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Fill a Valid IRS 1120 Template

The IRS Form 1120 is a tax return used by corporations to report their income, gains, losses, deductions, and credits. This form is essential for ensuring compliance with federal tax regulations and calculating the corporation's tax liability. For detailed guidance on filling out the form, click the button below.

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Content Overview

The IRS 1120 form is a crucial document for corporations operating in the United States, serving as the foundation for reporting income, deductions, and tax liability to the federal government. Every year, corporations must file this form to detail their financial performance, including revenue, expenses, and the net income or loss incurred during the tax year. This form not only helps the IRS assess the tax obligations of businesses but also provides corporations with an opportunity to claim various deductions that can significantly reduce their taxable income. Additionally, the 1120 form includes sections for reporting credits, such as those for research and development, which can further enhance a corporation's financial position. Understanding the intricacies of this form is essential for corporate compliance and effective tax planning, as errors or omissions can lead to penalties or increased scrutiny from tax authorities. Thus, navigating the requirements of the IRS 1120 is a vital task for business owners and financial professionals alike, ensuring that they meet their obligations while optimizing their tax outcomes.

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Similar forms

IRS Form 1065: This form is used for partnerships to report income, deductions, gains, and losses. Like Form 1120, it provides a comprehensive overview of the entity's financial activities, but it focuses on pass-through taxation rather than corporate taxation.
IRS Form 1120-S: Designed for S corporations, this form is similar to Form 1120 in that it reports income and expenses. However, it allows for pass-through taxation, meaning the income is taxed at the shareholder level rather than at the corporate level.
IRS Form 990: Nonprofit organizations use this form to provide information about their financial activities. While Form 1120 is for profit-seeking entities, both forms require detailed financial reporting and transparency.
Trailer Bill of Sale Form: When documenting the sale of a trailer, it's essential to use a comprehensive trailer bill of sale documentation guide to ensure all ownership details are properly recorded.
IRS Form 1040: Individual taxpayers file this form to report personal income. Similar to Form 1120, it captures various income sources and deductions, though it is tailored for individuals rather than corporations.
IRS Form 941: Employers use this form to report payroll taxes. Like Form 1120, it requires detailed reporting of financial information, but it focuses specifically on employee wages and tax withholdings.
IRS Form 1099: This form reports various types of income other than wages. While Form 1120 is for corporate income, both forms are essential for reporting income to the IRS and ensuring compliance with tax regulations.
IRS Form 1065-B: This is a variation of Form 1065 for electing large partnerships. It shares similarities with Form 1120 in that both require detailed financial disclosures, but it caters specifically to large partnership structures.
IRS Form 8865: Used by U.S. persons who own interests in foreign partnerships, this form is similar to Form 1065 and requires similar financial reporting, focusing on the income and expenses related to foreign partnerships.

Document Specifics

Fact Name	Description
Purpose	The IRS Form 1120 is used by corporations to report their income, gains, losses, deductions, and credits, and to calculate their federal income tax liability.
Filing Deadline	Corporations must file Form 1120 by the 15th day of the 4th month after the end of their tax year. For calendar year corporations, this means April 15.
Who Must File	All domestic corporations must file Form 1120, regardless of whether they have taxable income or not.
State-Specific Forms	Many states require separate corporate income tax returns. For example, California requires Form 100 under California Revenue and Taxation Code Section 23101.
Penalties	Failure to file Form 1120 on time may result in penalties. The penalty is generally $210 for each month the return is late, up to a maximum of 5 months.

