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Federal Free Printable Form 3520 (Rev. December 2023) for 2024 Federal Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

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Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
Form 3520 (Rev. December 2023)

Form 3520 (Rev. December 2023) Department of the Treasury Internal Revenue Service Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts OMB No. 1545-0159 Go to www.irs.gov/Form3520 for instructions and the latest information. Note: All information must be in English. Show all amounts in U.S. dollars. File a separate Form 3520 for each foreign trust. For calendar year 20 , or tax year beginning A Check appropriate boxes: Initial return B Check box that applies to person filing return: C , 20 , ending Amended return Partnership Corporation Final return Individual Check if any excepted specified foreign financial assets are reported on this form. See instructions . . , 20 . . . Trust . . . . Executor . . . . Check all applicable boxes. See applicable instructions. You are (a) a U.S. transferor who, directly or indirectly, transferred money or other property during the current tax year to a foreign trust; (b) a U.S. person who (1) during the current tax year, transferred property (including cash) to a related foreign trust (or a person related to the trust) in exchange for an obligation, or (2) holds a qualified obligation from the trust that is currently outstanding; or (c) the executor of the estate of a U.S. decedent and (1) the decedent made a transfer to a foreign trust by reason of death, (2) the decedent was treated as the owner of any portion of a foreign trust immediately prior to death, or (3) the decedent’s estate included any portion of the assets of a foreign trust. Complete all applicable identifying information requested below and Part I of the form. You are a U.S. owner of all or any portion of a foreign trust at any time during the tax year. Complete all applicable identifying information requested below and Part II of the form. You are (a) a U.S. person (including a U.S. owner) or an executor of the estate of a U.S. person who, during the current tax year, received, directly or indirectly, a distribution from a foreign trust; (b) a U.S. person who is a U.S. owner or beneficiary of a foreign trust and in the current tax year, you or a U.S. person related to you received (1) a loan of cash or marketable securities, directly or indirectly, from such foreign trust, or (2) the uncompensated use of trust property; or (c) a U.S. person who is a U.S. owner or beneficiary of a foreign trust and in the current tax year such foreign trust holds an outstanding qualified obligation of yours or a U.S. person related to you. Complete all applicable identifying information requested below and Part III of the form. You are a U.S. person who, during the current tax year, received certain gifts or bequests from a foreign person. Complete all applicable identifying information requested below and Part IV of the form. 1a Name of U.S. person(s) with respect to whom this Form 3520 is being filed (see instructions) b Taxpayer identification number (TIN) c Number, street, and room or suite no. If a P.O. box, see instructions. d Spouse’s TIN e City or town i j k If you are filing with your spouse a current-year joint income tax return and a joint Form 3520, check this box . . . . . . . If an automatic 2-month extension applies for the U.S. person’s tax return, check this box and attach statement. See instructions . 2a f State or province If an extension was requested for the tax return, check this box Name of foreign trust (if applicable) c Number, street, and room or suite no. If a P.O. box, see instructions. e City or town g ZIP or foreign postal code h Country . . and enter the form number of the tax return to be filed: b Employer identification number (EIN), if any f State or province d Date foreign trust was created g ZIP or foreign postal code h Country 3 Did the foreign trust appoint a U.S. agent (defined in the instructions) who can provide the IRS with all relevant trust information? If “Yes,” complete lines 3a through 3g. If “No,” and you are required to complete Part I, complete lines 15 through 18. 