Federal Free Printable 2016 Form 1120-F (Schedule I) for 2017 Federal Interest Expense Allocation Under Regulations Section 1.882-5

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Interest Expense Allocation Under Regulations Section 1.882-5
2016 Form 1120-F (Schedule I)

Interest Expense Allocation Under Regulations Section 1.882-5 SCHEDULE I (Form 1120-F) Department of the Treasury Internal Revenue Service Name of corporation A B ▶ OMB No. 1545-0123 2016 ▶ Attach to Form 1120-F. Information about Schedule I (Form 1120-F) and its separate instructions is available at www.irs.gov/form1120f. Employer identification number Check here if the corporation is a foreign bank as defined in Regulations section 1.882-5(c)(4) . . . . . . . . . This Schedule I is being completed with respect to (check one): Adjusted U.S. booked liabilities method under Regs. sec. 1.882-5(d). Complete lines 1 through 15 and 21 through 25. Separate currency pools method under Regs. sec. 1.882-5(e). Complete lines 1 through 9 and 16a through 25. Step 1 1 . . . . ▶ Average U.S. Assets for the Tax Year: Regulations Section 1.882-5(b) (a) Set(s) of Books that Give Rise to U.S. Booked Liabilities (see inst.) Specify the method used to determine the value of the corporation’s U.S. assets on lines 2 through 5 below (check one): Adjusted basis method: Regs. sec. 1.882-5(b)(2)(i) Fair market value method: Regs. sec. 1.882-5(b)(2)(ii) 2 3a b c Total assets per books . . . . . . . . . . . Total interbranch assets . . . . . . . . . . . Total non-ECI assets under section 864(c)(4)(D) . . . . Total other non-ECI assets (attach statement-see instructions) d Adjustments for amounts from partnerships and certain disregarded entities included on line 2, column (a) . . . e Adjustments for assets that give rise to direct interest expense allocations under Regs. sec. 1.882-5(a)(1)(ii) . . f Other adjustments to average assets included in line 2 (e.g., mark-to-market differences) . . . . . . . . 4 Combine lines 3a through 3f . . . . . . . 5 Total value of U.S. assets for the tax year . . . . . . . . . (c) Set(s) of Books Other than those Described in Columns (a) and (b) (b) Partnership Interests (d) Totals. Add columns (a) through (c) Column (a): Subtract line 4 from line 2. Column (b): See instructions for amount to enter. Column (c): See instructions for amount to enter. Step 2 6 U.S.-Connected Liabilities for the Tax Year: Regulations Section 1.882-5(c) Specify the method used to determine the amounts in Step 2 (check one): Actual ratio under Regs. sec. 1.882-5(c)(2). Complete lines 6a through 6c below. Fixed ratio under Regs. sec. 1.882-5(c)(4). Complete line 6d below. a Average worldwide liabilities b c Average worldwide assets Divide line 6a by line 6b . d Fixed ratio under Regs. sec. 1.882-5(c)(4). If the corporation is a foreign bank as defined in Regs. sec. 1.882-5(c)(4), enter 95% on line 6d. If the corporation is not a foreign bank or an insurance company, enter 50% on line 6d . . . . . . . . . . . . . . . . . . . . e Enter the ratio from line 6c or 6d, as applicable 7a b c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % . . . . % . U.S.-connected liabilities before Regs. sec. 1.884-1(e)(3) election(s). Multiply line 5, column (d) by line 6e . U.S. liability reduction under Regs. sec. 1.884-1(e)(3) election . . . . . . . . . . . . . . U.S.-Connected Liabilities. Subtract line 7b from line 7a . . . . . . . . . . . . . . . . . . . . . . . . . Step 3 . . . . . . . . . . . . . . . . . % ▶ Interest Expense Paid or Accrued on Average U.S. Booked Liabilities: Regulations Section 1.882-5(d) (a) Set(s) of Books that Give Rise to U.S. Booked Liabilities (see inst.) (b) Partnership Interests (c) Totals. Add columns (a) and (b) 8 Total average amount of U.S. booked liabilities as defined in Regs. sec. 1.882-5(d)(2) (see instructions) . . . . . . Column (a): Do not include amounts that give rise to directly allocable interest under Regs. sec. 1.882-5(a)(1)(ii) or from partnerships includible in column (b). Column (b): Enter the portion of the total from Schedule P, line 18 that constitutes U.S. booked liabilities. For Paperwork Reduction Act Notice, see the Instructions for Form 1120-F. Cat. No. 49680W Schedule I (Form 1120-F) 2016 Page 2 Interest Expense Paid or Accrued on Average U.S. Booked Liabilities: Regulations Section 1.882-5(d) Schedule I (Form 1120-F) 2016 Step 3 (cont.) (a) Set(s) of Books that Give Rise to U.S. Booked Liabilities (see inst.) (b) Partnership Interests (c) Totals. Add columns (a) and (b) 9 Total interest paid or accrued during the tax year on line 8 amount Column (a): Do not include amounts that give rise to directly allocable interest under Regs. sec. 1.882-5(a)(1)(ii) or from partnerships includible in column (b). Column (b): Enter the portion of the total from Schedule P, line 15c that is interest on U.S. booked liabilities. Step 3 (cont.) Adjusted U.S. Booked Liabilities Method: Regulations Section 1.882-5(d) If line 7c is greater than line 8, column (c), complete lines 10 through 13 below and skip lines 14a and 14b. If line 7c is less than or equal to line 8, column (c), skip lines 10 through 13 and complete lines 14a and 14b. 10 If the corporation is a foreign bank which is making a current-year election to use the published average 30-day LIBOR (see instructions), check the box on this line, skip lines 10a through 10c, and enter the rate on line 10d . . . . . . . . . . . . . . . . . . . . . . . . . ▶ a Total interest paid or accrued during the tax year on U.S. dollar liabilities that are not U.S. booked liabilities included on line 8 . . . . . . . . . . . . . . b Average U.S. dollar denominated liabilities that are not U.S. booked liabilities included on line 8 . . . . . . . . . . . . . . . . . . . . . . . c d e Divide line 10a by line 10b . . . . . . . . . . . . . Enter the 30-day LIBOR, if elected under Regs. sec. 1.882-5(d)(5)(ii)(B) . . . . . . . . 10b 10c 10d % % Enter the rate from line 10c or, if elected, the 30-day LIBOR on line 10d. See instructions if amount on line 10c is zero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 13 14a Excess U.S.-connected liabilities. Subtract line 8, column (c), from line 7c Excess interest. Multiply line 10e by line 11 . . . . . . . . . Add lines 9, column (c) and 12 . . . . . . . . . . . . . Scaling ratio. Divide line 7c by line 8, column (c) . . . . . . . b Multiply line 9, column (c) by line 14a. See instructions for hedging amounts 15 . . 10a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10e 11 12 13 14a . . . . . . . . . 14b ▶ ▶ Interest expense allocable to ECI under the adjusted U.S. booked liabilities method. Enter the result ▶ from line 13 or line 14b here and on line 21 . . . . . . . . . . . . . . . . . . Step 3 (cont.) Separate Currency Pools Method: Regulations Section 1.882-5(e) (b) Home Country Currency. Specify: (a) U.S. Dollar Denominated 16a b 17a ▶ % % 15 (c) Other Currency. Specify: (d) Other Currency. Specify: ▶ ▶ U.S. assets. Enter the corporation’s U.S. assets, using the methodology in Regs. sec. 1.882-5(e)(1)(i). If more columns are needed, attach statement (see instructions) . . . . Check here if a less than 3% currency election was made . . . . . . . . . . . . . . ▶ Enter the percentage from line 6e . . . . . . . . b U.S.-connected liabilities. Multiply line 16a by line 17a, or, if a liability reduction election is made, see instructions . . 18a Enter the total interest expense paid or accrued for the tax year with respect to the foreign corporation’s worldwide liabilities denominated in that foreign currency (enter in functional currency) . . . . . . . . . . . . b Enter the corporation’s average worldwide liabilities (whether interest bearing or not) denominated in that foreign currency (enter in functional currency) . . . . . . . c Borrowing rate: Divide line 18a by line 18b . . . . . % % % % % % % % 19 Interest expense allocation by separate currency pool. Multiply line 17b by line 18c . . . . . . . . . . 20 Interest expense allocable to ECI under the separate currency pools method. Total the amounts on line 19, columns (a) through (d), and amounts from attached statement, if any, and enter the result here and on line 21 . . . . . . Schedule I (Form 1120-F) 2016 Page 3 Schedule I (Form 1120-F) 2016 SUMMARY—Interest Expense Allocation and Deduction under Regulations Section 1.882-5 21 Amount from line 15 or line 20, as applicable . 22 Enter the corporation’s interest expense directly allocable under Regs. sec. 1.882-5(a)(1)(ii). (Include total from Schedule P, line 15b.) . . . . . . 23 24a . . . . . . . . . 21 22 Interest expense allocable to ECI under Regs. sec. 1.882-5. Add lines 21 and 22 Amount of line 23 that is disallowed as a deduction under the Internal Revenue Code or under an income tax treaty (attach statement—see instructions) . . . 24a ( b Deferred interest expense included on line 23 or previously deferred and recognized in the current year (attach statement—see instructions) . . . 24b c Amount of line 23 that is capitalized under section 263A (attach statement— see instructions) . . . . . . . . . . . . . . . . . . d 25 Combine lines 24a through 24c . . . . . . . . . . . . . . . 24c ( . . . . . . . . 23 ▶ ) ) . . . . . . Total interest expense deduction under Regs. sec. 1.882-5. Combine lines 23 and 24d and enter here and on Form 1120F, Section II, line 18. The amount entered on line 25 may not exceed the total interest ▶ expense paid or accrued by the foreign corporation . . . . . . . . . . . . . . . 24d 25 Schedule I (Form 1120-F) 2016
Extracted from PDF file 2016-federal-1120-f-schedule-i.pdf, last modified November 2016

