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This form is filed by personal holding companies, regulated investment companies, or real estate investment trusts to claim a deficiency dividend deduction under the Internal Revenue Code.
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How to fill out claim for deficiency dividends
How to fill out Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust
01
Gather necessary financial documents related to your personal holding company, regulated investment company, or real estate investment trust.
02
Obtain Form 1120, which is used for filing corporate income tax returns.
03
Complete the identification section at the top of the form, including the name of the entity and Employer Identification Number (EIN).
04
Calculate the taxable income of the entity and report it on the appropriate line of the form.
05
Determine the amount of deficiency dividends that are being claimed for deductions.
06
Fill out Schedule G, which details your claim for deficiency dividends deductions.
07
Ensure all relevant worksheets and statements are attached that provide support for the deductions being claimed.
08
Review the completed form for accuracy and ensure all necessary signatures are provided.
09
Submit the form to the IRS by the applicable due date.
Who needs Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust?
01
Personal Holding Companies that owe taxes on undistributed income and wish to claim deductions.
02
Regulated Investment Companies (RICs) that have undistributed income and want to offset tax liabilities.
03
Real Estate Investment Trusts (REITs) that have not distributed their required dividends and need to report deficiency dividends.
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What are the requirements for a regulated investment company?
An RIC must derive a minimum of 90% of its income from capital gains, interest, or dividends earned on investments. To qualify, at least 50% of a company's total assets must be in the form of cash, cash equivalents, or securities.
What are the distribution requirements for a REIT?
Distribution requirements. 90% of its investment company taxable income determined without regard to section 852(b)(2)(D); and. 90% of the excess of the RIC's interest income excludable from gross income under section 103(a) over its deductions disallowed under sections 265 and 171(a)(2).
What is the RIC 90 distribution requirement?
Requirements to Qualify as an RIC Distribution mandate: The RIC is obligated to distribute at least 90% of its “investment company taxable income” to its shareholders annually. This is a technical term referring to the company's taxable income, excluding realized capital gains.
What are the distribution requirements for a regulated investment company?
Generally, a RIC must: Meet an asset diversification test. Derive at least 90% of its gross income from investment activities. Annually distribute at least 90% of its taxable income to its stockholders.
What is a deficiency dividend?
(i) The deficiency dividend must be a distribution of property (including money) that would have been properly taken into account in computing the dividends paid deduction under section 561 for the taxable year for which tax liability resulting from the determination exists if the property had been distributed during
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What is Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust?
A Claim for Deficiency Dividends Deductions allows personal holding companies, regulated investment companies, or real estate investment trusts to recover taxes on dividends that were not distributed to shareholders in the specified tax year.
Who is required to file Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust?
Personal holding companies, regulated investment companies, and real estate investment trusts that meet the criteria for deficiency dividends deductions and have not previously deducted such dividends are required to file this claim.
How to fill out Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust?
To fill out the claim, the entity must provide detailed information regarding its income, dividend distributions, tax paid, and any previously claimed deficiency dividends, following the guidelines set by the IRS for the respective forms.
What is the purpose of Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust?
The purpose of the claim is to allow eligible corporations to claim deductions for dividends they were obligated to pay but did not distribute, thus reducing their overall tax liability.
What information must be reported on Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust?
The claim must report information such as the total taxable income, amount of dividends declared and paid, dates of payment, and the amount of taxes assessed on undistributed dividends.
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