1120-PC U.S. Property and Casualty Insurance Company Income Tax

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TREASURY/IRS AND OMB USE ONLY DRAFT
Form

1120-PC

U.S. Property and Casualty Insurance Company
Income Tax Return
For calendar year 2025, or tax year beginning

Department of the Treasury
Internal Revenue Service

Number and street. If a P.O. box, see instructions.

(1)

Check if:

1
2
3a
b
c
d
e
z
4
5
6
7
8a
b
c
d
e
9
10
11
12
13a
b
z
14
15a
b
16a
b
c
d
e
f
g
z
17
18
19
20
21
c
e

Sign
Here

City or town
Final return

State or province
(2)

Name change

Room or suite no. C Date incorporated
Country

(3)

Address change

(4)

ZIP or foreign postal code D Check applicable box(es) if an
election has been made under
section(s):
831(b)
953(c)(3)(C)
953(d)
Amended return

1
Taxable income (Schedule A, line 37) . . . . . . . . . . . . . . . . . . .
Taxable investment income for electing small companies (Schedule B, line 21) . . . . . .
2
Income tax (see instructions) . . . . . . . . . . . . .
3a
Section 1291 tax from Form 8621
. . . . . . . . . . .
3b
Additional tax under section 197(f) . . . . . . . . . . .
3c
Base erosion minimum tax from Form 8991 . . . . . . . .
3d
Amount from Form 4255, Part I, line 3, column (q) . . . . . .
3e
Other chapter 1 tax . . . . . . . . . . . . . . . .
3z
Total income tax. Add lines 3a through 3z . . . . . . . . . . . . . . . . . .
4
Enter amount of tax that a reciprocal must include (see instructions) . . . . . . . . .
5
Corporate alternative minimum tax from Form 4626, Part II, line 13 (attach Form 4626) . . .
6
Add lines 4 through 6 . . . . . . . . . . . . . . . . . . . . . . . . .
7
Foreign tax credit (attach Form 1118) . . . . . . . . . .
8a
Credit from Form 8834 (attach Form 8834) . . . . . . . . .
8b
General business credit (see instructions—attach Form 3800) . .
8c
Credit for prior year minimum tax (attach Form 8827) . . . . .
8d
Bond credits from Form 8912 . . . . . . . . . . . . .
8e
Total credits. Add lines 8a through 8e . . . . . . . . . . . . . . . . . . .
9
Subtract line 9 from line 7 . . . . . . . . . . . . . . . . . . . . . . .
10
Foreign corporations—Tax on income not connected with U.S. business . . . . . . . .
11
Personal holding company tax (attach Schedule PH (Form 1120)) . . . . . . . . . .
12
Amount from Form 4255, Part I, line 3, column (r) . . . . . . 13a
Recapture of low-income housing credit (attach Form 8611) . . . 13b
Other (see instructions—attach statement) . . . . . . . . . 13z
Total. Add lines 13a through 13z . . . . . . . . . . . . . . . . . . . . .
14
Total tax. Add lines 10, 11, 12, and 14 . . . . . . . . . . . . . . . . . . . 15a
First installment of section 1062 applicable net tax liability. Enter amount from Form 1062, line 15 15b
Preceding year’s overpayment credited to current year
. . . . 16a
Current year’s estimated tax payments (see instructions) . . . . 16b
Current year’s refund applied for on Form 4466 . . . . . . . 16c (
)
Tax deposited with Form 7004
. . . . . . . . . . . . 16d
Credit by reciprocal for tax paid by attorney-in-fact under section 835(d) 16e
16f
Elective payment election amount from Form 3800 . . . . . .
Section 1062 applicable net tax liability. Enter amount from Form 1062, line 14 16g
Other credits and payments . . . . . . . . . . . . . 16z
Total payments, refundable credits, and section 1062 net tax liability. Combine lines 16a through 16z 17
18
Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . .
Amount owed. If line 17 is smaller than the total of lines 15a, 15b, and 18, enter amount owed
19
20
Overpayment. If line 17 is larger than the total of lines 15a, 15b, and 18, enter amount overpaid
Enter amount from line 20: a Credited to 2026 estimated tax
b Refunded 21b
Routing number
d Type:
Checking
Savings
Account number
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, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Signature of officer

Paid
Preparer
Use Only

Preparer’s name

Date

Title

Preparer’s signature

Date

Firm’s name

Check
if PTIN
self-employed
Firm’s EIN

Firm’s address

For Paperwork Reduction Act Notice, see separate instructions.