3a Name of U.S. agent Yes No b TIN, if any c Number, street, and room or suite no. If a P.O. box, see instructions. d City or town 4a . . e State or province Name of U.S. decedent (see instructions) f ZIP or postal code b Address d Date of death f Check applicable box. U.S. decedent made transfer to a foreign trust by reason of death. g Country c TIN of decedent e EIN of estate U.S. decedent treated as owner of foreign trust immediately prior to death. Assets of foreign trust were included in estate of U.S. decedent. For Paperwork Reduction Act Notice, see separate instructions. Cat. No.19594V Form 3520 (Rev. 12-2023) Page 2 Form 3520 (Rev. 12-2023) Part I Transfers by U.S. Persons to a Foreign Trust During the Current Tax Year (see instructions) 5a Name of trust creator b Address 6a Country code of country where trust was created b Country code of country whose law governs the trust c Date trust was created 7a Will any person (other than the foreign trust) be treated as the owner of the transferred assets after the transfer? . (i) Name of foreign trust owner b c TIN, if any (ii) Address (iii) Country of residence . . . Yes No (v) Relevant Code section (iv) TIN, if any . . . . . Yes No 9a b 10 Now or at any time in the future, can any part of the income or corpus of the trust benefit any U.S. beneficiary? If “No,” could the trust be revised or amended to benefit a U.S. beneficiary? . . . . . . . . . . Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes Yes No No Yes No 11a During the current tax year, did you transfer property (including cash) to a related foreign trust in exchange for an obligation of the trust or an obligation of a person related to the trust? See instructions . . . . . . . . . . . . . . If “Yes,” complete the rest of Schedule A, as applicable. If “No,” go to Schedule B. Yes No b Were any of the obligations you received (with respect to a transfer described in line 11a above) qualified obligations? . . If “Yes,” complete the rest of Schedule A and attach a copy of each loan document entered into with respect to each qualified obligation reported on line 11b. If these documents have been attached to a Form 3520 filed within the previous 3 years, attach only relevant updates. If “No,” go to Schedule B. Yes No 8 Was the transfer a completed gift or bequest? If “Yes,” see instructions . . . . . . . . . . Schedule A—Obligations of a Related Trust (see instructions) (i) Date of transfer giving rise to obligation 12 . (ii) Maximum term (iii) Yield to maturity (iv) FMV of obligation With respect to each qualified obligation you reported on line 11b, do you agree to extend the period of assessment of any income or transfer tax attributable to the transfer, and any consequential income tax changes for each year that the obligation is outstanding, to a date 3 years after the maturity date of the obligation? . . . . . . . . . . . . Yes No Yes No Note: You have the right to refuse to extend the period of limitations or limit this extension to a mutually agreed-upon issue(s) or mutually agreed-upon period of time. Generally, if you refuse to extend the period of limitations with respect to each qualified obligation you reported on line 11b, then such obligation is not a qualified obligation and you cannot check “Yes” to the question on line 11b. Schedule B—Gratuitous Transfers (see instructions) 13 During the current tax year, did you make any transfers (directly or indirectly) to the trust and receive less than FMV, or no consideration at all, for the property transferred? . . . . . . . . . . . . . . . . . . . . . . If “Yes,” complete columns (a) through (i) below and the rest of Schedule B, as applicable. When completing columns (a) through (i) with respect to each nonqualified obligation, enter -0- in column (h). If “No,” go to Schedule C. (a) Date of transfer (b) Description of property transferred (c) FMV of property transferred (d) U.S. adjusted basis of property transferred (e) Gain recognized at time of transfer, if any Totals 14 a b c (f) Excess, if any, of column (c) over the sum of columns (d) and (e) (g) Description of property received, if any (h) FMV of property received $ (i) Excess of column (c) over column (h) $ If you have a sale or loan document in connection with a transfer reported on line 13, complete 14a through 14c and attach the relevant document(s). If these documents have been attached to a Form 3520 filed within the previous 3 years, attach only relevant updates. Are you attaching a copy of any of the following? Sale document . . . . . . . . . . . . Loan document . . . . . . . . . . . . Subsequent variances to original sale or loan documents Yes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No Attached Previously Year Attached . . . Form 3520 (Rev. 12-2023) Page 3 Form 3520 (Rev. 12-2023) Part I Schedule B—Gratuitous Transfers (continued) Note: Complete lines 15 through 18 only if you are required to complete Part I and answered “No” to line 3, acknowledging that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information. 