Form 8916

(Rev. October 2020)

Department of the Treasury 

Internal Revenue Service 

Reconciliation of Schedule M-3 Taxable Income With 

Tax Return Taxable Income for Mixed Groups 

▶ Attach to Schedule M-3 for Forms 1120, 1120-L, or 1120-PC. 

▶ Go to www.irs.gov/Form8916 for the latest information. 

OMB No. 1545-0123

Name(s) as shown on return Employer identification number

1 Enter total tax reconciliation amount from the applicable line of Schedule M-3. 

See instructions . . . . . . . . . . . . . . . . . . . . . 1

2 a Life/non-life loss limitation amount . . . . . . . . . . . . . . 2a 

b Phased inclusion of balance of policyholders surplus account (Form 1120-L, 

page 1, line 24) . . . . . . . . . . . . . . . . . . . . . 2b

c (1) Non-life capital loss limitation . . . . . . . . . . . . . . . 2c(1)

(2) Life capital loss limitation . . . . . . . . . . . . . . . . 2c(2) 

d (1) Non-life charitable deduction limitation . . . . . . . . . . . . 2d(1) 

(2) Life charitable deduction limitation . . . . . . . . . . . . . 2d(2) 

e (1) Non-life dual consolidated loss amount disallowed . . . . . . . . 2e(1) 

(2) Life dual consolidated loss amount disallowed . . . . . . . . . 2e(2) 

3 Combine lines 1 through 2e(2) . . . . . . . . . . . . . . . . . . . . . . . . 3 

4a (1) 1120-PC net operating loss deduction . . . . . . . . . . . . 4a(1) 

(2) 1120-L net operating loss deduction . . . . . . . . . . . . . 4a(2) 

(3) 1120 net operating loss deduction . . . . . . . . . . . . . 4a(3) 

b (1) Non-life dividends received deduction . . . . . . . . . . . . 4b(1) 

(2) Life dividends received deduction . . . . . . . . . . . . . 4b(2) 

c (1) Non-life capital loss carryforward used . . . . . . . . . . . . 4c(1) 

(2) Life capital loss carryforward used . . . . . . . . . . . . . 4c(2) 

d (1) Non-life charitable deduction carryforward used . . . . . . . . . 4d(1) 

(2) Life charitable deduction carryforward used . . . . . . . . . . 4d(2) 

5 Add lines 4a(1) through 4d(2) . . . . . . . . . . . . . . . . . . . . . . . . 5

6 Subtract line 5 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . 6

7 Other adjustments to reconcile to taxable income on tax return (attach schedule) . . . . . . . 7

8 Total. Combine lines 6 and 7. This amount must equal the amount reported on the “Taxable income” 

line of the consolidated Form 1120, Form 1120-L, or Form 1120-PC. See instructions 8

For Paperwork Reduction Act Notice, see instructions. Cat. No. 37727E Form 8916 (Rev. 10-2020)
Form 8916 (Rev. 10-2020) Page 2 

Section references are to the Internal Revenue Code unless 

otherwise noted.

Future Developments

For the latest information about developments related to Form 

8916 and its instructions, such as legislation enacted after they 

were published, go to www.irs.gov/Form8916.

General Instructions

Purpose of Form

Use Form 8916 to reconcile Schedule M-3 taxable income to 

tax return taxable income for a mixed group, which is a 

consolidated tax group which uses two or more of the following 

tax return forms: Form 1120, 1120-L, or 1120-PC. A mixed 

group is a consolidated tax group that (1) includes both a 

corporation that is an insurance company, and a corporation 

that is not an insurance company, (2) includes both a life 

insurance company and a property and casualty insurance 

company, or (3) includes a life insurance company, a property 

and casualty insurance company, and a corporation that is not 

an insurance company.

Who Must File

Form 8916 must be filed by a mixed group consisting of filers of 

Form 1120, 1120-L, or 1120-PC that is required to file Schedule 

M-3.

How To File

Attach Form 8916 to the consolidated Schedule M-3. Taxpayers 

must summarize the taxpayer tax return taxable income 

calculation workpapers on Form 8916 and retain those 

workpapers. The taxable income calculation workpapers need 

not be submitted with the Form 8916.

Specific Instructions

Note: All line references to Form 1120-L, Form 1120-PC, and 

Form 1120 are to the 2020 forms. 

Line 1. Schedule M-3 tax reconciliation amount. The amount 

on line 1 must equal the tax reconciliation amount from the 

applicable line of Schedule M-3. For example, this amount was 

reported on Part II, line 30, column (d), of the Schedule M-3 for 

Form 1120 (Rev. December 2019), or the 2020 Schedule M-3 for 

Form 1120-L or 1120-PC.

Line 2a. Life/non-life loss limitation amount. Enter any life/

non-life loss limitation amount from the supporting workpapers. 

See section 1503(c).

Line 4a. Net operating loss (NOL) deduction. Enter any NOL 

deduction from supporting statements for each entity type 

(Form 1120, 1120-L, and 1120-PC). For tax years beginning in 

2020, see section 172(a)(1) as amended by section 2303 of P.L. 

116-136 (the CARES Act). Also, see section 172(b)(1)(D) and 

Rev. Proc. 2020-24 for special rules for losses arising in tax 

years 2018, 2019, and 2020.

For tax years beginning after 2020, see section 172(a)(2) as 

amended by section 2303 of the CARES Act. See section 172 

for more information, including special rules for insurance 

companies.

Line 7. Other adjustments to reconcile to taxable income on 

tax return. Enter on line 7 any other adjustments necessary to 

reconcile to taxable income reported on the consolidated 

income tax return from the supporting workpapers and attach a 

short explanation of the adjustment.

Line 8. Total. The amount on line 8 must equal the “Taxable 

income” line of the applicable consolidated income tax return. 

For example, see the 2020 Form 1120, page 1, line 30; 2020 

Form 1120-L, page 1, line 25; or 2020 Form 1120-PC, Schedule 

A, line 37.

Paperwork Reduction Act Notice. We ask for the information 

on this form to carry out the Internal Revenue laws of the United 

States. You are required to give us the information. We need it 

to ensure that you are complying with these laws and to allow 

us to figure and collect the right amount of tax.

You are not required to provide the information requested on 

a form that is subject to the Paperwork Reduction Act unless 

the form displays a valid OMB control number. Books or 

records relating to a form or its instructions must be retained as 

long as their contents may become material in the 

administration of any Internal Revenue law. Generally, tax 

returns and return information are confidential, as required by 

section 6103.

The time needed to complete and file this form will vary 

depending on individual circumstances. The estimated burden 

for business taxpayers filing this form is approved under OMB 

control number 1545-0123.

If you have comments concerning the accuracy of these time 

estimates or suggestions for making this form simpler, we would 

be happy to hear from you. See the instructions for the tax 

return with which this form is filed.