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What Is DA Form 5118?

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DA Form 5118 Instructions

Da form 5118 reassignment status and election statement.

United States Legal Forms
United States Federal Legal Forms
United States Army

DA Form 5158, Reassignment Status and Election Statement , is a form used at the beginning of the soldier's reassignment cycle or as a basis for initiating specific assignment processing. This specific assignment processing includes deletion, deferments, additional service , and any other special processing.

The latest version of the form - sometimes incorrectly referred to as DD Form 5118 - was released by the U.S. Department of the Army (DA) on October 1, 2012 , with all previous editions being obsolete. An up-to-date DA Form 5118 fillable version is available for download and online filing below or can be found through the Army Publishing Directorate website.

The DA 5118 is used to conduct the initial pre-reassignment screening to determine the soldier's eligibility to comply. Disclosure of any personal information is voluntary, but failing to file will result in unnecessary delays in reassignment.

Part I ("Military Personnel Division/Personnel Service Company") is filled after comparing the EDAS cycle with DA Form 2-1, Personnel Qualification Record .
The first section is unnamed and requires the soldier to enter their name, social security number, grade, Primary Military Occupational Specialty (PMOS) code, additional skill identifier (ASI), and control language and provide information about their current unit, gaining unit, the Enlisted Distribution Assignment System (EDAS) cycle, the date of filling the form and the arrival date.
The rest of Part I is divided into Sections A through C filled by the Military Personnel Division (MPD) or Personnel Service Company (PSC) and certified by the reassignment clerk.
Part II ("Battalion Status") is filled by the battalion commander's principal staff officer. The soldier fills in only Items 1 through 15 and the officer fills in the entire Sections D and E. At the end of Part II, the battalion commander signs and dates the form before returning the form to the MPD or PSC with a completed "Soldier Status" and "Election Statement" attached.
Part III ("Soldier Status and Election Statement") is filled in by the soldier. Section F refers to the soldier's personal status, Section G requires information on the soldier's Outside the Continental United States (OCONUS) status. Each positive answer should be clarified in the Remarks box at the end of the form.
When Part III is complete, the soldier signs and dates the section and continues to Part IV ("Wartime Status").
The signed and completed DA 5118 Form is then handed into the battalion S1.

Download DA Form 5118 Reassignment Status and Election Statement

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DAF Form 965 – Overseas Tour Election Statement

AF-FORMS.COM – DAF Form 965 – Overseas Tour Election Statement – The Department of the Army Form (DAF) 965 is an important document that allows members of the United States military stationed overseas to make elections concerning their current tour. This statement is used to inform the tax office that the service member has elected certain taxation options, such as combat zone exclusion or foreign-earned income exclusion. It also provides important information about their dependents and other tax-related details.

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Download DAF Form 965 – Overseas Tour Election Statement

What is a daf form 965.

DAF Form 965 is a tax form used by members of the United States Armed Forces (USAF) who are on an overseas tour duty assignment. It allows such individuals to elect to claim the higher standard deduction allowed for those on overseas tour duty, rather than itemizing deductions. The election is made in accordance with Section 911 of the Internal Revenue Code and applies only to income earned from sources within a foreign country or U.S. possession.

A DAF Form 965 must be filed for every year that an individual claims the higher standard deduction due to their overseas tour status. It should be attached to one’s original federal income tax return and must contain information about their current location, current job title, dates of residence in a foreign country or U.S. possession, and other details as necessary for IRS auditors to verify eligibility for this special deduction status. Additionally, if filing jointly with one’s spouse while they are both claiming the section 911 exclusion then both parties must sign and complete separate copies of this form, even if they are filing under the same address and using joint financial accounts.

Where Can I Find a DAF Form 965?

DAF Form 965, also known as the Overseas Tour Election Statement, is a form used by members of the U.S. Armed Forces who are on temporary duty outside the United States and its territories to determine their tax liability while they are away from their permanent duty station. This form can be submitted to the Internal Revenue Service (IRS) to help calculate the correct tax rate for a member’s overseas tour of duty. The form is available online at IRS.gov or can be obtained from an overseas military installation’s finance office or personnel office. Members may also request DAF Form 965 from their local Tax Assistance Center or Military OneSource office. Additionally, many software packages used for filing taxes have this form available within them as well as through various online portals such as TurboTax and H&R Block. Lastly, service members can contact their legal assistance officer for advice regarding DAF Form 965 and other tax-related issues while deployed abroad.

The DAF Form 965, also known as the Overseas Tour Election Statement, is a document used by US military personnel who are being assigned to or returning from an overseas tour of duty. This form allows members of the armed forces to elect whether they would like to defer their earned income and other entitlements while on active duty outside of the United States. The form outlines two types of deferrals: one that applies to basic pay and special pay, and another that applies to combat zone tax exclusion payments. It also provides information about how these deferrals can be applied, including what documents need to be filed with the IRS in order for them to take effect. Additionally, it includes instructions for completing the form correctly and filing it with the appropriate authorities upon return from overseas deployment. In summary, DAF Form 965 serves an important purpose for those in active service who wish to minimize their tax burden during their time away from home.

DAF Form 965 Example

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Future Developments

Increase in penalty for failure to file.

Electronically filed returns.

Deduction for certain energy efficient commercial building property.

Expiration of 100% business meal expense deduction.

Corporate alternative minimum tax (CAMT).

Elective payment election.

Relief from additions to tax for underpayments applicable to the new corporate alternative minimum tax.

Photographs of Missing Children

The taxpayer advocate service, direct deposit of refund, how to make a contribution to reduce debt held by the public.

Tax forms and publications.

Purpose of Form

Entities electing to be taxed as corporations.

Limited liability companies (LLC).

Corporations engaged in farming.

Ownership interest in a Financial Asset Securitization Investment Trust (FASIT).

Foreign-owned domestic disregarded entities.

Qualified opportunity fund.

Qualified opportunity investment.

Electronic Filing

Exemptions.

Private Delivery Services

Extension of time to file, where to file.

Paid Preparer Use Only section.

Paid Preparer Authorization

Assembling the return.

Depositing on time.

Same-day wire payment option.

Estimated tax penalty.

Late filing of return.

Late payment of tax.

Trust fund recovery penalty.

Other penalties.

Small business taxpayer.

Change in accounting method.

Section 481(a) adjustment.

Change of tax year.

Rounding Off to Whole Dollars

Recordkeeping.

Amended return.

Reportable transactions by material advisors.

Transfers to a corporation controlled by the transferor.

Distributions under section 355.

Dual consolidated losses.

Election to reduce basis under section 362(e)(2)(C).

Annual information reporting by specified domestic entities under section 6038D.

Paycheck Protection Program (PPP) loans.

Other forms and statements.

Period Covered

Name and address, consolidated return, life-nonlife consolidated return, personal holding company, personal service corporation, schedule m-3 (form 1120).

EIN applied for, but not received.

Item D. Total Assets

Item e. initial return, final return, name change, or address change.

Exception for income from qualifying shipping activities.

Line 1a. Gross receipts or sales.

Advance payments.

Installment sales., nonaccrual experience method for service providers..

Line 1b. Returns and allowances.

Line 2. Cost of Goods Sold

Line 4. dividends and inclusions, line 5. interest, line 6. gross rents, line 10. other income.

Uniform capitalization rules.

Transactions between related taxpayers.

Limitations on business interest expense.

Section 291 limitations.

Time for making an election.

Closely held corporations..

Reducing certain expenses for which credits are allowable.

Limitations on deductions related to property leased to tax-exempt entities.

Limitation on tax benefits for remuneration under the Patient Protection and Affordable Care Act.

Line 12. Compensation of Officers

Line 13. salaries and wages, line 14. repairs and maintenance, line 15. bad debts, line 16. rents, line 17. taxes and licenses.

Limitation on deduction.

Suspension of 10% limitation for farmers and ranchers and certain Native Corporations.

Cash contributions.

Contributions of $250 or more.

Qualified conservation contributions.

Other special rules., line 20. depreciation, line 21. depletion.

Form 5500-SF,

Form 5500-EZ,

Line 24. Employee Benefit Programs

Line 25. energy efficient commercial buildings deduction, qualified transportation fringes (qtfs)., membership dues., entertainment facilities., amounts treated as compensation..

Fines or similar penalties.

Lobbying expenses.

At-risk rules.

Line 29a. Net Operating Loss Deduction

Line 29b. special deductions.

Minimum taxable income.

Net operating loss (NOL).

Merchant Marine capital construction fund.

Line 34. Estimated Tax Penalty

Line 35. amount owed.

Direct deposit of refund.

Consolidated returns.

Line 1, Column (a)

Line 2, column (a), line 3, column (a), line 3, columns (b) and (c), line 4, column (a), line 5, column (a), line 6, column (a), line 7, column (a), line 8, column (a), line 9, column (c), line 10, columns (a) and (c), line 11, columns (a) and (c), line 12, column (a), line 13, column (a), line 14, column (a), line 15, column (a), line 15, column (c), line 16a, column (a), line 16b, column (a), line 16c, column (a), line 17, column (a), line 18, column (a), worksheet for schedule c, line 9, line 19, column (a), line 20, column (a), line 21, column (c), line 22, column (c), exception for insurance companies filing their federal income tax returns electronically..

Deferred tax under section 1291.

Increase in tax attributable to partner's audit liability under section 6226.

Additional tax under section 197(f).

Decrease attributable to partner's audit liability under section 6226.

Line 9a. Recapture of investment credit.

Line 9b. Recapture of low-income housing credit.

Line 9c. Interest due under the look-back method—completed long-term contracts.

Line 9d. Interest due under the look-back method—income forecast method.

Line 9e. Alternative tax on qualifying shipping activities.

Line 9f. Interest/tax due under section 453A(c).

Line 9g. Interest/tax due under section 453(l).

Line 9z. Other.

How to report.

Beneficiaries of trusts.

Line 20a. Credit from Form 2439.

Line 20b. Credit for federal tax on fuels.

Line 20z. Other.

Line 22. Elective Payment Election Amount From Form 3800

Affiliated group.

Question 4. Constructive Ownership of the Corporation

Question 5a.

Maximum percentage owned in partnership profit, loss, or capital.

Foreign person.

Owner's country.

Requirement to file Form 5472.

Question 14

Questions 15a and 15b, question 19.

Payments to which section 267A applies.

Extent to which deduction is disallowed.

Question 22

Question 23.

Exclusions from filing.

Gross receipts test.

Question 25

Question 26, question 27, question 28, question 29, question 30, question 31, schedule m-2. analysis of unappropriated retained earnings per books, paperwork reduction act notice., crop production, animal production, forestry and logging, fishing, hunting, and trapping, support activities for agriculture and forestry, construction of buildings, heavy and civil engineering construction, specialty trade contractors, food manufacturing, beverage and tobacco product manufacturing, textile mills and textile product mills, apparel manufacturing, leather and allied product manufacturing, wood product manufacturing, paper manufacturing, printing and related support activities, petroleum and coal products manufacturing, chemical manufacturing, plastics and rubber products manufacturing, nonmetallic mineral product manufacturing, primary metal manufacturing, fabricated metal product manufacturing, machinery manufacturing, computer and electronic product manufacturing, electrical equipment, appliance, and component manufacturing, transportation equipment manufacturing, furniture and related product manufacturing, miscellaneous manufacturing, merchant wholesalers, durable goods, merchant wholesalers, nondurable goods, wholesale trade agents and brokers, motor vehicle and parts dealers, furniture and home furnishings retailers, electronics and appliance retailers, building material and garden equipment and supplies dealers, food and beverage retailers, health and personal care retailers, gasoline stations & fuel dealers, clothing and accessories retailers, sporting goods, hobby, book, musical instrument and miscellaneous retailers, general merchandise retailers, nonstore retailers, air, rail, and water transportation, truck transportation, transit and ground passenger transportation, pipeline transportation, scenic & sightseeing transportation, support activities for transportation, couriers and messengers, warehousing and storage, motion picture and sound recording industries, publishing industries, broadcasting, content providers, and telecommunications, data processing, web search portals, & other information services, depository credit intermediation, nondepository credit intermediation, activities related to credit intermediation, securities, commodity contracts, and other financial investments and related activities, insurance carriers and related activities, funds, trusts, and other financial vehicles, real estate, rental and leasing services, lessors of nonfinancial intangible assets (except copyrighted works), legal services, accounting, tax preparation, bookkeeping, and payroll services, architectural, engineering, and related services, specialized design services, computer systems design and related services, other professional, scientific, and technical services, management of companies (holding companies), administrative and support services, waste management and remediation services, educational services, offices of physicians and dentists, offices of other health practitioners, outpatient care centers, medical and diagnostic laboratories, home health care services, other ambulatory health care services, nursing and residential care facilities, social assistance, performing arts, spectator sports, and related industries, museums, historical sites, and similar institutions, amusement, gambling, and recreation industries, accommodation, food services and drinking places, repair and maintenance, personal and laundry services, religious, grantmaking, civic, professional, and similar organizations, instructions for form 1120 (2023), u.s. corporation income tax return.

Section references are to the Internal Revenue Code unless otherwise noted.

Instructions for Form 1120 - Introductory Material

For the latest information about developments related to Form 1120 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form1120 .

For tax returns required to be filed in 2024, the minimum penalty for failure to file a return that is more than 60 days late has increased to the smaller of the tax due or $485. See Late filing of return , later.

The electronic-filing threshold for corporate returns required to be filed on or after January 1, 2024, has decreased to 10 or more returns. See Electronic Filing , later.

For tax years beginning in 2023, corporations filing Form 1120 and claiming the energy efficient commercial buildings deduction should report the deduction on line 25. See the instructions for line 25 .

The temporary 100% business meal expenses deduction for food and beverages provided by a restaurant does not apply to amounts paid or incurred after 2022.

For tax years beginning after 2022, certain corporations must determine whether they are subject to the new CAMT and calculate CAMT if applicable. See the instructions for Schedule J, line 3 . Also, see new Schedule K, Question 29 .

Applicable entities and electing taxpayers can elect to treat certain credits as elective payments. Resulting overpayment may result in refunds. See the instructions for Schedule J, Part II, line 22 . Also, see the Instructions for Form 3800.

For tax year 2023, the IRS will waive the penalty for failure to make estimated tax payments for taxes attributable to a CAMT liability. Affected corporations must still file the 2023 Form 2220, even if they owe no estimated tax penalty. However, affected corporations may exclude the CAMT tax liability when calculating the required annual payment on Form 2220. Affected corporations must also include an amount of estimated tax penalty on line 34 of Form 1120 (or other appropriate line of the corporation's income tax return), even if that amount is zero. Failure to follow these instructions could result in affected corporations receiving a penalty notice that will require an abatement request to apply the relief provided by Notice 2023-42. See Notice 2023-42, 2023-26 I.R.B. 1085, available at IRS.gov/irb/2023-26_IRB#NOT-2023-42 . Also, see the instructions for line 34 .

The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children® (NCMEC) . Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.

The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayer rights. TAS's job is to ensure that every taxpayer is treated fairly and knows and understands their rights under the Taxpayer Bill of Rights .

As a taxpayer, the corporation has rights that the IRS must abide by in its dealings with the corporation. TAS can help the corporation if:

A problem is causing financial difficulty for the business;

The business is facing an immediate threat of adverse action; or

The corporation has tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised.

TAS has offices in every state, the District of Columbia, and Puerto Rico. Local advocates' numbers are in their local directories and at TaxpayerAdvocate.IRS.gov . The corporation can also call TAS at 877-777-4778.

TAS also works to resolve large-scale or systemic problems that affect many taxpayers. If the corporation knows of one of these broad issues, please report it to TAS through the Systemic Advocacy Management System at IRS.gov/SAMS .

For more information, go to IRS.gov/Advocate .

To request a direct deposit of the corporation's income tax refund into an account at a U.S. bank or other financial institution, attach Form 8050, Direct Deposit of Corporate Tax Refund. See the instructions for line 37 .

To help reduce debt held by the public, make a check payable to “Bureau of the Fiscal Service.” Send it to:

Do not add the contributions to any tax the corporation may owe. See the instructions for line 35 for details on how to pay any tax the corporation owes. Contributions to reduce debt held by the public are deductible subject to the rules and limitations for charitable contributions.

How To Get Forms and Publications

You can access the IRS website 24 hours a day, 7 days a week, at IRS.gov to:

Download forms, instructions, and publications;

Order IRS products online;

Research your tax questions online;

Search publications online by topic or keyword;

View Internal Revenue Bulletins (IRBs) published in recent years; and

The corporation can view, print, or download all of the forms and publications it may need on IRS.gov/FormsPubs . Otherwise, the corporation can go to IRS.gov/OrderForms to place an order and have forms mailed to it.

General Instructions

Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.

Who Must File

Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return. See Special Returns for Certain Organizations , later.

A domestic entity electing to be classified as an association taxable as a corporation must file Form 1120, unless it is required to or elects to file a special return listed under Special Returns for Certain Organizations . The entity must also file Form 8832, Entity Classification Election, and attach a copy of Form 8832 to Form 1120 (or the applicable return) for the year of the election. For more information, see Form 8832 and its instructions.

If an entity with more than one owner was formed as an LLC under state law, it is generally treated as a partnership for federal income tax purposes and files Form 1065, U.S. Return of Partnership Income. Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. The LLC can file a Form 1120 only if it has filed Form 8832 to elect to be treated as an association taxable as a corporation. For more information about LLCs, see Pub. 3402, Taxation of Limited Liability Companies.

A corporation (other than a corporation that is a subchapter T cooperative) that engages in farming should use Form 1120 to report the income (loss) from such activities. Enter the income and deductions of the corporation according to the instructions for lines 1 through 10 and 12 through 29.

Special rules apply to a FASIT in existence on October 22, 2004, to the extent that regular interests issued by the FASIT before October 22, 2004, continue to remain outstanding in accordance with their original terms.

If a corporation holds an ownership interest in a FASIT to which these special rules apply, it must report all items of income, gain, deductions, losses, and credits on the corporation's income tax return (except as provided in section 860H). Show a breakdown of the items on an attached statement. For more information, see sections 860H and 860L (repealed with certain exceptions).

If a foreign person, including a foreign corporation, wholly owns a domestic disregarded entity (DE), the domestic DE is treated as a domestic corporation separate from its owner (the foreign corporation) for the limited purposes of the requirements under section 6038A that apply to 25% foreign-owned domestic corporations. While a DE is not required to file a U.S. income tax return, a DE covered by these rules is required to file a pro forma Form 1120 with Form 5472 attached by the due date (including extensions) of the return. See the Instructions for Form 5472 for additional information and coordination with Form 5472 reporting by the domestic DE.

To certify as a qualified opportunity fund (QOF), the corporation must file Form 1120 and attach Form 8996, even if the corporation had no income or expenses to report. See Schedule K, Question 25 , later. Also, see the Instructions for Form 8996.

If the corporation held a qualified investment in a QOF at any time during the year, the corporation must file its return with Form 8997 attached. See the instructions for Form 8997.

Special Returns for Certain Organizations

Corporations can generally electronically file ( e-file ) Form 1120, related forms, schedules, and attachments; Form 7004 (automatic extension of time to file); and Forms 940, 941, and 944 (employment tax returns). If there is a balance due, the corporation can authorize an electronic funds withdrawal while e-filing . Form 1099 and other information returns can also be electronically filed. The option to e-file does not, however, apply to certain returns.

For returns filed on or after January 1, 2024, corporations that file 10 or more returns are required to e-file Form 1120. See Regulations section 301.6011-5. However, these corporations can request a waiver of the electronic filing requirements.

For more information on e-filing, see E-file for Business and Self-employed Taxpayers on IRS.gov.

Exclusions From Electronic Filing

The IRS may waive the electronic filing rules if the corporation demonstrates that a hardship would result if it were required to file its return electronically. A corporation interested in requesting a waiver of the mandatory electronic filing requirement must file a written request, and request one in the manner prescribed by the IRS. All written requests for waivers should be mailed to:

The IRS may provide exemptions from the requirements to electronically file. If using the technology required to electronically file conflicts with religious beliefs, the corporation is exempt from the requirement. Clearly indicate the exemption on the corporation’s return. Write "Religious Exemption" at the top of Form 1120. File the corporation's return at the applicable IRS address. See Where To File , later. For more information see Notice 2024-18 .

When To File

Generally, a corporation must file its income tax return by the 15th day of the 4th month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 4th month after the short period ends. A corporation that has dissolved must generally file by the 15th day of the 4th month after the date it dissolved.

However, a corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month after the end of its tax year. A corporation with a short tax year ending anytime in June will be treated as if the short year ended on June 30, and must file by the 15th day of the 3rd month after the end of its tax year.

If the due date falls on a Saturday, Sunday, or legal holiday, the corporation can file on the next business day.

Corporations can use certain private delivery services (PDS) designated by the IRS to meet the “timely mailing as timely filing” rule for tax returns. Go to IRS.gov/PDS .

The PDS can tell you how to get written proof of the mailing date.

For the IRS mailing address to use if you’re using a PDS, go to IRS.gov/PDSstreetAddresses .

File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, to request an extension of time to file. Generally, the corporation must file Form 7004 by the regular due date of the return. See the Instructions for Form 7004.

File the corporation's return at the applicable IRS address listed below.

