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Instructions for Form 1120-L (Revised 2004) 2004 Tax Year

U.S. Life Insurance Company Income Tax Return

Introductory Material

Table of Contents

What's New

  • When the 2004 Form 1120-L was released to the public, the differential earnings rate for 2004 had not yet been determined. The Secretary of the Treasury will announce the 2004 differential earnings rate in early 2005.
  • Section 809 is repealed for tax years beginning after December 31, 2004. Therefore, for 2004, all mutual life insurance companies and the 50 largest stock life insurance companies are required to file Form 8390, Information Return for Determination of Life Insurance Company Earnings Rate Under Section 809; mutual life insurance companies compute a differential earnings amount to use to determine policyholder dividends. See the instructions for Schedules C and E on pages 12 and 13.
  • Charitable contributions made in January 2005 for the relief of victims in areas affected by the Indian Ocean tsunami may be treated as if made on December 31, 2004.
  • Corporations can file new Form 8895, Section 965(f) Election for Corporations that are U.S. Shareholders of a Controlled Foreign Corporation, to elect the 85% dividends-received deduction on repatriated dividends received under section 965. Changes are made to Form 1120-L, Schedule A.
  • For tax years beginning after October 22, 2004, corporations can elect to be taxed on income from qualifying shipping activities using an alternative tax method. See page 6.
  • Corporations can elect to deduct a limited amount of business start-up and organizational costs paid or incurred after October 22, 2004. See page 7.
  • For charitable contributions of certain property made after June 3, 2004, a corporation must file Form 8283 and obtain a qualified appraisal if claiming a deduction of more than $5,000. See page 9.
  • For charitable contributions of patents and certain other intellectual property made after June 3, 2004, corporations will receive a reduced deduction but can deduct certain qualified donee income. See page 9.
  • Special rules apply to charitable contributions after 2004 of used motor vehicles, boats, or airplanes with a claimed value of more than $500. See section 170(f)(12).
  • The deduction for certain travel, meals, and entertainment expenses incurred after October 22, 2004, is limited to the amount treated as compensation to officers, directors, and more-than-10% shareholders. See section 274(e)(2).
  • If the corporation is an expatriated entity or a partner in a expatriated entity, the corporation's taxable income cannot be less than its inversion gain for the tax year. See section 7874.

Photographs of Missing Children

The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.

Unresolved Tax Issues

If the corporation has attempted to deal with an IRS problem unsuccessfully, it should contact the Taxpayer Advocate. The Taxpayer Advocate independently represents the corporation's interests and concerns within the IRS by protecting its rights and resolving problems that have not been fixed through normal channels.

While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that the corporation's case is given a complete and impartial review.

The corporation's assigned personal advocate will listen to its point of view and will work with the corporation to address its concerns. The corporation can expect the advocate to provide:

  • A “fresh look” at a new or ongoing problem.
  • Timely acknowledgment.
  • The name and phone number of the individual assigned to its case.
  • Updates on progress.
  • Timeframes for action.
  • Speedy resolution.
  • Courteous service.

When contacting the Taxpayer Advocate, the corporation should be prepared to provide the following information.

  • The corporation's name, address, and employer identification number (EIN).
  • The name and telephone number of an authorized contact person and the hours he or she can be reached.
  • The type of tax return and year(s) involved.
  • A detailed description of the problem.
  • Previous attempts to solve the problem and the office that was contacted.
  • A description of the hardship the corporation is facing and verifying documentation (if applicable).

The corporation can contact a Taxpayer Advocate by calling 1-877-777-4778 (toll free). Persons who have access to TTY/TDD equipment can call 1-800-829-4059 and ask for Taxpayer Advocate assistance. If the corporation prefers, it can call, write, or fax the Taxpayer Advocate office in its area. See Pub. 1546, The Taxpayer Advocate Service of the IRS, for a list of addresses and fax numbers.

How To Get Forms and Publications

Personal computer

You can access the IRS website 24 hours a day, 7 days a week, at www.irs.gov to:

  • Order IRS products online.
  • Download forms, instructions, and publications.
  • See answers to frequently asked tax questions.
  • Search publications online by topic or keyword.
  • Send us comments or request help by email.
  • Sign up to receive local and national tax news by email.

You can also reach us using file transfer protocol at ftp.irs.gov.

CD-ROM

Order Pub. 1796, Federal Tax Products on CD-ROM, and get:

  • Current year forms, instructions, and publications.
  • Prior year forms, instructions, and publications.
  • Frequently requested tax forms that can be filled in electronically, printed out for submission, and saved for recordkeeping.
  • The Internal Revenue Bulletin.

Buy the CD-ROM on the Internet at www.irs.gov/cdorders from the National Technical Information Service (NTIS) for $22 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the CD-ROM for $22 (plus a $5 handling fee).

By Phone and in Person

You can order forms and publications by calling 1-800-TAX-FORM (1-800-829-3676). You can also get most forms and publications at your local IRS office.

IRS E-Services Make Taxes Easier

Now more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make taxes easier.

  • You can e-file your Form 940 and 941 employment tax returns, Form 1099, and other information returns. Visit www.irs.gov/efile for more information.
  • You can pay taxes online or by phone using the free Electronic Federal Tax Payment System (EFTPS). Visit www.eftps.gov or call 1-800-555-4477 for more information.

Use these electronic options to make filing and paying taxes easier.

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