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1997 Instructions for 1120RIC Instructions for Form 1120 RIC - irs

1997 Instructions for 1120RIC Instructions for Form 1120 RIC - irs-2025

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The document provides instructions for Form 1120-RIC, the U.S. Income Tax Return for Regulated Investment Companies (RICs), detailing changes to tax laws effective after the Taxpayer Relief Act of 1997. Key updates include modifications to income requirements, foreign tax credit eligibility, accounting methods, and various tax credits available to employers and RICs. It outlines filing requirements, deadlines, penalties for late submissions, and additional forms that may be required. The document serves as a comprehensive guide for RICs to comply with federal tax regulations.

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What does RIC mean on a tax return?

Regulated investment companies (RIC) file this form to report their. income, gains, losses, deductions, credits, and. to figure their income tax liability.

What qualifies as a RIC?

A US investment company that meets certain tax requirements regarding its assets, income and distributions, and has made an election to be taxed as a RIC. Mutual funds and closed-end investment companies typically are taxed as RICs.

What are the rules for RIC tax?

Unlike a C-corporation, a RIC can deduct dividends distributed to its shareholders. A RIC is therefore generally not subject to an entity level tax on net investment income and net capital gain if it distributes these amounts to its shareholders within certain time limits.

What tax return does a RIC file?

Use Form 1120-RIC, U.S. Income Tax Return for Regulated Investment Companies, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a regulated investment company (RIC) as defined in section 851.

What are the requirements for 1120 estimated tax payments?

The corporation must make installment payments of estimated tax if it expects its total tax for the year (less applicable credits) to be $500 or more. The installments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year.

What does RIC stand for?

A dividend, for this purpose, is defined as a distribution of current or accumulated earnings and profits (EP). An investment company qualifying as a RIC that distributes all its taxable income and gains annually to its shareholders would have no taxable income and, therefore, no tax income tax liability.

1997 Instructions for 1120RIC Instructions for Form 1120 RIC - irs-2025

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