Section 03 - Field Descriptions

Section 03 Fields are located in Form 1120-POL Edit Sheet.

Listed below are the Fields contained in Section 03 showing the Field designator, title, location on the return, and maximum length:

No.

Field

Field Title

Location

Max Length

03MIC

Missing Schedule Code

Edit Sheet, Line 8

2

03PIC

Penalty and Interest Code

Edit Sheet, Line 6

1

03ADC

Audit Codes

Edit Sheet, Line 2

3

03EO

EOMF Codes

Right top margin of Form 1120-POL next to year

1

Field 03MIC, Missing Schedule code, is located on Line 8 of the Edit Sheet.

Valid Missing Schedule Codes are:

Code 29 - Form 1118, Computation of Foreign Tax Credit-Corporations

Code 32 - Schedule D, Capital Gains and Losses

Code 33 - Form 4255, Recapture of Investment Credit

Code 35 - Form 4797, Sale of Business Property

Code 37 - Form 5735, Computation of Possessions Corporation Tax Credit Under Section 936

Code 39 - Form 6478, Credit for Alcohol Used as Fuel

Code 40 - Form 6765, Credit for Increasing Research Activities

Code 43 - Form 3800, General Business Credit

Code 44 - Form 8586, Low Income Housing

Code 45 - Form 8611, Recapture of Low-Income Housing Credit

Code 46 - Form 8801, Credit for Prior Year Minimum Tax

Code 47 - Form 8826, Disabled Access Credit

Code 48 - Form 8830, Enhanced Oil Recovery Credit

Code 49 - Form 8843, Qualified electric Vehicle Credit

Code 50 - Form 8835, Renewable Electricity and Refined Coal Production Credit

Code 52 - Form 8846, Credit for Employer Social Security Taxes paid on Certain Employee Cash Tips

Code 53 - Form 8847, Credit for Contributions to Certain Community Development Corporations

Code 57 - Form 8874, New Markets Credit

Code 58 - Form 8881, Credit for Small Employer Pension Plan

Code 59 - Form 8882, Credit for Employer Provided Child Care

If Field 03MIC is invalid, correct any coding or transcription errors.

Field 03PIC, Penalty and Interest Code, is located on Line 6 of the Edit Sheet.

Precomputed Penalty and Interest Code is edited on Line 6 of the Edit Sheet when the return indicates an amount for precomputed penalty and interest and the return is received ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡ ≡

Valid codes are blank or "1" .

Invalid Conditions:

Field 03PIC is invalid of other then blank or "1" .

Correction Procedures:

Correct any coding or transcription errors.

If Field 03PIC is other than "1" , delete the entry.

Field 03ADC, Audit Code, is located on Line 2 of the edit sheet.

Valid codes are blank and "2" .

Invalid Conditions:

This Field displays as invalid if other than blank or "2" .

Correction Procedures:

Correct any coding or transcription errors.

If Field 03ADC is present and other than "2" , delete the Field.

Enter Audit Code "2" if any of the following apply:

The "Additional Information" , "Yes" box is checked for Question 2 of page 1.

Form 1118, Foreign Tax Credit, is attached and Schedule J, Line 6a, Form 1118 is more than $25,000.

Form 926, Return by a Transferrer of Property to a Foreign Corporation, is attached.

Form 8621, Return by a Shareholder of a Passive Foreign Investment Company, was attached, and Part IV lines 10a through 11 have an entry of $500,000 or more. If original Form 8621 is attached, detach and route to PSPC

Form 8873, Extraterritorial Income Exclusion, is attached,

An indication that a section 936 credit is being claimed (e.g. presence of Form 5735, American Samoa Economic Development Credit).