Form 1120-RIC is filed by a domestic corporation electing to be taxed as a RIC in order to report its income and deductions and to compute its tax liability. IRC uses Form 1120-RIC to determine whether the RIC has correctly reported its income, deductions, and tax liability.
US Code:
26 USC 852
Name of Law: Taxation of regulated investment companies and their shareholders
US Code:
26 USC 853
Name of Law: Foreign tax credit allowed to shareholders
US Code:
26 USC 851
Name of Law: Definition of regulated investment company
US Code:
26 USC 854
Name of Law: Limitations applicable to dividends received from regulated investment company
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
US Code:
26 USC 855
Name of Law: Dividends paid by regulated investment company after close of taxable year
This request has been divided into 2 ICs to more accurately describe the way information is requested and burden distributed on the public.
On Form 1120-RIC line 25 is revised so that it is now lines 25a, 25b and 25c, to capture deductions for dividends paid and taxes paid under sections 851(d)(2) and 851(i). On page 2, Schedule B, Line 1, we added the reference to IRC section 852(g) per section 303 of the RIC Modernization Act of 2010, which allows a fund to qualify to pay tax exempt interest dividends regardless if the RIC meets the requirements under section 852(b)(5). On page 2, Schedule J we added line 2c with check boxes to capture taxes paid under sections 851(d)(2) and 851(i). On page 3, Schedule K, Line 10, we added line 10b to capture elections to pass through deductions and credits for foreign taxes paid to shareholders.
$14,315
No
No
No
No
No
Uncollected
Doris Williams 202 622-8192
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.
Justification of Change.doc
Built-in Gains Tax Worksheet