A) Prepare all journal entries, including December 31 adjusting entries, to record these transactions and the forward contract. The forward contract is identified as a hedging transaction under IRC section 1221(b)(2)(A).You must complete all lines of Illinois Schedule B, as applicable, and file it with your Form IL-1065. What if I am a member of a unitary group? Who must file Form IL-1120-ST? You must file Form IL-1120-ST if you are a small business corporation ("S corporation"), as defined in Internal Revenue Code. "Options on Futures", as used in Section 130.270 of this Part, means puts or calls on a futures contract traded on or subject to the rules of a contract market. (i) Commodity contracts carried in commodity account. A contract may be express or implied. Express contracts are those in which the terms of the contract are disclosed in the words or writings of the parties.