•
•
M-3 (Form 1120-PC) on page 6. A
The part of business gifts over $25.
Expenses for travel as a form of
•
corporation filing Form 1120-PC that is
Expenses of an individual over $2,000
education.
not required to file Schedule M-3 (Form
which are allocable to conventions on
•
Other nondeductible travel and
1120-PC) may voluntarily file Schedule
cruise ships.
entertainment expenses.
•
M-3 (Form 1120-PC) instead of Schedule
Employee achievement awards over
M-1. See the Instructions for Schedule
$400.
For more information, see Pub. 542.
•
M-3 (Form 1120-PC) for more
The cost of entertainment tickets over
information.
face value (also subject to 50% limit
Line 7a. Tax-exempt interest. Report
under section 274(n)).
Line 5c. Travel and entertainment.
•
any tax-exempt interest received or
Include on line 5c any of the following.
The cost of skyboxes over the face
•
accrued, including any exempt-interest
Meals and entertainment expenses not
value of nonluxury box seat tickets.
•
dividends received as a shareholder in a
deductible under section 274(n).
The part of luxury water travel
•
mutual fund or other RIC. Also report this
Expenses for the use of an
expenses not deductible under section
entertainment facility.
274(m).
same amount on Schedule I, item 10.
Paperwork Reduction Act Notice. We ask for the information on these forms to carry out the Internal Revenue laws of the United
States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to
figure and collect the right amount of tax.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the
form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their
contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are
confidential, as required by section 6103.
The time needed to complete and file the following forms will vary depending on individual circumstances. The estimated average
times are:
Copying,
assembling,
Learning about
and sending the
Form
Recordkeeping
the law or the form
Preparing the form
form to the IRS
1120-PC
97 hr., 5 min.
33 hr., 43 min.
57 hr., 16 min.
5 hr., 54 min.
Sch. M-3 (Form
78 hr., 40 min.
7 hr., 40 min.
21 hr., 23 min.
3 hr., 29 min.
1120-PC)
If you have comments concerning the accuracy of these time estimates or suggestions for making this form and related schedule
simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating Committee,
SE:W:CAR:MP:T:M:S, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the tax form to this address.
Instead, see Where To File on page 2.
-20-
Instructions for Form 1120-PC (2011)