Who Must Sign

The return must be signed and dated by:

The president, vice president, treasurer, assistant treasurer, chief accounting officer; or

Any other corporate officer (such as tax officer) authorized to sign.

If a return is filed on behalf of a corporation by a receiver, trustee, or assignee, the fiduciary must sign the return, instead of the corporate officer. Returns and forms signed by a receiver or trustee in bankruptcy on behalf of a corporation must be accompanied by a copy of the order or instructions of the court authorizing signing of the return or form.

If an employee of the corporation completes Form 1120, the paid preparer section should remain blank. Anyone who prepares Form 1120 but does not charge the corporation should not complete that section. Generally, anyone who is paid to prepare the return must sign and complete the section.

The paid preparer must complete the required preparer information and:

Sign the return in the space provided for the preparer's signature,

Include their Preparer Tax Identification Number (PTIN), and

Give a copy of the return to the taxpayer.

If the corporation wants to allow the IRS to discuss its 2023 tax return with the paid preparer who signed it, check the “Yes” box in the signature area of the return. This authorization applies only to the individual whose signature appears in the “Paid Preparer Use Only” section of the return. It does not apply to the firm, if any, shown in that section.

If the “Yes” box is checked, the corporation is authorizing the IRS to call the paid preparer to answer any questions that may arise during the processing of its return. The corporation is also authorizing the paid preparer to:

Give the IRS any information that is missing from the return;

Call the IRS for information about the processing of the return or the status of any related refund or payment(s); and

Respond to certain IRS notices about math errors, offsets, and return preparation.

The corporation is not authorizing the paid preparer to receive any refund check, bind the corporation to anything (including any additional tax liability), or otherwise represent the corporation before the IRS.

The authorization will automatically end no later than the due date (excluding extensions) for filing the corporation's 2024 tax return. If the corporation wants to expand the paid preparer's authorization or revoke the authorization before it ends, see Pub. 947, Practice Before the IRS and Power of Attorney.

To ensure that the corporation's tax return is correctly processed, attach all schedules and other forms after page 6 of Form 1120 in the following order.

Schedule N (Form 1120).

Schedule D (Form 1120).

Form 1125-A.

Form 965-B.

Form 8936, Schedule A.

Additional schedules in alphabetical order.

Additional forms in numerical order.

Supporting statements and attachments.

Complete every applicable entry space on Form 1120. Do not enter “See Attached” or “Available Upon Request” instead of completing the entry spaces. If more space is needed on the forms or schedules, attach separate sheets using the same size and format as the printed forms.

If there are supporting statements and attachments, arrange them in the same order as the schedules or forms they support and attach them last. Show the totals on the printed forms. Enter the corporation's name and EIN on each supporting statement or attachment.

If the corporation had tax withheld under Chapter 3 or 4 of the Internal Revenue Code and received a Form 1042-S, Form 8805, or Form 8288-A showing the amount of income tax withheld, attach such form(s) to the corporation’s income tax return to claim a withholding credit. The corporation should report the tax withheld on Schedule J, Part II, line 20z. See the instructions for Schedule J, Part II, Line 20z .

Tax Payments

Generally, the corporation must pay any tax due in full no later than the due date for filing its tax return (not including extensions). See the instructions for line 35 . If the due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next day that isn't a Saturday, Sunday, or legal holiday.

Electronic Deposit Requirement

Corporations must use electronic funds transfer to make all federal tax deposits (such as deposits of employment, excise, and corporate income tax). Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). However, if the corporation does not want to use EFTPS, it can arrange for its tax professional, financial institution, payroll service, or other trusted third party to make deposits on its behalf. Also, it may arrange for its financial institution to submit a same-day payment (discussed below) on its behalf. EFTPS is a free service provided by the Department of the Treasury. Services provided by a tax professional, financial institution, payroll service, or other third party may have a fee.

To get more information about EFTPS or to enroll in EFTPS, visit EFTPS.gov or call 800-555-4477. To contact EFTPS using the Telecommunications Relay Services (TRS), for people who are deaf, hard of hearing, or have a speech disability, dial 711 and provide the TRS assistant the 800-555-4477 number above or 800-733-4829.

For any deposit made by EFTPS to be on time, the corporation must submit the deposit by 8 p.m. Eastern time the day before the date the deposit is due. If the corporation uses a third party to make deposits on its behalf, they may have different cutoff times.

If the corporation fails to submit a deposit transaction on EFTPS by 8 p.m. Eastern time the day before the date a deposit is due, it can still make its deposit on time by using the Federal Tax Collection Service (FTCS). To use the same-day wire payment method, the corporation will need to make arrangements with its financial institution ahead of time regarding availability, deadlines, and costs. Financial institutions may charge a fee for payments made this way. To learn more about the information the corporation will need to provide to its financial institution to make a same-day wire payment, go to IRS.gov/SameDayWire .

Estimated Tax Payments

Generally, the following rules apply to the corporation's payments of estimated tax.

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. If any date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next regular business day.

The corporation must use electronic funds transfer to make installment payments of estimated tax.

If, after the corporation figures and deposits estimated tax, it finds that its tax liability for the year will be more or less than originally estimated, it may have to refigure its required installments. If earlier installments were underpaid, the corporation may owe a penalty. See Estimated tax penalty below.

If the corporation overpaid estimated tax, it may be able to get a quick refund by filing Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax. See the instructions for Schedule J, Part II, line 15 .

See section 6655 and Pub. 542, Corporations, for more information on how to figure estimated taxes.

A corporation that does not make estimated tax payments when due may be subject to an underpayment penalty for the period of underpayment. Generally, a corporation is subject to the penalty if its tax liability is $500 or more and it did not timely pay at least the smaller of:

Its tax liability for the current year, or

Its prior year's tax.

Use Form 2220, Underpayment of Estimated Tax by Corporations, to see if the corporation owes a penalty and to figure the amount of the penalty. If Form 2220 is completed, enter the penalty on line 34. See the instructions for line 34 . Also see Relief from additions to tax for underpayments applicable to the new corporate alternative minimum tax (CAMT) , earlier.

Interest and Penalties

Interest is charged on taxes paid late even if an extension of time to file is granted. Interest is also charged on penalties imposed for failure to file, negligence, fraud, substantial valuation misstatements, substantial understatements of tax, and reportable transaction understatements from the due date (including extensions) to the date of payment. The interest charge is figured at a rate determined under section 6621.

A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. The minimum penalty for a tax return required to be filed in 2024 that is more than 60 days late is the smaller of the tax due or $485. The penalty will not be imposed if the corporation can show that the failure to file on time was due to reasonable cause. See Caution , earlier.

A corporation that does not pay the tax when due may generally be penalized ½ of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. See Caution , earlier.

This penalty may apply if certain excise, income, social security, and Medicare taxes that must be collected or withheld are not collected or withheld, or these taxes are not paid. These taxes are generally reported on:

Form 720, Quarterly Federal Excise Tax Return;

Form 941, Employer's QUARTERLY Federal Tax Return;

Form 943, Employer's Annual Federal Tax Return for Agricultural Employees;

Form 944, Employer's ANNUAL Federal Tax Return; or

Form 945, Annual Return of Withheld Federal Income Tax.

The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to have been responsible for collecting, accounting for, or paying over these taxes, and who acted willfully in not doing so. The penalty is equal to the full amount of the unpaid trust fund tax. See the Instructions for Form 720, Pub. 15 (Circular E), Employer's Tax Guide, or Pub. 51 (Circular A), Agricultural Employer's Tax Guide, for details, including the definition of responsible persons.

The trust fund recovery penalty will not apply to any amount of trust fund taxes an employer holds back in anticipation of the credit for qualified sick and family leave wages or the employee retention credit that they are entitled to. See Pub. 15 or Pub. 51 for more information.

Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. See sections 6662, 6662A, and 6663.

Accounting Methods

Figure taxable income using the method of accounting regularly used in keeping the corporation's books and records. In all cases, the method used must clearly show taxable income. Permissible methods include cash, accrual, or any other method authorized by the Internal Revenue Code.

Generally, the following rules apply. For more information, see Pub. 538, Accounting Periods and Methods.

A corporation, or a partnership that has a corporation as a partner, cannot use the cash method of accounting unless it is a small business taxpayer (defined later). A tax shelter (defined in section 448(d)(3)) may never use the cash method. See sections 448(a)(1) through (a)(3). However, see Nonaccrual experience method for service providers in the instructions for line 1a.

Unless it is a small business taxpayer (defined below), a corporation must use an accrual method for sales and purchases of inventory items. See the instructions for Form 1125-A.

A corporation engaged in farming must use an accrual method. For exceptions, see section 447 and Pub. 225.

Special rules apply to long-term contracts. See section 460.

Dealers in securities must use the mark-to-market accounting method. Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. See section 475.

For tax years beginning in 2023, a corporation qualifies as a small business taxpayer if (a) it has average annual gross receipts of $29 million or less for the 3 prior tax years, and (b) it is not a tax shelter (as defined in section 448(d)(3)).

A small business taxpayer can account for inventory by (a) treating the inventory as non-incidental materials and supplies, or (b) conforming to its treatment of inventory in an applicable financial statement (as defined in section 451(b)(3)). If it does not have an applicable financial statement, it can use the method of accounting used in its books and records prepared according to its accounting procedures.

Generally, the corporation must get IRS consent to change either an overall method of accounting or the accounting treatment of any material item for income tax purposes. To obtain consent, the corporation must generally file Form 3115, Application for Change in Accounting Method, during the tax year for which the change is requested. See the Instructions for Form 3115 and Pub. 538 for more information and exceptions. Also see the Instructions for Form 3115 for procedures that may apply for obtaining automatic consent to change certain methods of accounting, non-automatic change procedures, and reduced Form 3115 filing requirements.

If the corporation's taxable income for the current tax year is figured under a method of accounting different from the method used in the preceding tax year, the corporation may have to make an adjustment under section 481(a) to prevent amounts of income or expense from being duplicated or omitted. The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. For an eligible terminated S corporation, the section 481(a) adjustment period is generally 6 years for a negative or positive adjustment that is attributable to the S corporation's revocation of its election under section 1362(a) after December 21, 2017, and before December 22, 2019. See section 481(d). Also, see the Instructions for Form 3115.

Exceptions to the general section 481(a) adjustment period may apply. Also, in some cases, a corporation can elect to modify the section 481(a) adjustment period. The corporation may have to complete the appropriate lines of Form 3115 to make an election. See the Instructions for Form 3115 for more information and exceptions.

If the net section 481(a) adjustment is positive, report the ratable portion on Form 1120, line 10, as other income. If the net section 481(a) adjustment is negative, report the ratable portion on line 26 as a deduction.

Accounting Period

A corporation must figure its taxable income on the basis of a tax year. A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. Generally, corporations can use a calendar year or a fiscal year. Personal service corporations, however, must use a calendar year unless they meet one of the exceptions discussed later under Personal Service Corporation .

Generally, a corporation, including a personal service corporation, must get the consent of the IRS before changing its tax year by filing Form 1128, Application To Adopt, Change, or Retain a Tax Year. However, exceptions may apply. See the Instructions for Form 1128 and Pub. 538 for more information.

The corporation may enter decimal points and cents when completing its return. However, the corporation should round off cents to whole dollars on its return, forms, and schedules to make completing its return easier. The corporation must either round off all amounts on its return to whole dollars, or use cents for all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $8.40 rounds to $8 and $8.50 rounds to $9.

If two or more amounts must be added to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.

Keep the corporation's records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Usually, records that support an item of income, deduction, or credit on the return must be kept for 3 years from the date the return is due or filed, whichever is later. Keep records that verify the corporation's basis in property for as long as they are needed to figure the basis of the original or replacement property.

The corporation should keep copies of all filed returns. They help in preparing future and amended returns and in the calculation of earnings and profits.

Other Forms and Statements That May Be Required

Use Form 1120-X, Amended U.S. Corporation Income Tax Return, to correct a previously filed Form 1120.

Reportable transaction disclosure statement.

Disclose information for each reportable transaction in which the corporation participated. Form 8886, Reportable Transaction Disclosure Statement, must be filed for each tax year that the federal income tax liability of the corporation is affected by its participation in the transaction. The following are reportable transactions.

Any listed transaction, which is a transaction that is the same as or substantially similar to one of the types of transactions that the IRS has determined to be a tax avoidance transaction and identified by notice, regulation, or other published guidance as a listed transaction.

Any transaction offered under conditions of confidentiality for which the corporation (or a related party) paid an advisor a fee of at least $250,000.

Certain transactions for which the corporation (or a related party) has contractual protection against disallowance of the tax benefits.

Certain transactions resulting in a loss of at least $10 million in any single year or $20 million in any combination of years.

Any transaction identified by the IRS by notice, regulation, or other published guidance as a “transaction of interest.”

For more information, see Regulations section 1.6011-4. Also, see the Instructions for Form 8886.

The corporation may have to pay a penalty if it is required to disclose a reportable transaction under section 6011 and fails to properly complete and file Form 8886. Penalties may also apply under section 6707A if the corporation fails to file Form 8886 with its corporate return, fails to provide a copy of Form 8886 to the Office of Tax Shelter Analysis (OTSA), or files a form that fails to include all the information required (or includes incorrect information). Other penalties, such as an accuracy-related penalty under section 6662A, may also apply. See the Instructions for Form 8886 for details on these and other penalties.

Material advisors to any reportable transaction must disclose certain information about the reportable transaction by filing Form 8918 with the IRS. For details, see the Instructions for Form 8918.

Every significant transferor (as defined in Regulations section 1.351-3(d)(1)) that receives stock of a corporation in exchange for property in a nonrecognition event must include the statement required by Regulations section 1.351-3(a) on or with the transferor's tax return for the tax year of the exchange. The transferee corporation must include the statement required by Regulations section 1.351-3(b) on or with its return for the tax year of the exchange, unless all the required information is included in any statement(s) provided by a significant transferor that is attached to the same return for the same section 351 exchange. If the transferor or transferee corporation is a controlled foreign corporation (CFC), each U.S. shareholder (within the meaning of section 951(b)) must include the required statement on or with its return.

Every corporation that makes a distribution of stock or securities of a controlled corporation, as described in section 355 (or so much of section 356 as it relates to section 355), must include the statement required by Regulations section 1.355-5(a) on or with its return for the year of the distribution. A significant distributee (as defined in Regulations section 1.355-5(c)) that receives stock or securities of a controlled corporation must include the statement required by Regulations section 1.355-5(b) on or with its return for the year of receipt. If the distributing or distributee corporation is a CFC, each U.S. shareholder (within the meaning of section 951(b)) must include the statement on or with its return.

If a domestic corporation incurs a dual consolidated loss (as defined in Regulations section 1.1503(d)-1(b)(5)), the corporation (or consolidated group) may need to attach a domestic use agreement and/or an annual certification, as provided in Regulations section 1.1503(d)-6(d) and (g).

If property is transferred to a corporation subject to section 362(e)(2), the transferor and the transferee corporation may elect, under section 362(e)(2)(C), to reduce the transferor's basis in the stock received instead of reducing the transferee corporation's basis in the property transferred. Once made, the election is irrevocable. For more information, see section 362(e)(2) and Regulations section 1.362-4. If an election is made, a statement must be filed in accordance with Regulations section 1.362-4(d)(3).

Certain domestic corporations that are formed or availed of to hold specified foreign financial assets (“specified domestic entities”) must file Form 8938. Form 8938 must be filed each year the value of the corporation's specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. For more information on domestic corporations that are specified domestic entities and the types of foreign financial assets that must be reported, see the Instructions for Form 8938, generally, and in particular, Who Must File , Specified Domestic Entity , Specified Foreign Financial Assets , Interests in Specified Foreign Financial Assets , Assets Not Required To Be Reported , and Exceptions to Reporting .

In addition, a domestic corporation required to file Form 8938 with its Form 1120 for the tax year should check “Yes” to Schedule N (Form 1120), Question 8, and also include that schedule with its Form 1120.

Certain U.S. persons that are the ultimate parent entity of a U.S. multinational enterprise group with annual revenue for the preceding reporting period of $850 million or more are required to file Form 8975, Country-by-Country Report. Form 8975 and Schedule A (Form 8975) must be filed with the income tax return of the ultimate parent entity of a U.S. multinational enterprise group for the tax year in or within which the reporting period covered by Form 8975 ends. For more information, see Form 8975, Schedule A (Form 8975) and the Instructions for Form 8975, and Schedule A (Form 8975).

A corporation that had tax-exempt income resulting from the forgiveness of a PPP loan should attach a statement to its return reporting each tax year for which the corporation is applying Rev. Proc. 2021-48, sections 3.01(1), (2), or (3). Any statement for the current tax year should include the following information, for each PPP loan:

The corporation's name, address, and EIN;

A statement that the corporation is applying or applied section 3.01(1), (2), or (3) of Rev. Proc. 2021-48, and for what tax year, as applicable;

The amount of tax-exempt income from forgiveness of the PPP loan that the corporation is treating as received or accrued and for which tax year; and

Whether forgiveness of the PPP loan has been granted as of the date the return is filed.

A corporation that reported tax-exempt income from the forgiveness of a PPP loan on its 2020 return, the timing of which corresponds to one of the options presented in Rev. Proc. 2021-48, need not file an amended return solely to attach the statement that is described in these instructions.

If a corporation treats tax-exempt income resulting from a PPP loan as received or accrued prior to when forgiveness of the PPP loan is granted and the amount of forgiveness granted is less than the amount of tax-exempt income that was previously treated as received or accrued, the corporation should make a prior-period adjustment on Schedule M-2 for the tax year in which the corporation receives notice that the PPP loan was not fully forgiven. See the instructions for Schedule M-2 for more details.

See Pub. 542, Corporations, for a list of other forms and statements a corporation may need to file in addition to the forms and statements discussed throughout these instructions.

Specific Instructions

File the 2023 return for calendar year 2023 and fiscal years that begin in 2023 and end in 2024. For a fiscal or short tax year return, fill in the tax year space at the top of the form.

The 2023 Form 1120 can also be used if:

The corporation has a tax year of less than 12 months that begins and ends in 2024, and

The 2024 Form 1120 is not available at the time the corporation is required to file its return.

Enter the corporation's true name (as set forth in the charter or other legal document creating it), address, and EIN on the appropriate lines. Enter the address of the corporation's principal office or place of business. Include the suite, room, or other unit number after the street address. If the post office does not deliver mail to the street address and the corporation has a P.O. box, show the box number instead.

Do not use the address of the registered agent for the state in which the corporation is incorporated. For example, if a business is incorporated in Delaware or Nevada and the corporation's principal office is located in Little Rock, Arkansas, the corporation should enter the Little Rock address.

If the corporation receives its mail in care of a third party (such as an accountant or an attorney), enter on the street address line “C/O” followed by the third party's name and street address or P.O. box.

If the corporation has a foreign address, include the city or town, state or province, country, and foreign postal code. Do not abbreviate the country name. Follow the country's practice for entering the name of the state or province and postal code.

Item A. Identifying Information

Corporations filing a consolidated return must check Item A, box 1a, and attach Form 851, Affiliations Schedule, and other supporting statements to the return. Also, for the first year a subsidiary corporation is being included in a consolidated return, attach Form 1122 to the parent's consolidated return. Attach a separate Form 1122 for each new subsidiary being included in the consolidated return.

File supporting statements for each corporation included in the consolidated return. Do not use Form 1120 as a supporting statement. On the supporting statement, use columns to show the following, both before and after adjustments.

Items of gross income and deductions.

A computation of taxable income.

Balance sheets, as of the beginning and end of the tax year.

A reconciliation of income per books with income per return.

A reconciliation of retained earnings.

Enter on Form 1120 the totals for each item of income, gain, loss, expense, or deduction, net of eliminating entries for intercompany transactions between corporations within the consolidated group. Attach consolidated balance sheets and a reconciliation of consolidated retained earnings.

For more information on consolidated returns, see the regulations under section 1502.

If Item A, box 1a, is checked and the corporation is the common parent of a consolidated group that includes a life insurance company, also check box 1b. See Regulations section 1.1502-47(m) for the requirements for filing a consolidated tax return for a life-nonlife consolidated group.

A personal holding company must check Item A, box 2, and attach Schedule PH (Form 1120), U.S. Personal Holding Company (PHC) Tax. See the Instructions for Schedule PH (Form 1120) for details.

If the corporation is a personal service corporation, check Item A, box 3. A personal service corporation is a corporation whose principal activity for the testing period is the performance of personal services. The testing period for a tax year is generally the prior tax year unless the corporation has just been formed. Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health, law, and the performing arts. The services must be substantially performed by employee-owners.

A personal service corporation must use a calendar tax year unless:

It elects to use a 52-53-week tax year that ends with reference to the calendar year or tax year elected under section 444;

It can establish a business purpose for a different tax year and obtains the approval of the IRS (see the Instructions for Form 1128 and Pub. 538); or

It elects under section 444 to have a tax year other than a calendar year. To make the election, use Form 8716, Election To Have a Tax Year Other Than a Required Tax Year.

If a corporation makes the section 444 election, its deduction for certain amounts paid to employee-owners may be limited. See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction.

If a section 444 election is terminated and the termination results in a short tax year, type or print at the top of the first page of Form 1120 for the short tax year “SECTION 444 ELECTION TERMINATED.”

