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Federal Free Printable 2021 Schedule I (Form 1120-F) for 2022 Federal Interest Expense Allocation Under Regulations Section 1.882-5

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Interest Expense Allocation Under Regulations Section 1.882-5
2021 Schedule I (Form 1120-F)

SCHEDULE I (Form 1120-F) Department of the Treasury Internal Revenue Service Interest Expense Allocation Under Regulations Section 1.882-5 ▶ 2021 ▶ Attach to Form 1120-F. Go to www.irs.gov/Form1120F for instructions and the latest information. Employer identification number Name of corporation A B OMB No. 1545-0123 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 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) 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 on line 2 (for example, mark-to-market differences) . . . . . . (a) Set(s) of Books That Give Rise to U.S. Booked Liabilities (see instructions) Fair market value method: Regs. sec. 1.882-5(b)(2)(ii) 4 Combine lines 3a through 3f . . . . . 5 Total value of U.S. assets for the tax year . . . Column (a): Subtract line 4 from line 2. Column (b): See instructions for amount to enter. Column (c): See instructions for amount to enter. . . . 6 . . . ▶ Average U.S. Assets for the Tax Year: Regulations Section 1.882-5(b) 1 Step 2 . . . . . . (c) Set(s) of Books Other Than Those Described in Columns (a) and (b) (b) Partnership Interests (d) Totals (add columns (a) through (c)) 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 d Average worldwide assets . . . . . . . . . . . . . . . . . . Divide line 6a by line 6b . . . . . . . . . . . . . . . . . . . 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 7a b c . . . . . . . . . . . . . . . . 6a 6b 6c . % 6d % Enter the ratio from line 6c or 6d, as applicable . . . . . . . . . . . . . . . . . . U.S.-connected liabilities before Regs. sec. 1.884-1(e)(3) election(s). Multiply line 5, column (d) by line 6e . . . . . 6e 7a U.S. liability reduction under Regs. sec. 1.884-1(e)(3) election . U.S.-Connected Liabilities. Subtract line 7b from line 7a . . . . . 7b 7c 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 instructions) 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 11, that constitutes U.S. booked liabilities. 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 total from Schedule P, line 8. For Paperwork Reduction Act Notice, see the Instructions for Form 1120-F. (b) Partnership Interests Cat. No. 49680W (c) Totals (add columns (a) and (b)) Schedule I (Form 1120-F) 2021 Page 2 Schedule I (Form 1120-F) 2021 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 a If the corporation is a foreign bank which is making a current-year election to use a published rate as provided under Regs. sec. 1.882-5(d)(5)(ii)(B), check the box on this line, skip lines 10a through 10c, and enter the rate on line 10d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶ 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 . . . . . . . . . . . . . . 10a b Average U.S. dollar denominated liabilities that are not U.S. booked liabilities included on line 8 . . . . . . . . . . . . . . . . . . . . . . . c d Divide line 10a by line 10b . . . . . . . . . . . . . Enter the published rate, if elected under Regs. sec. 1.882-5(d)(5)(ii)(B) e 11 12 Enter the rate from line 10c or, if elected, the published rate on line 10d. See instructions if amount on line 10c is zero Excess U.S.-connected liabilities. Subtract line 8, column (c), from line 7c . . . . . . . . . . . ▶ Excess interest. Multiply line 10e by line 11 . . . . . . . . . . . . . . . . . . . . ▶ 10e 11 12 13 14a b Add line 9, column (c), and line 12 . . . . . . . . . . . . . Scaling ratio. Divide line 7c by line 8, column (c) . . . . . . . . Multiply line 9, column (c) by line 14a. See instructions for hedging amounts 13 14a 14b 15 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.) . . . . . . . . . b 17a . . . . . . . . . . . . % % . . . . . . . . . . . . . . . . . . % % 15 (b) Home Country Currency. Specify: ▶ (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) . . . . . . . . . . Borrowing rate: Divide line 18a by line 18b . . . . . c 10b 10c 10d . . Separate Currency Pools Method: Regulations Section 1.882-5(e) (a) U.S. Dollar Denominated 16a . . % % % % % % % % 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 . 20 Schedule I (Form 1120-F) 2021 Page 3 Schedule I (Form 1120-F) 2021 SUMMARY—Interest Expense Allocation and Deduction under Regulations Section 1.882-5 21 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 7.) . . . . . . . . . . . . . . . 23 Interest expense allocable to ECI under Regs. sec. 1.882-5. Add lines 21 and 22 24a Amount of line 23 that is permanently disallowed as a deduction under the Internal Revenue Code or under an income tax treaty (attach statement—see instructions) . . . . . . 24a ( ) b Amount of line 23 that is deferred as a deduction in the current tax year by a provision of the Internal Revenue Code other than section 163(j) but may be allowed as a deduction in a subsequent tax year (attach statement—see instructions) . . . . . . . . 24b ( ) Amount of line 23 that is disallowed business interest expense under section 163(j) (attach Form 8990) . . . . . . . . . . . . . . . . . . . . 24c ( ) d Amount of line 23 that is required to be capitalized under certain provisions of the Internal Revenue Code (attach statement—see instructions) . . . . . . . . 24d ( ) e Amount of interest expense that was deferred in a previous year by a provision of the Internal Revenue Code other than section 163(j) and allowed as a deduction in the . . . . . . . . . . current tax year (attach statement—see instructions) 24e f Amount of business interest expense that was disallowed in a previous year under section 163(j) but allowed as a deduction in the current year . . . . . . . . c g 25 . . . . . . . . . . . . . 22 . . . . . . . 23 ▶ 24f Combine lines 24a through 24f . . . . . . . . . . . . . . . . . . . . . . . . . Total interest expense deduction under Regs. sec. 1.882-5. Combine lines 23 and 24g and enter here and on Form 1120-F, Section II, line 18. The amount entered on line 25 may not exceed the total interest expense paid or accrued by the foreign corporation . . . . . . . . . . . . . . . . . . . . . . . ▶ 24g 25 Schedule I (Form 1120-F) 2021
Extracted from PDF file 2021-federal-1120-f-schedule-i.pdf, last modified December 2021

