Form 1120-PC

(redirected from Form 1120PC)

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 ?
The IRS has extended Schedule M-3 to partnerships filing Form 1065, S corporations filing Form 1120S, and insurance companies filing Form 1120PC or L for tax years ending on or after December 31, 2006.
Insurance companies: The Schedules M-3 planned for Form 1120PC, U.
Property and casualty insurance companies use Form 1120PC, and life insurance companies use Form 1120L.