1120-RIC U. S. Income Tax Return for Regulated Investment Compani

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Form

U.S. Income Tax Return for
Regulated Investment Companies

1120-RIC

Department of the Treasury
Internal Revenue Service
A

Year of RIC status
election

B

Date fund was established
(see instructions)

For calendar year 2021 or tax year beginning
▶ Go

Please
type or
print

OMB No. 1545-0123

, 2021, and ending

2021

, 20

to www.irs.gov/Form1120RIC for instructions and the latest information.

Name of fund

C Employer identification number

Number, street, and room or suite no. (If a P.O. box, see instructions.)

D Total assets (see instructions)

DRAFT AS OF
October 13, 2021
DO NOT FILE
City or town, state, and ZIP code

$

E
F

(1)
(2)
(3)
(4)
Check applicable boxes:
Final return
Name change
Address change
Amended return
Check if the fund is a personal holding company (attach Sch. PH) or if the fund is not in compliance with Regs. sec. 1.852-6 for this tax year

▶

Deductions (see instructions)

Income

Part I—Investment Company Taxable Income (see instructions)
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2
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5
6
7
8
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10
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12
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14
15
16
17
18
19
20
21
22
23
24

Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net foreign currency gain or (loss) from section 988 transactions (attach statement) . . . . . . .
Payments with respect to securities loans . . . . . . . . . . . . . . . . . . . .
Excess of net short-term capital gain over net long-term capital loss from Schedule D (Form 1120), line
16 (attach Schedule D (Form 1120)) . . . . . . . . . . . . . . . . . . . . . .
Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
Other income (see instructions—attach statement) . . . . . .
Total income. Add lines 1 through 7 . . . . . . . . . .

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Compensation of officers (see instructions—attach Form 1125-E) . . . . . . . . . . . .
Salaries and wages (less employment credits) . . . . . . . . . . . . . . . . . .
Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation (attach Form 4562) . . . . . . . . . . . . . . . . . . . . . . .
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Registration fees
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounting and legal services . . . . . . . . . . . . . . . . . . . . . . .
Management and investment advisory fees . . . . . . . . . . . . . . . . . . .
Transfer agency, shareholder servicing, and custodian fees and expenses
. . . . . . . . .
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . .
Other deductions (see instructions—attach statement) . . . . . . . . . . . . . . . .
Total deductions. Add lines 9 through 22
. . . . . . . . . . . . . . . . . . ▶
Taxable income before deduction for dividends paid and deductions under sections 851(d)(2) and 851(i).
Subtract line 23 from line 8 . . . . . . . . . . . . . . . . . . . . . . . .

Less: a

25

b

Deduction for dividends paid (Schedule A, line 8a) . . . . .
Deductions for tax imposed under sections 851(d)(2) and 851(i)
(Schedule J, line 2c) . . . . . . . . . . . . . . .

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9
10
11
12
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14
15
16
17
18
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21
22
23

24

25a

25b

25c

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

Date

Print/Type preparer’s name

Firm’s name

Preparer’s signature

▲

▲

Sign
Here

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1
2
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4

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

Title
Date

PTIN

Firm’s EIN ▶

▶

Firm’s address ▶

For Paperwork Reduction Act Notice, see separate instructions.

Check
if
self-employed
Phone no.

Cat. No. 64140B

Form 1120-RIC (2021)

Page 2

Form 1120-RIC (2021)

Part I—Investment Company Taxable Income (see instructions) (continued)
26
27
28
29a
b
c
e
f
g
h
i
30
31
32
33

Investment company taxable income. Subtract line 25c from line 24 . . . . . .
Total tax. (Schedule J, line 8)
. . . . . . . . . . . . . . . . . .
Reserved for future use. . . . . . . . . . . . . . . . . . . . .
2020 overpayment credited to 2021
. . . . 29a
2021 estimated tax payments . . . . . . 29b
Less 2021 refund applied for on Form 4466 . . 29c (
) dBal ▶ 29d
Tax deposited with Form 7004 . . . . . . . . . . . . . . .
29e
Credit for tax paid on undistributed capital gains (attach Form 2439) . . .
29f
Credit for federal tax paid on fuels (attach Form 4136) . . . . . . . .
29g
Reserved for future use . . . . . . . . . . . . . . . . .
29h
Reserved for future use . . . . . . . . . . . . . . . . .
29i
Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . .
Amount owed. If line 29j is smaller than the total of lines 27 and 30, enter amount owed
Overpayment. If line 29j is larger than the total of lines 27 and 30, enter amount overpaid
Enter amount from line 32: Credited to 2022 estimated tax . . ▶

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26
27
28

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Tax and Payments

DRAFT AS OF
October 13, 2021
DO NOT FILE
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29j
30
31
32
33

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Refunded ▶

Part II—Tax on Undistributed Net Capital Gain Not Designated Under Section 852(b)(3)(D)
1
2
3
4

Net capital gain from Schedule D (Form 1120), line 17 (attach Schedule D (Form 1120)) . .
Capital gain dividends from Schedule A, line 8b . . . . . . . . . . . . . .
Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . .
Capital gains tax. Multiply line 3 by 21% (0.21). Enter tax here and on line 2b, Schedule J

Schedule A

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Dividends paid (other than dividends paid after the end of the tax year). Do not include
dividends deemed paid in the preceding tax year under section 852(b)(7) or 855(a), or
deficiency dividends as defined in section 860(f) . . . . . . . . . . . . .