Things You Should Know About This Form

What is IRS Form 1120?
IRS Form 1120 is the U.S. Corporation Income Tax Return. Corporations, including C corporations, must file this form to report their income, gains, losses, deductions, and credits for the tax year. This form helps the IRS determine the amount of tax owed by the corporation.
Who needs to file Form 1120?
Any corporation operating in the United States, including domestic corporations and foreign corporations engaged in business in the U.S., must file Form 1120. This includes C corporations, but S corporations will use Form 1120-S instead.
When is Form 1120 due?
Form 1120 is typically due on the 15th day of the fourth month following the end of the corporation’s tax year. For most corporations that operate on a calendar year, the due date is April 15. If the due date falls on a weekend or holiday, the deadline is extended to the next business day.
What information is required on Form 1120?
Form 1120 requires various pieces of information, including:
- The corporation's name and address
- Employer Identification Number (EIN)
- Income and deductions
- Tax credits
- Shareholder information
Accurate reporting of this information is crucial for compliance with tax laws.
How is the tax calculated on Form 1120?
The tax owed is calculated based on the corporation's taxable income, which is determined by subtracting allowable deductions from total income. The current corporate tax rate is a flat 21% on taxable income. Ensure that all deductions and credits are accurately reported to minimize tax liability.
Can a corporation get an extension to file Form 1120?
Yes, a corporation can request an automatic six-month extension to file Form 1120 by submitting Form 7004. However, this extension only applies to the filing deadline, not the payment of taxes owed. Corporations must estimate their tax liability and pay any amount due by the original deadline to avoid penalties and interest.
What happens if Form 1120 is filed late?
If a corporation fails to file Form 1120 by the due date, it may incur penalties. The penalty for late filing is typically 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Additionally, interest will accrue on any unpaid tax from the due date until paid.
Are there any special considerations for foreign corporations?
Foreign corporations that are engaged in a trade or business in the U.S. must file Form 1120 to report their income effectively connected with that business. They may also need to comply with additional reporting requirements, such as filing Form 5472 if they have certain transactions with foreign or domestic related parties.
Where can I find Form 1120 and its instructions?
Form 1120 and its instructions can be found on the IRS website. It is advisable to download the most current version to ensure compliance with any changes in tax laws or regulations.
Is professional help recommended for filing Form 1120?
While it is possible to complete Form 1120 without professional assistance, many corporations choose to work with tax professionals. This can help ensure accuracy and compliance with complex tax regulations, potentially leading to tax savings and avoiding penalties.

Documents used along the form

The IRS Form 1120 is used by corporations to report their income, gains, losses, deductions, and credits. When filing this form, several other documents may be required or beneficial for a complete and accurate submission. Below is a list of commonly used forms and documents that accompany the IRS Form 1120.

Schedule C: This schedule is used to report the corporation's income and deductions from its trade or business activities. It provides detailed information about the business's operations.
Schedule J: This section calculates the corporation's tax liability. It includes information about tax credits and payments made throughout the year.
California ATV Bill of Sale Form: This document is essential for the transfer of ownership of an ATV in California and can be obtained via pdf download.
Form 941: Employers use this form to report payroll taxes withheld from employees. It provides information on wages, tips, and other compensation.
Form 1125-A: This form is used to report the cost of goods sold. It details the inventory and costs associated with producing the goods sold by the corporation.
Form 1125-E: This form reports compensation of officers. It provides transparency regarding the salaries and benefits paid to corporate officers.
Form 4562: This form is used to claim depreciation and amortization. It details the assets owned by the corporation and their respective depreciation schedules.

Collecting these forms and documents helps ensure that the IRS Form 1120 is completed accurately. Proper documentation can facilitate a smoother filing process and may help avoid potential issues with tax compliance.

IRS 1120 Preview

Form 1120

Department of the Treasury

Internal Revenue Service

A Check if:

1a Consolidated return (attach Form 851) .

b Life/nonlife consoli- dated return . . .

2Personal holding co. (attach Sch. PH) . .

3Personal service corp. (see instructions) . .

4 Schedule M-3 attached

		U.S. Corporation Income Tax Return							OMB No. 1545-0123
		U.S. Corporation Income Tax Return


For calendar year 2021 or tax year beginning					, 2021, ending		, 20		2021
	▶ Go to www.irs.gov/Form1120 for instructions and the latest information.								2021
	Name						B Employer identification number
TYPE
TYPE	Number, street, and room or suite no. If a P.O. box, see instructions.						C Date incorporated
OR							C Date incorporated
OR
PRINT
PRINT	City or town, state or province, country, and ZIP or foreign postal code						D Total assets (see instructions)
							D Total assets (see instructions)
								$
E Check if: (1)		Initial return	(2)	Final return	(3)	Name change	(4)	Address change

