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C. CORPORATION  TAX FILING: FORM 1120

If you have a C. Corporation (1 owner or more), you need to file Form 1120 with shceuldes A-K and Form 5472 for each 25% owner.

 

Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.

Who Must File

Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return. See Special Returns for Certain Organizations, later.

Entities electing to be taxed as corporations.

 

A domestic entity electing to be classified as an association taxable as a corporation must file Form 1120, unless it is required to or elects to file a special return listed under Special Returns for Certain Organizations. The entity must also file Form 8832, Entity Classification Election, and attach a copy of Form 8832 to Form 1120 (or the applicable return) for the year of the election. For more information, see Form 8832 and its instructions.

Limited liability companies (LLC).

 

If an entity with more than one owner was formed as an LLC under state law, it is generally treated as a partnership for federal income tax purposes and files Form 1065, U.S. Return of Partnership Income. Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. The LLC can file a Form 1120 only if it has filed Form 8832 to elect to be treated as an association taxable as a corporation. For more information about LLCs, see Pub. 3402, Taxation of Limited Liability Companies.

Corporations engaged in farming.

 

A corporation (other than a corporation that is a subchapter T cooperative) that engages in farming should use Form 1120 to report the income (loss) from such activities. Enter the income and deductions of the corporation according to the instructions for lines 1 through 10 and 12 through 29.

Ownership interest in a Financial Asset Securitization Investment Trust (FASIT).

 

Special rules apply to a FASIT in existence on October 22, 2004, to the extent that regular interests issued by the FASIT before October 22, 2004, continue to remain outstanding in accordance with their original terms.

If a corporation holds an ownership interest in a FASIT to which these special rules apply, it must report all items of income, gain, deductions, losses, and credits on the corporation's income tax return (except as provided in section 860H). Show a breakdown of the items on an attached statement. For more information, see sections 860H and 860L (repealed with certain exceptions).

Foreign-owned domestic disregarded entities.

 

If a foreign person, including a foreign corporation, wholly owns a domestic disregarded entity (DE), the domestic DE is treated as a domestic corporation separate from its owner (the foreign corporation) for the limited purposes of the requirements under section 6038A that apply to 25% foreign-owned domestic corporations. While a DE is not required to file a U.S. income tax return, a DE covered by these rules is required to file a pro forma Form 1120 with Form 5472 attached by the due date (including extensions) of the return. See the Instructions for Form 5472 for additional information and coordination with Form 5472 reporting by the domestic DE.

Qualified opportunity fund.

 

To be certified as a qualified opportunity fund (QOF), the corporation must file Form 1120 and attach Form 8996, even if the corporation had no income or expenses to report. See Schedule K, Question 25. Also, see the Instructions for Form 8996.

Qualified opportunity investment.

 

If the corporation held a qualified investment in a QOF at any time during the year, the corporation must file its return with Form 8997, Initial and Annual Statement of Qualified Opportunity Fund Investments, attached. See the instructions for Form 8997.

 

Special Returns for
Certain Organizations

Instead of filing Form 1120, certain organizations, as shown below, file special returns.
If the organization is a:File Form
Exempt organization with unrelated trade or business income990-T
Religious or apostolic organization exempt under section 501(d)1065
Entity formed as a limited liability company under state law and treated as a partnership for federal income tax purposes1065
Subchapter T cooperative association (including a farmers' cooperative)1120-C
Entity that elects to be treated as a real estate mortgage investment conduit (REMIC) under section 860D1066
Interest charge domestic international sales corporation (section 992)1120-IC-DISC
Foreign corporation (other than life or property and casualty insurance company filing Form 1120-L or Form 1120-PC)1120-F
Foreign sales corporation (section 922)1120-FSC
Condominium management, residential real estate management, or timeshare association that elects to be treated as a homeowners association under section 5281120-H
Life insurance company
(section 801)
1120-L
Fund set up to pay for nuclear decommissioning costs (section 468A)1120-ND
Property and casualty insurance company
(section 831)
1120-PC
Political organization
(section 527)
1120-POL
Real estate investment trust (section 856)1120-REIT
Regulated investment company (section 851)1120-RIC
S corporation (section 1361)1120-S
Settlement fund
(section 468B)
1120-SF

C. CORPORATION TAX FILING: FORM 1120

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