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Form 1120-RIC Illinois: What You Should Know
R12-21 (1)(b) 1 1. (a) For the tax year ending June 30, 2018: a. Each shareholder will report his/her distributive shares of capital stock on Form 1120-RIC (1) (b). Report each share in its entirety. b. For each share in which the shareholder has no beneficial ownership, the shareholder must determine if that share is taxable and, if taxable, allocate an amount of taxes, if any, to his/her distributive shares for each such share. The shareholder must report the total amount of taxes allocated to each share. 2 (2.5) Each shareholder will report his/her distributive shares of income from an interest in the corporation on Form 1120-RI (1) (b). Report any income received from an interest in income from an interest in the corporation on its own separate return. 3 (2.5) For each shareholder, determine whether the person (including the shareholder) received a benefit that is not taxable for each such person. If a person received an item of income as compensation from the corporation that is not includable in the shareholder's gross income because of an exclusion from gross income, report an amount that the shareholder determined to be the fair market value of that item of income. If the shareholder has no beneficial ownership or has any partnership, S corporation, non-resident alien individual, or trust with an owner who is not a qualifying individual, report an amount. If, for any shareholder, the corporation has a direct or indirect interest in such shareholder, report an amount in the partnership, S corporation, non-resident alien individual, or trust with an owner who is not a qualifying individual, as applicable. You must allocate or apportion any amount of taxable income that is not reported on Form 1120-RI for a shareholder based on the information and assumptions the corporation provided to the shareholder with regard to its activities.
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