	1a			Gross receipts or sales								. . .		.		1a
		b		Returns and allowances								. . .		.		1b
		c		Balance. Subtract line 1b from line 1a								. . . . . . . . . . . .										1c
	2			Cost of goods sold (attach Form 1125-A)								. . . . . . . . . . . .										2
	3			Gross profit. Subtract line 2 from line 1c								. . . . . . . . . . . .										3
Income	4			Dividends and inclusions (Schedule C, line 23)								. . . . . . . . . . . .										4
Income	5			Interest		. . . . . . . . . . . . . . . . . .						. . . . . . . . . . . .										5
	5			Interest		. . . . . . . . . . . . . . . . . .						. . . . . . . . . . . .										5
	6			Gross rents								. . . . . . . . . . . .										6
	7			Gross royalties								. . . . . . . . . . . .										7
	8			Capital gain net income (attach Schedule D (Form 1120)) . . . .								. . . . . . . . . . . .										8
	9			Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)								. . . . . . . . . . . .										9
	10			Other income (see instructions—attach statement)								. . . . . . . . . . . .										10
	11			Total income. Add lines 3 through 10								. . .		.	. .		. .	.	.	.	▶	11
deductions.)	12			Compensation of officers (see instructions—attach Form 1125-E) .								. . .		.	. .		. .	.	.	.	▶	12
deductions.)	13			Salaries and wages (less employment credits)								. . . . . . . . . . . .										13
	13			Salaries and wages (less employment credits)								. . . . . . . . . . . .										13
	14			Repairs and maintenance								. . . . . . . . . . . .										14
	15			Bad debts								. . . . . . . . . . . .										15
on	16			Rents								. . . . . . . . . . . .										16
on	17			Taxes and licenses								. . . . . . . . . . . .										17
limitations	17			Taxes and licenses								. . . . . . . . . . . .										17
limitations	20			Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) . . .																		20
	18			Interest (see instructions)								. . . . . . . . . . . .										18
	19			Charitable contributions								. . . . . . . . . . . .										19
for
for	21			Depletion								. . . . . . . . . . . .										21
instructions	25			Reserved for future use								. . . . . . . . . . . .										25
	22			Advertising								. . . . . . . . . . . .										22
	23			Pension, profit-sharing, etc., plans				. . . . . . . . . .				. . . . . . . . . . . .										23
	24			Employee benefit programs			. . . . . . . . . . . .					. . . . . . . . . . . .										24
(See
(See	26			Other deductions (attach statement)								. . . . . . . . . . . .										26
	26			Other deductions (attach statement)								. . . . . . . . . . . .										26
Deductions	27			Total deductions. Add lines 12 through 26								. . .		.	. .		. .	.	.	.	▶	27
Deductions	28			Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. .																		28
	28																					28
	29a			Net operating loss deduction (see instructions)								. . .		.		29a
		b		Special deductions (Schedule C, line 24)								. . .		.		29b
		c		Add lines 29a and 29b								. . . . . . . . . . . .										29c
and	30			Taxable income. Subtract line 29c from line 28. See instructions .								. . . . . . . . . . . .										30
and	31			Total tax		(Schedule J, Part I, line 11)						. . . . . . . . . . . .										31
Credits,Refundable Payments	31			Total tax		(Schedule J, Part I, line 11)						. . . . . . . . . . . .										31
Credits,Refundable Payments	32			Reserved for future use								. . . . . . . . . . . .										32
	33			Total payments and credits (Schedule J, Part III, line 23) . . . .								. . . . . . . . . . . .										33
	34			Estimated tax penalty. See instructions. Check if Form 2220 is attached								. .		.	. .		. .	.	. ▶			34
	35			Amount owed. If line 33 is smaller than the total of lines 31 and 34, enter amount owed													. . . . . .					35
Tax,	36			Overpayment. If line 33 is larger than the total of lines 31 and 34, enter amount overpaid																		36
Tax,	37			Enter amount from line 36 you want: Credited to 2022 estimated tax ▶														Refunded ▶				37
	37																	Refunded ▶				37
Sign				Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct,
Sign				and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.																	May the IRS discuss this return
Here
																					with the preparer shown below?
																					See instructions.			Yes	No
			▲Signature of officer							Date	▲		Title								See instructions.			Yes	No
			▲Signature of officer							Date	▲		Title

Paid					Print/Type preparer’s name				Preparer’s signature							Date				Check		if	PTIN
Paid																				Check		if
Preparer																				self-employed
Preparer					Firm’s name ▶														Firm’s EIN ▶
Use Only					Firm’s name ▶														Firm’s EIN ▶
Use Only					Firm’s address ▶														Phone no.
					Firm’s address ▶														Phone no.
For Paperwork Reduction Act Notice, see separate instructions.														Cat. No. 11450Q									Form 1120 (2021)

