1120-US: Generating Form 1120-PC, Schedule B (FAQ)

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Question

How do I generate Form 1120-PC, Schedule B?

Answer

Form 1120-PC for property and casualty insurance companies is generated when you select Property and Casualty Ins Co from the 1120 drop-down list in the File > Client Properties dialog. Mark the Electing small company taxed on investment income only field in Screen PC to complete Form 1120-PC, Schedule B.

To print the election statement under IRC Section 831(b), enter X in the Election statement for certain small companies field in Screen PC. The election statement is only required in the first year the election is made. Therefore, UltraTax CS does not proforma this field.

Related topic: 1120-US: Form 1120-PC - Property and casualty insurance company FAQs

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