15 (a) Name of beneficiary (b) Address of beneficiary (c) U.S. beneficiary? Yes 16 (a) Name of trustee 17 (a) Name of other person with trust powers 18 (d) TIN, if any No (b) Address of trustee (c) TIN, if any (b) Address of other person with trust powers (c) Description of powers (d) TIN, if any If you checked “No” on line 3, you are required to attach a copy of all trust documents as indicated below. If these documents have been attached to a Form 3520-A or Form 3520 filed within the previous 3 years, attach only relevant updates. a b c d e f Are you attaching a copy of any of the following? Summary of all written and oral agreements and understandings relating to the trust Trust instrument . . . . . . . . . . . . . . . . . . . . Memoranda or letters of wishes . . . . . . . . . . . . . . . . Subsequent variances to original trust documents . . . . . . . . . . Trust financial statements . . . . . . . . . . . . . . . . . Organizational chart and other trust documents . . . . . . . . . . . Yes . . . . . . . . . . . . . . . . . . No Attached Previously Year Attached . . . . . . Schedule C—Qualified Obligations Outstanding in the Current Tax Year (see instructions) 19 Did you, at any time during your tax year, hold an outstanding obligation of a related foreign trust (or a person related to the trust) that you reported as a qualified obligation in the current tax year? . . . . . . . . . . . . . . . . If “Yes,” complete columns (a) through (f) below for each obligation. (a) Date of original obligation (b) Tax year qualified obligation first reported (c) Amount of principal payments made during your tax year (d) Amount of interest payments made during your tax year (e) Balance of the outstanding obligation at the end of the tax year Yes No (f) Does the obligation still meet the criteria for a qualified obligation? Yes No Form 3520 (Rev. 12-2023) Page 4 Form 3520 (Rev. 12-2023) Part II U.S. Owner of a Foreign Trust (see instructions) (a) Name of foreign trust owner 20 (b) Address (c) Country of tax residence (e) Relevant Code section (d) TIN, if any 21a Country code of country where foreign trust was created b Country code of country whose law governs the trust c Date foreign trust was created 22 Did the foreign trust file Form 3520-A for the current tax year? . . . . . . . . . . . . . . . . If “Yes,” attach the Foreign Grantor Trust Owner Statement you received from the foreign trust. If “No,” to the best of your ability, complete and attach a substitute Form 3520-A for the foreign trust. See instructions for information on penalties for failing to complete and attach a substitute Form 3520-A. Enter the gross value of the portion of the foreign trust that you are treated as owning at the end of your tax year . 23 Part III . . . $ . Yes No Distributions to a U.S. Person From a Foreign Trust During the Current Tax Year (see instructions) Note: If you received an amount from a portion of a foreign trust of which you are treated as the owner, only complete lines 24 and 27. 24 Enter cash amounts or FMV of property received, directly or indirectly, during your current tax year, from the foreign trust (exclude loans and uncompensated use of trust property included on line 25). (a) Date of distribution Total . . . (c) FMV of property received (determined on date of distribution) (b) Description of property received . . . . . . . . . . . . . . . . . (d) Description of property transferred, if any . . . . . . . (e) FMV of property transferred . . . . . . (f) Excess of column (c) over column (e) . $ 25 During your current tax year, did you (or a person related to you) receive a loan or uncompensated use of trust property from a related foreign trust (including an extension of credit upon the purchase of property from the trust)? . . . . . . . . If “Yes,” complete columns (a) through (g) below for each such loan or use of trust property. Note: See instructions for additional information, including how to complete columns (a) through (g) for use of trust property. (a) FMV of loan proceeds or property Total . . . . (c) Maximum term of repayment of obligation (b) Date of original transaction . . . . . . . . . . . (e) Is the obligation a qualified obligation? (d) Interest rate of obligation . . . . . . Yes . . . . . . . . . . . . . No (g) Amount treated as distribution from the trust (subtract column (f) from column (a)) (f) FMV of qualified obligation No Yes . $ 26 With respect to each obligation you reported as a qualified obligation on line 25, do you agree to extend the period of assessment of any income or transfer tax attributable to the transaction, and any consequential income tax changes for each year that the obligation is outstanding, to a date 3 years after the maturity date of the obligation? . . . . . . . . . Yes No Yes No Note: You have the right to refuse to extend the period of limitations or limit this extension to a mutually agreed-upon issue(s) or mutually agreed-upon period of time. Generally, if you refuse to extend the period of limitations with respect to an obligation that you reported as a qualified obligation on line 25, then such obligation is not a qualified obligation and you cannot check “Yes” in column (e) of line 25. 