A corporation with total assets (nonconsolidated or consolidated for all corporations included within a consolidated tax group) of $10 million or more on the last day of the tax year must file Schedule M-3 (Form 1120) instead of Schedule M-1. A corporation filing Form 1120 that is not required to file Schedule M-3 may voluntarily file Schedule M-3 instead of Schedule M-1.

Corporations that (a) are required to file Schedule M-3 (Form 1120) and have less than $50 million total assets at the end of the tax year, or (b) are not required to file Schedule M-3 (Form 1120) and voluntarily file Schedule M-3 (Form 1120), must either (i) complete Schedule M-3 (Form 1120) entirely, or (ii) complete Schedule M-3 (Form 1120) through Part I, and complete Form 1120, Schedule M-1, instead of completing Parts II and III of Schedule M-3 (Form 1120). If the corporation chooses to complete Schedule M-1 instead of completing Parts II and III of Schedule M-3, the amount on Schedule M-1, line 1, must equal the amount on Schedule M-3, Part I, line 11. See the Instructions for Schedule M-3 (Form 1120) for more details. Also, see the instructions for Schedule M-1, later.

If you are filing Schedule M-3, check Item A, box 4, to indicate that Schedule M-3 is attached.

Item B. Employer Identification Number (EIN)

Enter the corporation's EIN. If the corporation does not have an EIN, it must apply for one. An EIN can be applied for:

Online—Go to IRS.gov/EIN . The EIN is issued immediately once the application information is validated.

By faxing or mailing Form SS-4, Application for Employer Identification Number.

If the corporation has not received its EIN by the time the return is due, enter “Applied For” and the date the corporation applied in the space for the EIN. However, if the corporation is filing its return electronically, an EIN is required at the time the return is filed. An exception applies to subsidiaries of corporations whose returns are filed with the parent's electronically filed consolidated Form 1120. These subsidiaries should enter “Applied For” in the space for the EIN on their returns. The subsidiaries' returns are identified under the parent corporation's EIN.

For more information, see the Instructions for Form SS-4.

Enter the corporation's total assets (as determined by the accounting method regularly used in keeping the corporation's books and records) at the end of the tax year. If there are no assets at the end of the tax year, enter -0-.

If the corporation is required to complete Schedule L, enter the total assets from Schedule L, line 15, column (d), on page 1, Item D. If filing a consolidated return, report total consolidated assets for all corporations joining in the return.

If this is the corporation's first return, check the “Initial return” box.

If this is the corporation's final return and it will no longer exist, check the “Final return” box.

If the corporation changed its name since it last filed a return, check the “Name change” box. Generally, a corporation must also have amended its articles of incorporation and filed the amendment with the state in which it was incorporated.

If the corporation has changed its address since it last filed a return (including a change to an “in care of” address), check the “Address change” box.

If a change in address or responsible party occurs after the return is filed, use Form 8822-B, Change of Address or Responsible Party— Business, to notify the IRS. See the instructions for Form 8822-B for details.

Except as otherwise provided in the Internal Revenue Code, gross income includes all income from whatever source derived.

Gross income does not include income from qualifying shipping activities if the corporation makes an election under section 1354 to be taxed on its notional shipping income (as defined in section 1353) at the highest corporate tax rate. If the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel.

Use Form 8902, Alternative Tax on Qualifying Shipping Activities, to figure the tax. Include the alternative tax on Schedule J, Part I, line 9e.

Line 1. Gross Receipts or Sales

Enter on line 1a gross receipts or sales from all business operations, except for amounts that must be reported on lines 4 through 10.

Special rules apply to certain income, as discussed below.

In general, advance payments must be included in income in the year of receipt. For exceptions to this general rule for corporations that use the accrual method of accounting, see the following.

To report income from long-term contracts, see section 460.

For rules that allow a limited deferral of advance payments beyond the current tax year, see section 451(c). Also, see Regulations sections 1.451-8(c), (d), and (e). For applicability dates, see Regulations section 1.451-8(h).

For information on adopting or changing to a permissible method for reporting advance payments for services and certain goods by an accrual method corporation, see the Instructions for Form 3115.

Generally, the installment method cannot be used for dealer dispositions of property. A “dealer disposition” is any disposition of (a) personal property by a person who regularly sells or otherwise disposes of personal property of the same type on the installment plan, or (b) real property held for sale to customers in the ordinary course of the taxpayer's trade or business.

The restrictions on using the installment method do not apply to the following.

Dispositions of property used or produced in the trade or business of farming.

Certain dispositions of timeshares and residential lots reported under the installment method for which the corporation elects to pay interest under section 453(I)(3).

Enter on line 1a (and carry to line 3) the gross profit on collections from these installment sales. Attach a statement showing the following information for the current and the 3 preceding years: (a) gross sales, (b) cost of goods sold, (c) gross profits, (d) percentage of gross profits to gross sales, (e) amount collected, and (f) gross profit on the amount collected.

For sales of timeshares and residential lots reported under the installment method, if the corporation elects to pay interest under section 453(I)(3), the corporation's income tax is increased by the interest payable under section 453(l)(3). Report this addition to the tax on Schedule J, Part I, line 9g.

Accrual method corporations are not required to accrue certain amounts to be received from the performance of services that, based on their experience, will not be collected, if:

The services are in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; or

The corporation meets the section 448(c) gross receipts test for all prior years.

This provision does not apply to any amount if interest is required to be paid on the amount or if there is any penalty for failure to timely pay the amount. See Regulations section 1.448-3 for more information on the nonaccrual experience method, including information on safe harbor methods.

For information on a book safe harbor method of accounting for corporations that use the nonaccrual experience method of accounting, see Rev. Proc. 2011-46, 2011-42 I.R.B. 518 available at IRS.gov/irb/2011-42_IRB#RP-2011-46 , or any successor. Also, see the Instructions for Form 3115 for procedures to obtain automatic consent to change to this method or make certain changes within this method.

Corporations that qualify to use the nonaccrual experience method should attach a statement to its return showing total gross receipts, the amount not accrued because of the application of section 448(d)(5), and the net amount accrued. Enter the net amount on line 1a.

Enter cash and credit refunds the corporation made to customers for returned merchandise, rebates, and other allowances made on gross receipts or sales.

Complete and attach Form 1125-A, Cost of Goods Sold, if applicable. Enter on Form 1120, line 2, the amount from Form 1125-A, line 8. See Form 1125-A and its instructions.

See the instructions for Schedule C, later. Complete Schedule C and enter on line 4 the amount from Schedule C, line 23, column (a).

Enter taxable interest on U.S. obligations and on loans, notes, mortgages, bonds, bank deposits, corporate bonds, tax refunds, etc. Do not offset interest expense against interest income. Special rules apply to interest income from certain below-market-rate loans. See section 7872 for details.

Report tax-exempt interest on Schedule K, item 9. Also, if required, include the same amount on Schedule M-1, line 7, or Schedule M-3 (Form 1120), Part II, line 13, if applicable.

Enter the gross amount received for the rental of property. Deduct expenses such as repairs, interest, taxes, and depreciation on the proper lines for deductions. A rental activity held by a closely held corporation or a personal service corporation may be subject to the passive activity loss rules. See Passive activity limitations , later.

Enter any other taxable income not reported on lines 1 through 9. List the type and amount of income on an attached statement. If the corporation has only one item of other income, describe it in parentheses on line 10.

Examples of other income to report on line 10 include the following.

Recoveries of bad debts deducted in prior years under the specific charge-off method.

Any amount includible in income from Form 6478, Biofuel Producer Credit.

Any amount includible in income from Form 8864, Biodiesel, Renewable Diesel, or Sustainable Aviation Fuels Credit.

Refunds of taxes deducted in prior years to the extent they reduced the amount of tax imposed. See section 111 and the related regulations. Do not offset current-year taxes against tax refunds.

Ordinary income from trade or business activities of a partnership (from Schedule K-1 (Form 1065)). Do not offset ordinary losses against ordinary income. Instead, include the losses on line 26. Show the partnership's name, address, and EIN on a separate statement attached to this return. If the amount entered is from more than one partnership, identify the amount from each partnership.

The transferred loss amount identified as “Section 91 Transferred Loss Amount,” which is required to be recognized when substantially all the assets of a foreign branch are transferred to a specified 10% owned foreign corporation (as defined in section 245A(b)) with respect to which the corporation was a U.S. shareholder immediately after the transfer. See section 91.

Any LIFO recapture amount under section 1363(d). The corporation may have to include a LIFO recapture amount in income if it:

Used the LIFO inventory method for its last tax year before the first tax year for which it elected to become an S corporation, or

Transferred LIFO inventory assets to an S corporation in a nonrecognition transaction in which those assets were transferred basis property.

The LIFO recapture amount is the amount by which the C corporation's inventory under the FIFO method exceeds the inventory amount under the LIFO method at the close of the corporation's last tax year as a C corporation (or for the year of the transfer, if (2) above applies). Also, see the instructions for Schedule J, Part I, line 11 .

The ratable portion of any net positive section 481(a) adjustment. See Section 481(a) adjustment , earlier.

Part or all of the proceeds received from certain corporate-owned life insurance contracts issued after August 17, 2006. Corporations that own one or more employer-owned life insurance contracts issued after this date must file Form 8925, Report of Employer-Owned Life Insurance Contracts. See Form 8925.

Income from cancellation of debt (COD) from the repurchase of a debt instrument for less than its adjusted issue price.

The corporation's share of the following income from Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.

Ordinary earnings of a qualified electing fund.

Gain or loss from marking passive foreign investment company (PFIC) stock to market.

Gain or loss from sale or other disposition of section 1296 stock.

Excess distributions from a section 1291 fund allocated to the current year and pre-PFIC years, if any.

See Form 8621 and the Instructions for Form 8621 for details.

Any payroll tax credit taken by an employer on its 2023 employment tax returns (Forms 941, 943, and 944) for qualified paid sick and qualified paid family leave under FFCRA and ARP (both the nonrefundable and refundable portions). The corporation must include the full amount of the credit for qualified sick and family leave wages in gross income for the tax year that includes the last day of any calendar quarter in which the credit is allowed.

A credit is available only if the leave was taken after March 31, 2020, and before October 1, 2021, and only after the qualified leave wages were paid, which might, under certain circumstances, not occur until a quarter after September 30, 2021, including quarters in 2023.

Limitations on Deductions

The uniform capitalization rules of section 263A require corporations to capitalize certain costs to inventory or other property. Corporations subject to the section 263A uniform capitalization rules are required to capitalize:

Direct costs of assets produced or acquired for resale, and

Certain indirect costs (including taxes) that are properly allocable to property produced or property acquired for resale.

The corporation cannot deduct the costs required to be capitalized under section 263A until it sells, uses, or otherwise disposes of the property (to which the costs relate). The corporation recovers these costs through depreciation, amortization, or cost of goods sold.

A small business taxpayer (defined earlier) is not required to capitalize costs under section 263A. A small business taxpayer that wants to discontinue capitalizing costs under section 263A must change its method of accounting. See section 263A(i) and Regulations section 1.263A-1(j). Also, see the Instructions for Form 3115.

For more information on the uniform capitalization rules, see Pub. 538. Also, see Regulations sections 1.263A-1 through 1.263A-3. See section 263A(d), Regulations section 1.263A-4, and Pub. 225 for rules for property produced in a farming business.

Generally, an accrual basis taxpayer can only deduct business expenses and interest owed to a related party in the year the payment is included in the income of the related party. See sections 163(e)(3) and 267(a)(2) for limitations on deductions for unpaid interest and expenses.

Business interest expense may be limited. See section 163(j) and Form 8990. Also, see Limitation on deduction in the instructions for line 18 and Schedule K, Question 23 and Question 24 , later.

Corporations may be required to adjust deductions for depletion of iron ore and coal, intangible drilling and exploration and development costs, certain deductions for financial institutions, and the amortizable basis of pollution control facilities. See section 291 to determine the amount of the adjustment.

Election to deduct business start-up and organizational costs.

A corporation can elect to deduct a limited amount of start-up and organizational costs it paid or incurred. Any remaining costs must generally be amortized over a 180-month period. See sections 195 and 248 and the related regulations.

The corporation generally elects to deduct start-up or organizational costs by claiming the deduction on its income tax return filed by the due date (including extensions) for the tax year in which the active trade or business begins. For more details, see the Instructions for Form 4562.

If the corporation timely filed its return for the year without making an election, it can still make an election by filing an amended return within 6 months of the due date of the return (excluding extensions). Clearly indicate the election on the amended return and enter “Filed pursuant to section 301.9100-2” at the top of the amended return. File the amended return at the same address the corporation filed its original return. The election applies when figuring taxable income for the current tax year and all subsequent years.

The corporation can choose to forgo the elections above by affirmatively electing to capitalize its start-up or organizational costs on its income tax return filed by the due date (including extensions) for the tax year in which the active trade or business begins.

The election to either amortize or capitalize start-up costs is irrevocable and applies to all start-up costs that are related to the trade or business.

Report the deductible amount of start-up and organizational costs and any amortization on line 26. For amortization that begins during the current tax year, complete and attach Form 4562, Depreciation and Amortization.

Passive activity limitations.

Limitations on passive activity losses and credits under section 469 apply to personal service corporations (defined earlier) and closely held corporations (defined later).

Generally, the two kinds of passive activities are:

Trade or business activities in which the corporation did not materially participate for the tax year; and

Rental activities, regardless of its participation.

Corporations subject to the passive activity limitations must complete Form 8810 to compute their allowable passive activity loss and credit. Before completing Form 8810, see Temporary Regulations section 1.163-8T, which provides rules for allocating interest expense among activities. If a passive activity is also subject to the at-risk rules of section 465 or the tax-exempt use loss rules of section 470, those rules apply before the passive loss rules.

For more information, see section 469, the related regulations, and Pub. 925, Passive Activity and At-Risk Rules.

A corporation is a closely held corporation if:

At any time during the last half of the tax year more than 50% in value of its outstanding stock is directly or indirectly owned by or for not more than five individuals, and

The corporation is not a personal service corporation.

Certain organizations are treated as individuals for purposes of this test. See section 542(a)(2). For rules for determining stock ownership, see section 544 (as modified by section 465(a)(3)).

If the corporation claims certain credits, it may need to reduce the otherwise allowable deductions for expenses used to figure the credit. This applies to credits such as the following.

Work opportunity credit (Form 5884).

Credit for increasing research activities (Form 6765).

Orphan drug credit (Form 8820).

Disabled access credit (Form 8826).

Empowerment zone employment credit (Form 8844).

Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846).

Credit for small employer pension plan start-up costs (Form 8881).

Credit for employer-provided childcare facilities and services (Form 8882).

Low sulfur diesel fuel production credit (Form 8896).

Credit for employer differential wage payments (Form 8932).

Credit for small employer health insurance premiums (Form 8941).

Employer credit for paid family and medical leave (Form 8994).

If the corporation has any of the credits listed above, figure the current-year credit before figuring the deduction for expenses on which the credit is based. If the corporation capitalized any costs on which it figured the credit, it may need to reduce the amount capitalized by the credit attributable to these costs.

See the instructions for the form used to figure the applicable credit for more details.

If a corporation leases property to a governmental or other tax-exempt entity, the corporation cannot claim deductions related to the property to the extent that they exceed the corporation's income from the lease payments. This disallowed tax-exempt use loss can be carried over to the next tax year and treated as a deduction with respect to the property for that tax year. See section 470(d) for exceptions.

The $1 million compensation limit is reduced to $500,000 for remuneration for services provided by individuals for or on behalf of certain health insurance providers. The $500,000 limitation applies to remuneration that is deductible in the tax year during which the services were performed and remuneration for services during the year that is deductible in a future tax year (called "deferred deduction remuneration"). The $500,000 limitation is reduced by any amounts disallowed as excess parachute payments. See section 162(m)(6) and Regulations section 1.162-31 for definitions and other special rules.

Enter deductible officers' compensation on line 12. Do not include compensation deductible elsewhere on the return, such as amounts included in cost of goods sold, elective contributions to a section 401(k) cash or deferred arrangement, or amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan.

If the corporation's total receipts (line 1a, plus lines 4 through 10) are $500,000 or more, complete Form 1125-E, Compensation of Officers. Enter on Form 1120, line 12, the amount from Form 1125-E, line 4.

Enter the total salaries and wages paid for the tax year. Do not include salaries and wages deductible elsewhere on the return, such as amounts included in officers' compensation, cost of goods sold, elective contributions to a section 401(k) cash or deferred arrangement, or amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan.

If the corporation provided taxable fringe benefits to its employees, such as personal use of a car, do not deduct as wages the amount allocated for depreciation and other expenses claimed on lines 20 and 26.

Enter the cost of repairs and maintenance not claimed elsewhere on the return, such as labor and supplies, that are not payments to produce or improve real or tangible personal property. See Regulations section 1.263(a)-1. For example, amounts are paid for improvements if they are for betterments to the property, restorations of the property (such as the replacements of major components or substantial structural parts), or if they adapt the property to a new or different use. Amounts paid to produce or improve property must be capitalized. See Regulations sections 1.263(a)-2 and (a)-3.

The corporation can deduct repair and maintenance expenses only to the extent they relate to a trade or business activity. See Regulations section 1.162-4. The corporation may elect to capitalize certain repair and maintenance costs consistent with its books and records. See Regulations section 1.263(a)-3(n) for information on how to make the election.

Enter the total debts that became worthless in whole or in part during the tax year. A small bank or thrift institution using the reserve method of section 585 should attach a statement showing how it figured the current year's provision. A corporation that uses the cash method of accounting cannot claim a bad debt deduction unless the amount was previously included in income.

If the corporation rented or leased a vehicle, enter the total annual rent or lease expense paid or incurred during the year. Also, complete Part V of Form 4562. If the corporation leased a vehicle for a term of 30 days or more, the deduction for vehicle lease expense may have to be reduced by an amount includible in income called the inclusion amount. The corporation may have an inclusion amount if:

See Pub. 463, Travel, Gift, and Car Expenses, for instructions on figuring the inclusion amount.

The inclusion amount for lease terms beginning in 2024 will be published in the Internal Revenue Bulletin in early 2024.

Enter taxes paid or accrued during the tax year, but do not include the following.

Federal income taxes.

Foreign or U.S. territory income taxes if a foreign tax credit is claimed.

Taxes not imposed on the corporation.

Taxes, including state or local sales taxes, that are paid or incurred in connection with an acquisition or disposition of property (these taxes must be treated as a part of the cost of the acquired property or, in the case of a disposition, as a reduction in the amount realized on the disposition).

Taxes assessed against local benefits that increase the value of the property assessed (such as for paving, etc.).

Taxes deducted elsewhere on the return, such as those reflected in cost of goods sold.

See section 164(d) for information on apportionment of taxes on real property between seller and purchaser.

Line 18. Interest

Do not offset interest income against interest expense.

The corporation must make an interest allocation if the proceeds of a loan were used for more than one purpose (for example, to purchase a portfolio investment and to acquire an interest in a passive activity). See Temporary Regulations section 1.163-8T for the interest allocation rules.

Mutual savings banks, building and loan associations, and cooperative banks can deduct the amounts paid or credited to the accounts of depositors as dividends, interest, or earnings. See section 591.

Do not deduct the following interest.

Interest on indebtedness incurred or continued to purchase or carry obligations if the interest is wholly exempt from income tax. See section 265(b) for special rules and exceptions for financial institutions. Also, see section 265(b)(7) for a de minimis exception for financial institutions for certain tax-exempt bonds issued in 2009 and 2010.

For cash basis taxpayers, prepaid interest allocable to years following the current tax year. For example, a cash basis calendar year taxpayer who in 2023 prepaid interest allocable to any period after 2023 can deduct only the amount allocable to 2023.

Interest and carrying charges on straddles. Generally, these amounts must be capitalized. See section 263(g).

Interest on debt allocable to the production of designated property by a corporation for its own use or for sale. The corporation must capitalize this interest. Also, capitalize any interest on debt allocable to an asset used to produce the property. See section 263A(f) and Regulations sections 1.263A-8 through 1.263A-15 for definitions and more information.

Interest paid or incurred on any portion of an underpayment of tax that is attributable to an understatement arising from an undisclosed listed transaction or an undisclosed reportable avoidance transaction (other than a listed transaction) entered into in tax years beginning after October 22, 2004.

Special rules apply to:

Forgone interest on certain below-market-rate loans (see section 7872).

Original issue discount (OID) on certain high yield discount obligations. See section 163(e)(5) to determine the amount of the deduction for OID that is deferred and the amount that is disallowed on a high yield discount obligation. The rules under section 163(e)(5) do not apply to certain high yield discount obligations issued after August 31, 2008, and before January 1, 2011. See section 163(e)(5)(F).

Interest which is allocable to unborrowed policy cash values of life insurance, endowment, or annuity contracts issued after June 8, 1997. See section 264(f). Attach a statement showing the computation of the deduction.

Under section 163(j), business interest expense is generally limited to the sum of business interest income, 30% of the adjusted taxable income, and floor plan financing interest. The amount of any business interest expense that is not allowed as a deduction for the tax year is carried forward to the following year. If section 163(j) applies, use Form 8990 to figure the amount of business interest expense the corporation can deduct for the current tax year and the amount that can be carried forward to the next year. See the Instructions for Form 8990. Also see Schedule K, Question 23 and Question 24 , later.

