Insurance Returns: 1120-PC Returns

The IRS Form 1120-PC, the US Property and Casualty Insurance Company Income Tax Return, is filed to report the income, gains, losses, deductions, credits, and to figure the income tax liability of insurance companies other than life insurance companies. Life Insurance companies file the Form 1120-L, unless they are failed life returns. If it is a failed life return, it is filed to the IRS on an 1120-PC return.

1120-PC Unique Items

Loss Reserve Discounting (LRD)

See Insurance Returns: 1120-PC: Loss Reserve Discounting (LRD) for more information.

Salvage and Subrogation

See Insurance Returns: 1120-PC: Salvage and Subrogation for more information.

Failed Life

See Insurance Returns: 1120L: Failed Life for more information.

Deferred Acquisition Costs (DAC)

The Deferred Acquisition costs (DAC) are most commonly entered on the 1120-L returns. These are the expenses incurred when gathering new premiums and amortized under Section 848.

See DAC – Deferred Acquisition Costs for more information.

 

 

 

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Last Modified: 03/20/2020

Last System Build: 01/31/2023

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