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Line 14k. Total payments. Add the

took the low-income housing credit, it may

line 27, special estimated tax payments

owe a tax. See Form 8611, Recapture of

must be made in an amount equal to the

amounts on lines 14f through 14j and

Low-Income Housing Credit.

tax benefit of the deduction. These

enter the total on line 14k.

payments must be made on or before the

Other. Additional taxes and interest

Line 15. Estimated tax penalty.

due date (without regard to extensions) of

amounts can be included in the total

Generally, the corporation does not have

this tax return. See Form 8816 and

entered on line 12. Check the box for

to file Form 2220 because the IRS can

section 847(2) for additional information.

“Other” if the corporation includes any

figure the penalty amount, if any, and bill

additional taxes and interest such as the

the corporation. However, even if the

Tax benefit rule. Section 847(8)

items discussed below. See How to report

corporation does not owe the penalty, it

requires that if a corporation carries back

below, for details on reporting these

must complete and attach Form 2220 if:

net operating losses or capital losses that

•

amounts on an attached schedule.

The annualized income or adjusted

arise in years after a year in which a

•

Recapture of Indian employment credit.

method is used, or

section 847 deduction was claimed, then

•

Generally, if an employer terminates the

The corporation is a large corporation

the corporation must recompute the tax

employment of a qualified employee less

(as defined in the Instructions for Form

benefit attributable to the previously

than 1 year after the date of initial

2220) computing its first required

claimed section 847 deduction taking into

employment, any Indian employment

installment based on the prior year’s tax.

account the loss carrybacks. Tax benefits

credit allowed for a prior tax year because

also include those derived from filing a

If Form 2220 is attached, check the

of wages paid or incurred to that

consolidated return with another

box on line 15 and enter any penalty on

employee must be recaptured. See Form

insurance company (without regard to

this line. See Estimated tax penalty on

8845 and section 45A.

section 1503(c)).

page 3.

•

Recapture of new markets credit (see

Line 18. Electronic deposit of tax

Therefore, if the recomputation

Form 8874, New Markets Credit, and

refund of $1 million or more. If the

changes the amount of the section 847

Form 8874-B, Notice of Recapture Event

corporation is due a refund of $1 million

tax benefit, then the taxpayer must

for New Markets Credit).

or more and wants it electronically

•

provide a computation schedule and

Recapture of employer-provided

deposited into its checking or savings

attach it to Form 8816.

childcare facilities and services credit

account at any U.S. bank or other

(see Form 8882).

Line 14e. Overpaid Estimated Tax. If

financial institution instead of having a

•

Interest on deferred tax attributable to

the corporation overpaid estimated tax, it

check sent to the corporation, complete

certain nondealer installment obligations

may be able to get a quick refund by filing

Form 8302 and attach it to the

(section 453A(c)).

Form 4466. The overpayment must be at

corporation’s tax return.

•

Interest due on deferred gain (section

least 10% of the corporation’s expected

1260(b)).

income tax liability and at least $500. File

•

Alternative tax on qualifying shipping

Form 4466 after the end of the

Schedule A—Taxable

activities (see Form 8902).

corporation’s tax year, and no later than

Income

How to report. If the corporation

the 15th day of the third month after the

checked the “Other” box, attach a

end of the tax year. Form 4466 must be

Gross income. Under section 832,

schedule showing the computation of

filed before the corporation files its tax

gross amounts of underwriting and

each item included in the total for line 12

return.

investment income should be computed

and identify the applicable Code section

Line 14h. Credit by reciprocal for tax

on the basis of the Statement of Income

and the type of tax or interest.

paid by attorney-in-fact under section

of the NAIC annual statement to the

Line 13. Total Tax

835(d). Enter the amount of tax paid by

extent not inconsistent with the Internal

an attorney-in-fact as a result of income

Revenue Code and its Regulations.

Include any deferred tax on the

received by the attorney-in-fact from the

termination of a section 1294 election

Income from qualifying shipping

reciprocal during the tax year. For more

applicable to shareholders in a qualified

activities. Gross income does not

information, see section 835, the related

electing fund in the amount entered on

include income from qualifying shipping

regulations, and the instructions for line 5

line 13. See the instructions for Form

activities if the corporation makes an

on page 7.

8621, Part V, line 7, and How to report

election under section 1354 to be taxed

below.

Line 14i. Other credits and payments.

on its notional shipping income (as

Enter the amount of any other credits the

defined in section 1353) at the highest

Subtract any deferred tax on the

corporation may take and/or payments

corporate tax rate (35%). If the election is

corporation’s share of undistributed

made. Write an explanation of the entry to

made, the corporation generally may not

earnings of a qualified electing fund (see

the left of the entry space.

claim any loss, deduction, or credit with

Form 8621, Part II).

respect to qualifying shipping activities. A

How to report. Attach a schedule

Backup withholding. If the corporation

corporation making this election also may

showing the computation of each item

had federal income tax withheld from any

elect to defer gain on the disposition of a

included in, or subtracted from, the total

payments it received because, for

qualifying vessel.

for line 13. On the dotted line next to line

example, it failed to give the payer its

13, specify (a) the applicable Code

Use Form 8902, Alternative Tax on

correct EIN, include the amount withheld

section, (b) the type of tax, and (c) the

Qualifying Shipping Activities, to figure

in the total for line 14i. Write the amount

amount of tax.

the tax. Include the alternative tax on line

withheld and the words “Backup

12, page 1 of the Form 1120-PC.

Line 14b. Prior year(s) special

Withholding” on the dotted line to the left

estimated tax payments to be applied.

of the entry space for line 14i.

Note. In computing the amounts for lines

The amount entered on line 14b must

2, 3, and 4, take all interest, dividends, or

Line 14j. Refundable Credits from

agree with the amount(s) from Form

rents received during the year, add

Forms 3800 and 8827. If the

8816, Part III, line 11. See Form 8816 and

interest, dividends, or rents due and

corporation elected to claim certain

section 847 for additional information.

accrued at the end of the tax year, and

unused research or minimum tax credits

deduct interest, dividends, or rents due

Line 14c. Estimated tax payments.

instead of claiming any additional

and accrued at the end of the preceding

Enter any estimated tax payments the

first-year special depreciation allowance

tax year. For rules regarding the accrual

corporation made for the tax year. Do not

for eligible property, see the instructions

of dividends, see Regulations section

include any amount being applied on line

for Forms 3800 and 8827. Enter on line

1.301-1(b).

14d.

14j the amounts from line 17c of Form

Line 14d. Special estimated tax

3800 and line 8c of Form 8827, if

Line 3a, column (a). Gross interest.

payments. If the deduction under

applicable. See the instructions for these

Enter the gross amount of interest

section 847 is claimed on Schedule A,

forms.

income, including all tax-exempt interest.

-8-

Instructions for Form 1120-PC (2011)

Instructions For Form 1120-Pc - U.s. Property And Casualty Insurance Company Income Tax Return Page 8

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