Rct 124 Form PDF Details

The RCT-124 form, crucial for reporting domestic and foreign marine insurance tax, serves as a comprehensive document required by the Bureau of Corporation Taxes in Pennsylvania. Specifically designed for entities engaged in marine insurance within both domestic and foreign realms, this form collects detailed financial information for the tax year, including net premiums written, unearned premiums, marine losses incurred, and specific marine expenses. It facilitates the calculation of underwriting profit on marine business transacted within the U.S. and, by extension, the assessment of taxes due. Entities must indicate if the form represents a first report, an amended report, or the last report, providing an avenue for adjustments or corrections to previously submitted data. Additionally, the form accommodates overpayment instructions, allowing for automatic transfer to other underpaid taxes or refunds of overpayments. Crucial schedules attached to the form highlight premiums written, losses incurred, and expenses specific to the marine insurance business, outlining the operational financial landscape within the given tax year. Filing this form accurately is essential for compliance with Pennsylvania's tax laws regarding marine insurance, underscoring its importance to businesses operating in this sector.

QuestionAnswer
Form NameRct 124 Form
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesCHARGEABLE, 2009, rct 124, prepayments

Form Preview Example

RCT-124 (11-11) (I)

1240011101

MARINE INSURANCE TAX REPORT

DOMESTIC AND FOREIGN MARINE INSURANCE

Bureau of Corporation Taxes

 

 

 

 

2011 REPORT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PO BOX 280407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harrisburg PA 17128-0407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORP TAX ACCOUNT ID

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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(DepartmentUseOnly)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DateReceived

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADDRESS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FEDERAL ID (EIN)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CITY

 

 

 

STATE

ZIP CODE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o Check to send all correspondence to preparer.

 

 

 

 

 

 

 

 

o Check to indicate a change of address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o First Report

o Amended Report (See instructions.)

 

 

 

 

 

 

 

 

 

 

 

o LastReport (See instructions.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL PAYMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAX YEAR ENDING

 

 

 

 

 

 

 

 

 

 

DUE DATE

06/01/12

 

 

 

 

 

 

 

 

12/31/11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fillincorrespondingself-assessedtax,prepayments,restrictedcredit,remittanceamountandgrandtotals.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUEUSEONLY

A.TaxLiability

 

B.Estimated

 

 

 

C.Restricted

 

 

 

 

Remittance

TAX TYPE

 

 

 

 

 

Payments&Credits

 

 

 

 

 

 

 

 

TYPE

 

BUDGET

fromTaxReport

 

 

 

 

 

Credit

 

 

AminusBminusC

 

 

 

 

 

 

onDeposit

 

 

 

 

 

 

 

 

 

 

 

CODE

 

CODE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DOMESTICMARINE

 

70

 

125161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGNMARINE

 

70

 

125164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GRAND TOTALS

oPLEASE CHECK THIS BLOCK ONLY IF THE TOTAL PAYMENT SHOWN ABOVE HAS BEEN OR WILL BE PAID ELECTRONICALLY.

OVERPAYMENT INSTRUCTIONS (Choose only Option A or Option B and write the appropriate letter in the box provided.)

oA = Automatically transfer overpayments to other underpaid taxesfor the current tax period, then to the next tax period. B = Refund overpayment(s) of the current tax period after paying any other underpaid taxes for the current tax period.

Bycheckingthe“AmendedReport”boxonthisform,thetaxpayerconsentstotheextensionoftheassessmentperiodforthistaxyeartooneyearfromthedateoffilingofthisamendedreport orthreeyearsfromthefilingoftheoriginalreport,whicheverperiodlastexpires.Forpurposesofthisextension,anoriginalreportfiledbeforetheduedateisdeemedfiledontheduedate.

Iaffirmunderpenaltiesprescribedbylawthatthisreport(includinganyaccompanyingschedulesandstatements)wasexaminedbyme,tothebestofmyknowledgeandbeliefisatrue,cor- rectandcompletereportandIamauthorizedtoexecutethisconsenttotheextensionoftheassessmentperiod.ThisdeclarationisbasedonallinformationofwhichIhaveanyknowledge.

Signature of Officer

 

 

Title

Date

Telephone Number

 

 

 

 

 

(

)

 

 

 

 

Iaffirmunderpenaltiesprescribedbylaw,thisreport(includinganyaccompanyingschedulesandstatements)hasbeenpreparedbymeandtothebestofmyknowledgeandbeliefisa

true,correctandcompletereport.

