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    US Internal Revenue Service: f1120sn Accessible

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    The document is an IRS form regarding foreign operations of U.S. corporations. It asks a series of yes or no questions about foreign entities owned or controlled by the corporation, including foreign disregarded entities, foreign partnerships, controlled foreign corporations, and foreign trusts. It also asks if the corporation had signature authority over foreign bank accounts and claims any extraterritorial income exclusions. Required attachments include various IRS forms providing additional information about foreign operations and entities.

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    US Internal Revenue Service: f1120sn Accessible

    Uploaded by

    IRS
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    The document is an IRS form regarding foreign operations of U.S. corporations. It asks a series of yes or no questions about foreign entities owned or controlled by the corporation, including foreign disregarded entities, foreign partnerships, controlled foreign corporations, and foreign trusts. It also asks if the corporation had signature authority over foreign bank accounts and claims any extraterritorial income exclusions. Required attachments include various IRS forms providing additional information about foreign operations and entities.

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    The document is an IRS form regarding foreign operations of U.S. corporations. It asks a series of yes or no questions about foreign entities owned or controlled by the corporation, including foreign disregarded entities, foreign partnerships, controlled foreign corporations, and foreign trusts. It also asks if the corporation had signature authority over foreign bank accounts and claims any extraterritorial income exclusions. Required attachments include various IRS forms providing additional information about foreign operations and entities.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    50 views2 pages

    US Internal Revenue Service: f1120sn Accessible

    Uploaded by

    IRS
    The document is an IRS form regarding foreign operations of U.S. corporations. It asks a series of yes or no questions about foreign entities owned or controlled by the corporation, including foreign disregarded entities, foreign partnerships, controlled foreign corporations, and foreign trusts. It also asks if the corporation had signature authority over foreign bank accounts and claims any extraterritorial income exclusions. Required attachments include various IRS forms providing additional information about foreign operations and entities.

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    of 2

    SCHEDULE N OMB No.

    1545-0123
    (Form 1120) Foreign Operations of U.S. Corporations
    Department of the Treasury
    Internal Revenue Service
     Attach to Form 1120, 1120-IC-DISC, 1120-L,
    1120-PC, 1120-REIT, 1120-RIC, or 1120S. 2006
    Name Employer identification number (EIN)

    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 attachment.

    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 2006 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 Form TD F 90-22.1, Report of Foreign Bank and
    Financial Accounts.
    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 54 (extraterritorial income exclusion (net of
    disallowed deductions)) of all Forms 8873 attached to the tax return  $

    Instructions required to file Form 5471 or Form 8865 with respect to a


    CFC or a CFP that is the tax owner of an FDE.
    Section references are to the Internal Revenue Code unless
    otherwise noted. Tax owner of an FDE. The tax owner of an FDE is the
    person that is treated as owning the assets and liabilities of
    Who Must File the FDE for purposes of U.S. income tax law.
    Corporations that, at any time during the tax year, had assets A corporation that is the tax owner of an FDE is generally
    in or operated a business in a foreign country or a U.S. required to attach Form 8858 to its return. However, if the
    possession may have to file Schedule N. If the corporation Exception below applies, the corporation should attach a
    answers “Yes” to any of the questions above, attach statement (described below) in lieu of Form 8858.
    Schedule N and the applicable forms and schedules to the
    corporation’s income tax return. Exception. In certain cases where a corporation owns an
    FDE indirectly or constructively through a foreign entity, the
    Question 1a corporation may not be required to attach Form 8858. See
    Check the “Yes” box if the corporation is the “tax owner” Who Must File on page 1 of the instructions for Form 8858.
    (defined below) of a foreign disregarded entity (FDE) or it is
    For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Forms 1120 and 1120-A. Cat. No. 26294K Schedule N (Form 1120) 2006
    Schedule N (Form 1120) 2006 Page 2
    Statement in lieu of Form 8858. This statement must list For more information, see the Instructions for Form 3520.
    the name, country under whose laws the entity was Note. An owner of a foreign trust must ensure that the trust
    organized, and EIN (if any) of each applicable FDE. files an annual information return on Form 3520-A, Annual
    Information Return of Foreign Trust With a U.S. Owner. For
    Question 3 details, see Form 3520-A.
    If the corporation owned at least a 10% interest, directly or
    indirectly, in any foreign partnership (other than any Question 6
    partnership for which a Form 8865 is attached to the tax
    return), attach a statement listing the following information Check the “Yes” box if either 1 or 2 below applies to the
    for each foreign partnership. For this purpose, a foreign corporation. Otherwise, check the “No” box.
    partnership includes an entity treated as a foreign 1. At any time during the 2006 calendar year, the
    partnership under Regulations section 301.7701-2 or corporation had an interest in or signature or other authority
    301.7701-3. over a bank, securities, or other financial account in a foreign
    1. Name and EIN (if any) of the foreign partnership. country (see Form TD F 90-22.1) and:
    ● The combined value of the accounts was more than
    2. Identify which, if any, of the following forms the foreign
    $10,000 at any time during the calendar year and
    partnership filed for its tax year ending with or within the
    corporation’s tax year: Form 1042, 1065 or 1065-B, or 8804. ● The account was not with a U.S. military banking facility
    operated by a U.S. financial institution.
    3. Name of the tax matters partner (if any).
    2. The corporation owns more than 50% of the stock in any
    4. Beginning and ending dates of the foreign partnership’s
    corporation that would answer “Yes” to item 1 above.
    tax year.
    If “Yes” is checked for this question:
    Question 5 ● Enter the name of the foreign country or countries (attach
    a separate sheet if more space is needed) and
    The corporation may be required to file Form 3520 if:
    ● File Form TD F 90-22.1 on or before June 30, 2007, with
    ● It directly or indirectly transferred money or property to a
    the Department of the Treasury at the address shown on the
    foreign trust (for this purpose, any U.S. person who created a
    form. Because Form TD F 90-22.1 is not a tax form, do not
    foreign trust is considered a transferor),
    file it with the corporation’s tax return. You can order Form
    ● It is treated as the owner of any part of the assets of a TD F 90-22.1 by calling 1-800-TAX-FORM (1-800-829-3676)
    foreign trust under the grantor trust rules, or or you can download it from the IRS website at
    ● It received a distribution from a foreign trust. www.irs.gov.

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