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Schedule C of Form 1120 is where a C corporation reports dividends received from both foreign and domestic subsidiaries, including income from debt-financed and public utility stock, as well as earnings from affiliates and other entities. Its also used to report less common types of income.
Both C and S corporations must file a federal income tax return. C corporations use Form 1120 to calculate their taxes due. S corporations use Form 1120S as an information return. S corporations must also prepare a form 10 K-1 for each shareholder to include with their individual returns.
Late Filing Penalty A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax.
About Form 1120-C, U.S. Income Tax Return for Cooperative Associations.
Extended filing due date 15th day of the 10th month after the close of your tax year.
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Purpose of Form Use Form 1120-C, U.S. Income Tax Return for Cooperative Associations, to report income, gains, losses, deductions, credits, and to figure the income tax liability of the cooperative.
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.

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