Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Form 1120 U.S. Corporate Income Tax Return	Form	Modified	Available
Form Schedule UTP (Form Uncertain Tax Position Disclosure Statement	Form	New	Available
Form Schedule PH (Form U.S. Personal Holding Company (PHC ) Tax	Form	Modified	Available
Form Schedule O (Form 1 Consent Plan and Apportionment Schedule for a Controlled Group	Form	Modified	Available
Form Schedule N (Form 1 Foreign Operations of U.S. Corporations	Form and Instruction	Modified	Available
Form Schedule M-3 (Form Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More	Form	Modified	Available
Form Schedule M-2 (Form Analysis of Underappropriated Retained Earnings per Books (Line 25, Schedule L)	Form	Modified	Available
Form Schedule M-1 (Form Reconciliation of Income (Loss) per Books With Income per Return	Form	Modified	Available
Form Schedule L Balance Sheets Per Books	Form	Modified	Available
Form Schedule H (Form 1 Section 280H Limitations for a Personal Service Corporation (PSC)	Form and Instruction	Modified	Available
Form Schedule G (Form 1 Information on Certain Persons Owning the Corporation's Voting Stock	Form and Instruction	Modified	Available
Form Schedule D (Form 1 Capital Gains and Losses	Form and Instruction	Modified	Available
Form Schedule B (Form 1 Additional Information for Schedule M-3 Filers	Form and Instruction	Modified	Available
1120.Sup.doc	Supporting Statement A	Uploaded 2010-09-13	Available
Change Worksheet For Whole Package.doc	Supplementary Document	Uploaded 2010-01-13	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
39552	Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........	Instruction	Modified
39552	Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........	Form	Modified	U.S. Corporate Income Tax Return
194215	Schedule UTP - Uncertain Tax Position Disclosure Statement	Instruction	New
194215	Schedule UTP - Uncertain Tax Position Disclosure Statement	Form	New	Uncertain Tax Position Disclosure Statement
187607	U.S. Personal Holding Company (PHC) Tax	Instruction	Modified
187607	U.S. Personal Holding Company (PHC) Tax	Form	Modified	U.S. Personal Holding Company (PHC ) Tax
187606	Consent Plan and Apportionment Schedule for a Controlled Group	Instruction	Modified
187606	Consent Plan and Apportionment Schedule for a Controlled Group	Form	Modified	Consent Plan and Apportionment Schedule for a Controlled Group
187605	Foreign Operations of U.S. Corporations	Form and Instruction	Modified	Foreign Operations of U.S. Corporations
187604	Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More	Instruction	Modified
187604	Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More	Form	Modified	Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More
187603	Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)	Form	Modified	Analysis of Underappropriated Retained Earnings per Books (Line 25, Schedule L)
187602	Reconciliation of Income (Loss) per Books With Income per Return	Form	Modified	Reconciliation of Income (Loss) per Books With Income per Return
187601	Balance Sheets per Books	Form	Modified	Balance Sheets Per Books
187600	Section 280H Limitations for a Personal Service Corporation (PSC)	Form and Instruction	Modified	Section 280H Limitations for a Personal Service Corporation (PSC)
187599	Information on Certain Persons Owning the Corporation's Voting Stock	Form and Instruction	Modified	Information on Certain Persons Owning the Corporation's Voting Stock
187597	Capital Gains and Losses	Form and Instruction	Modified	Capital Gains and Losses
178529	Additional Information for Schedule M-3 Filers	Form and Instruction	Modified	Additional Information for Schedule M-3 Filers

ICR Details

OMB Control No: 1545-0123	ICR Reference No: 201001-1545-009
Status: Historical Active	Previous ICR Reference No: 200812-1545-022
Agency/Subagency: TREAS/IRS	Agency Tracking No: db-0123-009
Title: Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 09/13/2010
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/28/2010
Terms of Clearance: Per OMB request, agency revised burden estimates and supporting statements to more accurately account for burden changes due to statute and due to discretionary action.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2013	36 Months From Approved	09/30/2010
Responses	5,887,967	0	4,997,967
Time Burden (Hours)	362,868,167	0	359,896,005
Cost Burden (Dollars)	0	0	0

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Abstract: Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.

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Authorizing Statute(s): US Code: 26 USC 6011 Name of Law: General requirement of return, statement, or list
   US Code: 26 USC 1561 Name of Law: Limitations on certain multiple tax benefits in the case of certain controlled corporations
   US Code: 26 USC 1563 Name of Law: Definitions and special rules
   US Code: 26 USC 6012(a)(2) Name of Law: Persons Required to Make Returns of Income
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 5 1142 Name of Law: AMERICAN RECOVERY AND REINVESTMENT ACT