Form 1120 (2021)				Page 2
Schedule C	Dividends, Inclusions, and Special Deductions (see	(a) Dividends and	(b) %	(c) Special deductions
	instructions)	inclusions		(a) × (b)

1Dividends from less-than-20%-owned domestic corporations (other than debt-financed

stock)

2Dividends from 20%-or-more-owned domestic corporations (other than debt-financed

	stock)	65
		See
3	Dividends on certain debt-financed stock of domestic and foreign corporations . .	instructions
4	Dividends on certain preferred stock of less-than-20%-owned public utilities . . .	23.3
5	Dividends on certain preferred stock of 20%-or-more-owned public utilities . . . .	26.7
6	Dividends from less-than-20%-owned foreign corporations and certain FSCs . . .	50
7	Dividends from 20%-or-more-owned foreign corporations and certain FSCs . . .	65
8	Dividends from wholly owned foreign subsidiaries	100
		See
9	Subtotal. Add lines 1 through 8. See instructions for limitations	instructions

10Dividends from domestic corporations received by a small business investment

	company operating under the Small Business Investment Act of 1958	100
11	Dividends from affiliated group members	100
12	Dividends from certain FSCs	100

13Foreign-source portion of dividends received from a specified 10%-owned foreign

	corporation (excluding hybrid dividends) (see instructions)	100
14	Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, or 13
	(including any hybrid dividends)
15	Reserved for future use
16a	Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of
	the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471)	100
	(see instructions)	100
b	Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s)
	5471) (see instructions)
c	Other inclusions from CFCs under subpart F not included on line 16a, 16b, or 17 (attach
	Form(s) 5471) (see instructions)

17	Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992) . .
18	Gross-up for foreign taxes deemed paid
19	IC-DISC and former DISC dividends not included on line 1, 2, or 3
20	Other dividends
21	Deduction for dividends paid on certain preferred stock of public utilities . . . .
22	Section 250 deduction (attach Form 8993)

23Total dividends and inclusions. Add column (a), lines 9 through 20. Enter here and on page 1, line 4 . . . . . . . . . . . . . . . . . . . . . .

24	Total special deductions. Add column (c), lines 9 through 22. Enter here and on page 1, line 29b

Form 1120 (2021)


Form 1120 (2021)						Page 3
Schedule J		Tax Computation and Payment (see instructions)
Part I—Tax Computation
1	Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)). See instructions			▶
2	Income tax. See instructions		. . . .	. . .	2
3	Base erosion minimum tax amount (attach Form 8991)		. . . .	. . .	3
4	Add lines 2 and 3		. . . .	. . .	4
5a	Foreign tax credit (attach Form 1118)		5a
b	Credit from Form 8834 (see instructions)		5b
c	General business credit (attach Form 3800)		5c
d	Credit for prior year minimum tax (attach Form 8827)		5d
e	Bond credits from Form 8912		5e
6	Total credits. Add lines 5a through 5e		. . . .	. . .	6
7	Subtract line 6 from line 4		. . . .	. . .	7
8	Personal holding company tax (attach Schedule PH (Form 1120))		. . . .	. . .	8
9a	Recapture of investment credit (attach Form 4255)		9a
b	Recapture of low-income housing credit (attach Form 8611)		9b
c	Interest due under the look-back method—completed long-term contracts (attach
	Form 8697)		9c
d	Interest due under the look-back method—income forecast method (attach Form 8866)		9d
e	Alternative tax on qualifying shipping activities (attach Form 8902)		9e
f	Interest/tax due under section 453A(c) and/or section 453(l)		9f
g	Other (see instructions—attach statement)		9g
10	Total. Add lines 9a through 9g		. . . .	. . .	10
11	Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31		. . . .	. . .	11

Part II—Reserved For Future Use

12 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part III—Payments and Refundable Credits

