Form 1120-PC

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Form 1120-PC

A tax return for the income of a casualty and property insurance company. An insurance company files Form 1120-PC to report its revenue, expenses, and profits or losses. It also uses Form 1120-PC to claim deductions and credits, which is especially important in the United States because corporate tax rates historically have been high compared to other countries.
References in periodicals archive ?
While the new Schedule M-3 is currently required only for taxpayers filing Form 1120, the IRS and the Treasury Department anticipate analyzing and developing comparable schedules for Form 1065 (partnership returns), and Form 1120S (subchapter S corporation returns), as well as Forms 1120PC and 1120L (involving insurance companies).