Rev. 2023
Schedule K-2 (Form 8865) is a part of Form 8865, which reports transactions between a US partnership and its related or controlled foreign partnerships or corporations. It includes information about Passive Foreign Investment Companies (PFICs), earnings and profits, gains and losses, and base erosion payments and tax benefits. The form must be filed annually by partnerships with reportable transactions with Controlled Foreign Corporations.
Table 1 in Schedule K-2 is used to report information about personal property sold or disposed of during the tax year, including the sale price, gain or loss, and currency exchange rates.
Form 8865 is a form used by certain U.S. taxpayers to report their foreign financial assets and interests in foreign entities on an annual basis, as required by the Foreign Account Tax Compliance Act (FATCA). It is also used to report specified foreign entities (SFEs) and specified foreign partnerships (SFPs).
Worksheet B is used to determine the portion of base erosion payments and base erosion tax benefits that are effectively connected with a U.S. trade or business for purposes of calculating the Base Erosion and Anti-Abuse Tax (BEAT) on Form 1118.
Part VII of Schedules K-2 and K-3 provides partners' information for the calculation of their Section 250 deduction with respect to Foreign-Derived Intangible Income (FDII).
Form 8865 Schedule K-2 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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