 

 

 

 

 

 

 

 

 

 

 

 

PRINTIndividual Preparer or Firm’s Name

 

 

Signatureof Preparer

 

Fax Number

 

 

 

 

 

(

)

 

 

 

 

 

 

PRINTIndividual or Firm’s Street Address

 

 

Title

 

Telephone Number

 

 

 

 

 

(

)

 

 

 

 

 

 

 

City

State

ZIP Code

E-mail Address

 

 

 

 

 

 

 

 

 

 

1240011101

1240011101

1240011201

SCHEDULE A

MARINE PREMIUMS WRITTEN WITHIN THE U.S.

RCT-124(I)

Page 2

(Excludingpremiumsonbusinessfallingwithintheprovisionsof72P.S.§2281(c)imposingastatetaxonmarineinsuranceunderwritingprofits.)

ITEMS

1

2

3

4

5

6

NETPREMIUMSLESS

LAST THREE

GROSS

RETURN

NET

NET

 

 

NETREINSURANCE

 

CALENDAR YEARS

PREMIUMS

PREMIUMS

PREMIUMS

REINSURANCE

 

PREMIUMS

 

 

 

 

 

 

aYear 2009 b Year 2010 c Year 2011 d Totals

SCHEDULE B

MARINE PREMIUMS WRITTEN WITHIN THE COMMONWEALTH OF PENNSYLVANIA

ITEMS

1

2

3

4

5

6

NETPREMIUMSLESS

LAST THREE

GROSS

RETURN

NET

NET

 

 

NETREINSURANCE

 

CALENDAR YEARS

PREMIUMS

PREMIUMS

PREMIUMS

REINSURANCE

 

PREMIUMS

 

 

 

 

 

 

 

 

 

 

 

 

 

a

Year 2009

 

 

 

 

 

 

 

 

 

 

 

 

b

Year 2010

 

 

 

 

 

 

 

 

 

 

 

 

c

Year 2011

 

 

 

 

 

dTotals

SCHEDULE C

PREMIUMS WRITTEN – ALL CLASSES OF BUSINESS – FOR THE LAST THREE CALENDAR YEARS

WITHIN THE U.S.

ITEMS

1

2

3

4

5

6

NETPREMIUMSLESS

LAST THREE

GROSS

RETURN

NET

NET

NETREINSURANCE

CALENDAR YEARS

PREMIUMS

PREMIUMS

PREMIUMS

REINSURANCE

PREMIUMS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a

Year 2009

 

 

 

 

 

 

 

 

 

 

 

 

b

Year 2010

 

 

 

 

 

 

 

 

 

 

 

 

c

Year 2011

 

 

 

 

 

dTotals

SCHEDULE D

UNEARNED PREMIUMS ON OUTSTANDING MARINE INSURANCE CONTRACTS (WRITTEN WITHIN THE U.S.)

AT CLOSE OF BUSINESS DEC. 31 FOR LAST FOUR CALENDAR YEARS.

 

 

TRIP(OrVoyage)CONTRACTS

TERMCONTRACTS

ADVANCE

 

 

1

PREMIUMS

7

 

 

 

 

 

ITEMS

LAST FOUR

2

3

4

5

6

TOTAL NET

CALENDAR YEARS

PREMIUMS IN

NET UNEARNED

PREMIUMS IN

NET UNEARNED

NET UNEARNED

UNEARNED

 

FORCE LESS

PREMIUMS

FORCE LESS

PREMIUMS 50%

PREMIUMS

PREMIUMS

 

 

 

 

REINSURANCE

100%

REINSURANCE

 

100%

 

 

 

 

 

 

 

 

 

a

Year 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b

Year 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c

Year 2010

 

 

 

 

 

 

dYear 2011

1240011201

 

RCT-124(I)

1240011301

Page 3

 

SCHEDULE E

MARINE LOSSES INCURRED ON BUSINESS WRITTEN WITHIN THE U.S.

FOR LAST THREE CALENDAR YEARS

ITEMS

1

2

3

4

5

6

LAST THREE

GROSS

REINSURANCE

SALVAGE

TOTAL

NET

(Column 2 minus

CALENDAR YEARS

LOSSES

(Columns 3 and 4)

 

 

 

 

 

 

Column 5)

a

Year 2009

 

 

 

 

 

 

 

 

 

 

 

 

b

Year 2010

 

 

 

 

 

 

 

 

 

 

 

 

c

Year 2011

 

 

 

 

 

dTotals

SCHEDULE F

SPECIFIC MARINE EXPENSES INCURRED ON BUSINESS TRANSACTED WITHIN THE U.S.