Line 19. Charitable Contributions

Enter contributions or gifts actually paid within the tax year to or for the use of charitable and governmental organizations described in section 170(c) and any unused contributions carried over from prior years. Special rules and limits apply to contributions to organizations conducting lobbying activities. See section 170(f)(9).

Corporations reporting taxable income on the accrual method can elect to treat as paid during the tax year any contributions paid by the due date for filing the corporation’s tax return (not including extensions), if the contributions were authorized by the board of directors during the tax year. Attach a declaration to the return stating that the resolution authorizing the contributions was adopted by the board of directors during the tax year. The declaration must include the date the resolution was adopted. See section 170(a)(2)(B).

Generally, the total amount claimed cannot be more than 10% of taxable income (line 30) computed without regard to the following.

Any deduction for contributions.

The special deductions on line 29b.

The limitation under section 249 on the deduction for bond premium.

Any net operating loss (NOL) carryback to the tax year under section 172.

Any capital loss carryback to the tax year under section 1212(a)(1).

Deduction for income attributable to domestic production activities of specified agricultural or horticultural cooperatives.

Charitable contributions over the 10% limitation cannot be deducted for the tax year but can be carried over to the next 5 tax years. See the exception below for farmers and ranchers and certain Native Corporations.

Special rules apply if the corporation has an NOL carryover to the tax year. In figuring the charitable contributions deduction for the current tax year, the 10% limit is applied using the taxable income after taking into account any deduction for the NOL.

To figure the amount of any remaining NOL carryover to later years, taxable income must be modified (see section 172(b)). To the extent that contributions are used to reduce taxable income for this purpose and increase an NOL carryover, a contributions carryover is not allowed. See section 170(d)(2)(B).

Certain corporations can deduct contributions of qualified conservation property without regard to the general 10% limit. This applies to:

A qualified farmer or rancher (as defined in section 170(b)(1)(E)(v)) that does not have publicly traded stock; and

A Native Corporation (as defined in section 170(b)(2)(C)(iii)) that contributes property which was land conveyed under the Alaska Native Claims Settlement Act.

The total amount of the contribution claimed for the qualified conservation property cannot exceed 100% of the excess of the corporation's taxable income (as computed above substituting “100%” for “10%” ) over all other allowable charitable contributions. Any excess qualified conservation contributions can be carried over to the next 15 years, subject to the 100% limitation. See sections 170(b)(2)(B) and (C).

For contributions of cash, check, or other monetary gifts (regardless of the amount), the corporation must maintain a bank record, or a receipt, letter, or other written communication from the donee organization indicating the name of the organization, the date of the contribution, and the amount of the contribution.

A corporation can deduct a contribution of $250 or more only if it gets a written acknowledgment from the donee organization that shows the amount of cash contributed, describes any property contributed (but not its value), and either gives a description and a good faith estimate of the value of any goods or services provided in return for the contribution or states that no goods or services were provided in return for the contribution. The acknowledgment must be obtained by the due date (including extensions) of the corporation's return, or, if earlier, the date the return is filed. Do not attach the acknowledgment to the tax return, but keep it with the corporation's records.

Contributions of property other than cash.

If a corporation (other than a closely held or personal service corporation) contributes property other than cash and claims over a $500 deduction for the property, it must attach a statement to the return describing the kind of property contributed and the method used to determine its FMV. Closely held corporations and personal service corporations must complete Form 8283, Noncash Charitable Contributions, and attach it to their returns. All other corporations must generally complete and attach Form 8283 to their returns for contributions of property (other than money) if the total claimed deduction for all property contributed was more than $5,000. Special rules apply to the contribution of certain property. See the Instructions for Form 8283.

Special rules apply to qualified conservation contributions, including contributions of certain easements on buildings located in a registered historic district. See section 170(h) and Pub. 526, Charitable Contributions.

The corporation must reduce its deduction for contributions of certain ordinary income and capital gain property. See section 170(e).

A larger deduction is allowed for certain contributions including:

Inventory and other property to certain organizations for use in the care of the ill, needy, or infants (see section 170(e)(3)), including qualified contributions of “apparently wholesome food”; and

Scientific equipment used for research to institutions of higher learning or to certain scientific research organizations (other than by personal holding companies and service organizations). See section 170(e)(4).

For more information on charitable contributions, including substantiation and recordkeeping requirements, see section 170 and the related regulations and Pub. 526. For other special rules that apply to corporations, see Pub. 542.

Include on line 20 depreciation and the cost of certain property that the corporation elected to expense under section 179 from Form 4562. Include amounts not claimed on Form 1125-A or elsewhere on the return. See Form 4562 and the Instructions for Form 4562.

If the corporation has an economic interest in mineral property or standing timber, it can take a deduction for depletion. More than one person can have an economic interest in the same mineral deposit or timber. In the case of leased property, the depletion deduction is divided between the lessor and the lessee.

See sections 613 and 613A for percentage depletion rates applicable to natural deposits. Also, see section 291 for the limitation on the depletion deduction for iron ore and coal (including lignite).

Attach Form T (Timber), Forest Activities Schedule, if a deduction for depletion of timber is taken.

Foreign intangible drilling costs and foreign exploration and development costs must either be added to the corporation's basis for cost depletion purposes or be deducted ratably over a 10-year period. See sections 263(i), 616, and 617 for details.

Line 23. Pension, Profit-Sharing, etc., Plans

Enter the deduction for contributions to qualified pension, profit-sharing, or other funded deferred compensation plans. Employers who maintain such a plan must generally file one of the forms listed below unless exempt from filing under regulations or other applicable guidance, even if the plan is not a qualified plan under the Internal Revenue Code. The filing requirement applies even if the corporation does not claim a deduction for the current tax year. There are penalties for failure to file these forms on time and for overstating the pension plan deduction. See sections 6652(e) and 6662(f). Also, see the instructions for the applicable form.

Annual Return/Report of Employee Benefit Plan.

Short Form Annual Return/Report of Small Employee Benefit Plan. File this form instead of Form 5500 generally if there were under 100 participants at the beginning of the plan year.

Form 5500 and Form 5500-SF must be filed electronically under the computerized ERISA Filing Acceptance System (EFAST2). For more information, see the EFAST2 website at www.EFAST.dol.gov .

Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan. File this form for a plan that only covers the owner (or the owner and spouse) or a foreign plan that is required to file an annual return and does not file the annual return electronically on Form 5500-SF. See the Instructions for Form 5500-EZ.

Enter contributions to employee benefit programs not claimed elsewhere on the return (for example, insurance or health and welfare programs) that are not an incidental part of a pension, profit-sharing, etc., plan included on line 23.

Complete and attach Form 7205 if claiming the energy efficient commercial building deduction. See the Instructions for Form 7205 for more information. Also, see section 179D.

Line 26. Other Deductions

Attach a statement, listing by type and amount, all allowable deductions that are not deductible elsewhere on Form 1120. Enter the total on line 26.

Examples of other deductions include the following.

Certain film, television, or live theatrical productions acquired and placed in service after September 27, 2017 (for which a deduction would have been allowable under section 181 without regard to the dollar limitation), are qualified property eligible for the special depreciation allowance under section 168(k). See the Instructions for Form 4562.

Amortization. See Part VI of Form 4562.

Certain costs of a qualified film, television, or live theatrical production commencing before January 1, 2026 (after December 31, 2015, and before January 1, 2026, for a live theatrical production). This deduction does not apply to any portion of the aggregate cost of the production above $15 million. There is a higher allowance for production in certain areas. See section 181 and the related regulations.

Certain business start-up and organizational costs (discussed earlier, under Limitations on Deductions ).

Reforestation costs. The corporation can elect to deduct up to $10,000 of qualifying reforestation expenses for each qualified timber property. The corporation can elect to amortize over 84 months any amount not deducted. See the Instructions for Form T (Timber).

Insurance premiums.

Legal and professional fees.

Supplies used and consumed in the business.

Travel, meals, and entertainment expenses. Special rules apply (discussed later).

Ordinary losses from trade or business activities of a partnership (from Schedule K-1 (Form 1065)). Do not offset ordinary income against ordinary losses. Instead, include the income on line 10. Show the partnership's name, address, and EIN on a separate statement attached to this return. If the amount is from more than one partnership, identify the amount from each partnership.

Any extraterritorial income exclusion (from Form 8873).

Any net negative section 481(a) adjustment, or in the case of an eligible terminated S corporation, the ratable portion of any negative section 481(a) adjustment. See Section 481(a) adjustment , earlier.

Dividends paid in cash on stock held by an employee stock ownership plan.

Paid in cash directly to the plan participants or beneficiaries;

Paid to the plan, which distributes them in cash to the plan participants or their beneficiaries no later than 90 days after the end of the plan year in which the dividends are paid;

At the election of such participants or their beneficiaries (a) payable as provided under (1) or (2) above, or (b) paid to the plan and reinvested in qualifying employer securities; or

Used to make payments on a loan described in section 404(a)(9).

Do not deduct expenses such as the following.

Amounts paid or incurred to, or at the direction of, a government or governmental entity for the violation, or investigation or inquiry into the potential violation, of a law. However, see Fines or similar penalties , later.

Any amount that is allocable to a class of exempt income. See section 265(b) for exceptions.

Lobbying expenses. However, see exceptions discussed later.

Amounts paid or incurred for any settlement, payout, or attorney fees related to sexual harassment or sexual abuse, if such payments are subject to a nondisclosure agreement. See section 162(q).

Travel, meals, and entertainment.

Subject to limitations and restrictions discussed below, a corporation can deduct ordinary and necessary travel, meal, and non-entertainment expenses paid or incurred in its trade or business. Generally, entertainment expenses, membership dues, and facilities used in connection with these activities cannot be deducted. In addition, no deduction is generally allowed for qualified transportation fringe benefits. Special rules apply to deductions for gifts, luxury water travel, and convention expenses. See section 274 and Pub. 463, for details.

The corporation cannot deduct travel expenses of any individual accompanying a corporate officer or employee, including a spouse or dependent of the officer or employee, unless:

That individual is an employee of the corporation, and

That individual’s travel is for a bona fide business purpose and would otherwise be deductible by that individual.

Generally, the corporation can deduct only 50% of the amount otherwise allowable for non-entertainment-related meal expenses paid or incurred in its trade or business. Meals not separately stated from entertainment are generally not deductible. In addition (subject to exceptions under section 274(k)(2)):

Meals must not be lavish or extravagant, and

An employee of the corporation must be present at the meal.

See section 274(n)(3) for a special rule that applies to expenses for meals consumed by individuals subject to the hours of service limits of the Department of Transportation.

Generally, no deduction is allowed under section 274(a)(4) for QTFs provided by employers to their employees. QTFs are defined in section 132(f)(1) and include:

Transportation in a commuter highway vehicle between the employee's residence and place of employment,

Any transit pass, and

Qualified parking.

See section 274 and Pub. 15-B, Employers Tax Guide to Fringe Benefits, for details.

The corporation can deduct amounts paid or incurred for membership dues in civic or public service organizations, professional organizations (such as bar and medical associations), business leagues, trade associations, chambers of commerce, boards of trade, and real estate boards. However, no deduction is allowed if a principal purpose of the organization is to entertain or provide entertainment facilities for members or their guests. In addition, corporations cannot deduct membership dues in any club organized for business, pleasure, recreation, or other social purpose. This includes country clubs, golf and athletic clubs, airline and hotel clubs, and clubs operated to provide meals under conditions favorable to business discussion.

Generally, the corporation cannot deduct an expense paid or incurred for a facility (such as a yacht or hunting lodge) used for an activity usually considered entertainment, amusement, or recreation.

Generally, the corporation may be able to deduct otherwise nondeductible entertainment, amusement, or recreation expenses if the amounts are treated as compensation to the recipient and reported on Form W-2 for an employee or on Form 1099-NEC for an independent contractor.

However, if the recipient is an officer, director, beneficial owner (directly or indirectly), or other “specified individual” (as defined in section 274(e)(2)(B) and Regulations section 1.274-9(b)), special rules apply.

Generally, no deduction is allowed for fines or similar penalties paid or incurred to, or at the direction of, a government or governmental entity for violating any law, or for the investigation or inquiry into the potential violation of a law, except:

Amounts that constitute restitution or remediation of property,

Amounts paid to come into compliance with the law,

Amounts paid or incurred as the result of orders or agreements in which no government or governmental entity is a party, and

Amounts paid or incurred for taxes due.

No deduction is allowed unless the amounts are specifically identified in the order or agreement and the corporation establishes that the amounts were paid for that purpose. Also, any amount paid or incurred as reimbursement to the government for the costs of any investigation or litigation are not eligible for the exceptions and are nondeductible. See section 162(f).

Generally, lobbying expenses are not deductible. These expenses include:

Amounts paid or incurred in connection with influencing federal, state, or local legislation; or

Amounts paid or incurred in connection with any communication with certain federal executive branch officials in an attempt to influence the official actions or positions of the officials. See Regulations section 1.162-29 for the definition of “influencing legislation.”

Dues and other similar amounts paid to certain tax-exempt organizations may not be deductible. If certain in-house lobbying expenditures do not exceed $2,000, they are deductible.

Line 28. Taxable Income Before NOL Deduction and Special Deductions

Generally, special at-risk rules under section 465 apply to closely held corporations (see Passive activity limitations , earlier) engaged in any activity as a trade or business or for the production of income. These corporations may have to adjust the amount on line 28. (See below.)

The at-risk rules do not apply to:

Holding real property placed in service by the taxpayer before 1987;

Equipment leasing under sections 465(c)(4), (5), and (6); or

Any qualifying business of a qualified corporation under section 465(c)(7).

However, the at-risk rules do apply to the holding of mineral property.

If the at-risk rules apply, adjust the amount on this line for any section 465(d) losses. These losses are limited to the amount for which the corporation is at risk for each separate activity at the close of the tax year. If the corporation is involved in one or more activities, any of which incurs a loss for the year, report the losses for each activity separately. Attach Form 6198, At-Risk Limitations, showing the amount at risk and gross income and deductions for the activities with the losses.

If the corporation sells or otherwise disposes of an asset or its interest (either total or partial) in an activity to which the at-risk rules apply, determine the net profit or loss from the activity by combining the gain or loss on the sale or disposition with the profit or loss from the activity. If the corporation has a net loss, it may be limited because of the at-risk rules.

Treat any loss from an activity not allowed for the tax year as a deduction allocable to the activity in the next tax year.

A corporation can use the NOL incurred in one tax year to reduce its taxable income in another tax year. Enter on line 29a the total NOL carryovers from other tax years, but do not enter more than the corporation's taxable income (after special deductions). Attach a statement showing the computation of the NOL deduction. Complete item 12 on Schedule K.

The following special rules apply.

If an ownership change (described in section 382(g)) occurs, the amount of the taxable income of a loss corporation that may be offset by the pre-change NOL carryovers may be limited. See section 382 and the related regulations. A loss corporation must include the information statement as provided in Regulations section 1.382-11(a) with its income tax return for each tax year that it is a loss corporation in which an ownership shift, equity structure shift, or other transaction described in Temporary Regulations section 1.382-2T(a)(2)(i) occurs. If the corporation makes the closing-of-the-books election, see Regulations section 1.382-6(b).

The limitations under section 382 do not apply to certain ownership changes after February 17, 2009, made pursuant to a restructuring plan under the Emergency Economic Stabilization Act of 2008. See section 382(n).

For guidance in applying section 382 to loss corporations whose instruments were acquired by Treasury under certain programs under the Emergency Economic Stabilization Act of 2008, see Notice 2010-2, 2010-2 I.R.B. 251.

If a corporation acquires control of another corporation (or acquires its assets in a reorganization), the amount of pre-acquisition losses that may offset recognized built-in gain may be limited (see section 384).

If a corporation elects the alternative tax on qualifying shipping activities under section 1354, no deduction is allowed for an NOL attributable to the qualifying shipping activities to the extent that the loss is carried forward from a tax year preceding the first tax year for which the alternative tax election was made. See section 1358(b)(2).

For more details on the NOL deduction, see section 172 and the Instructions for Form 1139.

See the instructions for Schedule C.

Line 30. Taxable Income

The corporation's taxable income cannot be less than the largest of the following amounts.

The inversion gain of the corporation for the tax year, if the corporation is an expatriated entity or a partner in an expatriated entity. See section 7874(a).

The sum of the corporation's excess inclusions from its residual interest in a REMIC from Schedules Q (Form 1066), line 2c, and the corporation's taxable income determined solely with respect to its ownership and high-yield interests in FASITs. See sections 860E(a) and 860J (repealed).

If line 30 (figured without regard to the items listed above under minimum taxable income) is zero or less, the corporation may have an NOL that can be carried back or forward as a deduction to other tax years.

Only farming losses and losses of an insurance company (other than a life insurance company) can be carried back. The carryback period for these losses is 2 years. For NOLs that can be carried back, the corporation can elect to waive the carryback period and instead carry the NOL forward to future tax years.

See the instructions for Schedule K, Item 11 for information on making the election to waive the carryback period. See the Instructions for Form 1139 for other special rules and elections.

The NOL deduction for tax year 2023 cannot exceed the aggregate amount of NOLs arising in tax years beginning before January 1, 2018, carried to such year plus the lesser of:

The aggregate amount of NOLs arising in tax years beginning after December 31, 2017, carried to such tax year; or

80% of the excess, if any, of taxable income determined without any NOL deduction, section 199A deduction, or section 250 deduction, over any NOL carryover to the tax year from tax years beginning before January 1, 2018.

An exception applies for NOLs of insurance companies other than life insurance companies. The 80% taxable income limit does not apply to these entities. See sections 172(b) and (f).

To take a deduction for amounts contributed to a capital construction fund (CCF), reduce the amount that would otherwise be entered on line 30 by the amount of the deduction. On the dotted line next to the entry space, enter “CCF” and the amount of the deduction. For more information, see section 7518.

Reserved for future use.

Generally, the corporation does not have to file Form 2220 because the IRS can figure the penalty amount, if any, and bill the corporation. However, even if the corporation does not owe the penalty, it must complete and attach Form 2220 if:

The annualized income or adjusted method is used, or

The corporation is a large corporation (as defined in the Instructions for Form 2220) computing its first required installment based on the prior year's tax.

If Form 2220 is attached, check the box on line 34, and enter any penalty on this line.

If the corporation cannot pay the full amount of tax owed, it can apply for an installment agreement online. The corporation can apply for an installment agreement online if:

It cannot pay the full amount shown on line 35,

The total amount owed is $25,000 or less, and

The corporation can pay the liability in full in 24 months.

Under an installment agreement, the corporation can pay what it owes in monthly installments. There are certain conditions that must be met to enter into and maintain an installment agreement, such as paying the liability within 24 months and making all required deposits and timely filing tax returns during the length of the agreement.

If the installment agreement is accepted, the corporation will be charged a fee and it will be subject to penalties and interest on the amount of tax not paid by the due date of the return.

Enter the amount of any overpayment that should be refunded or applied to next year's estimated tax.

This election to apply some or all of the overpayment amount to the corporation's 2024 estimated tax cannot be changed at a later date.

If the corporation wants its refund directly deposited into its checking or savings account at any U.S. bank or other financial institution instead of having a check sent to the corporation, complete Form 8050, Direct Deposit of Corporate Tax Refund, and attach it to the corporation's tax return.

Schedule C. Dividends, Inclusions, and Special Deductions

For purposes of the 20% ownership test on lines 1 through 7, the percentage of stock owned by the corporation is based on voting power and value of the stock. Preferred stock described in section 1504(a)(4) is not taken into account.

Corporations filing a consolidated return should see Regulations sections 1.1502-13, 1.1502-26, and 1.1502-27 before completing Schedule C.

Corporations filing a consolidated return must not report as dividends on Schedule C any amounts received from corporations within the consolidated group. Such dividends are eliminated in consolidation rather than offset by the dividends-received deduction.

Enter dividends (except those received on certain debt-financed stock acquired after July 18, 1984—see section 246A) that are:

Received from less-than-20%-owned domestic corporations subject to income tax, and

Qualified for the 50% deduction under section 243(a)(1).

Also, include on line 1 the following.

Taxable distributions from an IC-DISC or former DISC that are designated as eligible for the 50% deduction and certain dividends of Federal Home Loan Banks. See section 246(a)(2).

Dividends (except those received on certain debt-financed stock acquired after July 18, 1984) from a regulated investment company (RIC). The amount of dividends eligible for the dividends-received deduction under section 243 is limited by section 854(b). The corporation should receive a notice from the RIC specifying the amount of dividends that qualify for the deduction.

Report so-called dividends or earnings received from mutual savings banks, etc., as interest. Do not treat them as dividends.

Enter on line 2:

Dividends (except those received on certain debt-financed stock acquired after July 18, 1984) that are received from 20%-or-more-owned domestic corporations subject to income tax and that are subject to the 65% deduction under section 243(c), and

Taxable distributions from an IC-DISC or former DISC that are considered eligible for the 65% deduction.

Enter the following.

Dividends received on certain debt-financed stock acquired after July 18, 1984, from domestic and foreign corporations subject to income tax that would otherwise be subject to the dividends-received deduction under section 243(a)(1), 243(c), or 245(a). Generally, debt-financed stock is stock that the corporation acquired by incurring a debt (for example, it borrowed money to buy the stock).

Dividends received from a RIC on debt-financed stock. The amount of dividends eligible for the dividends-received deduction is limited by section 854(b). The corporation should receive a notice from the RIC specifying the amount of dividends that qualify for the deduction.

