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1120S (2009) Instructions

# 1120S (2009) Instructions - PAGER/SGML Page 1 of 42 Userid...

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Department of the Treasury Internal Revenue Service 20 09 Instructions for Form 1120S U.S. Income Tax Return for an S Corporation Section references are to the Internal information (code T) on page 35 for Contents Page Revenue Code unless otherwise noted. details. Schedule L . . . . . . . . . . . . . . . . . . . 35 6. Any amounts included in interest Schedule M-1 . . . . . . . . . . . . . . . . . 36 Contents Page income with respect to qualified school Schedule M-2 . . . . . . . . . . . . . . . . . 36 Photographs of Missing construction or build America bonds is Principal Business Activity Children . . . . . . . . . . . . . . . . . . . . . 1 treated as a distribution to shareholders Codes . . . . . . . . . . . . . . . . . . . . . 39 Unresolved Tax Issues . . . . . . . . . . . 1 and reported in box 16 of Schedule K-1 Index . . . . . . . . . . . . . . . . . . . . . . . 42 Direct Deposit of Refund . . . . . . . . . . 2 using code D. How To Get Forms and 7. Additional guidance is available Publications . . . . . . . . . . . . . . . . . . 2 What’s New for S corporations filing Form 982, General Instructions . . . . . . . . . . . . 2 Reduction of Tax Attributes Due to 1. A corporation can elect to defer Purpose of Form . . . . . . . . . . . . . . . . 2 Discharge of Indebtedness (and cancellation of debt (COD) income in Who Must File . . . . . . . . . . . . . . . . . . 2 Section 1082 Basis Adjustment). See connection with an applicable debt Termination of Election . . . . . . . . . . . 2 Regulations section 1.108-7(d) for instrument reacquired after 2008 and Electronic Filing . . . . . . . . . . . . . . . . . 2 details. before 2011 and include the deferred When To File . . . . . . . . . . . . . . . . . . 3 income over a 5-year period. See Other Where To File . . . . . . . . . . . . . . . . . . 3 For the latest information, see www. income (loss) (code E) on page 24. In Who Must Sign . . . . . . . . . . . . . . . . . 3 irs.gov/formspubs . addition, any applicable accrued Paid Preparer Authorization . . . . . . . . 3 original issue discount (OID) is allowed Assembling the Return . . . . . . . . . . . 4 as a deduction ratably over the 5-year Photographs of Depository Methods of Tax period that the income from Payment . . . . . . . . . . . . . . . . . . . . 4 cancellation of debt is includible in Missing Children income. See Other deductions (code S) Estimated Tax Payments . . . . . . . . . . 4 The Internal Revenue Service is a beginning on page 27. Interest and Penalties . . . . . . . . . . . . 4 proud partner with the National Center 2. The election to accelerate the Accounting Methods . . . . . . . . . . . . . 5 for Missing and Exploited Children. minimum tax and research credits in Accounting Period . . . . . . . . . . . . . . . 5 Photographs of missing children lieu of claiming any additional first year Rounding Off to Whole Dollars . . . . . 5 selected by the Center may appear in special depreciation allowance for Recordkeeping . . . . . . . . . . . . . . . . . 6 these instructions on pages that would eligible qualified property has been Amended Return . . . . . . . . . . . . . . . . 6 otherwise be blank. You can help bring extended to eligible qualified extension these children home by looking at the Other Forms and Statements property. See the instructions for line photographs and calling That May Be Required . . . . . . . . . . 6 20 of Schedule D (Form 1120S). 1-800-THE-LOST (1-800-843-5678) if Passive Activity Limitations . . . . . . . . 6 3. Certain tax benefits for you recognize a child. Extraterritorial Income Midwestern disaster areas, including Exclusion . . . . . . . . . . . . . . . . . . . 11 special charitable contribution benefits, Specific Instructions . . . . . . . . . . . 11 Unresolved Tax Issues have expired. See Pub. 4492-B, Period Covered . . . . . . . . . . . . . . . . 11 Information for Affected Taxpayers in The Taxpayer Advocate Service (TAS) Name and Address . . . . . . . . . . . . . 11 the Midwestern Disaster Areas.

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1120S (2009) Instructions - PAGER/SGML Page 1 of 42 Userid...

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