Entering assets when filing Form 1120-PC, Schedule B (1120)

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Schedule B reports the taxable investment income of the property and insurance company.

If you are using the asset module, and 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. Doing this prevents the gain or loss on the sale of a non-investment asset from transferring to Form 4797 and Form 1120-PC, Schedule B.

If you are not using the asset module, enter the depreciation for assets related to investment income in Screen 4562 and enter the disposal information for assets related to investment income in Screen Sale. Also enter the cost and accumulated depreciation for all the assets of the insurance company in Screen L in the Balance Sheet folder.

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