Dividends received on certain debt-financed stock acquired after July 18, 1984, are not entitled to the full 50% or 65% dividends-received deduction under section 243 or 245(a). The 50% or 65% deduction is reduced by a percentage that is related to the amount of debt incurred to acquire the stock. See section 246A. Also, see section 245(a) before making this computation for an additional limitation that applies to certain dividends received from foreign corporations. Attach a statement to Form 1120 showing how the amount on line 3, column (c), was figured.

Enter dividends received on preferred stock of a less-than-20%-owned public utility that is subject to income tax and is allowed the 23.3% deduction provided in sections 244 and 247 (as affected by P.L.113-295, Div. A, section 221(a)(41)(A), Dec. 19, 2014, 128 Stat. 4043) for dividends paid.

Enter dividends received on preferred stock of a 20%-or-more-owned public utility that is subject to income tax and is allowed the 26.7% deduction provided in sections 244 and 247 (as affected by P.L.113-295, Div. A, section 221(a)(41)(A), Dec. 19, 2014, 128 Stat. 4043) for dividends paid.

Enter the U.S.-source portion of dividends that:

Are received from less-than-20%-owned foreign corporations, and

Qualify for the 50% deduction under section 245(a). To qualify for the 50% deduction, the corporation must own at least 10% of the stock of the foreign corporation by vote and value.

Also, include dividends received from a less-than-20%-owned FSC that:

Are attributable to income treated as effectively connected with the conduct of a trade or business within the United States (excluding foreign trade income), and

Qualify for the 50% deduction under section 245(c)(1)(B).

Are received from 20%-or-more-owned foreign corporations, and

Qualify for the 65% deduction under sections 243 and 245(a).

Also, include dividends received from a 20%-or-more-owned FSC that:

Qualify for the 65% deduction under section 245(c)(1)(B).

Enter dividends received from wholly owned foreign subsidiaries that are eligible for the 100% deduction under section 245(b).

In general, the deduction under section 245(b) applies to dividends paid out of the earnings and profits of a foreign corporation for a tax year during which:

All of its outstanding stock is directly or indirectly owned by the domestic corporation receiving the dividends, and

All of its gross income from all sources is effectively connected with the conduct of a trade or business within the United States.

Generally, line 9, column (c), cannot exceed the amount from the Worksheet for Schedule C, line 9. However, in a year in which an NOL occurs, this limitation does not apply even if the loss is created by the dividends-received deduction. See sections 172(d) and 246(b).

Small business investment companies operating under the Small Business Investment Act of 1958 must enter dividends that are received from domestic corporations subject to income tax even though a deduction is allowed for the entire amount of those dividends. To claim the 100% deduction on line 10, column (c), the company must file with its return a statement that it was a federal licensee under the Small Business Investment Act of 1958 at the time it received the dividends.

Enter only dividends that qualify under section 243(b) for the 100% dividends-received deduction described in section 243(a)(3). Corporations taking this deduction are subject to the provisions of section 1561.

The 100% deduction does not apply to affiliated group members that are joining in the filing of a consolidated return.

Enter dividends from FSCs that are attributable to foreign trade income and that are eligible for the 100% deduction provided in section 245(c)(1)(A).

Enter the foreign-source portion of dividends that:

Are received from specified 10%-owned foreign corporations (as defined in section 245A(b)), including, for example, gain from the sale of stock of a foreign corporation that is treated as a dividend under sections 1248(a) and (j); and

Qualify for the section 245A deduction.

Enter the foreign dividends not reportable on line 3, 6, 7, 8, 11, 12, or 13 of column (a).

Include on line 14 the foreign-source portion of any dividend that does not qualify for the section 245A deduction (for example, hybrid dividends within the meaning of section 245A(e), ineligible amounts of dividends within the meaning of Regulations section 1.245A-5(b), dividends that fail to meet the holding period requirement under section 246(c)(5), etc.).

Also, include on line 14 the corporation's share of distributions from a section 1291 fund from Form 8621, to the extent that the amounts are taxed as dividends under section 301. See Form 8621 and the Instructions for Form 8621.

Attach a statement identifying the amount of each dividend reported on line 14 and the provision pursuant to which a deduction is not allowed with respect to such dividend.

Enter the foreign-source portion of any subpart F inclusions attributable to the sale or exchange by a CFC of stock in another foreign corporation described in section 964(e)(4). This should equal the sum of the amounts reported by the U.S. shareholder on Form(s) 5471, Schedule I, line 1a. (Do not include on line 16a any portion of such subpart F inclusion that is not eligible for the section 245A deduction pursuant to Regulations section 1.245A-5(g)(2). Include such amounts on line 16c.)

Enter the total subpart F inclusions attributable to tiered hybrid dividends. This should equal the sum of the amounts reported by the U.S. shareholder on Form(s) 5471, Schedule I, line 1b.

Enter all other amounts included in income under section 951. This should equal the sum of the amounts reported by the U.S. shareholder on Form(s) 5471, Schedule I, lines 1(c) through 1(h), 2, and 4.

Enter amounts included in income under section 951A. See Form 8992, Part II, line 5, and the Instructions for Form 8992. Also, if applicable, attach Form(s) 5471.

Consider the applicability of section 951A with respect to CFCs owned by domestic partnerships in which the corporation has an interest.

Include gross-up for taxes deemed paid under section 960.

Enter taxable distributions from an IC-DISC or former DISC that are designated as not eligible for a dividends-received deduction.

No deduction is allowed under section 243 for a dividend from an IC-DISC or former DISC (as defined in section 992(a)) to the extent the dividend:

Is paid out of the corporation's accumulated IC-DISC income or previously taxed income, or

Is a deemed distribution under section 995(b)(1).

Include the following.

Dividends (other than capital gain distributions reported on Schedule D (Form 1120), Capital Gains and Losses, and exempt-interest dividends) that are received from RICs and that are not subject to the 50% deduction.

Dividends from tax-exempt organizations.

Dividends (other than capital gain distributions) received from a REIT that, for the tax year of the trust in which the dividends are paid, qualifies under sections 856 through 860.

Dividends not eligible for a dividends-received deduction, which include the following.

Dividends received on any share of stock held for less than 46 days during the 91-day period beginning 45 days before the ex-dividend date. When counting the number of days the corporation held the stock, you cannot count certain days during which the corporation's risk of loss was diminished. See section 246(c)(4) and Regulations section 1.246-5 for more details.

Dividends received on any share of preferred stock which are attributable to periods totaling more than 366 days if such stock was held for less than 91 days during the 181-day period that began 90 days before the ex-dividend date. When counting the number of days the corporation held the stock, you cannot count certain days during which the corporation's risk of loss was diminished. See section 246(c)(4) and Regulations section 1.246-5 for more details. Preferred dividends attributable to periods totaling less than 367 days are subject to the 46-day holding period rule discussed above.

Dividends on any share of stock to the extent the corporation is under an obligation (including a short sale) to make related payments with respect to positions in substantially similar or related property.

Any other taxable dividend income not properly reported elsewhere on Schedule C.

If patronage dividends or per-unit retain allocations are included on line 20, identify the total of these amounts in a statement attached to Form 1120.

Section 247 (as affected by P.L.113-295, Div. A, section 221(a)(41)(A), Dec. 19, 2014, 128 Stat. 4043) allows public utilities a deduction of 40% of the smaller of (a) dividends paid on their preferred stock during the tax year, or (b) taxable income computed without regard to this deduction. In a year in which an NOL occurs, compute the deduction without regard to section 247(a)(1)(B).

Enter the section 250 deduction claimed for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). This should equal the sum of the amounts on Form 8993, Part III, lines 28 and 29.

Schedule J. Tax Computation and Payment

Part i—tax computation.

Multiply taxable income (page 1, line 30) by 21% (0.21). Enter this amount on line 1.

Mutual savings bank conducting life insurance business.

The tax under section 594 consists of the sum of (a) a partial tax computed on Form 1120 on the taxable income of the bank, determined without regard to income or deductions allocable to the life insurance department, and (b) a partial tax on the taxable income computed on Form 1120-L of the life insurance department. Enter the combined tax on line 1. Attach Form 1120-L as a schedule (and identify it as such), together with the annual statements and schedules required to be filed with Form 1120-L. See Regulations section 1.6012-2(c)(1)(ii).

If an insurance company files its income tax return electronically, it should not include the annual statements and schedules required to be filed with Form 1120-L. However, such statements must be available at all times for inspection by the IRS and retained for so long as such statements may be material in the administration of any Internal Revenue law.

If the corporation was a shareholder in a PFIC and received an excess distribution or disposed of its investment in the PFIC during the year, it must include the increase in taxes due under section 1291(c)(2) (from Form 8621) in the total for line 1. On the dotted line next to line 1, enter “Section 1291” and the amount.

Do not include on line 1 any interest due under section 1291(c)(3). Instead, include the amount of interest owed on Schedule J, Part I, line 9z.

For more information on reporting the deferred tax and interest, see the Instructions for Form 8621.

If the corporation is filing Form 8978, Partner’s Additional Reporting Year Tax, to report adjustments shown on Form 8986, Push Out to Partners under IRC 6226(a)(2), they received from partnerships that have been audited and have elected to push out imputed underpayments to their partners, include any increase in taxes due from Form 8978, line 14, in the total for Form 1120, Schedule J, line 1. On the dotted line next to line 1, enter "FROM FORM 8978" and the amount. Attach Form 8978. If Form 8978, line 14, shows a decrease in tax, see the instructions for Schedule J, line 6 .

A corporation that elects to recognize gain and pay tax on the sale of a section 197 intangible under the related person exception to the anti-churning rules should include any additional tax due in the total for line 1. On the dotted line next to line 1, enter “Section 197” and the amount. See section 197(f)(9)(B)(ii).

If the corporation had gross receipts of at least $500 million in any 1 of the 3 tax years preceding the current tax year, complete and attach Form 8991. Enter on line 2 the base erosion minimum tax amount from Form 8991, Part IV, line 5e. See section 59A and the Instructions for Form 8991. Also, see Schedule K, Question 22 , later.

Enter on line 3 the amount from Form 4626, Alternative Minimum Tax—Corporations, Part II, line 13, if applicable. See the Instructions for Form 4626.

To find out when a corporation can take the credit for payment of income tax to a foreign country or U.S. territory, see Form 1118, Foreign Tax Credit—Corporations.

Enter any qualified electric vehicle passive activity credits from prior years allowed for the current tax year from Form 8834, Qualified Electric Vehicle Credit, line 7. Attach Form 8834.

Use Form 3800 to claim any general business credits. Enter on line 5c the allowable credit from Form 3800, Part II, line 38. See the Instructions for Form 3800.

Enter any allowable credit from Form 8827, Credit for Prior Year Minimum Tax—Corporations. Complete and attach Form 8827.

Enter the allowable credits from Form 8912, Credit to Holders of Tax Credit Bonds, line 12.

Add lines 5a through 5e. Enter the total on line 6.

If the corporation is filing Form 8978 to report adjustments shown on Form 8986 they received from partnerships that have been audited and have elected to push out imputed underpayments to their partners, include any decrease in taxes due (negative amount) from Form 8978, line 14, in the total for Form 1120, Schedule J, line 6. On the dotted line next to line 6, enter "FROM FORM 8978" and the amount. Attach Form 8978. If Form 8978, line 14, shows an increase in tax, see the instructions for Schedule J, line 1 .

A corporation is taxed as a personal holding company under section 542 if:

At least 60% of its adjusted ordinary gross income for the tax year is personal holding company income, and

At any time during the last half of the tax year more than 50% in value of its outstanding stock is directly or indirectly owned by five or fewer individuals.

See Schedule PH (Form 1120) for definitions and details on how to figure the tax.

Include any of the following taxes and interest.

If the corporation disposed of investment credit property or changed its use before the end of the 5-year recapture period under section 50(a), enter the increase in tax from Form 4255. See the Instructions for Form 4255.

If the corporation disposed of property (or there was a reduction in the qualified basis of the property) for which it took the low-income housing credit, and the corporation did not follow the procedures that would have prevented recapture of the credit, it may owe a tax. See Form 8611.

If the corporation used the percentage-of-completion method under section 460(b) for certain long-term contracts, figure any interest due or to be refunded using the look-back method, described in section 460(b)(2). Use Form 8697 to figure any interest due or to be refunded. See the Instructions for Form 8697. Include any interest due on line 9c.

If the corporation used the income forecast method to depreciate property, it must figure any interest due or to be refunded using the look-back method, described in section 167(g)(2). Use Form 8866 to figure any interest due or to be refunded. See the Instructions for Form 8866. Include any interest due on line 9d.

Enter any alternative tax on qualifying shipping activities from Form 8902.

Include any interest on deferred tax attributable to certain nondealer installment obligations (section 453A(c)).

Include any interest on deferred tax attributable to dealer installment obligations (section 453(l)).

Include on line 9z additional taxes and interest such as the following. Attach a statement showing the computation of each item included in the total for line 9z and identify the applicable Code section and the type of tax or interest.

Recapture of Indian employment credit. Generally, if an employer terminates the employment of a qualified employee less than 1 year after the date of initial employment, any Indian employment credit allowed for a prior tax year because of wages paid or incurred to that employee must be recaptured. For details, see Form 8845 and section 45A.

Recapture of new markets credit (see Form 8874 and Form 8874-B, Notice of Recapture Event for New Markets Credit).

Recapture of employer-provided childcare facilities and services credit (see Form 8882).

Tax and interest on a nonqualified withdrawal from a capital construction fund (section 7518(g)).

Interest due on deferred gain (section 1260(b)).

Interest due under section 1291(c)(3). See Form 8621 and the Instructions for Form 8621.

Recapture of section 45Q carbon oxide sequestration credit (see Form 8933, Part III, line 22).

Include any deferred tax on the termination of a section 1294 election applicable to shareholders in a qualified electing fund in the amount entered on line 11.

Subtract the following amounts from the total for line 11.

Deferred tax on the corporation's share of undistributed earnings of a qualified electing fund. See the Instructions for Form 8621.

Deferred LIFO recapture tax (section 1363(d)). This tax is the part of the LIFO recapture tax that will be deferred and paid with Form 1120-S in the future. To figure the deferred tax, first figure the total LIFO recapture tax. Follow the steps below to figure the total LIFO recapture tax and the deferred amount. Also, see Line 10. Other Income , earlier.

Step 1. Figure the tax on the corporation's income including the LIFO recapture amount. Complete Schedule J, Part I, lines 1 through 10.

Step 2. Using a separate worksheet, complete Schedule J again, but do not include the LIFO recapture amount in the corporation's taxable income.

Step 3. Compare the tax in Step 2 to the tax in Step 1. The difference between the two is the LIFO recapture tax.

Step 4. Multiply the amount figured in Step 3 by 75% (0.75). The result is the deferred LIFO recapture tax.

Attach a statement showing the computation of each item included in, or subtracted from, the total for line 11. On the dotted line next to line 11, specify (a) the applicable Code section, (b) the type of tax, and (c) enter the amount of tax. For example, if the corporation is deferring a $100 LIFO recapture tax, subtract this amount from the total on line 11, then enter “Section 1363—Deferred Tax—$100” on the dotted line next to line 11.

Part II—Payments and Refundable Credits

Enter any estimated tax payments the corporation made for the current tax year.

If the corporation is the beneficiary of a trust, and the trust makes a section 643(g) election to credit its estimated tax payments to its beneficiaries, include the corporation's share of the payment in the total for line 14. Enter “T” and the amount of the payment on the dotted line next to the entry space.

If the corporation overpaid estimated tax, it may be able to get a quick refund by filing Form 4466. The overpayment must be at least 10% of the corporation's expected income tax liability and at least $500. File Form 4466 after the end of the corporation's tax year, and no later than the due date for filing the corporation’s tax return (not including extensions). Form 4466 must be filed before the corporation files its tax return. See the instructions for Form 4466.

If the corporation had federal income tax withheld from any payments it received because, for example, it failed to give the payer its correct EIN or was otherwise subjected to backup withholding, include the amount withheld in the total for line 18.

Line 20. Refundable Credits

Enter any credit from Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains, for the corporation's share of the tax paid by a regulated investment company (RIC) or a real estate investment trust (REIT) on undistributed long-term capital gains included in the corporation's income. Attach Form 2439.

Enter the total income tax credit claimed on Form 4136, Credit for Federal Tax Paid on Fuels. Attach Form 4136.

Include on line 20z any other refundable credit the corporation is claiming, including the following. Attach a statement listing the type of credit and the amount of the credit.

Credit for tax withheld under Chapter 3 or 4 of the Internal Revenue Code that is shown on Form 1042-S, Form 8805, or Form 8288-A. Attach the applicable form.

Credit for tax on ozone-depleting chemicals. See section 4682(g)(2).

Credit under section 960(c) (section 960(b) for pre-2018 tax years of foreign corporations). If an increase in the limitation under section 960(c) (section 960(b) (pre-2018)) exceeds the total tax on Schedule J, Part I, line 11, for the tax year, the amount of the excess is deemed an overpayment of tax for the tax year. See section 960(c) (section 960(b) (pre-2018)) for more information regarding the circumstances under which such an excess arises.

Enter on line 22 the total net elective payment election amount from Form 3800, Part III, line 6, column (i). See the Instructions for Form 3800.

Schedule K. Other Information

Complete all items that apply to the corporation.

See the list of Principal Business Activity Codes later in the instructions. Using the list of codes and activities, determine from which activity the corporation derives the highest percentage of its total receipts. Enter on lines 2a, 2b, and 2c the principal business activity code number, the corporation's business activity, and a description of the principal product or service of the corporation. For nonstore retailers, select the PBA code by the primary product that your establishment sells. For example, establishments primarily selling prescription and non-prescription drugs, select PBA code 456110 Pharmacies & Drug Retailers.

Check the “Yes” box for question 3 if:

The corporation is a subsidiary in an affiliated group (defined below), but is not filing a consolidated return for the tax year with that group; or

The corporation is a subsidiary in a parent–subsidiary controlled group. For a definition of a parent–subsidiary controlled group, see the Instructions for Schedule O (Form 1120).

Any corporation that meets either of the requirements above should check the “Yes” box. This applies even if the corporation is a subsidiary member of one group and the parent corporation of another.

If the corporation is an “excluded member” of a controlled group (see definition in the Instructions for Schedule O (Form 1120)), it is still considered a member of a controlled group for this purpose.

An affiliated group is one or more chains of includible corporations (as defined in section 1504(b)) connected through stock ownership with a common parent corporation. See section 1504(a). The common parent must be an includible corporation and the following requirements must be met.

The common parent must own directly stock that represents at least 80% of the total voting power and at least 80% of the total value of the stock of at least one of the other includible corporations.

Stock that represents at least 80% of the total voting power and at least 80% of the total value of the stock of each of the other corporations (except for the common parent) must be owned directly by one or more of the other includible corporations.

For this purpose, the term “stock” generally does not include any stock that (a) is nonvoting, (b) is nonconvertible, (c) is limited and preferred as to dividends and does not participate significantly in corporate growth, and (d) has redemption and liquidation rights that do not exceed the issue price of the stock (except for a reasonable redemption or liquidation premium). See section 1504(a)(4).

For purposes of question 4, the constructive ownership rules of section 267(c) (excluding section 267(c)(3)) apply to ownership of interests in corporate stock and ownership of interests in the profit, loss, or capital of a partnership. If the corporation checked “Yes” to question 4a or 4b, complete and attach Schedule G (Form 1120), Information on Certain Persons Owning the Corporation's Voting Stock.

Question 5. Constructive Ownership of Other Entities

For purposes of determining the corporation's constructive ownership of other entities, the constructive ownership rules of section 267(c) (excluding section 267(c)(3)) apply to ownership of interests in partnerships and trusts as well as corporate stock. Generally, if an entity (a corporation, partnership, or trust) is owned, directly or indirectly, by or for another entity (corporation, partnership, estate, or trust), the owned entity is considered to be owned proportionately by or for the owners (shareholders, partners, or beneficiaries) of the owning entity.

List each foreign or domestic corporation not included on Form 851, Affiliations Schedule, in which the corporation, at the end of the tax year, owned directly 20% or more, or owned, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote. Indicate the name of the corporation, EIN (if any), country of incorporation, and the percentage interest owned, directly or indirectly, in the total voting power. List the parent corporation of an affiliated group of corporations filing a consolidated tax return rather than the subsidiary members except for subsidiary members in which an interest is owned, directly or indirectly, independent of the interest owned, directly or indirectly, in the parent corporation. List a corporation owned through a disregarded entity rather than the disregarded entity.

Question 5b

List each foreign or domestic partnership in which the corporation, at the end of the tax year, owned directly an interest of 20% or more, or owned, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership. List each trust in which the corporation, at the end of the tax year, owned directly an interest of 20% or more, or owned, directly or indirectly, an interest of 50% or more in the trust beneficial interest. Indicate the name, EIN (if any), country of organization, and the maximum percentage interest owned, directly or indirectly, in the profit, loss, or capital of the partnership at the end of the partnership tax year, or, for a trust, the percentage interest owned in the trust beneficial interest. List a partnership or trust owned through a disregarded entity rather than the disregarded entity.

