RI-1120F: Business Corporation Supplemental Schedule (2024)

Who files this form

Form RI-1120F is for corporations dealing in securities on their own behalf that qualify as Investment Companies, Regulated Investment Companies, Non-Captive Real Estate Investment Trusts, or Personal Holding Companies under Rhode Island General Laws 44-11-2.

• For the Investment Companies section, the corporation must answer “Yes” to both questions: it dealt in or held securities on its own behalf, not as a broker, underwriter, or distributor, and receipts from those activities were at least 90% of total gross receipts for the taxable year.
• Captive Real Estate Investment Trusts use Form RI-1120C to file and calculate their Rhode Island corporation tax, rather than this supplemental schedule.

Form RI-1120C must be filed along with this supplemental schedule.

What you'll need

Have these forms and records available, as applicable to your company's section:

• Form RI-1120C, including the income information and Schedule H apportionment ratio used by RI-1120F.
• Federal Form 1120, 1120-RIC, or 1120-REIT, including applicable Schedule M-1 and Schedule D information.
• The company's name, federal employer identification number, and year-ending information.
• For the registered-company section, the registration number and registration date with the Security and Exchange Commission.

The registered-company section requires the annual report to stockholders for the period covered by the return, along with other reports issued during that period. The Non-Captive Real Estate Investment Trusts section requires the annual report to shareholders for the period covered by the return.

How to file

File Form RI-1120F along with Form RI-1120C, the Business Corporation Tax Return. Include the reports required by your company's section.

Enter the tax due calculated on RI-1120F on Form RI-1120C, page 2, line 13. Check the RI-1120F box on page 1 of RI-1120C, to the left of the header.

The supplied form text does not give a mailing address or e-filing directions.

Common mistakes

• Reporting as a Regulated Investment Company without full-period coverage. The form warns that if the certificate issued under the Act did not cover the entire period, the taxpayer is not entitled to report as a Regulated Investment Company.
• Leaving out required reports or Form RI-1120C. The form reminds registered companies and non-captive real estate investment trusts to submit their annual reports and file RI-1120C with this schedule. Registered companies must also submit other reports issued during the period.
• Using this schedule for a captive real estate investment trust. The form directs captive trusts to calculate corporation tax using Form RI-1120C.

Questions people ask

Can RI-1120F be filed by itself?

No. A Business Corporation Tax Return, Form RI-1120C, must be filed along with this supplemental schedule.

What gross-receipts test applies to the Investment Companies section?

At least 90% of total gross receipts for the taxable year must come from buying, selling, dealing in, or holding securities on the corporation's own behalf. The corporation must also answer “Yes” to the question confirming that it conducted those activities on its own behalf, not as a broker, underwriter, or distributor.

Is there a minimum tax on the schedule?

Yes. Both tax-calculation sections list a $400 minimum tax and direct the filer to use the greater of the calculated tax or the minimum tax.

How precise must the apportionment ratio be?

Use the ratio from Form RI-1120C, Schedule H, line 2, calculated to six decimal places.

What filing period applies if a non-captive real estate investment trust answers “Yes” to all four status questions?

The form says a return is required for the fiscal period reported to the Internal Revenue Service.

Official sources

• https://tax.ri.gov/forms