27 Total distributions received during your current tax year. Add line 24, column (f), and line 25, column (g) . . . . . $ 28 Did the trust, at any time during the current tax year, hold an outstanding obligation of yours (or a person related to you) that you reported as a qualified obligation? . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” complete columns (a) through (f) below for each obligation. (a) Date of original loan transaction (b) Tax year qualified obligation first reported (c) Amount of principal payments made during your tax year (d) Amount of interest payments made during your tax year (e) Balance of the outstanding obligation at the end of the tax year (f) Does the loan still meet the criteria of a qualified obligation? Yes No Form 3520 (Rev. 12-2023) Page 5 Form 3520 (Rev. 12-2023) Part III 29 Distributions to a U.S. Person From a Foreign Trust During the Current Tax Year (continued) Did you receive a Foreign Grantor Trust Beneficiary Statement from the foreign trust with respect to a distribution? Yes No N/A Yes No N/A If “Yes,” attach the statement and do not complete the remainder of Part III with respect to that distribution. If “No,” complete Schedule A with respect to that distribution. Also, complete Schedule C if you enter an amount greater than zero on line 37. If a foreign non-grantor trust, check “N/A.” 30 Did you receive a Foreign Nongrantor Trust Beneficiary Statement from the foreign trust with respect to a distribution? If “Yes,” attach the statement and complete either Schedule A or Schedule B below. See instructions. Also, complete Schedule C if you enter an amount greater than zero on line 37 or line 41a. If “No,” complete Schedule A with respect to that distribution. Also, complete Schedule C if you enter an amount greater than zero on line 37. If a foreign grantor trust, check “N/A.” Schedule A—Default Calculation of Trust Distributions (see instructions) 31 32 31 Enter amount from line 27 . . . . . . . . . . . . . . . . . . . . . . . . . Number of years the trust has been a foreign trust, including the current tax year (see instructions) . . . . . . . . . . . . . . . . . . . 32 Enter total distributions received from the foreign trust during the 3 preceding tax years (or during the number of years the trust has been a foreign trust, if fewer than 3 years, but excluding the current tax year) . . . . 33 33 34 34 35 Multiply line 33 by 1.25 . . . . . . . . . . . . . . . . . . . . . . . . . . Average distribution. Divide line 34 by 3.0 (or the number of years the trust has been a foreign trust, if fewer than 3 years, but excluding the current tax year) and enter the result . . . . . . . . . . . . . 36 37 38 Amount treated as ordinary income earned in the current tax year. Enter the smaller of line 31 or line 35 39 Enter amount from line 27 . . . . . . . 39 40a b 41a Amount treated as ordinary income in the current tax year . . . . . . . . . . Qualified dividends . . . . . . . . . . . . . . . . . . 40b Amount treated as accumulation distribution. If zero, do not complete Schedule C below . . . . . . . 40a . . . . . . 41a b 42a b Amount of line 41a that is tax exempt . . . . . . . . . . Amount treated as net short-term capital gain in the current tax year . Amount treated as net long-term capital gain in the current tax year . . . . . . . . . . . . . . . . 42a 42b 28% rate gain . . . . . . . . . . . Unrecaptured section 1250 gain . . . . . Amount treated as distribution from trust corpus . Enter any other distributed amount received from and 43. (Attach explanation.) . . . . . . . . . not . . . . 42c . . . 42d . . . . . . . . . . . . included on lines 40a, 41a, 42a, 42b, . . . . . . . . . . . . . . . 35 36 37 . Amount treated as accumulation distribution. Subtract line 36 from line 31. If zero, do not complete the rest of Part III Applicable number of years of trust. Divide line 32 by 2.0 and enter the result here 38 Schedule B—Actual Calculation of Trust Distributions (see instructions) c d 43 44 . . . . . . . . . . . the . . . . . . . . . . . . . . . . . foreign trust . . . . . . . . . . . . . . . . 41b . . . . . . 43 45 Amount of foreign trust’s aggregate undistributed net income . . . . . . . . . 44 45 46 47 Amount of foreign trust’s weighted undistributed net income . . . . . . . . Applicable number of years of trust. Divide line 46 by line 45 and enter the result here . . . . . . . . . . . . . . . . . . . . . . . 