(a) In general. Every small business corporation (as defined in section 1371(a)) which has made an election under section 1372(a) not to be subject to the tax imposed by chapter 1 of the Code shall file, with respect to each taxable year for which the election is in effect, a return of income on Form 1120-S. The return shall set forth the items of gross income and the deductions allowable in computing taxable income as required by the return form or in the instructions issued with respect thereto and shall be signed in accordance with section 6062 by the person authorized to sign a return. The return shall also set forth the following information concerning the electing small business corporation:
(1) The names and addresses of all persons owning stock in the corporation at any time during the taxable year;
(2) The number of shares of stock owned by each shareholder at all times during the taxable year;
(3) The amount of money and other property distributed by the corporation during the taxable year to each shareholder;
(4) The date of each distribution of money and other property; and
(5) Such other information as is required by the form or by the instructions issued with respect to such form.
(b) Time and place for filing return. The return shall be filed on or before the 15th day of the third month following the close of the taxable year with the internal revenue officer designated in the instructions applicable to Form 1120-S. (See section 6072.)
(c) Other provisions. The return on Form 1120-S will be treated as a return filed by the corporation under section 6012, relating to persons required to make returns of income, for purposes of the provisions of chapter 66 of the Code, relating to limitations. Thus, for example, the period of limitation on assessment and collection of any corporate tax found to be due upon a subsequent determination that the corporation was not entitled to the benefits of subchapter S, chapter 1 of the Code, will run from the date of filing the return under section 6037, or from the date prescribed for filing such return, whichever is the later. For the rules requiring the disclosure of certain transactions, see § 1.6011-4T.
(d) Penalties. For criminal penalties for failure to file a return, supply information, or pay tax, and for filing a false or fraudulent return, statement, or other document, see sections 7203, 7206, and 7207.
[T.D. 6500, 25 FR 12108, Nov. 26, 1960, as amended by T.D. 7012, 34 FR 7690, May 15, 1969; T.D. 9000, 67 FR 41328, June 18, 2002]
Notes of Decisions
Fehlhaber v. Comm'r, 94 T.C. 863 (Tax Ct. 1990).
· cites it 2× “The return on Form 1120-S will be treated as a return filed by the corporation under section 6012 , relating to persons required to make returns of income, for purposes of the provisions of chapter 66 of the Code, relating to limitations.”
Levy v. Comm'r, 46 T.C. 531 (Tax Ct. 1966).
· cites it 2× “1372-2(a) 4 of the Income Tax Regulations provides that the election form is to be signed by any person who is authorized to sign the return required by section 6037 to be filed by an electing small business corporation.”
Kelley v. Comm'r, 52 T.C.M. 313 (Tax Ct. 1986).
· cites it 2× “The return on Form 1120-S will be treated as a return filed by the corporation under section 6012, relating to persons required to make returns of income, for purposes of the provisions of chapter 66 of the Code, relating to limitations.”
In re 800Ideas.com, Inc., 527 B.R. 701 (Bankr. S.D. Cal. 2015).
“26 C.F.R. § 1.6037-1 (a). In 2007, Congress added § 6699 to the Internal Revenue Code (“IRC § 6699”), which imposes an automatic penalty on S corporations that unreasonably fail to timely file returns due after December 31, 2008.”
Toberman v. Comm'r, 2000 T.C. Memo. 221 (Tax Ct. 2000).
· cites it 2× “↩ (the return of an S corporation shall include, inter alia, information as is required by the instructions issued with respect to the form). The last returns presented by Bonnevista and Castle Towers, as stipulated into evidence, include no attachments notifying the…”
Smith v. Comm'r, 54 T.C.M. 1535 (Tax Ct. 1988).
· cites it 2× “The signature was to be made under penalties of perjury. Respondent argues that Smith Co.”
Babak Roshdieh v. Comm'r, 2014 T.C. Summary Opinion 113 (Tax Ct. 2014).
· cites it 4× “At trial Mr. Austin testified that on March 15, 2011, he mailed to respondent by regular, first-class mail a Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, for 2010.”
Ensyc Techs. v. Comm'r, 2012 T.C. Summary Opinion 55 (Tax Ct. 2012).
· cites it 2× “6037(a). The return to be filed is a Form 1120S.”
Columbia Steak House II, Inc. v. Comm'r, 41 T.C.M. 1163 (Tax Ct. 1981).
· cites it 2× “2 The election of a small business corporation is to be made by filing a Form 2553 which contains the information required by that form and which is signed by a person authorized to sign the return of income required by section 6037 to be filed by an electing small business…”
Jacobsson v. Comm'r, 54 T.C.M. 1043 (Tax Ct. 1987).
· cites it 2× “The purpose of the language in section 6037 upon which petitioners rely is merely to provide for a statutory period of limitations for the corporation in the event it is subject to tax, either by losing its preferred status as an electing small business corporation or pursuant…”
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