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  1. Home
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  6. Form 965-B

Form 965-B

  1. Country USA
  2. Language English
  3. Activity Taxes
  4. Department Internal Revenue Service
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Form 965-B

Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts

Rev. January 2021

[Form 965-B(Rev. January 2021)] This form is used by Corporate and Real Estate Investment Trusts (REITs) to report their net Section 965 tax liability and elect to pay installments. The form includes two parts: Part I for the Report of Net 965 Tax Liability and Election To Pay in Installments, and Part II for the Record of Amount of Net 965 Tax Liability Paid by the Taxpayer. In Part I, taxpayers report their net tax liability with and without Section 965 amounts, installment election, and net tax liability to be paid in full or in installments. In Part II, taxpayers record the amount of net 965 tax liability paid for each year and the net 965 tax liability remaining unpaid. For Part III, REITs electing to account for Section 965 amounts over time must fill out this part, reporting the year of inclusion and deduction, amount elected to be accounted for over time, portions accounted for in each year, portion accounted for in this reporting year, and the amount remaining to be accounted for.

Instructions

  • Form 965-B Instructions - Instructions for Form 965-B, Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts

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FAQ

  • What happens if an acceleration event occurs?

    If an acceleration event occurs (e.g., liquidation, sale, exchange), the remaining section 965(a) inclusion and 965(c) deduction amounts must be taken into account as of the day before the event occurred and reported for the year in which the event occurred.

  • What is the purpose of Form 965-B?

    Form 965-B is used by S corporations to report their section 965 inclusion amounts and section 965(c) deduction amounts, as well as to make an election to report these amounts over time.

  • What are the required schedules for Form 965-B?

    Form 965-B requires Schedule M-1 and Schedule J. Schedule M-1 is used to report the section 965 inclusion amounts, while Schedule J is used to report the section 965(c) deduction amounts.

  • Is there any penalty for failing to file Form 965-B?

    Yes, there may be penalties for failing to timely file Form 965-B or for providing incorrect information. These penalties can include fines and additional taxes. The IRS may also assess a penalty if a REIT fails to make required estimated tax payments.

  • What is the due date for filing Form 965-B?

    Form 965-B is due on the same date that a REIT's annual income tax return (Form 1120 or Form 1120-REIT) is due.

  • How does a REIT calculate the amounts to report on Form 965-B?

    A REIT calculates the amounts to report on Form 965-B based on its portion of accumulated post-1986 earnings and profits (E&P) under sections 965(a) and 965(c) of the Internal Revenue Code (IRC). The portions of the E&P are reported in columns (c)-(j) over a period of eight tax years. If an acceleration event occurs, the remaining E&P must be taken into account as of the day before the event.

  • Who is required to file Form 965-B?

    A REIT that has a section 965(a) inclusion for an earlier tax year and made an election under section 965(c) to report the inclusion over eight tax years must file Form 965-B.

  • What is the purpose of Form 965-B?

    Form 965-B is used by a REIT to report its portion of accumulated post-1986 earnings and profits (E&P) under sections 965(a) and 965(c) of the Internal Revenue Code (IRC). This form is also used to calculate and report the taxable income or loss from the section 965 E&P included in income.

  • What is the purpose of reporting section 965 amounts?

    The purpose of reporting section 965 amounts is to ensure compliance with Internal Revenue laws and allow the IRS to determine the correct amount of tax owed.

  • What is the due date for filing Form 965?

    The due date for filing Form 965 for the tax year 2021 was March 31, 2021. However, if a valid extension of time to file was granted, the extended due date was October 17, 2021.

  • What is the reporting year for Form 965-B?

    The reporting year for Form 965-B is the taxable year in which a REIT makes an election under section 965(c) to report its inclusion over eight tax years.

  • What is the general time period for reporting section 965 amounts over time?

    For an election made to report section 965 amounts over time, generally 8% of the amounts are taken into account in year 1, and so on until all amounts are accounted for over an 8-year period.

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ABOUT

Tax forms

Form 965-B 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.

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SEE ALSO
  • Form 1125-E - Compensation of Officers
  • Form 3922 - Transfer of Stock Acquired Through An Employee Stock Purchase Plan Under Section 423(c)
  • Form 1122 - Authorization and Consent of Subsidiary Corporation to be Included in a Consolidated Income Tax Return
  • Form 14693 - Application for Reduced Rate of Withholding on Whistleblower Award Payment
  • Form 15086 - Offer in Compromise Public Insepection File Request
  • Form W-2C - Corrected Wage and Tax Statement
  • Form 14446 (Chinese-Simplified Version) - Virtual VITA/TCE Taxpayer Consent (Chinese-Simplified Version)
  • Form W-7 - Application for IRS Individual Taxpayer Identification Number
  • Form 4506-T-EZ (Spanish Version) - Short Form Request for Individual Tax Return Transcript (Spanish Version)
  • Form 637 - Application for Registration (For Certain Excise Tax Activities)
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