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For more information on consolidated

A corporation filing Form 1120-PC that is

loss of a foreign corporation electing to be

returns, see the regulations under section

not required to file Schedule M-3 may

treated as a domestic insurance company

1502.

voluntarily file Schedule M-3 instead of

under section 953(d) will be treated as a

Schedule M-1.

dual-consolidated loss and may not be

Note. If a nonlife insurance company is a

used to reduce the taxable income of any

member of an affiliated group, file Form

If you are filing Schedule M-3 (Form

other member of the affiliated group for

1120-PC as an attachment to the

1120-PC), check item A, box 3 at the top

this tax year or any other tax year.

consolidated return in addition to the

of page 1 of Form 1120-PC. See the

supporting statements discussed above.

Instructions for Schedule M-3 (Form

Note. If a section 953(d) election is

Across the top of page 1 of Form

1120-PC) for more details.

made, include the additional tax required

1120-PC, write “Supporting Statement to

to be paid, on line 13, page 1. On the

Note. If you do not file Schedule M-3

Consolidated Return.”

dotted line to the left of line 13, page 1,

(Form 1120-PC) with Form 1120-PC, see

write “Section 953(d)” and the amount.

Reconciliation under Statements on page

Life-Nonlife Consolidated

Attach a schedule showing the

Return

computation. See section 953(d) for more

details.

If the corporation is the common parent of

Item B. Employer

a life-nonlife consolidated group, check

boxes 1 and 2 of Item A.

Identification Number (EIN) Item E. Final Return, Name

Change, Address Change,

Filing requirements. The common

Enter the corporation’s EIN. If the

parent of a life-nonlife consolidated group

corporation does not have an EIN, it must

or Amended Return

is required to do the following.

apply for one. An EIN can be applied for:

•

Online — Click on the EIN link at

•

Indicate a final return, name change,

File the applicable consolidated

The EIN is

corporate income tax return, as a Form

address change, or amended return by

issued immediately once the application

1120-L, U.S. Life Insurance Company

checking the appropriate box.

information is validated.

Income Tax Return, where the common

•

By telephone at 1-800-829-4933.

Note. If a change of address occurs after

parent is a life insurance company; a

•

By faxing or mailing Form SS-4,

the return is filed, use Form 8822-B,

Form 1120-PC, U.S. Property and

Application for Employer Identification

Casualty Insurance Company Income Tax

Change of Address — Business, to notify

Number.

Return, where the common parent is an

the IRS of the new address.

insurance company, other than a life

If the corporation has not received its

insurance company; or a Form 1120, U.S.

Taxable Income

EIN by the time the return is due, enter

Corporation Income Tax Return, where

“Applied for” and the date you applied in

the common parent is any other type of

Line 1, Taxable income, and line 2,

the space for the EIN. For more

corporation.

Taxable investment income. If the

information, see the Instructions for Form

•

Indicate clearly on the face of this

corporation is a small company as

SS-4.

return that such corporate tax return is a

defined in section 831(b)(2) and elects

life-nonlife return. This requirement is

under section 831(b)(2)(A)(ii) to be taxed

Only corporations located in the

satisfied by checking boxes 1 and 2 of

on taxable investment income, complete

United States or U.S. possessions

Item A on page 1.

Schedule B (ignore Schedule A) and

can use the online application.

CAUTION

•

enter the amount from Schedule B, line

Show any set offs required by

Foreign corporations must use one of the

paragraphs (g), (m), and (n) of

other methods to apply.

21, on line 2, page 1. All other

Regulations section 1.1502-47;

corporations should complete Schedule A

(ignore Schedule B) and enter on line 1,

•

Report separately the nonlife

Item D. Section 953

page 1, the amount from Schedule A, line

consolidated taxable income or loss,

Elections

37.

determined under Regulations section

1.1502-47(h), on a Form 1120 or

Check the applicable box if the

1120-PC (whether filed by the common

Tax Computation and

corporation is a foreign corporation and

parent or as an attachment to the

elects under:

Payments

consolidated return), for all nonlife

1. Section 953(c)(3)(C) to treat its

members of the consolidated group.

related person insurance income as

Line 3

•

Report separately the consolidated

effectively connected with the conduct of

partial Life Insurance Company Taxable

a trade or business in the United States

If the corporation is a member of a

Income (as defined by Regulations

controlled group, check the box on line 3.

section 1.1502-47(d)(3)) determined

2. Section 953(d) to be treated as a

Complete and attach Schedule O (Form

under Regulations section 1.1502-47, on

domestic corporation.

1120), Consent Plan and Apportionment

a Form 1120-L (whether filed by the

Schedule for a Controlled Group.

common parent or as an attachment to

Component members of a controlled

Generally, a foreign corporation

the consolidated return), for all life

group must use Schedule O to report the

making either election must file its return

members of the consolidated group.

with the Internal Revenue Service Center,

apportionment of taxable income, income

P.O. Box 409101, Ogden, UT 84409. See

tax, and certain tax benefits between the

Schedule M-3 (Form 1120-PC)

Notice 87-50, 1987-2 C.B. 357, and Rev.

members of the group. See Schedule O

A nonlife insurance company with total

Proc. 2003-47, 2003-28 I.R.B. 55, for the

and the instructions for Schedule O for

assets (non-consolidated or consolidated

procedural rules, election statement

more information.

for all companies included within a tax

formats, and filing addresses for making

consolidation group) of $10 million or

the respective elections under section

Line 4

more on the last day of the tax year must

953(c)(3)(C) or section 953(d).

If the corporation is a member of a

complete Schedule M-3 (Form 1120-PC),

controlled group and is filing Schedule O

Net Income (Loss) Reconciliation for U.S.

Note. Once either election is made, it will

(Form 1120), enter the corporation’s tax

Property and Casualty Insurance

apply to the tax year for which made and

from Part III of Schedule O.

Companies With Total Assets of $10

all subsequent tax years unless revoked

Million or More, instead of Schedule M-1.

with the consent of the IRS. Also, any

-6-

Instructions for Form 1120-PC (2011)

Instructions For Form 1120-Pc - U.s. Property And Casualty Insurance Company Income Tax Return Page 6

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