1

2

Dividends paid in the 12-month period following the close of the tax year that the fund
elects to treat as paid during the tax year under section 855(a) . . . . . . . .

2

3

Dividends declared in October, November, or December and deemed paid on December
31 under section 852(b)(7) . . . . . . . . . . . . . . . . . . . .

4
5
6
7
8

Consent dividends (section 565) (attach Forms 972 and 973) . . . . . . . . .
Deficiency dividends (section 860) (attach Form 976) . . . . . . . . . . .
Foreign tax paid deduction (section 853(b)(1)(B)), if applicable . . . . . . . . .
Credits from tax credit bonds distributed to shareholders (see instructions)
. . . .
Deduction for dividends paid:
Ordinary dividends. Add lines 1 through 7 of column (a). Enter here and on line 25a, Part I
Capital gain dividends. Add lines 1 through 5 of column (b). Enter here and on line 2,
Part II, above . . . . . . . . . . . . . . . . . . . . . . . .

Schedule B
1

1
2
3
4

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(b) Capital gain
dividends

(a) Ordinary dividends

3
4
5
6
7
8a
8b

Information Required With Respect to Income From Tax-Exempt Obligations

2
3
4
5

Did the fund qualify under section 852(b)(5) or 852(g) to pay exempt-interest dividends for 2021?
If “Yes,” complete lines 2 through 5.
Amount of interest excludable from gross income under section 103(a) . . . . . . . . .
Amounts disallowed as deductions under sections 265 and 171(a)(2) . . . . . . . . .
Net income from tax-exempt obligations. Subtract line 3 from line 2 . . . . . . . . . .
Amount of line 4 designated as exempt-interest dividends . . . . . . . . . . . . .

1
2a
b
c
d
3a
b
c
d
e
4

Check if the fund is a member of a controlled group (attach Schedule O (Form 1120))
Tax on investment company taxable income . . . . . . . . . . . .
Tax on undistributed net capital gain (from Part II, line 4) . . . . . . . .
Tax imposed under sections
851(d)(2) and
851(i)
. . . . . .
Income tax. Add lines 2a through 2c . . . . . . . . . . . . . . .
Foreign tax credit (attach Form 1118) . . . . . . . . . . . . . .
Credit from Form 8834, line 7 (attach Form 8834)
. . . . . . . . . .
General business credit (attach Form 3800) . . . . . . . . . . . .
Other credits (attach statement—see instructions) . . . . . . . . . .
Total credits. Add lines 3a through 3d . . . . . . . . . . . . . . .
Subtract line 3e from line 2d . . . . . . . . . . . . . . . . . .

Schedule J

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Deduction for Dividends Paid (Do not include exempt-interest dividends or capital gain dividends
reported on Form 2438, line 9b. See instructions.)

1

a
b

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2
3
4
5

Tax Computation (see instructions)
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2a
2b
2c
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3a
3b
3c
3d
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Yes

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2d

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3e
4

No

▶

Form 1120-RIC (2021)

Page 3

Form 1120-RIC (2021)

Schedule J
5
6
7
8

Tax Computation (see instructions) (continued)

Personal holding company tax (attach Schedule PH (Form 1120))
. . . . . . . . .
Interest on deferred tax liability for installment obligations under sections:
453A(c) and/or
Other taxes. Check if from:
Form 4255
Other (attach statement) . .
Total tax. Add lines 4 through 7. Enter here and on line 27
. . . . . . . . . . .

Schedule K

5
6
7
8

.

. . .
453(l)(3)
. . . .
. . . .

Other Information (see instructions)

DRAFT AS OF
October 13, 2021
DO NOT FILE

1
a
2

Yes No
Check method of accounting:
Cash
b
Accrual
c
Other (specify) ▶
At the end of the tax year, did the RIC 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 identification number, (b) percentage owned, and (c) taxable income or (loss)
before a net operating loss (NOL) and special deductions of such corporation for the tax year ending with or within your tax year.