More about the Federal 1120-F (Schedule I) Corporate Income Tax TY 2021

We last updated the Interest Expense Allocation Under Regulations Section 1.882-5 in January 2022, so this is the latest version of 1120-F (Schedule I), fully updated for tax year 2021. 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.

Related Federal Corporate Income Tax Forms:

TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Federal 1120-F (Schedule I).

Form Code Form Name
1120-F Schedules M-1, M-2 Reconciliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books
Form 1120-F U.S. Income Tax Return of a Foreign Corporation
1120-F (Schedule M-3) Net Income (Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More
1120-F (Schedule H) Deductions Allocated To Effectively Connected Income Under Regulations Section 1.861-8
1120-F (Schedule P) List of Foreign Partner Interests in Partnerships
1120-F (Schedule S) Exclusion of Income from the International Operation of Ships or Aircraft Under Section 883
1120-F (Schedule V) List of Vessels or Aircraft, Operators, and Owners
1120-FSC (Schedule P) Transfer Price or Commission
Form 1120-FSC U.S. Income Tax Return of a Foreign Sales Corporation

Download all  tax forms View all 775 Federal Income Tax Forms


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 January 2022.

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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 eleven 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:


2021 1120-F (Schedule I)

2021 Schedule I (Form 1120-F)

2020 1120-F (Schedule I)

2020 Schedule I (Form 1120-F)

2019 1120-F (Schedule I)

2019 Schedule I (Form 1120-F)

2018 1120-F (Schedule I)

2018 Schedule I (Form 1120-F)

2017 1120-F (Schedule I)

2017 Schedule I (Form 1120-F)

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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