May the IRS discuss this return
with the preparer shown below?
See instructions.
Yes
No

Phone no.
Cat. No. 64270Q

Form 1120-PC (2025) Created 10/20/25

DRAFT — DO NOT FILE

Tax Computation and Payments

E

DRAFT — DO NOT FILE

B Employer identification number

Name

1 Consolidated return
(attach Form 851)

3 Schedule M-3 (Form
1120-PC) attached

2025

, 20

Go to www.irs.gov/Form1120PC for instructions and the latest information.

A Check if:

2 Life-nonlife consolidated return . .

, 2025, ending

OMB No. 1545-0123

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Page 2

Form 1120-PC (2025)

Schedule A
1
2

Taxable Income—Section 832 (see instructions)

Premiums earned (Schedule E, line 7) . . .
Dividends and inclusions (Schedule C, line 17)

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Deductions (See instructions for limitations on deductions.)

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d
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19
20a
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34a
b
c
35
36a

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(b) Amortization of
premium

Interest (including tax-exempt interest) . . . .
Tax-exempt interest . . . . . . . . . .
Subtract line 3b from line 3a . . . . . . .
Taxable interest. Subtract line 3c, column (b), from line 3c, column (a) . . . .
Rents . . . . . . . . . . . . . . . . . . . . . . . . .
Royalties . . . . . . . . . . . . . . . . . . . . . . . .
Capital gain net income (see instructions) (attach Schedule D (Form 1120)) . .
Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . .
Certain mutual fire or flood insurance company premiums (section 832(b)(1)(D))
Income on account of special income and deduction accounts . . . . . .
Income from protection against loss account (see instructions) . . . . . .
Mutual interinsurers or reciprocal underwriters—decrease in subscriber accounts
Reserved for future use . . . . . . . . . . . . . . . . . . .
Other income (attach statement) . . . . . . . . . . . . . . . .
Gross income. Add lines 1 through 13 . . . . . . . . . . . . . .
Compensation of officers (see instructions) (attach statement) . . . . . .
Salaries and wages (less employment credits) . . . . . . . . . . .
Agency balances and bills receivable that became worthless during the tax year
Rents . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes and licenses . . . . . . . . . . . . . . . . . . . .
Interest
b Less tax-exempt interest exp.
Charitable contributions . . . . . . . . . . . . . . . . . . .
Depreciation (attach Form 4562) . . . . . . . . . . . . . . . .
Depletion
. . . . . . . . . . . . . . . . . . . . . . .
Pension, profit-sharing, etc., plans . . . . . . . . . . . . . . .
Employee benefit programs
. . . . . . . . . . . . . . . . .
Losses incurred (Schedule F, line 14) . . . . . . . . . . . . . .
Reserved for future use . . . . . . . . . . . . . . . . . . .
Other capital losses (Schedule G, line 12, column (g)) . . . . . . . . .
Dividends to policyholders . . . . . . . . . . . . . . . . . .
Mutual interinsurers or reciprocal underwriters—increase in subscriber accounts
Other deductions (see instructions) (attach statement) . . . . . . . . .
Total deductions. Add lines 15 through 31 . . . . . . . . . . . .
Subtotal. Subtract line 32 from line 14 . . . . . . . . . . . . . .
Special deduction for section 833 organizations (Schedule H, line 6) 34a
Deduction on account of special income and deduction accounts . 34b
Total. Add lines 34a and 34b . . . . . . . . . . . . . . . . .
Subtotal. Subtract line 34c from line 33
. . . . . . . . . . . . .
Dividends received and other special deductions (Schedule C, line
30) . . . . . . . . . . . . . . . . . . . . . . 36a
b Net operating loss deduction . . . . . . . . . . . . . 36b
c Total. Add lines 36a and 36b . . . . . . . . . . . . . . . . .
37
Taxable income. Subtract line 36c from line 35. Enter here and on page 1, line 1

