Summary of Changes

IMPLEMENTATION PLAN for 1120PC
Run by User SD_GF2LB

November 14, 2007

Page 2 of 2

PL 110-28, U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability
Appropriations Act
Action
Number
66.00088

Act
Section

IRC
Section

8214

Description of Action

Date Type Effective Date Target Date Actual Date

Revise product to reflect the credits allowed against the AMT.

TYBA

31-DEC-2006 31-DEC-2007

P.L. 109-280, Pension Protection Act of 2006
Action
Number
65.00077

Act
Section
844

IRC
Section
6050U

Description of Action

Date Type Effective Date Target Date Actual Date

Charges for payments for qualified long-term care insurance contracts
under combined arrangements. Applicable to charges made after
December 31, 2009.

Total Action Items: 2

Inserted
checkboxes for
Forms 5884 and
8846 to reflect the
removal of these
forms from Form
3800 to account for
the waiver of the
AMT.

Not effective till
January 1, 2010.

01-JAN-2009 01-DEC-2009

Major Changes to the 2007
Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return
Page 1
Item A. We renumbered check box 2 as check box 3 and changed the text from
“Schedule M-3 required (attach Sch. M-3)” to “Schedule M-3 (Form 1120-PC) attached.”
This was done to remove the word “required” as the Schedule M-3 (Form 1120-PC) can
be voluntarily filed and to specifically reference the Schedule M-3 (Form 1120-PC).
Item A. We added a new check box 2 to indicate whether the return is a life-nonlife
mixed group with a life insurance company income tax return attached to comply with
Reg. Sec. 1.1502-47T(s), which was issued in 2006 to remove an efile impediment.
Line 8b. We deleted language providing for the qualified electric vehicle credit and
inserted “Credits from Forms 5735 and 8834.”
Line 8c. We added check boxes for Forms 8846 and 5884 as these forms will be
removed from Form 3800 to account for the waiver of AMT on the related credits. (Sec.
8214 of P.L. 110-28).
Line 14i. We deleted line 14i concerning the credit for the federal telephone excise tax
as required by Notice 2007-11, 2007-5 I.R.B. 405 and renumbered the remaining lines
under Line 14.
Page 7
Schedule I, Note. We deleted the note at the bottom of Schedule I as unnecessary.