For the purposes of question 5b, the term “maximum percentage owned” means the highest percentage of interest in a partnership's profit, loss, or capital as of the end of the partnership's tax year, as determined under the partnership agreement, when taking into account the constructive ownership rules, earlier. If the partnership agreement does not express the partner's share of profit, loss, and capital as fixed percentages, use a reasonable method in arriving at the percentage items for the purposes of completing question 5b. Such method must be consistent with the partnership agreement. The method used to compute a percentage share of profit, loss, and capital must be applied consistently from year to year. Maintain records to support the determination of the share of profits, losses, and capital.

Corporation A owns, directly, a 50% interest in the profit, loss, or capital of Partnership B. Corporation A also owns, directly, a 15% interest in the profit, loss, or capital of Partnership C and owns, directly, 15% of the voting stock of Corporation D. Partnership B owns, directly, a 70% interest in the profit, loss, or capital of Partnership C and owns, directly, 70% of the voting stock of Corporation D. Corporation A owns, indirectly, through Partnership B, a 35% interest (50% of 70%) in the profit, loss, or capital of Partnership C and owns, indirectly, 35% of the voting stock of Corporation D. Corporation A owns, directly or indirectly, a 50% interest in the profit, loss, or capital of Partnership C (15% directly and 35% indirectly), and owns, directly or indirectly, 50% of the voting stock of Corporation D (15% directly and 35% indirectly).

Corporation A reports in its answer to question 5a that it owns, directly or indirectly, 50% of the voting stock of Corporation D. Corporation A reports in its answer to question 5b that it owns, directly, an interest of 50% in the profit, loss, or capital of Partnership B and owns, directly or indirectly, 50% of the profit, loss, or capital of Partnership C.

Check the “Yes” box if one foreign person owned at least 25% of the total voting power of all classes of stock of the corporation entitled to vote or at least 25% of the total value of all classes of stock of the corporation.

The constructive ownership rules of section 318 apply in determining if a corporation is foreign owned. See section 6038A(c)(5) and the related regulations.

Enter on line 7a the percentage owned by the foreign person specified in question 7. On line 7b, enter the name of the owner’s country.

If there is more than one 25%-or-more foreign owner, complete question 7 for the foreign person with the highest percentage of ownership.

The term “foreign person” means:

An individual who is not a citizen or resident of the United States;

An individual who is a citizen or resident of a U.S. territory who is not otherwise a citizen or resident of the United States;

Any partnership, association, company, or corporation that is not created or organized in the United States;

Any foreign estate or trust within the meaning of section 7701(a)(31); or

A foreign government (or one of its agencies or instrumentalities) to the extent that it is engaged in the conduct of a commercial activity, as described in section 892.

However, the term "foreign person" does not include any foreign person who consents to the filing of a joint U.S. income tax return.

For individuals, the term “owner's country” means the country of residence. For all others, it is the country where incorporated, organized, created, or administered.

If the corporation checked “Yes,” it may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Generally, a 25% foreign-owned corporation that had a reportable transaction with a foreign or domestic related party during the tax year must file Form 5472. See the Instructions for Form 5472, for filing instructions and penalties for failure to file.

Show any tax-exempt interest received or accrued. Include any exempt-interest dividends received as a shareholder in a mutual fund or other RIC. Also, if required, include the same amount on Schedule M-1, line 7 (or Schedule M-3 (Form 1120), Part II, line 13, if applicable).

Generally, if the corporation has an NOL for tax year 2023, it can elect to waive the entire carryback period for the NOL and instead carry the NOL forward to future tax years. To do so, check the box on line 11 and file the tax return by its due date, including extensions. Do not attach the statement described in Temporary Regulations section 301.9100-12T. Generally, once made, the election is irrevocable.

If the corporation timely filed its return for the loss year without making the election, it can make the election on an amended return filed within 6 months of the due date of the loss year return (excluding extensions). Attach the election to the amended return and write "Filed pursuant to section 301.9100-2" on the election statement. See the Instructions for Form 1139.

Corporations filing a consolidated return that elect to waive the entire carryback period for the group must also attach the statement required by Regulations section 1.1502-21(b)(3) or the election will not be valid.

Enter the amount of the NOL carryover to the tax year from prior years, even if some of the loss is used to offset income on this return. The amount to enter is the total of all NOLs generated in prior years but not used to offset income (either as a carryback or carryover) to a tax year prior to 2023. Do not reduce the amount by any NOL deduction reported on line 29a.

A corporation that files Form 1120 must file Schedule UTP (Form 1120), Uncertain Tax Position Statement, with its 2023 income tax return if:

For 2023, the corporation's total assets equal or exceed $10 million;

The corporation or a related party issued audited financial statements reporting all or a portion of the corporation's operations for all or a portion of the corporation's tax year; and

The corporation has one or more tax positions that must be reported on Schedule UTP.

Attach Schedule UTP to the corporation's income tax return. Do not file it separately. A taxpayer that files a protective Form 1120 must also file Schedule UTP if it satisfies the requirements set forth above.

For details, see the Instructions for Schedule UTP.

If the corporation made any payment in 2023 that would require the corporation to file any Form(s) 1099, check the “Yes” box for question 15a and answer question 15b. Otherwise, check the “No” box for question 15a and skip question 15b. See Am I Required to File a Form 1099 or Other Information Return? on IRS.gov.

If the corporation made any payments in 2023 that would require the corporation to file any Forms 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and 1042‐S, Foreign Person's U.S. Source Income Subject to Withholding, check the “Yes” box. See the Instructions for Form 1042 and Instructions for Form 1042‐S for information regarding who is required to file Forms 1042 and 1042‐S and what types of payments are subject to reporting on Forms 1042 and 1042‐S.

Question 21

If the corporation paid or accrued (including through a partnership) any interest or royalty for which a deduction is not allowed under section 267A, check "Yes" for question 21 and enter the total amount for which a deduction is not allowed.

Interest or royalty paid or accrued by a domestic corporation (including, in the case of a domestic corporation that is a partner in a partnership, the domestic corporation's allocable share of interest or royalty paid or accrued by the partnership) is subject to section 267A. Section 267A generally applies to interest or royalty paid or accrued according to a hybrid arrangement (such as, for example, a payment according to a hybrid instrument, or a payment to a reverse hybrid), provided that the payment or accrual is to a related party (or according to a structured arrangement). In addition, under an imported mismatch rule, section 267A generally applies to interest or royalties paid or accrued according to a non-hybrid arrangement where the income attributable to that payment or accrual is directly or indirectly offset by certain deductions involving hybridity incurred by a related party or according to a structured arrangement. However, section 267A does not apply if a de minimis exception is satisfied. See Regulations section 1.267A-1(c). For purposes of section 267A, interest and royalties are defined broadly. For additional information about arrangements subject to section 267A, see Regulations sections 1.267A-2 and 1.267A-4. Also, see the anti-avoidance rule under Regulations section 1.267A-5(b)(6).

When section 267A applies to interest or royalties paid or accrued pursuant to a hybrid arrangement, it generally disallows a deduction for the amount to the extent that, under the foreign tax law, there is not a corresponding income inclusion (including long-term deferral). However, the deduction is not disallowed to the extent the amount is directly or indirectly included in income in the United States, such as if the amount is taken into account with respect to a U.S. shareholder under section 951(a) or section 951A. For additional information, see Regulations sections 1.267A-2 through 1.267A-4. For examples illustrating the application of section 267A, see Regulations section 1.267A-6.

If the corporation had gross receipts of at least $500 million in any 1 of the 3 preceding tax years, complete and attach Form 8991. For this purpose, the corporation's gross receipts include the gross receipts of all persons aggregated with the corporation, as specified in section 59A(e)(3). See the Instructions for Form 8991 to determine if the corporation is subject to the base erosion minimum tax.

The limitation on business interest expense applies to every taxpayer with a trade or business, unless the taxpayer meets certain specified exceptions. A taxpayer may elect out of the limitation for certain businesses otherwise subject to the business interest expense limitation. See Question 24 . Also, see the Instructions for Form 8990.

Certain real property trades or businesses and farming businesses qualify to make an election not to limit business interest expense. This is an irrevocable election. If you make this election, you are required to use the alternative depreciation system to depreciate any nonresidential real property, residential rental property, and qualified improvement property for an electing real property trade or business, and any property with a recovery period of 10 years or more for an electing farming business. See section 168(g)(1)(F). Also, you are not entitled to the special depreciation allowance for that property. For a taxpayer with more than one qualifying business, the election is made with respect to each business.

Check “Yes” if the corporation has an election in effect to exclude a real property trade or business or a farming business from section 163(j). For more information, see the Instructions for Form 8990.

Question 24

Generally, a taxpayer with a trade or business must file Form 8990 to claim a deduction for business interest. In addition, Form 8990 must be filed by any taxpayer that owns an interest in a partnership with current-year, or prior-year carryover, excess business interest expense allocated from the partnership.

A taxpayer is not required to file Form 8990 if the taxpayer is a small business taxpayer (defined below) and does not have excess business interest expense from a partnership. A taxpayer also is not required to file Form 8990 if the taxpayer only has business interest expense from these excepted trades or businesses:

An electing real property trade or business,

An electing farming business, or

Certain utility businesses.

A small business taxpayer is not subject to the business interest expense limitation and is not required to file Form 8990. A small business taxpayer is a taxpayer that (a) is not a tax shelter (as defined in section 448(d)(3)), and (b) meets the gross receipts test of section 448(c), discussed next.

For 2023, a taxpayer meets the gross receipts test if the taxpayer has average annual gross receipts of $29 million or less for the 3 prior tax years. A taxpayer's average annual gross receipts for the 3 prior tax years is determined by adding the gross receipts for the 3 prior tax years and dividing the total by 3. Gross receipts include the aggregate gross receipts from all persons treated as a single employer, such as a controlled group of corporations, commonly controlled partnerships, or proprietorships, and affiliated service groups. See section 448(c) and the Instructions for Form 8990 for additional information.

To certify as a QOF, the corporation must file Form 1120 and attach Form 8996, even if the corporation had no income or expenses to report. If the corporation is attaching Form 8996, check the “Yes” box for question 25. On the line following the dollar sign, enter the amount from Form 8996, line 15.

The penalty reported on this line from Form 8996, line 15, is not due with the filing of this form. The IRS will separately send to you a notice setting forth the due date for the penalty payment and where that payment should be sent.

Check the “Yes” box if:

On or after December 22, 2017, a foreign corporation directly or indirectly acquired substantially all of the properties held directly or indirectly by the corporation; and

The ownership percentage with respect to the acquisition was greater than 50% (by vote or by value).

If “Yes” is checked, also enter in the space provided the ownership percentage both by vote and by value. If there are multiple acquisitions that must be reported, enter the ownership for the most recent acquisition. Attach a statement reporting the ownership percentage by vote and by value for the other acquisitions.

Section 7874 applies in certain cases in which a foreign corporation directly or indirectly acquires substantially all of the properties of a domestic corporation. Generally, it applies when three requirements are satisfied.

Pursuant to a plan or series of related transactions, a foreign corporation must acquire directly or indirectly substantially all of the properties held directly or indirectly by a domestic corporation.

After the acquisition, the ownership percentage (by vote or value) must be at least 60%.

After the acquisition, the expanded affiliated group that includes the foreign acquiring corporation must not have substantial business activities in the foreign country in which the foreign acquiring corporation is created or organized.

When section 7874 applies, the tax treatment of the acquisition depends on the ownership percentage. If the ownership percentage is at least 80%, then the foreign acquiring corporation is treated as a domestic corporation for all purposes of the Internal Revenue Code. See section 7874(b). If the ownership percentage is at least 60% but less than 80%, then the foreign acquiring corporation is respected as a foreign corporation, but the domestic corporation and certain other persons are subject to special rules that reduce the tax benefits of the acquisition. See section 7874(a).

See the regulations under section 7874 for rules regarding the computation of the ownership percentage. See sections 59A(d)(4), 965(l), 4501(d), and 4985 for additional rules regarding the tax treatment of certain expatriated entities.

Digital assets are any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology. For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins. If a particular asset has the characteristics of a digital asset, it will be treated as a digital asset for federal income tax purposes.

Check the “Yes” box if at any time during 2023 the corporation received (as a reward, award, or payment for property or services); or (b) sold, exchanged, or otherwise disposed of a digital asset (or any financial interest in any digital asset).

For example, check “Yes” if at any time during 2023 the corporation:

Received digital assets as payment for property or services provided;

Received digital assets as a result of a reward or award;

Received new digital assets as a result of mining, staking, and similar activities;

Received digital assets as a result of a hard fork;

Disposed of digital assets in exchange for property or services;

Disposed of a digital asset in exchange or trade for another digital asset;

Sold a digital asset; or

Otherwise disposed of any other financial interest in a digital asset.

The following actions or transactions in 2023, alone, generally do not require the corporation to check “Yes:"

Holding a digital asset in a wallet or account;

Transferring a digital asset from one wallet or account the corporation owns or controls to another wallet or account that it owns or controls; or

Purchasing digital assets using U.S. or other real currency, including through the use of electronic platforms such as PayPal and Venmo.

Do not leave the question unanswered. The corporation must answer "Yes" or “No” by checking the appropriate box. For more information, go to IRS.gov/virtualcurrencyfaqs .

If the corporation disposed of any digital asset which was held as a capital asset, through a sale, trade, exchange, payment, or other transfer, use Form 8949 to calculate the capital gain or loss and report that gain or loss on Schedule D (Form 1120). If the corporation received any digital asset as compensation for services or disposed of any digital asset that was held for sale to customers in a trade or business, it must report the income as it would report other income of the same type.

If the corporation is a member of a controlled group, check the "Yes" box. Complete and attach Schedule O (Form 1120), Consent Plan and Apportionment Schedule for a Controlled Group. Component members of a controlled group must use Schedule O to report the apportionment of certain tax benefits between the members of the group. See Schedule O and the Instructions for Schedule O for more information.

Check the appropriate boxes to indicate if the corporation is required to file Form 4626. If the corporation does not meet the requirements of the safe harbor method, as provided under section 59(k)(3)(A) and Notice 2023-7, 2023-3 I.R.B. 390, available at IRS.gov/irb/2023-03_IRB#NOT-2023-7 , for the current year, Form 4626 must be completed and attached to the corporation's return. See the instructions for Form 4626.

Under section 4501, the corporation may be required to file Form 7208, Excise Tax on Repurchase of Corporate Stock, and pay the stock repurchase excise tax if, during the corporation's taxable year, (a) the corporation is publicly traded and repurchased its stock (or a specified affiliate of the corporation acquired the corporation's stock); (b) the corporation is a specified affiliate of an applicable foreign corporation; or (c) the corporation is an expatriated entity with respect to a covered surrogate foreign corporation.

Do not complete a Form 7208 until the date specified in upcoming regulations under section 4501. For additional information, see section 4501 and Announcement 2023-18, 2023-30 I.R.B. 366, available at IRS.gov/irb/2023-30_IRB#ANN-2023-18 .

If the answer to question 31 is “Yes,” attach a statement titled “Schedule K Statement of Subchapter K Basis Adjustments” that includes the information required for each tax basis adjustment described in (1) through (4) below. Provide the required information for each partnership where 80 % or more of the capital or profits of the partnership is owned, directly or indirectly, by members of the corporation's controlled group of corporations (as defined in section 1563). If there are unrelated third-party minority partner interests in the partnership, the corporation is not required to include such partners' information on this statement.

If the adjusted basis of a partner's partnership interest differs from the partner's share of the partnership's adjusted basis of partnership property by $10 million or more at the end of the tax year and at any other relevant date (for example, at the time of a transfer of a partnership interest or the liquidation of a partnership) provide the partnership's name and TIN, partner's name and TIN, and the amount and allocation of such difference for each partner.

If a partnership makes a basis adjustment of $10 million or more at the end of the tax year and at any other relevant date, pursuant to section 743 (including section 743(d)) upon the transfer of a partnership interest in such partnership to a partner that is, directly or indirectly, a controlled group member, provide the partnership's name and TIN, name and TIN of the transferor partner and transferee partner, and the amount and allocation of the basis adjustment.

If a partnership makes a basis adjustment that is $10 million or more at the end of the tax year and at any other relevant date made pursuant to section 734 (including section 734(d)) upon the distribution of property to a controlled group member (directly or indirectly), provide the name and TIN of each partnership, the name and TIN of the controlled group member, and a schedule detailing the amount and allocation of the adjustment.

If a partnership distributed property, directly or indirectly, to a controlled group member, and the controlled group member's basis in the property under section 732(a) or (b) differs from the partnership's basis in the property immediately before the distribution by $10 million or more at the end of the tax year and at any other relevant date, provide the partnership's name and TIN, the name and TIN of the controlled group member, and the amount and allocation of the basis adjustment.

Schedule L. Balance Sheets per Books

The balance sheets should agree with the corporation's books and records.

Corporations with total receipts (page 1, line 1a plus lines 4 through 10) and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2 if the “Yes” box on Schedule K, question 13, is checked.

Corporations with total assets nonconsolidated (or consolidated for all corporations included within the consolidated tax group) of $10 million or more on the last day of the tax year must file Schedule M-3 (Form 1120) instead of Schedule M-1. However, see the instructions for Schedule M-1 below. See the separate Instructions for Schedule M-3 (Form 1120) for provisions that also affect Schedule L.

If filing a consolidated return, report total consolidated assets, liabilities, and shareholder's equity for all corporations joining in the return. See Consolidated Return , earlier.

Include certificates of deposit as cash on this line.

Include on this line:

State and local government obligations, the interest on which is excludable from gross income under section 103(a), and

Stock in a mutual fund or other RIC that distributed exempt-interest dividends during the tax year of the corporation.

Some examples of adjustments to report on this line include:

Unrealized gains and losses on securities held “available for sale,”

Foreign currency translation adjustments,

The excess of additional pension liability over unrecognized prior service cost,

Guarantees of employee stock (ESOP) debt, and

Compensation related to employee stock award plans.

If the total adjustment to be entered on line 26 is a negative amount, enter the amount in parentheses.

Schedule M-1. Reconciliation of Income (Loss) per Books With Income per Return

In completing Schedule M-1, the following apply.

Corporations with total assets non-consolidated (or consolidated for all corporations included within the consolidated tax group) of $10 million or more on the last day of the tax year must file Schedule M-3 (Form 1120) instead of Schedule M-1.

A corporation filing Form 1120 that is not required to file Schedule M-3 may voluntarily file Schedule M-3 instead of Schedule M-1. See the Instructions for Schedule M-3 (Form 1120) for more information.

Include any of the following applicable expenses.

Entertainment expenses not deductible under section 274(a).

Meal expenses not deductible under section 274(n).

Qualified transportation fringes not deductible under section 274(a)(4).

Expenses for the use of an entertainment facility.

The part of business gifts over $25.

Expenses of an individual over $2,000, allocable to conventions on cruise ships.

Employee achievement awards of nontangible or tangible property over $400 ($1,600 if part of a qualified plan).

The cost of skyboxes.

Nondeductible club dues.

The part of luxury water travel expenses not deductible under section 274(m).

Expenses for travel as a form of education.

Other nondeductible travel and entertainment expenses.

Report any tax-exempt interest received or accrued, including any exempt-interest dividends received as a shareholder in a mutual fund or other RIC. Also, report this same amount on Schedule K, item 9.

The corporation should include tax-exempt income from forgiven PPP loans on line 7 of Schedule M-1 (if it was included on line 1 of the Schedule M-1), or on Part II, line 25 of Schedule M-3 (Form 1120), column (c) as a negative number (if it was included on line 25 in column (a) as Income per Income Statement).

If the corporation treats tax-exempt income resulting from a PPP loan as received or accrued prior to when forgiveness of the PPP loan is granted and the amount of forgiveness granted is less than the amount of tax-exempt income that was previously treated as received or accrued, the corporation should include the difference as a decrease in tax-exempt income on Schedule M-2, line 6, for the tax year in which the taxpayer receives notice that the PPP loan was not fully forgiven. The corporation should attach a statement to Schedule M-2 including the following information:

A statement that the corporation is making adjustments in accordance with section 3.03 of Rev. Proc. 2021-48; and

The tax year for which tax-exempt income was originally reported, the amount of tax-exempt income that was originally reported for such tax year, and the amount of tax-exempt income being adjusted on Schedule M-2.

Instructions for Form 1120 - Notices

We ask for the information on these forms to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.

Estimates of Taxpayer Burden. The following tables show burden estimates based on current statutory requirements as of December 2023 for taxpayers filing 2023 Forms 1065, 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-S, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1066, 1120-REIT, 1120-RIC, 1120-POL, and related attachments. Time spent and out-of-pocket costs are presented separately. Time burden is broken out by taxpayer activity, with reporting representing the largest component. Out-of-pocket costs include any expenses incurred by taxpayers to prepare and submit their tax returns. Examples include tax return preparation and submission fees, postage and photocopying costs, and tax preparation software costs. While these estimates don't include burden associated with post-filing activities, IRS operational data indicate that electronically prepared and filed returns have fewer arithmetic errors, implying lower post-filing burden.

Reported time and cost burdens are national averages and don't necessarily reflect a “typical” case. Most taxpayers experience lower than average burden, with taxpayer burden varying considerably by taxpayer type.