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20c
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33

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34c
35

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36c
37

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DRAFT — DO NOT FILE

DRAFT — DO NOT FILE

Income

(a) Interest received

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Form 1120-PC (2025)

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Page 3

Form 1120-PC (2025)

Schedule B

Part I—Taxable Investment Income of Electing Small Companies (section 834) (see instructions)
(b) Amortization of
premium

Deductions

1a
b
c
d
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Interest (including tax-exempt interest) . . . .
Interest exempt under section 103 . . . . .
Subtract line 1b from line 1a . . . . . . .
Taxable interest. Subtract line 1c, column (b), from line 1c, column (a) . . . . . . . . .
Dividends and inclusions (Schedule C, line 17) . . . . . . . . . . . . . . . .
Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross income from a trade or business, other than an insurance business, and from Form 4797
Income from leases described in sections 834(b)(1)(B) and 834(b)(1)(C) . . . . . . . .
Capital gain net income from Schedule D (Form 1120), line 18 . . . . . . . . . . .
Gross investment income. Add lines 1d through 7 . . . . . . . . . . . . . . .
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . .
Other real estate expenses . . . . . . . . . . . . . . . . . . . . . . .
Depreciation (attach Form 4562) . . . . . . . . . . . . . . . . . . . . .
Depletion
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trade or business deductions as provided in section 834(c)(8) (attach statement) . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other capital losses (Schedule G, line 12, column (g)) . . . . . . . . . . . . . .
Total. Add lines 9 through 15 . . . . . . . . . . . . . . . . . . . . . .
Investment expenses (see instructions) (attach statement)
. . . . . . . . . . . .
Total deductions. Add lines 16 and 17 . . . . . . . . . . . . . . . . . . .
Subtract line 18 from line 8 . . . . . . . . . . . . . . . . . . . . . . .
Dividends received and other special deductions (Schedule C, line 30) . . . . . . . .
Taxable investment income. Subtract line 20 from line 19. Enter here and on page 1, line 2 .

1d
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Part II—Invested Assets Book Values
Note: Complete only if claiming a deduction for general expenses allocated to investment income.
(a) Beginning of tax year

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28
29
30
31
32
33
34
35
36
37
38
39

Real estate . . . . . . . . . . . . . . . . . . . .
Mortgage loans . . . . . . . . . . . . . . . . . . .
Collateral loans . . . . . . . . . . . . . . . . . . .
Policy loans, including premium notes . . . . . . . . . . .
Bonds of domestic corporations . . . . . . . . . . . . .
Stock of domestic corporations . . . . . . . . . . . . .
Government obligations, etc. . . . . . . . . . . . . . .
Bank deposits bearing interest . . . . . . . . . . . . . .
Other interest-bearing assets (attach statement) . . . . . . . .
Total. Add lines 22 through 30 . . . . . . . . . . . . . .
Add columns (a) and (b), line 31 . . . . . . . . . . . . .
Mean of invested assets for the tax year. Enter one-half of line 32 . .
Multiply line 33 by 0.0025 . . . . . . . . . . . . . . .
Income base. Line 1b, column (a), plus line 8 less the sum of line 1b,
column (b), and line 16 . . . . . . . . . . . . . . . .
Multiply line 33 by 0.0375 . . . . . . . . . . . . . . .
Subtract line 36 from line 35. Don’t enter less than zero
. . . . .
Multiply line 37 by 0.25 . . . . . . . . . . . . . . . .
Limitation on deduction for investment expenses. Add lines 34 and 38