13	2020 overpayment credited to 2021	. . . . . . . .		13
14	2021 estimated tax payments	. . . . . . . .		14
15	2021 refund applied for on Form 4466	. . . . . . . .		15	(	)
16	Combine lines 13, 14, and 15	. . . . . . . .		16
17	Tax deposited with Form 7004	. . . . . . . .		17
18	Withholding (see instructions)	. . . . . . . .		18
19	Total payments. Add lines 16, 17, and 18	. . . . . . . .		19
20	Refundable credits from:
a	Form 2439		20a
b	Form 4136		20b
c	Reserved for future use		20c
d	Other (attach statement—see instructions)		20d
21	Total credits. Add lines 20a through 20d	. . . . . . . .		21
22	Reserved for future use	. . . . . . . .		22
23	Total payments and credits. Add lines 19 and 21. Enter here and on page 1, line 33 .	. . . . . . . .		23
						Form 1120 (2021)

Form 1120 (2021)

Page 4

Schedule K Other Information (see instructions)

Check accounting method: a

Cash

Accrual

Other (specify) ▶

2See the instructions and enter the: a Business activity code no. ▶

b Business activity ▶ c Product or service ▶

3 Is the corporation a subsidiary in an affiliated group or a parent–subsidiary controlled group? . . . . . . . . . .

If “Yes,” enter name and EIN of the parent corporation ▶

4At the end of the tax year:

aDid any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the

corporation’s stock entitled to vote? If “Yes,” complete Part I of Schedule G (Form 1120) (attach Schedule G) . . . . . .

bDid any individual or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all

classes of the corporation’s stock entitled to vote? If “Yes,” complete Part II of Schedule G (Form 1120) (attach Schedule G) .

5At the end of the tax year, did the corporation:

aOwn directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation not included on Form 851, Affiliations Schedule? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (iv) below.

Yes No

(i)Name of Corporation

(ii)Employer

Identification Number

(if any)

(iii)Country of Incorporation

(iv)Percentage Owned in Voting

Stock

bOwn directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (iv) below.

(i)Name of Entity

(ii)Employer

Identification Number

(if any)

(iii)Country of Organization

(iv)Maximum

Percentage Owned in Profit, Loss, or Capital

6During this tax year, did the corporation pay dividends (other than stock dividends and distributions in exchange for stock) in

excess of the corporation’s current and accumulated earnings and profits? See sections 301 and 316 . . . . . . . .

If “Yes,” file Form 5452, Corporate Report of Nondividend Distributions. See the instructions for Form 5452. If this is a consolidated return, answer here for the parent corporation and on Form 851 for each subsidiary.

7At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation’s stock entitled to vote or at least 25% of the total value of all classes of the corporation’s stock? .

For rules of attribution, see section 318. If “Yes,” enter:

(a) Percentage owned ▶

and (b) Owner’s country ▶

(c)The corporation 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. Enter the number of Forms 5472 attached ▶

8 Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . . . ▶ If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments.

9Enter the amount of tax-exempt interest received or accrued during the tax year ▶ $

10Enter the number of shareholders at the end of the tax year (if 100 or fewer) ▶

11If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here (see instructions) ▶

If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election will not be valid.

12Enter the available NOL carryover from prior tax years (do not reduce it by any deduction reported on

page 1, line 29a.) . . . . . . . . . . . . . . . . . . . . . . . . . ▶ $

Form 1120 (2021)

Page 5

Schedule K Other Information (continued from page 4)

13	Are the corporation’s total receipts (page 1, line 1a, plus lines 4 through 10) for the tax year and its total assets at the end of the	Yes No
13
	tax year less than $250,000?
	If “Yes,” the corporation is not required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash
	distributions and the book value of property distributions (other than cash) made during the tax year ▶ $
14	Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions . . . .
	If “Yes,” complete and attach Schedule UTP.
15a	Did the corporation make any payments in 2021 that would require it to file Form(s) 1099?
b	If “Yes,” did or will the corporation file required Form(s) 1099?

16During this tax year, did the corporation have an 80%-or-more change in ownership, including a change due to redemption of its

own stock? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17During or subsequent to this tax year, but before the filing of this return, did the corporation dispose of more than 65% (by value)

of its assets in a taxable, non-taxable, or tax deferred transaction? . . . . . . . . . . . . . . . . . .

18Did the corporation receive assets in a section 351 transfer in which any of the transferred assets had a fair market basis or fair

market value of more than $1 million? . . . . . . . . . . . . . . . . . . . . . . . . . . .

19During the corporation’s tax year, did the corporation make any payments that would require it to file Forms 1042 and 1042-S under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474) of the Code? . . . . . . . .