The average burden for partnerships filing Forms 1065 and related attachments is about 60 hours and $5,000; the average burden for corporations filing Form 1120 and associated forms is about 105 hours and $6,700; and the average burden for Forms 1066, 1120-REIT, 1120-RIC, 1120S, and all related attachments is 65 hours and $4,400. Within each of these estimates there is significant variation in taxpayer activity. Tax preparation fees and other out-of-pocket costs vary extensively depending on the tax situation of the taxpayer, the type of software or professional preparer used, and the geographic location. Third-party burden hours are not included in these estimates.

Table 1 – Taxpayer Burden for Entities Taxed as Partnerships

Table 2 – Taxpayer Burden for Entities Taxed as Taxable Corporations

Table 3 – Taxpayer Burden for Entities Taxed as Pass-Through Corporations

Comments. If you have comments concerning the accuracy of these time estimates or suggestions for making these forms simpler, we would be happy to hear from you. You can send us comments through IRS.gov/FormComments . Or you can write to the Internal Revenue Service, Tax Forms and Publications, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the tax form to this address. Instead, see Where To File , earlier, near the beginning of the instructions.

Instructions for Form 1120 - Additional Material

Principal business activity codes.

This list of principal business activities and their associated codes is designed to classify an enterprise by the type of activity in which it is engaged to facilitate the administration of the Internal Revenue Code. These principal business activity codes are based on the North American Industry Classification System.

Using the list of activities and codes below, determine from which activity the company derives the largest percentage of its “total receipts.” Total receipts is defined as the sum of gross receipts or sales (page 1, line 1a) plus all other income (page 1, lines 4 through 10). If the company purchases raw materials and supplies them to a subcontractor to produce the finished product, but retains title to the product, the company is considered a manufacturer and must use one of the manufacturing codes (311110–339900).

Once the principal business activity is determined, entries must be made on Form 1120, Schedule K, lines 2a, 2b, and 2c. On line 2a, enter the six-digit code selected from the list below. On line 2b, enter the company's business activity. On line 2c, enter a brief description of the principal product or service of the company.

Agriculture, Forestry, Fishing, and Hunting

Construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, finance and insurance, real estate and rental and leasing, professional, scientific, and technical services, administrative and support and waste management and remediation services, health care and social assistance, arts, entertainment, and recreation, accommodation and food services, other services.

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World Politics

The pro-democracy protests rocking Moscow, explained

In July, Moscow election officials banned opposition candidates from running for city council. This weekend, protests swelled to 50,000 in Moscow.

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A crowd fills a street in Moscow as people carry flags in protest.

Tens of thousands of people protested in Moscow on Saturday, marking the fifth weekend people have rallied in the Russian city to demand fair elections.

The demonstrations began in July after election officials barred opposition candidates from running for the Moscow city council, disqualifying their ballots because of what officials claimed were irregularities in the 5,000 signatures each had to gather to run.

That decision — to block the opposition from participating — turned a sleepy municipal election into a political controversy that intensified amid police crackdowns against demonstrators and opposition figures.

Saturday’s rally in Moscow was the largest yet, and one of the biggest political protests in Russia in years. Estimates put the crowds at about 50,000 , although authorities suggested the official number was closer to 20,000. The rally was sanctioned — meaning people had a permit to protest — although police reportedly arrested about 200 people . Russians in other cities, including St. Petersburg, also joined in on the demonstrations, a sign that the unrest and dissatisfaction may extend beyond Moscow.

Moscow’s municipal elections are very much the focus of these protests, but it’s hard to divorce it completely from larger political and economic issues within Russia, specifically President Vladimir Putin’s authoritarian regime.

“As with many other protests and uprisings all around the region, they’re much more fluid when it comes to reason, but they’re still emblematic of what is happening with the general dissatisfaction with the state of affairs, in this particular case, the policies of Putin’s administration at the moment,” Maksym Eristavi, a senior fellow at the Atlantic Council in Prague, told me.

The Moscow city council elections are expected to move ahead on September 8, and it seems extraordinarily unlikely that authorities will give in to protesters’ demands and let the opposition stand for the vote. But if the protests continue or continue to spread, the uproar over the municipal elections may be just the beginning.

Opposition leaders followed the onerous rules to get on Moscow’s city council ballot. Election officials still denied them the chance to run.

All 45 seats in the Moscow city council are up for reelection on September 8. The legislative body is controlled by the pro-Kremlin ruling United Russia party. But the party is pretty unpopular right now, so the Moscow United Russia candidates came up with an ingenious plan to run as independents in the city council instead.

A bunch of people actually wanted to run as legit independents — opposition candidates. To do so, they had to meet some pretty onerous requirements, specifically garnering 5,000 signatures each from voters.

But officials on Moscow’s electoral commission invalidated many of the signatures for these opposition candidates, claiming they were faked or had incorrect details; some opposition leaders accused election officials of altering the signatures themselves.

About 30 opposition candidates were initially disqualified from running, and many just happened to be outspoken critics of the Kremlin. In another funny coincidence, none of those United Russia-candidates-turned-independents were disqualified, although critics claimed they didn’t even bother to actually collect signatures or that their applications were barely verified by election officials.

On July 14, about 2,000 protesters — including opposition candidates — rallied outside Moscow’s election headquarters to protest the disqualification of the candidates and to demand a meeting with Moscow’s election commissioner . Dozens were arrested, including some opposition candidates.

The protests continued. On July 20, more than 20,000 protesters met in Moscow to demand the opposition candidates be included on the ballots.

Opposition leader and anti-corruption advocate Alexei Navalny — a major Putin critic who was blocked from running against him for the presidency in 2018 — had called for another protest on July 27 and was promptly arrested on July 24 and sentenced to 30 days in jail for organizing an unauthorized protest. While in prison, he was hospitalized with a severe allergic reaction, with some allies worrying that he might have been poisoned.

Other opposition candidates have since been arrested, including Dmitri Gudkov, who once served as an opposition voice in the state duma (legislature) and has now been sentenced to 30 days in jail for organizing an unauthorized election protest ; and Ilya Yashin, a prominent opposition figure arrested for organizing an unauthorized protest after the July 14 rally. Yashin is also calling for Moscow to cancel the September 8 elections.

But the demonstration still went ahead on July 27, where Russian police arrested nearly 1,300 people and reportedly beat back protesters with batons.

A fourth round of protests took place on August 3, with several hundred detained. And on August 10, 50,000 people gathered, including some high-profile Russian celebrities, even though many of the opposition leaders are now jailed. Lyubov Sobol, an opposition candidate who is now on a hunger strike in protest of her exclusion from the Moscow ballot, posted a video on Twitter that appeared to show police barging into her apartment ahead of the protest.

The protest on August 10 — like that on July 20, where 20,000 participated — was sanctioned, meaning protesters had a permit. Brian Taylor, a professor in the Maxwell School at Syracuse University, told me that might have made it more likely for people to come out and protest, as the risk of arrest is a bit lower than during those unauthorized protests.

“Even so,” Taylor said, “we do seem to be seeing a ramping up in tension around this rather than a successful repression of protest on the part of authorities so far.”

Eristavi, the senior fellow at the Atlantic Council, told me it’s important to keep in mind that people were still detained, but that authorities were careful to avoid arresting people in large numbers, and largely did so away from the cameras.

He described this as part of the Kremlin’s “larger disinformation narrative” to sow confusion. “You’re not acting out as completely authoritarian places like North Korea, or some places that just don’t care about the optics — you have to preserve some kind of a confusion,” Eristavi said. “If I’m abroad, or even I’m somewhere else in Russia, and I’m seeing this, I don’t know what to make of it; it could be worse.”

But beneath the optics, there’s corruption and a skewed justice system and media and internet restrictions. And these bigger issues are what the Moscow protestors may be demonstrating about going forward.

“It started off fairly small, but it’s obviously now mushroomed into something more than just can they stand for election to the municipal council,” Angela Stent, author of Putin’s World: Russia Against the West and with the Rest , told me. “But it’s a much broader issue of people’s rights, people’s right to vote, to choose who represents them.”

The protests are a powerful statement — but it’s hard to predict what comes next

What prompted the protests in Moscow is very much authoritarianism 101: the government using all the tools available to sideline and stamp out the opposition.

“Wherever the opposition goes right now, they’re meeting what we might consider soft repression, manipulation,” Taylor said. At first, election officials tried to ban the Moscow candidates from the local elections; when that didn’t work, authorities started arresting those opposition leaders and protesters.

The question is why they would go to such lengths. It would seem that letting a few opposition candidates into the Moscow city council to debate budgets and discuss trash pickup might not be much of a threat to Putin’s regime. Voter turnout tends to be pretty low for local elections, anyway.

But that’s not how the Kremlin is looking at it — or dealing with it.

“In the past, you might have expected, even this time, the Kremlin to say, ‘okay fine, a couple of people can run,’ and then just figure out a way to manipulate the ballot so that they don’t actually win, even if they do win — or if they win, then figure out some excuse to have them removed,” Evelyn Farkas, a senior fellow at the German Marshall Fund who served as Deputy Assistant Secretary of Defense for Russia, Ukraine, and Eurasia from 2012 to 2015, told me.

But instead, Moscow basically dug in. And the opposition, this time, responded in kind. “‘The Kremlin is digging in its heels, so let’s test it,’” Farkas said.

Moscow, of course, is a major city, with more than 12 million residents, so Putin’s regime is going to be particularly attuned to what’s going on in the city. And Putin may have particular reasons to be a little sensitive these days.

Putin and the ruling United Russia party have been slipping in popularity as more Russians become disillusioned with the state of the Russian economy, including rising inequality and falling incomes. Declining oil prices and sanctions have squeezed the Kremlin, and the government had to push through unpopular measures last year, including increasing the retirement age.

Though Russian media is tightly controlled, citizens are also starting to express frustration about Russian government corruption and mismanagement and the country’s increasing isolation in the world. And many, especially younger generations, have basically known no other leader but Putin. They’re beginning to wonder about Russia’s political future when Putin’s term is up in 2024 . Many are unsure about what will happen after —or if there will actually be an after.

“I think a lot of this is about the future of the country, and are these young people now, if you’re 30-years-old, are you going to continue to have to live under a system like this, where you really don’t have a lot of political choices and where the economy isn’t doing so well?” Stent said.

Stent and others pointed out that the protests are being led by young people, similar to the protests that have rocked Hong Kong for weeks . And while there are definitely visible opposition figures, they’re both largely leaderless and rely on grassroots organizing — making them more fluid and spontaneous, and maybe just a bit harder for authorities to squash fully.

Putin, meanwhile, has accused Western democracies, specifically the United States , of meddling and fomenting the unrest — a talking point that he’s famously used before .

Putin’s problems are likely closer to home, although it’s far too early to say what these protests will accomplish — and what it means for Russia. Experts pointed out that this weekend saw other cities join in protests, including St. Petersburg, where about 80 or so people were detained . If that continues, that’s a sign that discontent might be more widespread.

But few thought Moscow’s protests were a legitimate threat to Putin’s regime, at least in their current form. The government has been able to keep the opposition off the ballot and to largely deal with the protests through arrests. And Putin has faced politics protests in the past, notably in 2011, 2012, and 2013 over the electoral system, all of which faded without much changing.

“We shouldn’t assume the days of the Putin regime are numbered,” Stent said. “We’re not there yet.”

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The voices Oppenheimer left out

Bird flu jumped to cows, then to a human. Who’s next?

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Why is there so much lead in American food?

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Multigenerational housing is coming back in a big way

Biden speaks at a podium. Behind him, a large red banner reads: President Joe Biden: Lowering Housing Costs.

You can’t afford to buy a house. Biden knows that.

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International

Trump can pay smaller bond in civil fraud case as judge sets April date for hush money trial

By Lauren del Valle , Jeremy Herb , Kara Scannell , Maureen Chowdhury , Dan Berman and Elise Hammond , CNN

Key takeaways from Trump’s wild day of legal developments

From CNN's Jeremy Herb, Lauren del Valle and Kara Scannell

Former President Donald Trump arrives for a press conference at 40 Wall Street after a pre-trial hearing at Manhattan criminal court, on Monday, March 25, in New York.

Donald Trump received both a lifeline from the courts Monday and a trial date for the first criminal trial of a former president in US history, a pair of rulings that hit home the legal whiplash constantly surrounding him.

The twin rulings Monday, which came roughly within an hour of each other, hit the intersection of challenges to Trump’s image and his famed business empire as he seeks a second term in the White House.

Here are key takeaways from another historic day for Trump:

Hush money trial date set: Trump’s historic criminal trial in the New York hush money case against him will begin with jury selection on April 15, Judge Juan Merchan said Monday, after a dispute over the late production of documents caused the judge initially to push back the start date . Barring another unforeseen hiccup, the former president will face a jury on criminal charges for at least one of his trials before the November election. The date is three weeks later than originally scheduled, but the delay won’t make much of a dent on Trump’s 2024 calendar – and it’s still murky whether any of his other three trials will happen before the election.
Appeals court lowers Trump’s bond: The more significant ruling Monday may have been a New York appeals court allowing him to post a reduced $175 million bond to appeal the $464 million civil fraud judgment against him, his adult sons and his company. Trump told reporters he will cover the bond using cash as a collateral. Trump’s lawyers said last week that he was unable to post a $464 million bond to appeal the civil fraud judgement against him. Trump faced a Monday deadline to post bond or else New York Attorney General Letitia James could have begun the process of seizing his property. But the appeals court ruling gave Trump an additional 10 days to post a bond of $175 million.
Judge dismisses allegations made against district attorney: During Monday’s hearing, Merchan also discredited Trump’s allegations of misconduct against the district attorney’s office, finding that prosecutors cooperated in the effort to secure documents from the US Attorney’s Office of the Southern District of New York. "It’s odd that we’re even here," the judge said at one point. The judge repeatedly also said how serious and concerning Trump’s allegations were against Manhattan prosecutors, at one point raising his voice on the bench.

Read more about today's legal developments in the two cases.

Fact Check: Trump repeats baseless claims about Biden orchestrating his trials

From CNN’s Daniel Dale

Former President Donald Trump repeated some familiar baseless claims in remarks on Monday after major developments in two of his New York legal cases. He spoke after a judge set an April 15 date for the beginning of his Manhattan, New York, criminal trial on charges of falsifying business records related to a hush money scheme, and, separately, an appeals court reduced the bond he must put up after being found liable for civil fraud.

Trump claimed that “this is all Biden-run things” and that “these are all Biden trials.” He also claimed that Matthew Colangelo, a former senior Justice Department official who now works for Manhattan District Attorney Alvin Bragg, had been “put into” the district attorney’s office by Biden.

Facts First: There is no basis for Trump’s claims. First, there is no evidence that Biden has been involved in bringing or running any of the criminal or civil cases against Trump. The Manhattan prosecution is being led by Bragg and the civil fraud case by New York state Attorney General Letitia James. Both Bragg and James are elected officials who do not report to the president or the federal Justice Department. Second, there is no evidence that Biden had anything to do with Colangelo’s decision to leave the federal Justice Department and join the district attorney’s office in 2022 as senior counsel to Bragg . Colangelo and Bragg knew each other before Bragg was elected Manhattan district attorney.

A look at Trump’s busy legal and election calendar

From CNN's Devan Cole and Amy O'Kruk

Former President Donald Trump speaksfollowing a hearing in New York, on Monday, March 25.

Donald Trump is juggling a busy court and campaign schedule as he defends himself in several criminal cases while also vying for a second term in the White House.

The former president’s criminal hush money trial is expected to start on April 15 . He faces charges stemming from his alleged falsification of business records with the intent to conceal illegal conduct connected to his 2016 presidential campaign.

The trial start date in Trump’s classified documents case in Florida had been set for late May, but the judge overseeing that case revisited the timing of the trial during a key hearing on March 1. Judge Aileen Cannon has not yet set a new date for the trial.

Here's what the former president's colliding calendar looks like:

Here are where things stand in Trump's civil fraud case and criminal hush money trial

From CNN's staff

Former President Donald Trump sits in court in New York on Monday.

Former President Donald Trump had a big legal day on Monday where some major movements happened in the civil fraud and hush money cases against him.

Here's what to know about each case:

Hush money case : Trump is charged with 34 counts of falsifying business records , stemming from reimbursements made to Trump’s former lawyer and fixer Michael Cohen for hush money payments he made before the 2016 election to cover up an alleged affair with adult film star Stormy Daniels.

The former president has pleaded not guilty and denied the affair.

During a hearing in New York on Monday, which Trump attended, Judge Juan Merchan said the criminal trial against the former president will begin on April 15 with jury selection. The judge dismissed the Trump’s motion to toss out the indictment altogether or delay the trial further.

Civil fraud case : A New York appeals court ruled Trump must pay a $175 million bond as he appeals the civil fraud judgment against him. He also was given 10 additional days to post the bond.

It’s a major lifeline for the former president, who, along with his adult sons and his company, were fined more than $464 million, which was due today, after Judge Arthur Engoron found Trump and his co-defendants fraudulently inflated the value of his assets.

The ruling staves off the prospect, for now, of New York Attorney General Letitia James seeking to seize the former president’s property to enforce the judgment against him.

Trump attorney says appellate ruling on civil fraud bond is a "great first step" towards reversal of judgment

From CNN’s Kara Scannell

Former President Donald Trump and his lawyer Christopher Kise pose for photos in court in New York in November.

Donald Trump’s attorney Christopher Kise in a statement said the appellate ruling on the civil fraud bond is a "great first step towards reversal of “baseless and reckless judgment.”

Kise also said Trump looks forward to a "full and fair appellate process" that ends the New York Attorney General’s "abuse of power and tyrannical pursuit" of the Republican presidential candidate.

More on the ruling: A New York appeals court Monday said Trump has to post $175 million in 10 days in order for his appeal of Judge Arthur Engoron’s ruling to go forward — giving the former president a lifeline as he faced possible seizure of his prized real estate properties.

New York appellate court's ruling to reduce Trump’s bond is "highly unusual," legal expert says

From CNN’s Allison Morrow

Donald Trump scored a roughly 60% discount on the amount of cash he’ll need to pony up to avoid having his assets seized by the state of New York — an outcome that one legal expert said was “highly unusual.”

A New York appellate court reduced Trump’s bond to $175 million from $464 million, and granted him 10 days to come up with the payment.

“It’s highly unusual that it would be reduced at all,” said Mitchell Epner, a former federal prosecutor in New York. “And it’s highly unusual that it would be reduced by this amount.”

But, Epner said it’s not unprecedented, citing the 1980s fight between Texaco and Pennzoil, in which a court reduced Texaco’s bond from more than $10 billion to $1 billion. Texaco ended up filing for bankruptcy in 1987.

Trump, his adult sons and his company were fined more than $464 million, including interest, in the New York civil trial, after Judge Arthur Engoron found Trump and his co-defendants fraudulently inflated the value of his assets.

Correction: This post has been updated with the correct dollar amount of Trump's earlier bond.

Trump says he would have "no problem" testifying in New York hush money trial

From CNN's Ali Main

Former President Donald Trump speaks to the press in New York on Monday.

Former President Donald Trump said Monday that he would have "no problem" testifying in his criminal hush money trial that is now scheduled to begin next month.

"I would have no problem testifying. I didn't do anything wrong," Trump told reporters after attending a hearing in that trial in New York.

Trump’s New York criminal trial will begin on April 15 with jury selection, Judge Juan Merchan said Monday, after dismissing the former president’s motion to toss out the indictment altogether or delay the trial further.

Despite the set date, Trump cast doubt on whether the trial would take place, saying, "I don't know that you're gonna have the trial. I don't know how you can have a trial like this in the middle of an election, a presidential election."

Asked if he was concerned that a conviction in that trial could cost him the election in November, Trump answered, "Well, it could also make me more popular because the people know it's a scam. It's a Biden trial."

Trump on civil fraud bond: "I have a lot of cash"

From CNN's Ali Main and Kate Sullivan

Former President Donald Trump touted that he has "a lot of cash" when asked about the timeline of securing the $175 million bond in the civil fraud case against him.

He went on to say how he would also like to use his cash funds for his reelection bid and claimed, but "they don't want me to use my cash to get reelected."

Asked if he planned to start personal funds into his presidential campaign, Trump responded, "First of all, it's none of your business," before adding, "I might do that. I have the option."

The former president also said he thought it would be possible to borrow money from a foreign government to post a bond in an American trial, but that he wouldn't need to. Pressed by CNN's Kate Sullivan if he would ever accept money from a foreign government to pay, Trump responded, "I don't do that. I mean, I think you'd be allowed to, possibly," remarking that many of the "biggest banks" are outside of the US.

This post has been updated with additional comments from Trump.

Trump claims hush money trial is being rushed as it is set to begin next month

Former President Donald Trump claimed that the hush money trial against him in New York is being rushed and called it "election interference."

“You have a case which … they’re dying to get this thing started. The judge cannot go faster. He wants to get it started so badly," Trump said.

If the trial goes ahead on April 15, it could be the only of Trump’s criminal trials to take place before the November general election. The trial will have begun a year after the charges were filed.

Trump also argued there should not be a trial during the election and attacked his opponent, President Joe Biden.

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Putin’s Political Party Suffers Losses in Moscow Election

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By Ivan Nechepurenko

Sept. 9, 2019

MOSCOW — Allies of President Vladimir V. Putin of Russia suffered significant losses in Moscow City Council elections, preliminary results showed on Monday, but mostly held their own in other local polls across the country.

