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Form 1120-X Illinois Cook: What You Should Know

The holding company for the trade and business of “Red Hot Chocolates”, Inc. (“ RED HOURS”) had been required to fill out a Form 1120-X to report its income for its taxable year. However, the filing date of the Form 1120-X was moved from February 1, 1983, to February 1, 1984. As a result, Red Hot Chocolates, Inc. owed the DEPT FY 1,000 in income tax for the taxable year and paid 1,000 in interest on the tax owing. RED HOURS filed Form 1120-X in February 1984 and paid the tax due in August 1984. If there were any adjustments on RED HOURS' tax returns, such as for credits, the adjustments should be reported in the annual information return for the calendar year in which RED HOURS filed its return. (2) whether RED HOURS is required to file a replacement tax return; (3) whether the DEPT FY failed to require the replacement returns of RED HOURS; and (4) whether RED HOURS' failure to file replacement returns violated the public records and public disclosure laws, since the original Form 1120-X filed by RED HOURS was sealed (see Dated: July 4, 2005). [ ] In this case, the court granted a motion to dismiss. The court found that the DEPT FY failed to require the filing of the replacement tax returns of RED HOURS, because the filing of the original Form 1120-X for the taxable year was moved to February 1, 1984, but the filing of the second filing for was in February 1985. See Dated: July 4, 2005, order entered on July 19, 2005. The court also found that the return filed by RED HOURS did not conform with the requirements of [ ] [ ] The court noted that it had reviewed the case in the light most favorable to the state because of the lack of a conflict of interest, the factual basis and a prior precedent holding that the DEPT FY “would be justified in rejecting a corporation” and because the court is in the financial position to assess the appropriate sanctions.

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