3

Is the RIC a subsidiary in a parent-subsidiary controlled group? . . . . . . . . . .
If “Yes,” enter the employer identification number and the name of the parent corporation ▶

4

At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly, 50% or
more of the RIC’s voting stock? (For rules of attribution, see section 267(c).) . . . . . . . . . . . . . . .
If “Yes,” attach a statement showing name and identification number. (Do not include any information already entered in 3
above.) Enter percentage owned ▶

5
a
b

At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of:
The total voting power of all classes of stock of the fund entitled to vote, or
The total value of all classes of stock of the fund? . . . . . . . . . . . . . . .
If “Yes,” enter:
(1) Percentage owned ▶
(2) Owner’s country ▶
The fund may have to file Form 5472. Enter number of Forms 5472 attached ▶

6

During this tax year, did the fund pay dividends (other than stock dividends and distributions in exchange for stock) in excess
of the fund’s current and accumulated earnings and profits? (see sections 301 and 316) . . . . . . . . . . .
If “Yes,” file Form 5452.
Check this box if the fund issued publicly offered debt instruments with original issue discount . . . . . . . ▶
If checked, the fund may have to file Form 8281.
Enter the amount of tax-exempt interest received or accrued during the tax year. ▶
$
If this return is being filed for a series fund (as defined in section 851(g)(2)), enter:
The name of the regulated investment company in which the fund is a series ▶
The date the regulated investment company was incorporated or organized ▶

7
8
9
a
b
10a

b

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Section 852(g) election. Check this box if the fund meets the requirements of section 852(g) and elects the application
of section 853 without regards to the requirement of section 853(a)(1). See the instructions for additional details and
requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶
Section 853A election. Check this box if the fund elects under section 853A to pass through credits from tax credit
bonds to its shareholders. See instructions
. . . . . . . . . . . . . . . . . . . . . . . ▶

12

Section 852(b)(8) election. Check this box if, for purposes of computing taxable income, the fund elects under section
852(b)(8) to defer all or part of its post-October capital loss or late-year ordinary loss for this tax year . . . . . ▶

13
14
a
b
c
d
15

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Section 853 election. Check this box if the fund meets the requirements of section 853(a) and section 901(k) and elects
to pass through the deduction or credit for foreign taxes it paid to its shareholders. See the instructions for additional
details and requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶

11

a
b

.

If the election is made, enter the amounts deferred:
Post-October capital loss ▶
Late-year ordinary loss ▶
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)? . . . . . . . . . . . . . . . . . . . . . . . . .
Does the RIC satisfy one or more of the following (see instructions)?
. . . . . . . . . . . . . . . . .
The RIC owns a pass-through entity with current or prior year carryover excess business interest expense.
The RIC’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preceding the
current tax year are more than $26 million and the corporation has business interest expense.
The RIC is a tax shelter and the RIC has business interest expense.
The RIC paid section 163(j) interest dividends for the tax year.
If “Yes” to any, complete and attach Form 8990.
Is the RIC attaching Form 8996 to certify as a Qualified Opportunity Fund?
If “Yes,” enter amount from Form 8996, line 15 . . . . . . . . .

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Form 1120-RIC (2021)

Page 4

Form 1120-RIC (2021)

Schedule L Balance Sheets per Books

Beginning of tax year

Assets

(a)

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

Cash . . . . . . . . . . .
Trade notes and accounts receivable .
Less allowance for bad debts . . . .
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 fixed depreciable assets
Less accumulated depreciation . . .
Land (net of any amortization) . . . .
Intangible assets (amortizable only) . .
Less accumulated amortization . . .
Other assets (attach statement) . . .
Total assets . . . . . . . . .

14
15
16
17
18
19
20
21
22
23
24
25
26

Accounts payable . . . . . . . .
Mortgages, notes, bonds payable in less than 1 year
Other current liabilities (attach statement) .
Loans from shareholders . . . . . .
Mortgages, notes, bonds payable in 1 year or more
Other liabilities (attach statement) . . .
Capital 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 . .

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(

End of tax year
(b)

(c)

)

(d)

(

)

DRAFT AS OF
October 13, 2021
DO NOT FILE
(

)

(

)

(

)

(

)

Liabilities and Shareholders’ Equity

(

)

(

)

Note: The fund is not required to complete Schedules M-1 and M-2 if the total assets on Schedule L, line 13, column (d), are less than $25,000.

Schedule M-1
1
2
3
4

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

Net income (loss) per books . . . .
Federal income tax (less built-in gains tax)
Excess of capital losses over capital gain
Income subject to tax not recorded on
books this year (itemize):

5

7

Income recorded on books this year
not included on this return (itemize):
Tax-exempt interest

8

Deductions on this return not charged
against book income this year (itemized):
a
b

Expenses recorded on books this year not
deducted on this return (itemize):
a
b
c
d

6

$
Depreciation . . .
Expenses allocable to tax-exempt interest
income . . . . .
$
$
Section 4982 tax . .
Travel and entertainment $

Add lines 1 through 5

Schedule M-2
1
2
3

4

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$

Depreciation . . . $
Deduction for dividends paid (line
25a, Part I) . . . $

9
10

Net capital gain from Form 2438, line 9a
If the fund did not file Form 2438, enter
the net capital gain from Schedule D
(Form 1120), line 17. Otherwise, enter -0-

11
12

Add lines 7 through 10 . . .
Investment company taxable income
(line 26, Part I)—line 6 less line 11

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Analysis of Unappropriated Retained Earnings per Books (Schedule L, line 23)

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

Add lines 1, 2, and 3 .

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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:

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Form 1120-RIC (2021)