Business, Legal & Accounting Glossary
U.S. Property and Casualty Insurance Company Income Tax Return. This form is used by U.S. Property and Casualty insurance companies to report income, gains, losses, deductions, and credits, as well as to figure the income tax liability of insurance companies other than life insurance companies. Every domestic non-life insurance company and every foreign corporation that would qualify as a non-life insurance company subject to taxation under section 831 – if it were a U.S. corporation – must file this form. This also includes organizations that are described in IRS section 501(m)(1) that provide commercial type insurance as well as organizations described in section 833.
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This glossary post was last updated: 13th November, 2021 | 0 Views.