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39

(b) End of tax year

Form 1120-PC (2025)

DRAFT — DO NOT FILE

DRAFT — DO NOT FILE

Income

(a) Interest received

TREASURY/IRS AND OMB USE ONLY DRAFT
Page 4

Form 1120-PC (2025)

Schedule C

Dividends, Inclusions, Dividends-Received Deduction, and Other Special Deductions
(see instructions)
Dividends and Inclusions

Income
1
2

7
8
9
10
11
12a

b
c
13
14
15
16
17

Subpart F inclusions derived from hybrid dividends of tiered corporations
(attach Form(s) 5471) (see instructions) . . . . . . . . . . . .
Other inclusions from CFCs under subpart F not included on line 12a, 12b,
or 13 (attach Form(s) 5471) . . . . . . . . . . . . . . . .
Global intangible low-taxed income (GILTI) (attach Forms 5471 and 8992)
Gross-up for foreign taxes deemed paid
. . . . . . . . . . .
Reserved for future use . . . . . . . . . . . . . . . . .
Other dividends (attach statement) . . . . . . . . . . . . .
Total dividends and inclusions. Add lines 1 through 16. Enter here and on
Schedule A, line 2, or Schedule B, line 2, whichever applies . . . . .

(b) Dividends and
inclusions

1
2
3
4
5
6
7
8
9

DRAFT — DO NOT FILE

DRAFT — DO NOT FILE

3
4
5
6

Dividends from less-than-20%-owned domestic corporations (other than
debt-financed stock) . . . . . . . . . . . . . . . . . .
Dividends from 20%-or-more-owned domestic corporations (other than
debt-financed stock) . . . . . . . . . . . . . . . . . .
Dividends on certain debt-financed stock of domestic and foreign corporations
Dividends on certain preferred stock of less-than-20%-owned public utilities
Dividends on certain preferred stock of 20%-or-more-owned public utilities
Dividends from less-than-20%-owned foreign corporations and certain
foreign sales corporations (FSCs) . . . . . . . . . . . . . .
Dividends from 20%-or-more-owned foreign corporations and certain FSCs
Dividends from wholly owned foreign subsidiaries and certain FSCs . .
Dividends from certain affiliated companies . . . . . . . . . .
Foreign-source portion of dividends received from a specified 10%-owned
foreign corporation (excluding hybrid dividends) (see instructions) . . .
Dividends from foreign corporations not included on line 3, 6, 7, 8, or 10
(including any hybrid dividend) . . . . . . . . . . . . . . .
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) (see instructions) . . . . . . . . .

(a) Subject to section
832(b)(5)(B)

10
11

12a
12b
12c
13
14
15
16
17
Dividends Received and
Other Special Deductions

Deductions
18
19
20
21
22
23
24
25
26
27
28
29
30

(a) Subject to section
832(b)(5)(B)

18
Multiply line 1 by 50% (0.50) . . . . . . . . . . . . . . .
Multiply line 2 by 65% (0.65) . . . . . . . . . . . . . . .
19
Deduction for line 3 (see instructions)
. . . . . . . . . . . .
20
Multiply line 4 by 23.3% (0.233) . . . . . . . . . . . . . .
21
Multiply line 5 by 26.7% (0.267) . . . . . . . . . . . . . .
22
Multiply line 6 by 50% (0.50) . . . . . . . . . . . . . . .
23
Multiply line 7 by 65% (0.65) . . . . . . . . . . . . . . .
24
Enter the amount from line 8 . . . . . . . . . . . . . . .
25
Total. Add lines 18 through 25. (See instructions for limitations.) . . . .
26
Total. Add line 26, column (a), and line 9, column (a). Enter here and on
Schedule F, line 10 . . . . . . . . . . . . . . . . . .
27
Section 250 deduction (attach Form 8993) (see instructions for limitations) . . . . . .
Reserved for future use . . . . . . . . . . . . . . . . . . . . . . .
Total deductions. Add line 26, column (b), and lines 9, 10, 12a, and 28, column (b). Enter
and on Schedule A, line 36a, or Schedule B, line 20, whichever applies . . . . . . .