 

1

2

3

4

5

6

7

8

ITEMS

LAST THREE

AGENCY

AGENCY

FEDERAL

STATE & CITY

LOSS

ALLOTHER

TOTAL

CALENDAR

COMMISSIONS

EXPENSES

TAXES

TAXES & FEES

ADJUSTMENT

EXPENSES

COLUMNS2-7

 

YEARS

INCLUDING

 

 

 

EXPENSE

 

 

 

BROKERAGE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a

Year 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b

Year 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c

Year 2011

 

 

 

 

 

 

 

dTotals

SCHEDULE G

GENERAL EXPENSES NOT CHARGEABLE SPECIFICALLY TO ANY PARTICULAR CLASS OF BUSINESS

 

1

2

3

4

5

6

7

8

ITEMS

LAST THREE

SALARIES OF

ADVERTISING

FEDERAL

RENTS

PRINTING &

ALLOTHER

TOTAL

CALENDAR

OFFICERS &

&

TAXES

STATIONERY

EXPENSES

COLUMNS2-7

 

YEARS

EMPLOYEES

SUBSCRIP-

 

 

 

 

 

 

TIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a

Year 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b

Year 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c

Year 2011

 

 

 

 

 

 

 

dTotals

e.

Three-year ratio of U.S. marine premiums (Schedule A, Column 4, Item d) to total net premiums for all classes

 

 

of business within the U.S. (Schedule C, Column 4, Item d)

 

%

 

f.

Three-year ratio of net marine premiums written within Pennsylvania (Schedule B, Column 4, Item d)

 

 

to total net marine premiums written within the U.S. (Schedule A, Column 4, Item d)

 

%

 

 

Attach Copy of Pennsylvania Business Page of the Annual Report filed with the Pennsylvania Insurance Department.

 

 

 

NOTE: If the company is licensed to write ocean marine premiums in Pennsylvania, this report must be filed whether or not ocean

 

 

 

marine premiums were written.

 

 

1240011301

 

RCT-124 (I)

1240011401

Page 4

TOTAL UNDERWRITING PROFIT ON MARINE BUSINESS TRANSACTED WITHIN THE U.S.

1.

Net Premiums, less Net Reinsurance Premiums, written within the U.S.

 

 

(Schedule A, Column 6, Item d)

.$

2.

Plus: Net Unearned Marine Premiums on U.S. business at beginning of

 

 

four-year period (Schedule D, Column 7, Item a)

.$

3.

Total (Line 1 plus Line 2)

.$

4.

Less: Net Unearned Marine Premiums on U.S. business at end offour-

 

 

year period (Schedule D, Column 7, Item d)

.$

5.

Net Marine Premiums Earned (Line 3 minus Line 4)

.$

6.

Net Marine Losses incurred on business written within the U.S.

 

 

(Schedule E, Column 6, Item d)

.$

7.

Specific Marine Expenses incurred (Schedule F, Column 8, Item d)

.$

8.

Proportion of general expenses chargeable to U.S. Marine Premiums

 

 

(Schedule G, Item e multiplied by Schedule G, Column 8, Item d)

.$

9.

Total Deductions (Line 6 plus Line 7 plus Line 8)

.$

10.

Net Marine Underwriting Profit on business written within the U.S.

 

 

(Line 5 minus Line 9)

.$

11.

Net Marine Underwriting Profit on business written within Pennsylvania

 

 

for three years (Line 10 multiplied by Schedule G, Item f)

.$

12.

Average Net Marine Underwriting Profit on business within Pennsylvania

 

 

for one year (0.33 x Line 11)

.$

13.

Tax at 5 percent on Average Net Marine Underwriting Profit on business within Pennsylvania for one

 

 

year (0.05 x Line 12) Enter this amount on Page 1, ColumnA (whole dollars only)

.$

IF ALIEN, GIVE NAME OF STATE IN WHICH PRINCIPAL U.S. OFFICE IS LOCATED

DATE BUSINESS COMMENCED IN PENNSYLVANIA

INCORPORATED OR ORGANIZED UNDER THE LAWS OF:

THIS REPORT IS MADE BY A STOCK COMPANY, ASSOCIATION, EXCHANGE, ETC. (PLEASE SPECIFY)

Á

1240011401

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