Form Schedule I (Form 1 Schedule I (Form 1 Reduction of Oil and Gas Extraction Taxes

Caution: DRAFT FORM
This is an advance proof copy of an IRS tax form.
It is subject to change and OMB approval before it
is officially released. You can check the scheduled
release date on our web site (www.irs.gov).
If you have any comments on this draft form, you can
submit them to us on our web site. Include the word
DRAFT in your response. You may make comments
anonymously, or you may include your name and
e-mail address or phone number. We will be unable
to respond to all comments due to the high volume
we receive. However, we will carefully consider
each suggestion. So that we can properly consider
your comments, please send them to us within 30
days from the date the draft was posted.

SCHEDULE I
(Form 1118)
(Rev. December 2010)
Department of the Treasury
Internal Revenue Service
Name of corporation

Reduction of Foreign Oil and Gas Taxes
▶

For calendar year 20

OMB No. 1545-0122

Attach to Form 1118.

, or other tax year beginning

, 20

, and ending

, 20
Employer identification number

Use a separate Schedule I (Form 1118) for each applicable category of income listed below. Check only one box on each schedule.
Section 901(j) Income: Name of Sanctioned Country ▶
Passive Category Income
Income Re-sourced by Treaty: Name of Country ▶
General Category Income
Report all amounts in U.S. dollars.

Part I

Combined Foreign Oil and Gas Income and Taxes
1. Name of foreign country
(Use a separate line for
each country.)

A
B
C
D
E
F
Totals (add lines A through F)

Gross Foreign Oil and Gas Income From Sources Outside the United States and its Possessions (see instructions)

f
o
s
a
0
t
1
f
0
a
2
r
/
D /04
6
0
2. Gross foreign oil and
gas extraction income

3. Gross foreign oil related
income

4. Certain dividends from
foreign corporations

10. Total (add columns 8
and 9)

11. Taxable income
(column 7 minus
column 10)

Deductions

8. Definitely allocable
deductions

A

9. Ratable part of deductions
not definitely allocable

5. Constructive
distributions under
section 951(a)

6. Other

7. Total (add columns 2
through 6)

Foreign Oil and Gas Taxes (attach schedule)
12. Paid or accrued

13. Deemed paid

14. Total (add columns 12
and 13)

B
C
D
E
F
Totals

For Paperwork Reduction Act Notice, see the Instructions for Form 1118.

Cat. No. 10237L

Schedule I (Form 1118) (Rev. 12-2010)

Page 2

Schedule I (Form 1118) (Rev. 12-2010)

Part II

Reduction Under Section 907(a)

1

Combined foreign oil and gas income. (See the instructions for line 1 below.)

2

Multiply line 1 by the highest rate of tax under section 11(b). (See the instructions for line 2 below.)

3

Total taxes (from Part I, column 14, “Totals” line) .

.

.

.

.

.

4

Carryover or carryback of disallowed credits. (See section 907(f)—attach schedule.) .

.

.

.

.

5

Total taxes before reduction (add line 3 and line 4)

.

.

.

.

6

Reduction (subtract line 2 from line 5; if zero or less, enter -0-). Enter here and on Schedule G,
line B of the corresponding Form 1118 . . . . . . . . . . . . . . . . . . . .

.

.

.

.

.

.

.

f
o
s
a
0
t
1
f
0
a
2
r
/
D /04
6
0
.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.