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For purposes of Form 8925, an insurance contract is an employer-owned life insurance contract if it is owned by a policyholder as defined below, and covers the life of the policyholder’s employee(s) on the date the life insurance contract is issued. If you have master contracts, see section 101(j)(3) for additional information. and/or Complete Form 1120S IRC § 6699 ; For returns due after 12/20/2007 but before 1/1/2009, the penalty is $85 per person (as defined in IRC 7702(a)(1)) who was a shareholder in the corporation at any time during the year, for each month or part of a month the return is late or incomplete,What is a 1040 Form? 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