More about the Federal 1120-F (Schedule I) Corporate Income Tax TY 2016

We last updated the Interest Expense Allocation Under Regulations Section 1.882-5 in May 2017, so this is the latest version of 1120-F (Schedule I), fully updated for tax year 2016. You can download or print current or past-year PDFs of 1120-F (Schedule I) directly from TaxFormFinder. You can print other Federal tax forms here.


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Form 990 or 990-EZ (Sch A) Public Charity Status and Public Support
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Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal 1120-F (Schedule I) from the Internal Revenue Service in May 2017.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Federal 1120-F (Schedule I)

We have a total of six past-year versions of 1120-F (Schedule I) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 1120-F (Schedule I)

2016 Form 1120-F (Schedule I)

Interest Expense Allocation Under Regulations Section 1.882-5 2015 1120-F (Schedule I)

2015 Form 1120-F (Schedule I)

Interest Expense Allocation Under Regulations Section 1.882-5 2014 1120-F (Schedule I)

2014 Form 1120-F (Schedule I)

Interest Expense Allocation Under Regulations Section 1.882-5 2013 1120-F (Schedule I)

2013 Form 1120-F (Schedule I)

Interest Expense Allocation Under Regulations Section 1.882-5 2012 1120-F (Schedule I)

2012 Form 1120-F (Schedule I)

Interest Expense Allocation Under Regulations Section 1.882-5 2011 1120-F (Schedule I)

2011 Form 1120-F (Schedule I)


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