Reconciliation of Schedule M-3 Taxable Income With 
Form  8916                             Tax Return Taxable Income for Mixed Groups                             OMB No. 1545-0123
(Rev. October 2020)                    ▶ Attach to Schedule M-3 for Forms 1120, 1120-L, or 1120-PC. 
Department of the Treasury  
Internal Revenue Service                 ▶ Go to www.irs.gov/Form8916 for the latest information. 
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        Line 2a. Life/non-life loss limitation amount. Enter any life/
otherwise noted.                                                  non-life loss limitation amount from the supporting workpapers. 
                                                                  See section 1503(c).
Future Developments                                               Line 4a. Net operating loss (NOL) deduction. Enter any NOL 
For the latest information about developments related to Form     deduction from supporting statements for each entity type 
8916 and its instructions, such as legislation enacted after they (Form 1120, 1120-L, and 1120-PC).  For tax years beginning in 
were published, go to www.irs.gov/Form8916.                       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 
General Instructions                                              Rev. Proc. 2020-24 for special rules for losses arising in tax 
                                                                  years 2018, 2019, and 2020.
Purpose of Form                                                   For tax years beginning after 2020, see section 172(a)(2) as 
Use Form 8916 to reconcile Schedule M-3 taxable income to         amended by section 2303 of the CARES Act. See section 172 
tax return taxable income for a mixed group, which is a           for more information, including special rules for insurance 
consolidated tax group which uses two or more of the following    companies.
tax return forms: Form 1120, 1120-L, or 1120-PC. A mixed          Line 7. Other adjustments to reconcile to taxable income on 
group is a consolidated tax group that (1) includes both a        tax return. Enter on line 7 any other adjustments necessary to 
corporation that is an insurance company, and a corporation       reconcile to taxable income reported on the consolidated 
that is not an insurance company, (2) includes both a life        income tax return from the supporting workpapers and attach a 
insurance company and a property and casualty insurance           short explanation of the adjustment.
company, or (3) includes a life insurance company, a property 
and casualty insurance company, and a corporation that is not     Line 8. Total. The amount on line 8 must equal the “Taxable 
an insurance company.                                             income” line of the applicable consolidated income tax return. 
                                                                  For example, see the 2020 Form 1120, page 1, line 30; 2020 
Who Must File                                                     Form 1120-L, page 1, line 25; or 2020 Form 1120-PC, Schedule 
                                                                  A, line 37.
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   Paperwork Reduction Act Notice.  We ask for the information 
M-3.                                                              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 
How To File                                                       to ensure that you are complying with these laws and to allow 
Attach Form 8916 to the consolidated Schedule M-3. Taxpayers      us to figure and collect the right amount of tax.
must summarize the taxpayer tax return taxable income             You are not required to provide the information requested on 
calculation workpapers on Form 8916 and retain those              a form that is subject to the Paperwork Reduction Act unless 
workpapers. The taxable income calculation workpapers need        the form displays a valid OMB control number. Books or 
not be submitted with the Form 8916.                              records relating to a form or its instructions must be retained as 
                                                                  long as their contents may become material in the 
Specific Instructions                                             administration of any Internal Revenue law. Generally, tax 
                                                                  returns and return information are confidential, as required by 
Note: All line references to Form 1120-L, Form 1120-PC, and       section 6103.
Form 1120 are to the 2020 forms. 
                                                                  The time needed to complete and file this form will vary 
Line 1. Schedule M-3 tax reconciliation amount. The amount        depending on individual circumstances. The estimated burden 
on line 1 must equal the tax reconciliation amount from the       for business taxpayers filing this form is approved under OMB 
applicable line of Schedule M-3. For example, this amount was     control number 1545-0123.
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      If you have comments concerning the accuracy of these time 
Form 1120-L or 1120-PC.                                           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.