Who must file Schedule S with Form 1120-F?

Any foreign corporation making an election under Sections 954(b)(4), 954(c)(6), or 957(d) of the Internal Revenue Code to exclude income from a controlled foreign corporation must file Schedule S with Form 1120-F.

What information is required on Schedule S?

Schedule S requires information about the controlled foreign corporation, including its name and address, as well as information about the shareholders of the corporation and their percentage of ownership. It also requires documentation that the shareholders are residents or citizens of a qualified foreign country.

What are the three sections of the Internal Revenue Code that allow for exemption of income from a controlled foreign corporation?

[Section 954(b)(4)], [Section 954(c)(6)], and [Section 957(d)] allow for exemption of income from a controlled foreign corporation.

What is Schedule S used for in Form 1120-F?

Schedule S is used to report income from a controlled foreign corporation (CFC) that may be exempt from Subpart F income under the rules of Sections 954(b)(4), 954(c)(6), or 957(d) of the Internal Revenue Code.

What is a controlled foreign corporation?

A controlled foreign corporation (CFC) is a foreign corporation in which more than 50% of the total combined voting power or total combined value of shares, or both, belongs to U.S. persons, their estates, or their trusts.

Form 1120-F Schedule S

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Exclusion of Income From the International Operation of Ships or Aircraft Under Section 883

Rev. December 2022

These instructions explain how to complete Schedule S of Form 1120-F for reporting stock ownership information for foreign corporations under FATCA regulations. It covers publicly-traded corporations and controlled foreign corporations (CFCs), with detailed steps for each category.

Instructions

Form 1120-F Instructions for Schedule S - Instructions for Schedule S (Form 1120-F) , Exclusion of Income From the International Operation of Ships or Aircraft Under Section 883

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FAQ

Who must file Schedule S with Form 1120-F?
Any foreign corporation making an election under Sections 954(b)(4), 954(c)(6), or 957(d) of the Internal Revenue Code to exclude income from a controlled foreign corporation must file Schedule S with Form 1120-F.
What information is required on Schedule S?
Schedule S requires information about the controlled foreign corporation, including its name and address, as well as information about the shareholders of the corporation and their percentage of ownership. It also requires documentation that the shareholders are residents or citizens of a qualified foreign country.
What are the three sections of the Internal Revenue Code that allow for exemption of income from a controlled foreign corporation?
[Section 954(b)(4)], [Section 954(c)(6)], and [Section 957(d)] allow for exemption of income from a controlled foreign corporation.
What is Schedule S used for in Form 1120-F?
Schedule S is used to report income from a controlled foreign corporation (CFC) that may be exempt from Subpart F income under the rules of Sections 954(b)(4), 954(c)(6), or 957(d) of the Internal Revenue Code.
What is a controlled foreign corporation?
A controlled foreign corporation (CFC) is a foreign corporation in which more than 50% of the total combined voting power or total combined value of shares, or both, belongs to U.S. persons, their estates, or their trusts.

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Federal tax forms

Form 1120-F Schedule S is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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