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Federal forms, ICRs, and supporting documents

Information Collection Request

U.S. Property and Casualty Insurance Company Income Tax Return

ICR 201111-1545-028 · OMB 1545-1027 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
Form Schedule M-3 (Form Net Income (Loss) Reconciliation for U.S. Property and Casualty Insurance Companies With Total Assets of $10 Million or More Form Modified Repair queued
Form 1120-PC U.S. Property and Casualty Insurance Company Income Tax Return Form Modified Available
F1120-PC_Sup Stmnt.doc Supporting Statement A Uploaded 2011-11-25 Available
IC Document Collections
IC IDCollectionTypeStatusForm
178570 Net Income (Loss) Reconciliation for U.S. Property and Casualty Insurance Companies With Total Assets of $10 Million or More Form Modified
17702 U.S. Property and Casualty Insurance Company Income Tax Return Form Modified
ICR Details
1545-1027 201111-1545-028
Historical Active 200809-1545-021
TREAS/IRS ah-1027-021
U.S. Property and Casualty Insurance Company Income Tax Return
Revision of a currently approved collection   No
Regular
Approved without change 12/21/2011
Retrieve Notice of Action (NOA) 11/30/2011
  Inventory as of this Action Requested Previously Approved
12/31/2014 36 Months From Approved 12/31/2011
4,200 0 4,200
672,246 0 649,218
0 0 0
Property and casualty insurance companies are required to file an annual return of income and pay the tax due. The data is used to insure that companies have correctly reported income and paid the correct tax.
US Code: 26 USC 6012 Name of Law: Persons required to make returns of income
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 831 Name of Law: Tax on insurance companies other than life insurance companies
  
None
Not associated with rulemaking
  76 FR 39473 07/06/2011
76 FR 73017 11/28/2011
No
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 4,200 4,200 0 0 0 0
Annual Time Burden (Hours) 672,246 649,218 0 23,028 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
On Form 1120-PC line changes were made, within Schedules E and H, to clarify the new restrictions on the deduction of 100% of unearned premiums by section 833 organizations, enable section 833 organizations to determine whether they meet the 85% medical loss ratio mandated by IRC 833(c)(5) and for qualifying section 833 organizations to compute the special deduction and the ending adjusted surplus (Pub. L. 111-148, section 9016 and IRC 833(c)(5)). A question was added to Schedule I for corporations to indicate whether they have uncertain tax positions (Announcements 2010-9 and 2010-17, and 2010-30). This results in a net increase of 23,028 burden hours.
$24,542
No
No
No
No
No
Uncollected
Michael Cyrus 202 927-9545
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
11/30/2011