Results of the elections, held on Sunday, highlighted the Kremlin’s troubles in the Russian capital, which has been roiled in recent weeks by a wave of protests , while demonstrating its firm grip on politics elsewhere in the vast country.

The governing United Russia party will still form the majority in the city legislature of 45 seats, but the results showed the party’s continuing weakness, as well as the seeming effectiveness of the opposition’s “smart voting” effort, which sought to consolidate voting behind the antigovernment candidate with the best chance of winning.

Beyond Moscow, the Kremlin was still able to demonstrate its full control of the political situation, winning all 16 of the governor’s races. In St. Petersburg, Mr. Putin’s longtime associate, Aleksandr D. Beglov , who was described by Russian news outlets as a “gaffe machine,” won 65 percent of the vote.

The Kremlin claimed victory on Monday, with Mr. Putin’s spokesman, Dmitri S. Peskov, calling the vote “very successful for United Russia.”

“In the country as a whole, the party has demonstrated its political leadership,” Mr. Peskov said.

Kremlin opponents dismissed those claims, noting that the United Russia brand is so toxic that all of the pro-Kremlin candidates in Moscow ran as independents. (Shortly after the vote, however, the independents announced that they would come back together under the banner of United Russia in order to maintain control of the City Council.)

Aleksei A. Navalny, Mr. Putin’s sharpest and most prominent critic, who has led a campaign to expose corruption among members of the Kremlin’s elite, also claimed victory.

“For the first time over the past 25 years of Putin in power, his party was met with an organized resistance at elections,” he said in a video statement.

While Mr. Navalny’s allies were not allowed to appear on the ballot, his organization ran a so-called smart voting campaign, sending participants text messages guiding their votes to the anti-Kremlin candidate believed to have the best chance of winning.

The exact effect of this method was difficult to gauge, but in some Moscow districts pro-government candidates experienced painful defeats.

Critics of Mr. Navalny’s method said that had he encouraged people to vote for candidates they would not support in a normal situation, and that all of the candidates who were allowed to run were pro-Kremlin, to some extent.

Grigorii V. Golosov, a political scientist at the European University at St. Petersburg, agreed that both Mr. Navalny and Mr. Putin’s Kremlin could legitimately claim victory. The difference is the cost of that victory, he said.

“The government has achieved its strategic goal of electing its governors in the first round, while Navalny proved that his strategic voting campaign can be effective,” Mr. Golosov said in a telephone interview.

“Still,” he added, “the campaign demonstrated that the government’s position is weakening, which is illustrated by how they had to remove basically all alternative candidates from the playing field.”

Follow Ivan Nechepurenko on Twitter: @INechepurenko .

Moscow City Election – 2023

Introduction to the Candidates
GUIDE: How to Register to Vote and Vote

This year in the City of Moscow, three City Council seats and school board seats for Zones 1, 3, and 4, are up for election. For the city council race, the winners will be whichever candidates receive the top three sets of votes , while the school board trustees will be decided based on who gets the most votes in their respective districts.

School board

School Board Zone 1: Cody Barr (REP), Jim Frenzel (DEM) School Board Zone 3: Gay Lynn Clyde (REP), Dulce Kersting-Lark (DEM) School Board Zone 4: Jim Gray (REP), Dawna Fazio (DEM)

City Council Candidates:

Get to know the candidates through our Candidate Candids interview series ! These long-form conversations cover more than mere talking points.

Nathan Tupper

Evan Holmes:

Bryce Blankenship

Joe Campbell

Sandra Kelly

While Sandra was unable to conduct an interview with us, you can find more information about her platform and campaign here: https://www.facebook.com/kellyformoscow

Voter Registration Info

Early voting starts Oct 25th, and runs through November 3rd. During this period, citizens can go to the Latah County Courthouse between 8 a.m. and 5 p.m. and vote. Otherwise, election day is on November 7th, at which time citizens will need to go to their respective precincts to vote ( Precinct Map ), based on their residential address.

If your permanent residence is here in Moscow, Latah County, Idaho:

****************************************************************************************************

To register to vote online (voteidaho.gov) or at the Latah County clerk’s office or at the polls, you must be a citizen of the United States, 18 years of age, a resident of Idaho and your county for 30 days prior to the election. To prove this, you must provide:

Idaho-issued identification card or Idaho driver’s license or current US passport
One approved proof of residence document

Any of the above photo identification with correct residence address:

Lease or rental agreement
Utility bill (excluding cellular telephone bill)
Bank or credit card statement
Paystub, paycheck, government-issued check
For students: Enrollment papers from current school year.

Identification

Do you have an Idaho state-issued photo identification card (or driver’s license)?

Yes, I have an Idaho state-issued photo identification card (or driver’s license).

Is your address current on it?

If not please update your address online at dmvonline.itd.idaho.gov/ Or in person at Latah County DMV, 1313 S. Blaine Street, Moscow, ID 83843. (No need to pay the $20 new-card fee. The address will be corrected in the state’s system.)

No, I do not have an Idaho state-issued photo identification card (or driver’s license) .

Follow the Idaho DMV rules for a driver’s license. Or apply for an Idaho photo identification card:

Bring 1 or 2 (2 will allow you to get a Star Card for travel purposes) of these original documents proving residency that are less than a year old in your current name with current address to the DMV:

Lease, rental agreement, mortgage, or deed
Account statement from one or two different utilities (no ¾ page or cell phone bills)
Account statement from a bank or financial institution
Medical or insurance provider statement, invoice, or explanation of benefits
Pay stub or employment verification (it must list your legal name.)
Idaho school enrollment records with current address (college IDs are not accepted)
Residency affidavit signed by an adult over age 18
Vehicle, homeowner’s, or renter’s liability information.
And bring your birth certificate and social security card .

Have you been recently married and need to update your name on your Idaho state-issued photo identification card (or driver’s license)?

First, change your name on your social security card by taking to Lewiston Social Security Office:

Maiden name social security card
Marriage certificate (not the gold-seal version, but the certified copy)
Must have State File Number, Groom, Bride, and Family ( maiden ) Name completed
Birth certificate (recorded copy, not the keepsake copy)
Maiden name state-issued photo identification card (or driver’s license).

Then, change your name on your Idaho state-issued photo identification card (or driver’s license) at the Latah County DMV, 1313 S. Blaine Street, Moscow, ID 83843.

I was recently married, but I do not have ANY valid photo identification card

Follow the Idaho DMV rules for a driver’s license.

Or apply for an Idaho state-issued photo identification card (see steps above). Wait for the plastic one to arrive in the mail.

2. Change your name on your social security card by taking to Lewiston:

New Idaho state-issued photo identification card (or driver’s license).

3. Wait 24-48 hours. Then return to DMV in person for your state-issued photo identification card (or driver’s license).

There is a new, free Idaho voting identification card option for people who do not drive. This program began in July 2023, so there is not much information available on it.

The signed affidavit is only to be used if the properly registered voter comes to the polls without a picture identification, and his verbally given address matches the roster. If the addresses do not match, the person must re-register to vote (must go and get the photo identification and proof of address).

As a student , where should I register to vote?

From the Idaho Secretary of State’s website :

“College students must establish, as with all other voter registration applicants, that the locale within which they seek to register and vote is their domicile i.e. that they are living in the college community with the intention of abandoning their former domicile and with the intention of remaining permanently, or for an indefinite length of time, in the new location. Some of the factors which may be relevant in determining whether domicile has been established for voting purposes by a student as well as any other applicant, are as follows:

Has the applicant registered to vote elsewhere?
Where does the applicant maintain his checking and saving accounts, if any?
Where does the applicant pay taxes, and what address did he list as his residence on his last income tax return?
What is the residence listed on the applicant’s driver’s license?
If the applicant owns an automobile, where is it registered?
Does the applicant live year round at his claimed domicile, or does he divide it elsewhere? If it is divided, how much time is spent elsewhere and for what reason?

As a student, you should not be registering and voting in your college locale simply because you failed to register and vote at your true domicile. Registering to vote is a serious matter which should only be done after proper reflection. It should be noted that there is no federal right to vote anywhere in the United States for the office of President. State laws control registration and voting and State residency requirements must be met.”

“We need and want all students to vote at their legal domicile.”

If your permanent residence is in another state, contact your home state’s election division to register and vote (absentee?) there.

Aiden Anderson

Which candidates for city council are members of Christ church? They seem to be the most sensible candidates.

Trump is selling ‘God Bless the USA’ Bibles for $59.99 as he faces mounting legal bills

Former President Donald Trump, now the presumptive 2024 Republican nominee, released a video on his Truth Social platform on Tuesday urging supporters to buy the “God Bless the USA Bible,” inspired by country singer Lee Greenwood’s patriotic ballad.

FILE - President Donald Trump holds a Bible as he visits outside St. John’s Church across Lafayette Park from the White House, June 1, 2020, in Washington. Trump is now selling Bibles as he runs to return to the White House. The presumptive Republican nominee released a video on his Truth Social platform Tuesday urging his supporters to purchase the “God Bless The USA Bible.” (AP Photo/Patrick Semansky, File)

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NEW YORK (AP) — Former President Donald Trump is now selling Bibles as he runs to return to the White House.

Trump, who became the presumptive Republican nominee earlier this month, released a video on his Truth Social platform on Tuesday urging his supporters to buy the “God Bless the USA Bible,” which is inspired by country singer Lee Greenwood’s patriotic ballad. Trump takes the stage to the song at each of his rallies and has appeared with Greenwood at events.

“Happy Holy Week! Let’s Make America Pray Again. As we lead into Good Friday and Easter, I encourage you to get a copy of the God Bless the USA Bible,” Trump wrote, directing his supporters to a website selling the book for $59.99.

The effort comes as Trump has faced a serious money crunch amid mounting legal bills while he fights four criminal indictments along with a series of civil charges. Trump was given a reprieve Monday when a New York appeals court agreed to hold off on collecting the more than $454 million he owes following a civil fraud judgment if he puts up $175 million within 10 days. Trump has already posted a $92 million bond in connection with defamation cases brought by the writer E. Jean Carroll , who accused Trump of sexual assault.

Former President Donald Trump awaits the start of a pre-trial hearing with his defense team at Manhattan criminal, Monday, March 25, 2024, in New York. A judge will weigh on Monday when the former president will go on trial. (AP Photo/Mary Altaffer, Pool)

“All Americans need a Bible in their home, and I have many. It’s my favorite book,” Trump said in the video posted on Truth Social. “I’m proud to endorse and encourage you to get this Bible. We must make America pray again.”

Billing itself as “the only Bible endorsed by President Trump!” the new venture’s website calls it “Easy-to-read” with “large print” and a “slim design” that “invites you to explore God’s Word anywhere, any time.”

Besides a King James Version translation, it includes copies of the U.S. Constitution, the Bill of Rights, the Declaration of Independence and the Pledge of Allegiance, as well as a handwritten chorus of the famous Greenwood song.

The Bible is just the latest commercial venture that Trump has pursued while campaigning.

Last month, he debuted a new line of Trump-branded sneakers , including $399 gold “Never Surrender High-Tops,” at Sneaker Con in Philadelphia. The venture behind the shoes, 45Footwear, also sells other Trump-branded footwear, cologne and perfume.

Trump has also dabbled in NFTs, or nonfungible tokens, and last year reported earning between $100,000 and $1 million from a series of digital trading cards that portrayed him in cartoon-like images, including as an astronaut, a cowboy and a superhero.

Donald Trump is facing four criminal indictments, and a civil lawsuit. You can track all of the cases here .

He has also released books featuring photos of his time in office and letters written to him through the years.

The Bible’s website states the product “is not political and has nothing to do with any political campaign.”

“GodBlessTheUSABible.com is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Ventures LLC or any of their respective principals or affiliates,” it says.

Instead, it says, “GodBlessTheUSABible.com uses Donald J. Trump’s name, likeness and image under paid license from CIC Ventures LLC, which license may be terminated or revoked according to its terms.”

CIC Ventures LLC, a company that Trump reported owning in his 2023 financial disclosure, has a similar arrangement with 45Footwear, which also says it uses Trump’s “name, likeness and image under paid license from CIC Ventures LLC, which license may be terminated or revoked according to its terms.”

A Trump spokesperson and God Bless the USA Bible did not immediately respond to questions about how much Trump was paid for the licensing deal or stands to make from each book sale.

Trump remains deeply popular with white evangelical Christians , who are among his most ardent supporters, even though the thrice-married former reality TV star has a long history of behavior that often seemed at odds with teachings espoused by Christ in the Gospels.

When he was running in 2016, Trump raised eyebrows when he cited “Two Corinthians” at Liberty University, instead of the standard “Second Corinthians.”

When asked to share his favorite Bible verse in an interview with Bloomberg Politics in 2015, he demurred.

“I wouldn’t want to get into it. Because to me, that’s very personal,” he said. “The Bible means a lot to me, but I don’t want to get into specifics.”

When he was president, law enforcement officers aggressively removed racial justice protesters from a park near the White House, allowing Trump to walk to nearby St. John’s Church, where he stood alone and raised a Bible. The scene was condemned at the time by the bishop of the Episcopal Diocese of Washington.

Before he ran for office, Trump famously hawked everything from frozen steaks to vodka to a venture named Trump University, which was later sued for fraud .

The history of Key Bridge, Baltimore’s engineering marvel of the 1970s

The Francis Scott Key Bridge in Baltimore partially collapsed into the Patapsco River early Tuesday after a freighter crashed into it. The steel-arched bridge was considered an engineering feat when it was built in the 1970s.

Here’s what to know about the 47-year-old bridge, its history and its significance.

Baltimore bridge collapse

How it happened: Baltimore’s Francis Scott Key Bridge collapsed after being hit by a cargo ship . The container ship lost power shortly before hitting the bridge, Maryland Gov. Wes Moore (D) said. Video shows the bridge collapse in under 40 seconds.

Victims: Divers have recovered the bodies of two construction workers , officials said. They were fathers, husbands and hard workers . A mayday call from the ship prompted first responders to shut down traffic on the four-lane bridge, saving lives.

Economic impact: The collapse of the bridge severed ocean links to the Port of Baltimore, which provides about 20,000 jobs to the area . See how the collapse will disrupt the supply of cars, coal and other goods .

Rebuilding: The bridge, built in the 1970s , will probably take years and cost hundreds of millions of dollars to rebuild , experts said.

COMMENTS

CBA/IBA ELECTION STATEMENT
CBA/IBA ELECTION STATEMENT . The Travel and Transportation Reform Act (TTRA) stipulates that the GTCC will be used by all U.S. Government personnel, military and civilian, to pay for costs incident to official government travel unless specifically exempt. The Joint Travel Regulation (JTR) section 2505 requires a statement on all
PDF OVERSEAS TOUR ELECTION STATEMENT
travel at their own expense to reside at or near the area of my assignment (except for a visit for a period not exceeding 3 continuous months), I will no longer be entitled to Family Separation Allowance. I also understand that under this tour election, I am authorized movement of my family members to a designated location at Government expense.
AF Form 965 Overseas Tour Election Statement
Easily fill out and download the AF Form 965 Overseas Tour Election Statement online in PDF format for free. Fill in the required information and generate a ready-to-print form. ... AF Form 1466 Request for Family Member's Medical and Education Clearance for Travel; AF Form 3558 Election Statement; AF IMT Form 1188 Overseas Civilian Personnel ...
Assignments Eligibility / Levy Brief :: United States Army Garrison Italy
Travel Election Worksheet. Family Travel Soldier Declaration Memo . Military Personnel Services. Location: Building 28, Office #12 Caserma Ederle, Vicenza ... DA 5121 - Overseas Tour Election Statement.pdf - 3/16/23 DA FORM 4036 - SOLDIERS ONLY.pdf - 3/16/23 E-EFMP Flyer.pdf - 3/16/23
DA Form 5121 Oversea Tour Election Statement
DA Form 5121, Overseas Tour Election Statement, is a form used to decide if a soldier is eligible for OCONUS tours and determine election for movement of family members to tours outside of continental U.S. territories.. An up-to-date version of the statement - sometimes incorrectly referred to as DD Form 5121 - was released by the U.S. Department of the Army (DA) in .
DA Form 5118 Reassignment Status and Election Statement
DA Form 5158, Reassignment Status and Election Statement, is a form used at the beginning of the soldier's reassignment cycle or as a basis for initiating specific assignment processing.This specific assignment processing includes deletion, deferments, additional service, and any other special processing. The latest version of the form - sometimes incorrectly referred to as DD Form 5118 - was ...
Fort Moore
Overseas Tour Election Statement; DA Form 5888 Family Deployment Screening Sheet; DA Form 7415 Exception Family Member Program Querying Sheet; OSS packet Overseas Screening Step by Step; T01 Statement; TDY Option Form; Statement of Understanding/Gov't Travel Charge Card; Finance Forms. The Army Military Pay Offices are implementing the DFAS ...
Permanent Change of Station (PCS) OCONUS
DA Form 5121 (Overseas Tour Election Statement) - signed by Soldier and S1. DD 1172-2 (Application for Identification Card/DEERS Enrollment) - verified by DEERS office. DD Form 2792 (Family Member Medical Summary) For each EFMP warranted Family member and supporting documents if EFMP. Sex Offender Declaration - for PCS to Korea or Japan
PDF AF CSP Personnel Service Delivery Guide
conditional upon Family Member Clearance for Travel. 1.2. Upon assignment notification, the member must elect and submit their AF Form 965 Tour Election Statement and certified DD Form 1172 DEERS Enrollment (from milconnect) to notify the gaining CSP Area Manager of their intention to perform the two year assignment accompanied on a CSP allocation.
DAF Form 965
DAF Form 965 is a tax form used by members of the United States Armed Forces (USAF) who are on an overseas tour duty assignment. It allows such individuals to elect to claim the higher standard deduction allowed for those on overseas tour duty, rather than itemizing deductions. The election is made in accordance with Section 911 of the Internal ...
PDF Any questions or concerns about your PCS orders, please go through your
Tour Election for Overseas (OCONUS) Assignments • Soldiers on assignment to an overseas duty station must elect either an "all others (unaccompanied)" tour or a "with dependents (accompanied)"tour*. - Complete DA Form 5121, Overseas Tour Election Statement. - Read each statement on the form carefully before making the decision.
Instructions for Form 1120 (2023)
If an election is made, a statement must be filed in accordance with Regulations section 1.362-4(d)(3). ... To make the election, use Form 8716, Election To Have a Tax Year Other Than a Required Tax Year. ... See Pub. 463, Travel, Gift, and Car Expenses, for instructions on figuring the inclusion amount.
Home [www.e-publishing.af.mil]
DAF Publications and Forms Training Resources . Most Viewed. DAFH33-337 - Tongue and Quill . DAFI36-2903 - Dress and Personal Appearance of Air Force Personnel. AFMAN91-203 AIR FORCE OCCUPATIONAL SAFETY, FIRE, AND HEALTH STANDARDS . AFI36-2406 - Officer and Enlisted Evaluation Systems.
Forms
Claim for Compensation. CA-7a *. Time Analysis Form, used for claiming compensation, including repurchase of paid leave. CA-7b. Leave Buy Back (LBB) Worksheet/Certification and Election. CA-10. What A Federal Employee Should Do When Injured At Work. CA-12 *. Claim For Continuance of Compensation Under the Federal Employees' Compensation Act.
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PDF OVERSEAS TOUR ELECTION STATEMENT
OVERSEAS TOUR ELECTION STATEMENT. For use of this form, see AR 600-8-11; the proponent agency is DCS, G-1. PRIVACY ACT STATEMENT ... I also understand that if my family members travel at their own I will no longer be entitled to Family Separation Allowance. I also understand that under this tour election, I am authorized ...
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Contents. This year in the City of Moscow, three City Council seats and school board seats for Zones 1, 3, and 4, are up for election. For the city council race, the winners will be whichever candidates receive the top three sets of votes, while the school board trustees will be decided based on who gets the most votes in their respective ...
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Welcome To Your Reassignment Briefing The Central Processing Facility
DA Form 5118, Reassignment Status and Election Statement Reassignment Worksheet DA 31, Request for Leave EFMP Querying Sheet CBA IBA Statement ... You will also have to present this leave form to SATO travel in order to schedule yourflight. If your gaining unit is in a location that requires a Visaand official passport,
The history of Baltimore's Francis Scott Key Bridge, built in 1977
The Francis Scott Key Bridge in 2014. It opened in 1977 and is named for Francis Scott Key, who wrote the words of "The Star-Spangled Banner." (William Sherman/Getty Images) The Francis Scott ...
PDF OVERSEAS TOUR ELECTION STATEMENT
OVERSEAS TOUR ELECTION STATEMENT For use of this form, see AR 600-8-11; the proponent agency is DCS, G-1. ... approved. I understand that, if concurrent/deferred travel is not approved, I may apply for nonconcurrent travel for my family members after I arrive in my overseas area, if I am able to obtain suitable quarters, or I may elect to ...
LEEVVYY BBrriieeff//RREEAASSSSIIGGNNMMEENNTT CCHHEECCKKLLIISSTT
CBA/IBA Election Statement Form [ ] 2. DA Form 31 - Leave form signed with control #. The departure "Availability Date" for enlisted is 3 days prior to their DEROS. ... command sponsored Family Member(s) are not authorized paid return travel to the US. USAG Bavaria Military Personnel Division/Personnel Service Branch Comm DSN 475-8814 ...
Kelly leads way in Council voting
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