20 Is the corporation operating on a cooperative basis?. . . . . . . . . . . . . . . . . . . . . . .

21During the tax year, did the corporation pay or accrue any interest or royalty for which the deduction is not allowed under section

267A? See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If “Yes,” enter the total amount of the disallowed deductions ▶ $

22Does the corporation have gross receipts of at least $500 million in any of the 3 preceding tax years? (See sections 59A(e)(2)

and (3)) .

If “Yes,” complete and attach Form 8991.

23Did the corporation have an election under section 163(j) for any real property trade or business or any farming business in effect

	during the tax year? See instructions
24	Does the corporation satisfy one or more of the following? See instructions

aThe corporation owns a pass-through entity with current, or prior year carryover, excess business interest expense.

bThe corporation’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preceding the current tax year are more than $26 million and the corporation has business interest expense.

cThe corporation is a tax shelter and the corporation has business interest expense. If “Yes,” complete and attach Form 8990.

25	Is the corporation attaching Form 8996 to certify as a Qualified Opportunity Fund?
	If “Yes,” enter amount from Form 8996, line 15 . . . . ▶ $

26Since December 22, 2017, did a foreign corporation directly or indirectly acquire substantially all of the properties held directly or indirectly by the corporation, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than 50% (for example, the shareholders held more than 50% of the stock of the foreign corporation)? If “Yes,” list the ownership

percentage by vote and by value. See instructions . . . . . . . . . . . . . . . . . . . . . . .

Percentage: By Vote

By Value

Form 1120 (2021)

Form 1120 (2021)													Page 6
Schedule L		Balance Sheets per Books					Beginning of tax year				End of tax year
		Assets				(a)		(b)		(c)			(d)
1	Cash
2a	Trade notes and accounts receivable . . .
b	Less allowance for bad debts . .			. . .	(		)		(		)
3	Inventories
4	U.S. government obligations		. . . . .
5	Tax-exempt securities (see instructions) . .
6	Other current assets (attach statement) . .
7	Loans to shareholders
8	Mortgage and real estate loans
9	Other investments (attach statement) . . .
10a	Buildings and other depreciable assets . .
b	Less accumulated depreciation . .			. . .	(		)		(		)
11a	Depletable assets
b	Less accumulated depletion . . .			. . .	(		)		(		)
12	Land (net of any amortization)
13a	Intangible assets (amortizable only)			. . .
b	Less accumulated amortization . .			. . .	(		)		(		)
14	Other assets (attach statement)
15	Total assets
	Liabilities and Shareholders’ Equity
16	Accounts payable
17	Mortgages, notes, bonds payable in less than 1 year
18	Other current liabilities (attach statement) . .
19	Loans from shareholders
20	Mortgages, notes, bonds payable in 1 year or more
21	Other liabilities (attach statement) . . . .
22	Capital stock:	a Preferred stock . . . .
		b Common stock . . . .
23	Additional paid-in capital
24	Retained earnings—Appropriated (attach statement)
25	Retained earnings—Unappropriated . . .
26	Adjustments to shareholders’ equity (attach statement)
27	Less cost of treasury stock							(	)			(	)
28	Total liabilities and shareholders’ equity . .

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

Note: The corporation may be required to file Schedule M-3. See instructions.

1	Net income (loss) per books	7	Income recorded on books this year
2	Federal income tax per books		not included on this return (itemize):
3	Excess of capital losses over capital gains .		Tax-exempt interest $

4Income subject to tax not recorded on books this year (itemize):

		8		Deductions on this return not charged
5	Expenses recorded on books this year not			against book income this year (itemize):
	deducted on this return (itemize):		a	Depreciation . . $
a	Depreciation . . . . $		b	Charitable contributions $

bCharitable contributions . $

cTravel and entertainment . $

			9	Add lines 7 and 8
6	Add lines 1 through 5	10		Income (page 1, line 28)—line 6 less line 9

Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Schedule L, Line 25)

1	Balance at beginning of year	5			Distributions: a Cash
2	Net income (loss) per books				b Stock . . . .
3	Other increases (itemize):				c Property . . . .
			6		Other decreases (itemize):
				7	Add lines 5 and 6
4	Add lines 1, 2, and 3	8			Balance at end of year (line 4 less line 7)

Form 1120 (2021)