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 42162	08/20/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 3964	01/25/2010
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 13

table that charts list of burden

IC Title	Form No.	Form Name
Additional Information for Schedule M-3 Filers	Schedule B (Form 1120)	Additional Information for Schedule M-3 Filers
Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)	Schedule M-2 (Form 1120)	Analysis of Underappropriated Retained Earnings per Books (Line 25, Schedule L)
Balance Sheets per Books	Schedule L	Balance Sheets Per Books
Capital Gains and Losses	Schedule D (Form 1120)	Capital Gains and Losses
Consent Plan and Apportionment Schedule for a Controlled Group	Schedule O (Form 1120)	Consent Plan and Apportionment Schedule for a Controlled Group
Foreign Operations of U.S. Corporations	Schedule N (Form 1120)	Foreign Operations of U.S. Corporations
Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........	Form 1120	U.S. Corporate Income Tax Return
Information on Certain Persons Owning the Corporation's Voting Stock	Schedule G (Form 1120)	Information on Certain Persons Owning the Corporation's Voting Stock
Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More	Schedule M-3 (Form 1120)	Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More
Reconciliation of Income (Loss) per Books With Income per Return	Schedule M-1 (Form 1120)	Reconciliation of Income (Loss) per Books With Income per Return
Schedule UTP - Uncertain Tax Position Disclosure Statement	Schedule UTP (Form 1120)	Uncertain Tax Position Disclosure Statement
Section 280H Limitations for a Personal Service Corporation (PSC)	Schedule H (Form 1120)	Section 280H Limitations for a Personal Service Corporation (PSC)
U.S. Personal Holding Company (PHC) Tax	Schedule PH (Form 1120)	U.S. Personal Holding Company (PHC ) Tax

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	5,887,967	4,997,967	0	890,000	0	0
Annual Time Burden (Hours)	362,868,167	359,896,005	-477,788	3,449,950	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Form 1120, U.S. Corporation Income Tax Return, is used to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation. Changes to this collection and the creation of a new schedule, has resulted in a combined burden increase of 890,000 responses and 2,972,162 hours. Form 1120 contains statutory changes to comply with the Housing and Economic Recovery Act of 2008. Under section 3081 of the Act, corporations may elect to claim additional research and minimum tax credits in lieu of claiming the additional first year depreciation under section 168(k) for certain property. The increase in allowable credit is treated as refundable. Accordingly, we have added line 32g to page 1 of Form 1120 for corporations to use for this credit. Schedule J, Form 1120, contains statutory changes relating to the American Recovery and Reinvestment Act. Section 1142 of the Act provides for the creation of a credit for certain plug-in electric vehicles acquired after February 17, 2009. Accordingly we have added line 5b, Schedule J, for corporations to claim this credit. Under section 3022 of the Housing and Economic Recovery Act of 2008, the low-income housing tax credit and the rehabilitation credit may offset the alternative minimum tax. Form 3800, General Business Credit, will now contain the calculation of the tax liability limitation. Accordingly, we have eliminated the check boxes on Form 1120, page 3, Schedule J, Tax Computation, line 5c, General business credit. These combined statutory changes have resulted in a decrease in burden by -477,788 hours. Schedule K, Form 1120, contains discretionary changes. The entry columns for Questions 4a and 4b were deleted. This entity information is now required to be provided on Schedule G (Form 1120) to address concerns raised by Treasury. Schedule B, Form 1120, contains discretionary changes. At the request of the Large and Mid-size Business (LMSB) unit (within the IRS), question 8 was replaced with new questions 8 and 9. The changes deleted language involving “mixed service costs” and used the term “indirect costs”. The changes also deleted references to the FERC (Federal Energy Regulatory Commission) method of accounting and expanded the range of entities subject to the questions. Question 10 was added at the request of LMSB to address future identification of potential section 118 abuses. Schedule G, Form 1120, was developed based on the discretionary suggestions of the Large and Mid-Size Business Unit (within the IRS) and Treasury to address disclosure issues pertaining to the information that was requested in Question 4 of the 2008 Form 1120, Schedule K. All discretionary changes to Schedule O, Form 1120, were made at the request of the Chief Counsel and Schedule O work group. New line 4 was added to clarify if the termination on line 3c or 3d was voluntary or involuntary. Lines 4, 5, and 6 were renumbered to read 5, 6, and 7. The language in line 7 was updated and a check box was added to identify corporations that have a short tax year that do not include December 31 to clarify how the allocations on pages two and three were determined. The creation of new Schedule UTP (Uncertain Tax Position Disclosure Statement) is a result of discretionary action s as a result of Internal Revenue Service Announcements: 2010-9, 2010-17, and 2010-30. Existing business tax returns do not currently require that taxpayers identify and explain uncertain tax positions underlying their returns. The purpose of Schedule UTP (F1120) is to aid the Internal Revenue Service in focusing its examination resources on returns that contain specific uncertain tax positions that are of particular interest or of sufficient magnitude to warrant IRS inquiry and allow examination teams to identify all of the issues underlying the tax returns more efficiently. These discretionary changes resulted in a burden increase of 3,449,950 hours.

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Annual Cost to Federal Government: $1,813,109

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 01/28/2010

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