. .
. .
here
. .

(b) Total dividends received
and special deductions

28
29
30
Form 1120-PC (2025)

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Form 1120-PC (2025)

Schedule E
1
2

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2e
3

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4e
5
6
7

Losses paid during the tax year (attach reconciliation to annual statement) . . . . . . . .
Balance outstanding at the end of the current tax year for:
a Unpaid losses on life insurance contracts . . . . . . . . . .
2a
b Discounted unpaid losses . . . . . . . . . . . . . . .
2b
c Total. Add lines 2a and 2b . . . . . . . . . . . . . . . . . . . . . . . .
3
Add lines 1 and 2c . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Balance outstanding at the end of the preceding tax year for:
a Unpaid losses on life insurance contracts . . . . . . . . . .
4a
b Discounted unpaid losses . . . . . . . . . . . . . . .
4b
c Total. Add lines 4a and 4b . . . . . . . . . . . . . . . . . . . . . . . .
5
Subtract line 4c from line 3 . . . . . . . . . . . . . . . . . . . . . . . .
6
Estimated salvage and reinsurance recoverable at the end of the preceding tax year . . . . .
7
Estimated salvage and reinsurance recoverable at the end of the current tax year . . . . . .
8
Losses incurred (line 5 plus line 6 less line 7) . . . . . . . . . . . . . . . . . .
9
Tax-exempt interest subject to section 832(b)(5)(B) . . . . . . .
9
10
Dividends-received deduction subject to section 832(b)(5)(B) (Schedule
C, line 27) . . . . . . . . . . . . . . . . . . . . .
10
11
The increase in policy cash value of section 264(f) policies, as defined
in section 805(a)(4)(F) . . . . . . . . . . . . . . . . .
11
12
Total. Add lines 9, 10, and 11 . . . . . . . . . . . . . . . . . . . . . . .
13
Reduction of deduction under section 832(b)(5)(B). Multiply line 12 by applicable percentage. See
instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Losses incurred deductible under section 832(c)(4). Subtract line 13 from line 8. Enter here and
on Schedule A, line 26 . . . . . . . . . . . . . . . . . . . . . . . . .

1

b
c
d
e
3
4
a

b
c
d
e
5
6
7

Net premiums written . . . . . . . . . . . . . . . . . . . . .
Unearned premiums on outstanding business at the end of the preceding tax year:
Enter 100% of life insurance reserves included in unearned premiums
(section 832(b)(7)(A)) and unearned premiums of section 833
organizations. See instructions . . . . . . . . . . . . . .
2a
Enter 90% of unearned premiums attributable to insuring certain
securities . . . . . . . . . . . . . . . . . . . . .
2b
Discounted unearned premiums attributable to title insurance . . .
2c
Enter 80% of all other unearned premiums. See instructions . . . .
2d
Total. Add lines 2a through 2d . . . . . . . . . . . . . . . . . .
Total. Add lines 1 and 2e
. . . . . . . . . . . . . . . . . . .
Unearned premiums on outstanding business at the end of the current tax year:
Enter 100% of life insurance reserves included in unearned premiums
(section 832(b)(7)(A)) and unearned premiums of section 833
organizations. See instructions . . . . . . . . . . . . . .
4a
Enter 90% of unearned premiums attributable to insuring certain
securities . . . . . . . . . . . . . . . . . . . . .
4b
Discounted unearned premiums attributable to title insurance . . .
4c
Enter 80% of all other unearned premiums. See instructions . . . .
4d
Total. Add lines 4a through 4d . . . . . . . . . . . . . . . . . .
Subtract line 4e from line 3 . . . . . . . . . . . . . . . . . . .
Transitional adjustments under section 832(b)(7)(D) (see instructions) . . . . .
Premiums earned. Add lines 5 and 6. Enter here and on Schedule A, line 1 . . .

