Form 1120-Ric - Instructions Income Tax - 2001
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Department of the Treasury
Internal Revenue Service
Instructions for Form
1120-RIC
U.S. Income Tax Return for Regulated Investment Companies
Section references are to the Internal Revenue Code unless otherwise noted.
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appear in instructions on pages that would
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Contents
Page
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Changes To Note . . . . . . . . . . . . . . . . . . 1
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and calling 1-800-THE-LOST
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Unresolved Tax Issues . . . . . . . . . . . . . . . 1
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. . . . . 1
news by e-mail.
General Instructions . . . . . . . . . . . . . . . . 1
Unresolved Tax Issues
You can also reach us using file transfer
Purpose of Form . . . . . . . . . . . . . . . . . . . 1
protocol at ftp.irs.gov.
If the fund has attempted to deal with an IRS
Who Must File . . . . . . . . . . . . . . . . . . . . . 1
problem unsuccessfully, it should contact the
RIC Requirements . . . . . . . . . . . . . . . . . . 1
CD-ROM. Order Pub. 1796, Federal Tax
Taxpayer Advocate. The Taxpayer Advocate
Definition of a Fund . . . . . . . . . . . . . . . . . 2
Products on CD-ROM, and get:
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independently represents the fund’s interest
When To File . . . . . . . . . . . . . . . . . . . . . 2
Current year forms, instructions, and
and concerns within the IRS by protecting its
publications.
Who Must Sign . . . . . . . . . . . . . . . . . . . . 2
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rights and resolving problems that have not
Prior year forms and instructions.
Paid Preparer Authorization . . . . . . . . . . . . 2
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been fixed through normal channels.
Frequently requested tax forms that may be
Other Forms, Returns, Schedules,
While Taxpayer Advocates cannot change
filled in electronically, printed out for
and Statements That May Be
the tax law or make a technical tax decision,
submission, and saved for recordkeeping.
Required . . . . . . . . . . . . . . . . . . . . . . 2-4
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they can clear up problems that resulted from
The Internal Revenue Bulletin.
Where To File . . . . . . . . . . . . . . . . . . . . . 3
previous contacts and ensure that the fund’s
Buy the CD-ROM on the Internet at
Assembling the Return . . . . . . . . . . . . . . . 4
case is given a complete and impartial review.
from the National
Accounting Methods . . . . . . . . . . . . . . . . . 4
Technical Information Service (NTIS) for $21
The fund’s assigned personal advocate will
Accounting Periods . . . . . . . . . . . . . . . . . 4
(no handling fee) or call 1-877-CDFORMS
listen to its point of view and will work with the
Rounding Off to Whole Dollars . . . . . . . . . . 5
(1-877-233-6767) toll free to buy the CD-ROM
fund to address its concerns. The fund can
Recordkeeping . . . . . . . . . . . . . . . . . . . . 5
for $21 (plus a $5 handling fee).
expect the advocate to provide:
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Depository Method of Tax Payment
. . . . . 5
A “fresh look” at a new or on-going problem.
By phone and in person. You can order
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Estimated Tax Payments . . . . . . . . . . . . . 5
Timely acknowledgement.
forms and publications 24 hours a day, 7 days
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Interest and Penalties . . . . . . . . . . . . . . . . 5
The name and phone number of the
a week by calling 1-800-TAX-FORM
Specific Instructions . . . . . . . . . . . . . . . 5
individual assigned to its case.
(1-800-829-3676). You can also get most
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Period Covered . . . . . . . . . . . . . . . . . . . . 5
Updates on progress.
forms and publications at your local IRS office.
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Address . . . . . . . . . . . . . . . . . . . . . . . . . 5
Timeframes for action.
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Speedy resolution.
Date Fund Was Established . . . . . . . . . . . . 5
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General Instructions
Courteous service.
Employer Identification Number (EIN) . . . . . 5
When contacting the Taxpayer Advocate,
Total Assets . . . . . . . . . . . . . . . . . . . . . . 5
the fund should provide the following
Final Return, Name Change, Address
Purpose of Form
information:
Change, or Amended Return . . . . . . . . . 6
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The fund’s name, address, and employer
Part I . . . . . . . . . . . . . . . . . . . . . . . . . . 6-8
Use Form 1120-RIC, U.S. Income Tax Return
identification number (EIN).
Schedule A . . . . . . . . . . . . . . . . . . . . . . . 9
for Regulated Investment Companies, to report
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The name and telephone number of an
the income, gains, losses, deductions, credits,
Schedule B . . . . . . . . . . . . . . . . . . . . . . . 9
authorized contact person and the hours he or
and to figure the income tax liability of a
Schedule J and Tax Computation
she can be reached.
regulated investment company as defined in
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Worksheet for Members of a
The type of tax return and year(s) involved.
section 851.
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Controlled Group . . . . . . . . . . . . . . . 9-11
A detailed description of the problem.
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Schedule K . . . . . . . . . . . . . . . . . . . . . . 11
Previous attempts to solve the problem and
Who Must File
Schedule L . . . . . . . . . . . . . . . . . . . . . . 12
the office that had been contacted.
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A domestic corporation that elects to be treated
Schedule M-1 . . . . . . . . . . . . . . . . . . . . 12
A description of the hardship the fund is
as a RIC for the tax year (or has made an
facing (if applicable).
Changes To Note
election for a prior tax year) and meets the
The fund may contact a Taxpayer Advocate
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The fund may need to mail its return to a
requirements listed below must file Form
by calling, 1-877-777-4778 (toll free). Persons
different service center this year because the
1120-RIC. The election is made by computing
who have access to TTY/TDD equipment may
IRS has changed the filing location for several
taxable income as a RIC on Form 1120-RIC.
call 1-800-829-4059 and ask for the Taxpayer
areas. If an envelope was received with the tax
Advocate assistance. If the fund prefers, it may
package, please use it. Otherwise, see Where
RIC Requirements
call, write, or fax the Taxpayer Advocate office
To File on page 3.
in its area. See Pub. 1546, The Taxpayer
A corporation that elects to be treated as a RIC
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If the fund wants to allow the IRS to discuss
Advocate Service of the IRS, for a list of
must be a domestic corporation that:
its 2001 tax return with the paid preparer who
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addresses and fax numbers.
Is registered with the Securities and
signed it, check the “Yes” box in the area
Exchange Commission throughout the tax year
where the officer of the fund signed the return.
How To Get Forms
as a management company or unit investment
See page 2 for details.
trust under the Investment Company Act of
and Publications
1940 (the ICA),
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Photographs of Missing
Has an election in effect under the ICA to be
Personal computer. You can access the IRS
treated as a business development company,
Web Site 24 hours a day, 7 days a week at
Children
to:
or
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The Internal Revenue Service is a proud
Download forms, instructions, and
Is a common trust fund or similar fund that is
partner with the National Center for Missing
publications.
neither an investment company under section
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and Exploited Children. Photographs of
See answers to frequently asked tax
3(c)(3) of the ICA nor a common trust fund as
missing children selected by the Center may
questions.
defined under section 584(a).
Cat. No. 64251J
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