What is PASC in Schedule K-3?

PASC stands for Passive Category if it was entered on line B of Schedule K-3. Applicable grouping under Regulations section 1.904-4(c) applies to this category.

What information is reported in Schedule K-3, Part VII?

Schedule K-3, Part VII reports the income and taxes of a U.S. shareholder's pro rata share of a specified foreign corporation (SFC) or passive foreign investment company (PFIC), grouped by separate categories under Regulations section 1.904-4(c). The schedule also provides information on the country code, functional currency, and other relevant details.

What is Schedule K-3 used for in Form 1120-S?

Schedule K-3 is used to report the income, deductions, credits, and other information of a U.S. shareholder's pro rata share of a specified foreign corporation (SFC) or a passive foreign investment company (PFIC). The schedule helps the shareholders determine their tax liability related to their interest in the SFC or PFIC.

Form 1120-S Schedule K-3

Fill out this form

Chat with document

Create Web Form

Shareholder's Share of Income, Deductions, Credits, etc. International

Rev. 2023

Schedule K-3 is a form used by shareholders of an S Corporation to report their share of income from foreign corporations as part of their U.S. tax return (Form 1120-S). It consists of Part I (domestic corporation information), Part II (shareholder's information), and Part VII (Shareholder’s Share of S Corporation’s Interest in Foreign Corporation Income). The schedule includes various categories of income, such as Subpart F income, recaptured subpart F income, tested income group, and residual income group.

Instructions

Form 1120-S Instructions for Schedules K-2 and K-3 - S Corporation Instructions for Schedules K-2 and K-3 (Form 1120-S), Shareholders' Pro Rata Share Items„International and Shareholder's Share of Income, Deductions, Credits, etc.„International
Form 1120-S Instructions for Schedule K-3 - Shareholder's Instructions for Schedule K-3 (Form 1120-S) , Shareholder's Share of Income, Deductions, Credits, etc.„International (For Shareholder's Use Only)

Search tags

Form 1120-S Schedule K-3

FAQ

What is PASC in Schedule K-3?
PASC stands for Passive Category if it was entered on line B of Schedule K-3. Applicable grouping under Regulations section 1.904-4(c) applies to this category.
What information is reported in Schedule K-3, Part VII?
Schedule K-3, Part VII reports the income and taxes of a U.S. shareholder's pro rata share of a specified foreign corporation (SFC) or passive foreign investment company (PFIC), grouped by separate categories under Regulations section 1.904-4(c). The schedule also provides information on the country code, functional currency, and other relevant details.
What is Schedule K-3 used for in Form 1120-S?
Schedule K-3 is used to report the income, deductions, credits, and other information of a U.S. shareholder's pro rata share of a specified foreign corporation (SFC) or a passive foreign investment company (PFIC). The schedule helps the shareholders determine their tax liability related to their interest in the SFC or PFIC.

HOW TO

How to fill out Form 1120-S Schedule K-3 for free, online in 3 easy steps:

1
Open form template in editor
Click on the “Get this template” button.
2
Fill out Form 1120-S Schedule K-3
Wait a moment and you will be redirected to our online PDF Filler app.
3
Download file
Download your completed Form 1120-S Schedule K-3 for free. You can also save it to a cloud storage.

ABOUT

Tax forms

Form 1120-S Schedule K-3 is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

FEATURES

PDF Filler

The easiest way to fill Form 1120-S Schedule K-3 online

Quickly fill out Form 1120-S Schedule K-3
Looking for a way to quickly fill Form 1120-S Schedule K-3 online? With our online free PDF form filler, you’ll know how to how to edit and fill this pdf document in less than a minute.
Easy to use online PDF editor
Fed up with printing out PDF files so you can edit them, before rescanning and sending them back? Edit PDF documents for free online. Use our online pdf editor to save time and paper.
Great tools, all platforms
Wondering how to fill in Form 1120-S Schedule K-3 on a Mac, or maybe how to use a PDF filler free? Our online PDF tools work on all platforms.
Secure file storage
Completed "Form 1120-S Schedule K-3" files are stored in a secured database managed by Amazon Cloud hosting. You can delete your files from our system anytime. In any case, these files are automatically deleted after 24 hours.
Chat with Form 1120-S Schedule K-3
Chat with "Form 1120-S Schedule K-3" on Chatize that is a free PDF reader assistant. Ask questions and get answers from "Form 1120-S Schedule K-3". Just click on Chat With Document button above.

Products

Docs

Websites

About