Schedule F
1
2

DRAFT — DO NOT FILE

.

a

DRAFT — DO NOT FILE

Premiums Earned—Section 832 (see instructions)

Losses Incurred (section 832) (see instructions)

2c
3

4c
5
6
7
8

12
13
14
Form 1120-PC (2025)

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Form 1120-PC (2025)

Schedule G

1
2
3
4

8
9
10

Note: Include capital assets sold or exchanged to meet abnormal insurance losses and to pay dividends and
similar distributions to policyholders.
Dividends and similar distributions paid to policyholders . . . . . . . . . . . . . .
1
Losses paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Expenses paid . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Total. Add lines 1, 2, and 3 . . . . . . . . . . . . . . . . . . . . . . . .
4
Note: Adjust lines 5 through 8 to cash method if necessary.
Interest received . . . . . . . . . . . . . . . . . .
5
Dividends received and inclusions (Schedule C, line 17) . . . . .
6
Gross rents, gross royalties, lease income, etc., and gross income from
a trade or business other than an insurance business including income
from Form 4797 (include gains for invested assets only) . . . . .
7
Net premiums received . . . . . . . . . . . . . . . .
8
Total. Add lines 5 through 8 . . . . . . . . . . . . . . . . . . . . . . . .
9
Limitation on gross receipts from sales of capital assets. Line 4 less line 9. If zero or less, enter -010
(a) Description of capital asset

(b) Date
acquired

(c) Gross
sales price

(d) Cost or
other basis

(e) Expense
of sale

(f) Depreciation
allowed
(or allowable)

(g) Loss
((d) plus (e) less the
sum of (c) and (f))

11

12

Totals. Column (c) must not be more
than line 10. (Enter amount from
column (g) on Schedule A, line 28, or
Schedule B, line 15, whichever
applies.) . . . . . . . . .

Schedule H

Special Deduction and Ending Adjusted Surplus for Section 833 Organizations (see instructions)

1

Healthcare claims incurred during the tax year and liabilities incurred during the tax year under
cost-plus contracts . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Expenses incurred during the tax year in connection with the administration, adjustment, or
settlement of healthcare claims or in connection with the administration of cost-plus contracts
.
3
Total. Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . .
4
Multiply line 3 by 0.25 . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Beginning adjusted surplus . . . . . . . . . . . . . . . . . . . . . . . .
6
Special deduction. If you checked “No” on line 13 of Schedule I, enter -0- here; you can’t take
the special deduction. All others subtract line 5 from line 4. If zero or less, enter -0-. Enter amount
here and on Schedule A, line 34a. See instructions for limitation . . . . . . . . . . . .
7
Net operating loss deduction (Schedule A, line 36b) . . . . . . . . . . . . . . . .
8
Net exempt income:
a Adjusted tax-exempt income . . . . . . . . . . . . . . . . . . . . . . .
b Adjusted dividends-received deduction . . . . . . . . . . . . . . . . . . . .
9
Taxable income (Schedule A, line 37) . . . . . . . . . . . . . . . . . . . . .
10
Ending adjusted surplus. Add lines 5 through 9 . . . . . . . . . . . . . . . . .

1
2
3
4
5

6
7
8a
8b
9
10
Form 1120-PC (2025)

DRAFT — DO NOT FILE

DRAFT — DO NOT FILE

5
6
7

Other Capital Losses (see instructions)

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Form 1120-PC (2025)

Schedule I

Other Information (see instructions)

1

5

At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly,
50% or more of the corporation’s voting stock? (For rules of attribution, see section 267(c).) . . . . . . .
If “Yes,” attach a statement showing name and identifying number. (Do not include any information already
entered on line 4 above.) Enter percentage owned

