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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How do I generate Form 1120-PC?

Answer

Form 1120-PC for property and casualty insurance companies is generated when you select Property and Casualty Ins Co as the entity type in the File > Client Properties dialog.

If you are filing Form 1120-PC, Schedule A, the same input screens used by a corporation are also available for property and casualty insurance companies. For example, use Screen Inc to complete the Income and Deductions sections of Form 1120-PC, Schedule A. Screens PC, PC-2, and PC-4 are also used to complete Form 1120-PC and are available in the 1120PC folder. Screen PC-3 is only used when Form 1120-PC, Schedule B is completed.

If you are filing Form 1120-PC, Schedule B, all the screens used by a corporation are available, but only the ones that pertain to the investment income of the insurance company can be used. For example, only the data entered in the Interest income, Gross rents, Gross royalties, and Interest expense fields transfers to Schedule B.

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

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