Update to 2011 Instructions for Form 1120-C, U.S. Income Tax Return for Cooperative Associations -- 01-FEB-2012
If you downloaded the 2011 Instructions for Form 1120-C before January 26, 2012, the instructions have been updated to make the following corrections and clarifications.
On page 9, in the instructions for Line 9, Other Income, on page 20, in the instructions for Schedule J, Line 2, under Deferred tax under section 1291, and on page 22, in the instructions for Schedule J, Line 9, the references to Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, were corrected and clarified.
On page 10, the instructions for Line 11, Compensation of Officers, were clarified to state that amounts deductible elsewhere on the return and not deductible as officers' compensation include amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan.
The updated version of 2011 Instructions for Form 1120-C is available for download.