6

At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of (a) the total
voting power of all classes of stock of the corporation entitled to vote, or (b) the total value of all classes of stock
of the corporation?
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” enter:
Percentage owned, and
Owner’s country
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 number of Forms 5472 attached
Enter the total unpaid losses shown on the corporation’s annual statement:
(1) For the current tax year: . . . . . . . . . . . . . . . . . . . . . . $
(2) For the previous tax year: . . . . . . . . . . . . . . . . . . . . . $
Enter the total unpaid loss adjustment expenses shown on the corporation’s annual statement:
(1) For the current tax year: . . . . . . . . . . . . . . . . . . . . . . $
(2) For the previous tax year: . . . . . . . . . . . . . . . . . . . . . $
Does the corporation discount any of the loss reserves shown on its annual statement? . . . . . . . . .
Enter the amount of tax-exempt interest received or accrued during the tax year: . . . . $
If the corporation has an NOL for the tax year and is electing to forgo the carryback period, check here . . .
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 won’t be valid.
Enter the available NOL carryover from prior tax years. (Don’t reduce it by any deduction on
Schedule A, line 36b.) . . . . . . . . . . . . . . . . . . . . . . . . $
Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions
If “Yes,” complete and attach Schedule UTP.
If the corporation is a Blue Cross or Blue Shield organization described in section 833(c)(2), or other organization
described in section 833(c)(3), did it meet the medical loss ratio (MLR) requirements of section 833(c)(5)? . . .
Enter:
Section 833(c)(5) MLR numerator . . . . . . . . . . . . . . . . . . . . $
Section 833(c)(5) MLR denominator . . . . . . . . . . . . . . . . . . . $
%
Section 833(c)(5) MLR . . . . . . . . . . . . . . . . . . . . . . . .
If the corporation is a small company as defined in section 831(b)(2) and elects under section 831(b)(2)(A)(iii) to be
taxed on taxable investment income:
Does the corporation satisfy the diversification requirements of section 831(b)(2)(B)(i)(l) because no more than 20%
of the net written premiums (or, if greater, direct written premiums) of the corporation for the tax year is
attributable to any one policyholder? . . . . . . . . . . . . . . . . . . . . . . . . . .
If “No,” does the corporation satisfy the diversification requirements of section 831(b)(2)(B)(i)(II)? . . . . . .
Does the corporation have gross receipts of at least $500 million in any of the 3 preceding tax years? (See section
59A(e)(2) and (3).) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” complete and attach Form 8991.

a
b
c
7a

b

8
9
10
11
12
13

a
b
c
14
a

b
15

Yes No

Form 1120-PC (2025)

DRAFT — DO NOT FILE

DRAFT — DO NOT FILE

Check method of accounting:
a
Cash
b
Accrual
c
Other (specify)
2
Check box for kind of company:
a
Mutual
b
Stock
3
At the end of the tax year, did the corporation own, directly or indirectly, 50% or more of the voting stock of a
domestic corporation? (For rules of attribution, see section 267(c).) . . . . . . . . . . . . . . . .
If “Yes,” attach a statement showing (a) name and employer identification number (EIN), (b) percentage owned,
and (c) taxable income or (loss) before NOL and special deductions of such corporation for the tax year ending
with or within your tax year.
4
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:

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Form 1120-PC (2025)

Schedule I

Other Information (see instructions) (continued)

During 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 . . . . . . . . . . . $
17
Did 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 . . . . . . . . . . . . . . . . . . . .
18
Is the corporation required to file Form 8990, Limitation on Business Interest Expense Under Section 163(j), to
calculate the amount of deductible business interest? See instructions . . . . . . . . . . . . . .
19
Is the corporation a member of a controlled group? If “Yes,” attach Schedule O (Form 1120). See instructions .
20
Corporate Alternative Minimum Tax:
a Was the corporation an applicable corporation under section 59(k)(1) in any prior tax year? . . . . . . . .
If “Yes,” go to question 20b. If “No,” skip to question 20c.
b Is the corporation an applicable corporation under section 59(k)(1) in the current tax year because the corporation
was an applicable corporation in the prior tax year? . . . . . . . . . . . . . . . . . . . . .
If “Yes,” complete and attach Form 4626. If “No,” continue to question 20c.
c Does the corporation meet the requirements of the safe harbor method as provided under section 59(k)(3)(A) for
the current tax year? See instructions . . . . . . . . . . . . . . . . . . . . . . . . .
If “No,” complete and attach Form 4626. If “Yes,” the corporation is not required to file Form 4626.

