

behalf.

attach supporting schedule(s) and an

Rounding Off to Whole Dollars . . . . . . 5

explanation as to why the RIC failed to

For more information, go to

meet the requirements of the asset test

Recordkeeping . . . . . . . . . . . . . . . . . . 5

gov/advocate.

and/or the gross income test. For more

Other Forms That May Be

information, see the instructions for

How To Get Forms

Required . . . . . . . . . . . . . . . . . . . . 5

Schedule J, line 6.

Statements . . . . . . . . . . . . . . . . . . . . 5

and Publications

Built-in gains. For tax years beginning

Specific Instructions . . . . . . . . . . . . 6

in 2011, no tax is imposed on the net

Internet. You can access the IRS

recognized built-in gain of a RIC if the 5th

Period Covered . . . . . . . . . . . . . . . . . 6

website 24 hours a day, 7 days a week, at

year of the applicable recognition period

Name and Address . . . . . . . . . . . . . . 6

IRS.gov

to:

ended before the tax year. See the

•

Item B. Date RIC Was

Download forms, instructions, and

Built-in Gains Tax Worksheet Instructions.

Established . . . . . . . . . . . . . . . . . . 7

publications;

Future developments. The IRS has

•

Order IRS products online;

Item C. Employer Identification

created a page on IRS.gov for information

•

Research your tax questions online;

Number (EIN) . . . . . . . . . . . . . . . . . 7

about Form 1120-RIC and its instructions,

•

Search publications online by topic or

at gov/form1120ric. Information

Item D. Total Assets . . . . . . . . . . . . . . 7

keyword;

about any future developments affecting

•

Item E. Final Return, Name

View Internal Revenue Bulletins (IRBs)

Form 1120-RIC (such as legislation

Change, Address Change, or

published in recent years; and

enacted after we release it) will be posted

•

Amended Return . . . . . . . . . . . . . . 7

on that page.

tax news by email.

Part I — Investment Company

Photographs of Missing

Taxable Income . . . . . . . . . . . . . 7-10

IRS tax products DVD. You can order

Pub. 1796, IRS Tax Products DVD, and

Part ll — Tax on Undistributed

Children

obtain the following.

Net Capital Gain Not

•

The Internal Revenue Service is a proud

Current year forms, instructions, and

Designated Under Section

publications.

partner with the National Center for

852(b)(3)(D) . . . . . . . . . . . . . . . . . 10

•

Missing and Exploited Children.

Prior year forms, instructions, and

Schedule A . . . . . . . . . . . . . . . . . . . 10

Photographs of missing children selected

publications.

•

Schedule B . . . . . . . . . . . . . . . . . . . 11

by the Center may appear in instructions

Tax Map: an electronic research tool

on pages that would otherwise be blank.

and finding aid.

Schedule J . . . . . . . . . . . . . . . . . 11 – 13

•

You can help bring these children home

Tax law frequently asked questions

Schedule K . . . . . . . . . . . . . . . . . . . 13

by looking at the photographs and calling

(FAQs).

Schedule L . . . . . . . . . . . . . . . . . . . 14

•

1-800-THE-LOST (1-800-843-5678) if you

Tax Topics from the IRS telephone

Schedule M-1 . . . . . . . . . . . . . . . . . 14

recognize a child.

response system.

Mar 07, 2012

Cat. No. 64251J

Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - Internal Revenue Service - 2011

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