Federal Foreign Operations of U.S. Corporations
Extracted from PDF file 2016-federal-1120-schedule-n.pdf, last modified October 2016
Foreign Operations of U.S. CorporationsSCHEDULE N (Form 1120) Department of the Treasury Internal Revenue Service Foreign Operations of U.S. Corporations ▶ Attach OMB No. 1545-0123 2016 to Form 1120, 1120-C, 1120-IC-DISC, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, or 1120S. about Schedule N (Form 1120) and its instructions is available at www.irs.gov/form1120. ▶ Information Employer identification number (EIN) Name Foreign Operations Information Yes No 1a During the tax year, did the corporation own (directly or indirectly) any foreign entity that was disregarded as an entity separate from its owner under Regulations sections 301.7701-2 and 301.7701-3 (see instructions)? . . . If “Yes,” you are generally required to attach Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities, for each foreign disregarded entity (see instructions). b Enter the number of Forms 8858 attached to the tax return . . . . . . . . . . . ▶ 2 Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to the corporation’s income tax return . . . . . . . . . . ▶ 3 Excluding any partnership for which a Form 8865 is attached to the tax return, did the corporation own at least a 10% interest, directly or indirectly, in any other foreign partnership (including an entity treated as a foreign partnership under Regulations section 301.7701-2 or 301.7701-3)? . . . . . . . . . . . . . . . . If “Yes,” see instructions for required statement. 4a Was the corporation a U.S. shareholder of any controlled foreign corporation (CFC)? (See sections 951 and 957.) . . If “Yes,” attach Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, for each CFC. b Enter the number of Forms 5471 attached to the tax return . . . . . . . . . . . ▶ 5 During the tax year, did the corporation receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” the corporation may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. 6a At any time during the 2016 calendar year, did the corporation have an interest in or a signature or other authority over a financial account (such as a bank account, securities account, or other financial account) in a foreign country? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See the instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). b If “Yes,” enter the name of the foreign country . . . . . . . ▶ 7a Is the corporation claiming the extraterritorial income exclusion? . . . . . . . . . . . . . . . . . If “Yes,” attach a separate Form 8873, Extraterritorial Income Exclusion, for each transaction or group of transactions. b Enter the number of Forms 8873 attached to the tax return . . . . . . . . . . . ▶ c Enter the total of the amounts from line 52 (extraterritorial income exclusion (net of disallowed deductions)) of all Forms 8873 attached to the tax return . . . . . . . ▶ $ 8 Was the corporation a specified domestic entity required to file Form 8938 for the tax year (see the Instructions for Form 8938)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Cat. No. 26294K Schedule N (Form 1120) 2016 Page 2 Schedule N (Form 1120) 2016 Instructions Section references are to the Internal Revenue Code unless otherwise noted. What’s New For tax years beginning after December 31, 2015, certain domestic corporations are required to complete Form 8938 to report foreign financial assets to the IRS. See the instructions for Question 8 below for more details. Who Must File Corporations that, at any time during the tax year, had assets in or operated a business in a foreign country or a U.S. possession may have to file Schedule N. If the corporation answers “Yes” to any of the questions above, attach Schedule N and the applicable forms and schedules to the corporation’s income tax return. Question 1a Check the “Yes” box if the corporation is the “tax owner” (defined below) of a foreign disregarded entity (FDE) or it is required to file Form 5471 or Form 8865 with respect to a CFC or a CFP that is the tax owner of an FDE. Tax owner of an FDE. The tax owner of an FDE is the person that is treated as owning the assets and liabilities of the FDE for purposes of U.S. income tax law. A corporation that is the tax owner of an FDE is generally required to attach Form 8858 to its return. However, if the Exception below applies, the corporation should attach a statement (described below) in lieu of Form 8858. Exception. In certain cases where a corporation owns an FDE indirectly or constructively through a foreign entity, the corporation may not be required to attach Form 8858. See Who Must File in the Instructions for Form 8858. Statement in lieu of Form 8858. This statement must list the name, country under whose laws the entity was organized, and EIN (if any) of each applicable FDE. Question 3 If the corporation owned at least a 10% interest, directly or indirectly, in any foreign partnership (other than any partnership for which a Form 8865 is attached to the tax return), attach a statement listing the following information for each foreign partnership. For this purpose, a foreign partnership includes an entity treated as a foreign partnership under Regulations section 301.7701-2 or 301.7701-3. 1. Name and EIN (if any) of the foreign partnership. 2. Identify which, if any, of the following forms the foreign partnership filed for its tax year ending with or within the corporation’s tax year: Form 1042, 1065 or 1065-B, or 8804. 3. Name of the tax matters partner (if any). 4. Beginning and ending dates of the foreign partnership’s tax year. Question 5 The corporation may be required to file Form 3520 if: • It directly or indirectly transferred money or property to a foreign trust (for this purpose, any U.S. person who created a foreign trust is considered a transferor), • It is treated as the owner of any part of the assets of a foreign trust under the grantor trust rules, or • It received a distribution from a foreign trust. For more information, see the Instructions for Form 3520. Note: An owner of a foreign trust must ensure that the trust files an annual information return on Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner. For details, see Form 3520-A. Question 6 Check the “Yes” box if either 1 or 2 below applies to the corporation. Otherwise, check the “No” box. 1. At any time during the 2016 calendar year, the corporation had a financial interest in or signature or other authority over a bank, securities, or other financial account in a foreign country (see FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)) and: • The combined value of the accounts was more than $10,000 at any time during the calendar year and • The account was not with a U.S. military banking facility operated by a U.S. financial institution. 2. The corporation owns more than 50% of the stock in any corporation that would answer “Yes” to item 1 above. If “Yes” is checked for this question: • Enter the name of the foreign country or countries (attach a statement if more space is needed) and • Electronically file FinCEN Form 114 with the Department of the Treasury using the FinCEN's BSA e-Filing System. Because FinCEN Form 114 is not a tax form, do not file it with your return. Question 8 Check the “Yes” box if the corporation is a specified domestic entity that is required to file Form 8938 with its Form 1120 and include Form 8938 and this schedule with the Form 1120. See the instructions for Form 8938 for the definition of a specified domestic entity.
2016 Form 1120 (Schedule N)
More about the Federal 1120 (Schedule N) Corporate Income Tax TY 2016
We last updated the Foreign Operations of U.S. Corporations in May 2017, so this is the latest version of 1120 (Schedule N), fully updated for tax year 2016. You can download or print current or past-year PDFs of 1120 (Schedule N) directly from TaxFormFinder. You can print other Federal tax forms here.
Other Federal Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 941||Employer's Quarterly Federal Tax Return|
|Form 9465||Installment Agreement Request|
|Form 990 or 990-EZ (Sch A)||Public Charity Status and Public Support|
|Form 1125-A||Cost of Goods Sold|
|Form 1120||U.S. Corporation Income Tax Return|
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 (Schedule N) from the Internal Revenue Service in May 2017.
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 (Schedule N)
We have a total of six past-year versions of 1120 (Schedule N) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form 1120 (Schedule N)
2015 Form 1120 (Schedule N)
2014 Form 1120 (Schedule N)
2013 Form 1120 (Schedule N)
2012 Form 1120 (Schedule N)
2011 Form 1120 (Schedule N)
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