No, it is not possible to enter the code "RIC (regulated investment company)" in Part II, Section 1 (Description) and Part III, Section 4, Lines 1 and 3 of Schedules K-2 and K-3 (Forms 1065, 1120-S, and 8865). The instructions for these schedules specify that you should use the two-letter country codes from the list at IRS.gov/CountryCodes for the foreign country or U.S. territory within which the gross income is sourced or to which taxes were paid or accrued. The code "RIC" is not a valid entry for these sections.
Sources:
Instructions for Form 1065 (2023)
Instructions for Form 1120-S (2023)
Partnership Instructions for Schedules K-2 and K-3 (Form 1065) (2023)
Instructions for Schedules K-2 and K-3 (Form 8865) (2023)
S Corporation Instructions for Schedules K-2 and K-3 (Form 1120-S) (2023)
Instructions for Form 1120-RIC (2022)
Partner’s Instructions for Schedule K-3 (Form 1065) (2023)
