About Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return


Use this form to report the income, gains, losses, deductions, credits, and to figure the income tax liability of insurance companies, other than life insurance companies.

Current Revision

Recent Developments


Information about Schedule D (Form 1120), Capital Gains and Losses, including recent updates, related forms, and instructions on how to file. Use Schedule D (Form 1120) to figure the overall gain or loss from transactions reported on Form 8949, to report certain transactions the corporation does not have to report on Form 8949, and to report capital gain distributions not reported directly on Form 1120.

Use Schedule M-3 (Form 1120-PC) to reconcile financial statement net income (loss) with taxable income reported on Form 1120-PC. It must be filed by non-life insurance companies with total assets of $10 million or more, and may be voluntarily filed by non-life insurance companies that are not otherwise required to file Schedule M-3.

Corporations may have to file this schedule if, at any time during the tax year, they had assets in or operated a business in a foreign country or a U.S. possession.

A corporation that is a component member of a controlled group must use Schedule O (Form 1120) to report the apportionment of taxable income, income tax, and certain tax benefits between all component members of the group.

A corporation that is a personal holding company (PHC) uses Schedule PH (Form 1120) to figure the PHC tax.

Schedule UTP (Form 1120) asks for information about tax positions that affect the U.S. federal income tax liabilities of certain corporations that issue or are included in audited financial statements and have assets that equal or exceed $10 million.

Other Items You May Find Useful