47 . . . . . . . 46 48 49 50 Enter accumulation distribution from line 37 or line 41a, as applicable . . . . . . . . . . . . Enter tax on total accumulation distribution from line 28 of Form 4970. (Attach Form 4970—see instructions.) . Enter applicable number of years of foreign trust from line 38 or line 47, as applicable (round to nearest half year) . . . . . . . . . . . . . 50 48 49 51 Combined interest rate imposed on the total accumulation distribution (see instructions) . 51 52 53 Interest charge. Multiply the amount on line 49 by the combined interest rate on line 51 . . . . . . . Tax attributable to accumulation distributions. Add lines 49 and 52. Enter here and as “additional tax” on your income tax return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule C—Calculation of Interest Charge (see instructions) . . . . . . 52 53 Form 3520 (Rev. 12-2023) Page 6 Form 3520 (Rev. 12-2023) Part IV 54 U.S. Recipients of Gifts or Bequests Received During the Current Tax Year From Foreign Persons (see instructions) During your current tax year, did you receive more than $100,000 that you treated as gifts or bequests from a nonresident alien (including a distribution received from a domestic trust treated as owned by a foreign person) or a foreign estate? See instructions for special rules regarding related donors . . . . . . . . . . . . . . . . . . . . . Yes No If “Yes,” complete columns (a) through (c) with respect to each such gift or bequest in excess of $5,000. If more space is needed, attach a statement. (a) Date of gift or bequest Total 55 . . . . (b) Description of property received . . . . . . . . . . . . . . . . . . . . (c) FMV of property received . . . . . . . . . . . $ During your current tax year, did you receive amounts from a foreign corporation or a foreign partnership that you treated as gifts in excess of the amount provided in the instructions? See instructions regarding related donors . . . . . . . If “Yes,” complete columns (a) through (g) with respect to each such gift. If more space is needed, attach a statement. (a) Date of gift (b) Name of foreign donor (c) Address of foreign donor (e) Check the box that applies to the foreign donor Corporation 56 Sign Here Yes No (d) TIN, if any (f) Description of property received (g) FMV of property received Partnership Do you have any reason to believe that the foreign donor, in making any gift or bequest described in lines 54 and 55, was acting as a nominee or intermediary for any other person? If “Yes,” see instructions . . . . . . . . . . . . Yes No Under penalties of perjury, I declare that I have examined this return, including any accompanying reports, schedules, or statements, and to the best of my knowledge and belief, it is true, correct, and complete. Paid Preparer Use Only Print/Type preparer’s name Date Title Signature Preparer’s signature Date PTIN Check if self-employed Firm’s name Firm’s EIN Firm’s address Phone no. Form 3520 (Rev. 12-2023)
Extracted from PDF file 2023-federal-form-3520.pdf, last modified January 2024

More about the Federal Form 3520 Corporate Income Tax TY 2023

We last updated the Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts in January 2024, so this is the latest version of Form 3520, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 3520 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 Form 3520.

Form Code Form Name
Form 3520-A Annual Information Return of Foreign Trust With a U.S. Owner

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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 Form 3520 from the Internal Revenue Service in January 2024.

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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 Form 3520

We have a total of thirteen past-year versions of Form 3520 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 3520

Form 3520 (Rev. December 2023)

2022 Form 3520

2022 Form 3520

2021 Form 3520

2021 Form 3520

2020 Form 3520

2020 Form 3520

2019 Form 3520

2019 Form 3520

2018 Form 3520

2018 Form 3520

2017 Form 3520

2017 Form 3520

2016 Form 3520

2016 Form 3520

Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 2015 Form 3520

2015 Form 3520

Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 2014 Form 3520

2014 Form 3520

Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 2013 Form 3520

2013 Form 3520

Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 2012 Form 3520

2012 Form 3520

Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 2011 Form 3520

2011 Form 3520


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