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League City Texas Form 1120-X: What You Should Know
Enter the amount from Form 1120 Line 12 to the extent not already included; and the total federal tax paid for all years of the entity that are to be attributed to the entity's income for purposes of determining the entity's tax attributes. The entity may claim a deduction for a loss attributed to the entity. For tax years prior to 1991: If the entity did not earn income from any source during the tax period, enter “0” below. The entity's total federal tax paid includes federal tax on dividends, interest, rents, royalties, capital gain distributions and the excess of dividends on capital gain shares over the taxable income of the entity in the following year. Enter the amount from Form 1120 Line 8 to the extent not already included. The entity may claim a deduction for a loss attributed to the entity. For federal tax returns completed in the year following the tax year for which this form is to be submitted, enter: The amount from Line 10 of Form 1120X to which the statement of itemized deductions is attributable. See the Instructions for Form 1120X for more information. The amount from Line 12 of Form 1120X to which the statement of itemized deductions relates. See the instructions for Line 12 of Form 1120X for more information. This statement of itemized deductions is shown on the balance sheet for the corporation. ․ See U.S. General Accounting Office ․ (GAO) Taxpayer Bulletin 2012‑12, Corporate Taxation and Tax Planning, (GAO-13‑17‑0001), at 5, available through the Online Documentation Center at If the entity earned income from any source during the tax period, enter “0” above. The entity may claim a deduction for a loss attributable to the entity. If the entity did not earn income from any source during the tax period, enter “1” below. If the entity earned income from any source during the tax period but claimed a deduction for income tax paid before filing the return, enter “2” below. The liability must be reduced by any federal tax credit claimed for the same income during the tax year. All other tax items must be added together unless no tax items are available or the amount of the item does not provide sufficient information.
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