Schedule V (Form 1120-F): List of Vessels or Aircraft, Operators, and Owners

1. 1

   Columns A to D

   Use one column per vessel or aircraft subject to the 4% tax. The instructions say a corporation with USSGTI from more than four vessels or aircraft attaches continuation statements in the same size and format as Schedule V.
2. 2

   Lines 1 and 2

   Enter the name of the vessel or type of aircraft. On line 2, enter the Lloyd's register number for a vessel or the registration number for an aircraft.
3. 3

   Lines 3 and 4

   Answer yes or no. For a yes on line 3 by an operator under a bareboat lease, the instructions list the lessor's name and address and the lease terms to attach. For a yes on line 4 by a bareboat lessor, they list the country of registration, each lessee, the lease term, days under lease and the USSGTI method.
4. 4

   Lines 5 to 8

   Enter the registered owner and the operator with their EIN or SSN. The instructions say to write "Same as filer above" when the filer is the owner or operator, and "Not known" on lines 6 to 8 when the information is unknown.
5. 5

   Line 9

   Enter the USSGTI derived from each vessel or aircraft and attach a statement describing the method used. The instructions give example methods, such as a ratio of days of travel to or from the United States, and say an allocation based on the lessee-operator's net income is not considered reasonable.
6. 6

   Lines 10 to 12

   Add line 9 across the columns and any continuation statements. Enter any treaty-exempt amount on line 11 with Form 8833 attached. Subtract and enter line 12 here and on Form 1120-F, Section I, line 9, column (b).

• 

  1120-F

  U.S. Income Tax Return of a Foreign Corporation

  527 fields, 9 pages

• 

  1120-F Sch. S

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

  68 fields, 2 pages

• 

  8833

  Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b)

  41 fields, 5 pages

• 

  1120-F

  Deductions Allocated to Effectively Connected Income Under Regulations Section 1.861-8

  77 fields, 2 pages

• 

  1120-F

  Interest Expense Allocation Under Regulations Section 1.882-5

  113 fields, 3 pages

• 

  1120-F

  List of Foreign Partner's Interests in Partnerships

  173 fields, 3 pages

• Foreign corporations owing the 4% tax

  A foreign corporation filing Form 1120-F that is subject to the 4% rate of tax under section 887 on U.S. source gross transportation income.

• Bareboat lessors

  A corporation that leased out vessels or aircraft during the tax year completes a separate column for each one it leased out and derived USSGTI from.

• Operators and charterers

  A corporation that earned income from operating vessels or aircraft, including time or voyage charter hire, completes a column for each one it operated and derived USSGTI from.

• Providers of related services

  A corporation earning income from services directly related to the use of vessels or aircraft completes a column for each vessel or aircraft served.

• Treaty exemption claims

  A corporation claiming a treaty exemption on its USSGTI enters the amount on line 11 and attaches Form 8833.

The instructions say foreign corporations that are subject to the 4% tax on their USSGTI under section 887 complete it.

• Official IRS form page

  The agency’s own page for Form 1120-F Sch. V.

• Official instructions

  How the IRS says to fill out and file Form 1120-F Sch. V.

• Blank PDF

  The official blank form, to print or fill by hand.

  Download blank PDF

No tool matches that search.