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Screen PC - Property and Casualty Insurance Company (1120)
General Information
Election statement for certain small companies
Enter
X
in this field if the property and insurance company is making the election under IRC section 831(b) in the current year. The tax election automatically prints with the return.note
If you use this field to make the election, do not enter this election in the Election Statements section in the Elect Screen, as duplicate elections will print.
Election by foreign insurance company
The Section 953(c)(3)(C) election statement prints if a
1
is entered in this field, and data is entered in the List of all US shareholders to include in Section 953 election statement
. The Section 953(d) election statement prints if a 2
is entered in this field, and data is entered in the List of all US shareholders to include in Section 953 election statement
dialog.Schedule G - Other Capital Losses
Capital assets sold or exchanged to meet abnormal insurance losses
In the statement, enter the capital assets that were sold at a loss to provide funds to meet abnormal insurance needs. The excess capital losses are transferred to Schedule D, Part II if the total gross receipts form the sale of capital assets exceeds the limitation calculated on Schedule G, line 10.
The excess capital losses is allocated to Schedule D based on a ratio of the excess gross sales price to the limitation calculated on Schedule G, line 10.