Schedule L

Yes No

DRAFT — DO NOT FILE

DRAFT — DO NOT FILE

16

Balance Sheets per Books
Note: All filers are required to complete this schedule.
Beginning of tax year

Assets
1
2a
b
3
4
5
6
7
8
9
10a
b
11a
b
12
13a
b
14
15

Cash . . . . . . . . . . .
Trade notes and accounts receivable .
Less allowance for bad debts . . .
Inventories . . . . . . . . .
U.S. Government obligations . . .
Tax-exempt securities (see instructions)
Other current assets (attach statement)
Loans to shareholders
. . . . .
Mortgage and real estate loans
. .
Other investments (attach statement) .
Buildings and other depreciable assets
Less accumulated depreciation . .
Depletable assets . . . . . . .
Less accumulated depletion
. . .
Land (net of any amortization) . . .
Intangible assets (amortizable only) .
Less accumulated amortization
. .
Other assets (attach statement) . .
Total assets . . . . . . . . .

End of tax year
(b)

(a)

(c)

(d)

(

)

(

)

(

)

(

)

(

)

(

)

(

)

(

)

Liabilities and Shareholders’ Equity
16
17
18
19
20
21
22
23
24
25
26
27
28
29

Accounts payable .

.

.

.

.

.

.

Mortgages, notes, bonds payable in less than 1 year

Insurance liabilities (see instructions) .
Other current liabilities (attach statement)
Loans from shareholders . . . . .
Mortgages, notes, bonds payable in 1 year or more

Other liabilities (attach statement)
Capital stock: a Preferred stock
b Common stock
Additional paid-in capital . . .

.
.
.
.

.
.
.
.

Retained earnings—appropriated (attach statement)

Retained earnings—unappropriated .
Adjustments to shareholders’ equity
(attach statement)
Less cost of treasury stock . . . .
Total liabilities and shareholders’ equity

(

)

(

)
Form 1120-PC (2025)

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Form 1120-PC (2025)

Schedule M-1

Reconciliation of Income (Loss) per Books With Income (Loss) per Return

Note: Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or more. See instructions.
Net income (loss) per books . . . .
7
Income recorded on books this year
Federal income tax per books . . .
not included in this return (itemize):
a Tax-exempt interest $
Excess of capital losses over capital
gains . . . . . . . . . . .
4
Income subject to tax not recorded on
8
Deductions in this tax return not
books this year (itemize):
charged against book income this
year (itemize):
a Depreciation $
5
Expenses recorded on books this year
not deducted in this return (itemize):
b Charitable contributions $
a Depreciation $
b Charitable contributions $
9
Add lines 7 and 8 . . . . . .
c Travel and entertainment $
10
Income (Schedule A, line 35, or
Schedule B, line 19, if applicable)—
line 6 less line 9 . . . . . .
6
Add lines 1 through 5 . . . . . .

Schedule M-2
1
2
3

4

Analysis of Unappropriated Retained Earnings per Books (line 26, Schedule L)

Balance at beginning of year
Net income (loss) per books .
Other increases (itemize):

Add lines 1, 2, and 3 .

.

.

.
.

.

.
.

.

.
.

.

5

6

a Cash . .
b Stock .
c Property
Other decreases (itemize):

7
8

Add lines 5 and 6 . . . . . .
Balance at end of year (line 4 less line 7)

Distributions:

.
.
.

.
.
.

Form 1120-PC (2025)

DRAFT — DO NOT FILE

DRAFT — DO NOT FILE

1
2
3