What is the purpose of line 3 on Schedule O (Form 1120)?

Line 3 on Schedule O (Form 1120) requires controlled groups to indicate whether they are adopting, amending, terminating, or not adopting/amending/terminating an apportionment plan for the tax year. The controlled group must check one of the boxes based on their situation.

What is a short tax year for Schedule O purposes?

A short tax year for Schedule O purposes refers to a tax year that does not include a December 31 date. In such cases, the component members only need to provide identifying information for other members of the controlled group and do not have to provide apportionment information.

What happens if a corporation does not have an apportionment plan and is not adopting one?

If a corporation does not have an apportionment plan and is not adopting one, then all tax benefits must be shared equally among the controlled group members. The tax-benefit information must be reported in Part II.

Form 1120 Schedule O

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Consent Plan and Apportionment Schedule for a Controlled Group

Rev. December 2018

This document is a Consent Plan and Apportionment Schedule for controlled groups to attach to Form 1120 series. It includes instructions for type of controlled group, membership duration, and consent/representation from corporations regarding apportionment plan adoption or amendment. The form also includes sections for termination of current plans and statute of limitations, as well as a short tax year indication.

Instructions

Form 1120 Instructions for Schedule O - Instructions for Schedule O (Form 1120), Consent Plan and Apportionment Schedule for a Controlled Group

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FAQ

What is the purpose of line 3 on Schedule O (Form 1120)?
Line 3 on Schedule O (Form 1120) requires controlled groups to indicate whether they are adopting, amending, terminating, or not adopting/amending/terminating an apportionment plan for the tax year. The controlled group must check one of the boxes based on their situation.
What is a short tax year for Schedule O purposes?
A short tax year for Schedule O purposes refers to a tax year that does not include a December 31 date. In such cases, the component members only need to provide identifying information for other members of the controlled group and do not have to provide apportionment information.
What happens if a corporation does not have an apportionment plan and is not adopting one?
If a corporation does not have an apportionment plan and is not adopting one, then all tax benefits must be shared equally among the controlled group members. The tax-benefit information must be reported in Part II.

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Federal tax forms

Form 1120 Schedule O is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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