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

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Question

Which input screens are used to complete Form 1120-PC, Schedule B?

Answer

Schedule B reports the taxable investment income of the property and insurance company. The following screens can be used to enter the company's investment income and expenses.

Note: If you enter all of the assets of the insurance company in the asset module (i.e., assets related to both investment and non-investment income), follow these steps for assets related to non-investment income to ensure depreciation and the gain or loss on the sale of a non-investment asset is reported properly.

  1. In the Tax column on the Depreciation tab, select Memo from the Method drop-down list for the tax depreciation. Doing this prevents the depreciation from assets not related to investment income from transferring to Form 4562 and Form 1120-PC, Schedule B.
  2. In the Book column on the Depreciation tab, select the appropriate depreciation method for book depreciation. The cost and accumulated depreciation for the asset transfers to the balance sheet on Form 1120-PC.
  3. In the Disposal tab, enter the disposal information. Select Not reported on Form 4797 from the Type of property drop-down list. This will prevent the gain or loss on the sale of a non-investment asset from transferring to Form 4797 and Form 1120-PC, Schedule B.

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

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