Rev. January 1981
This bond is given by [Principal's Name] as principal and [Surety(ies) Name(s)] as surety or sureties to the United States of America in the amount of $ _. The bond is required because the principal filed Form 1116 or 1118 for tax year X, supporting credits for income, war profits, or excess profits taxes accrued but not paid to foreign countries or U.S. possessions. The District Director may request a bond from the principal before allowing these credits. Section 905(c) of the Internal Revenue Code requires the principal to notify the District Director if the reported tax credit amount differs from the actual payment or refund, and pay any resulting tax due along with interest and other fees. The obligation becomes void once the principal pays the additional tax and follows the provisions of the Internal Revenue Code. If not, the obligation remains in effect.
Form 1117 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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