Form 1120-F--U.S. Income Tax Return of a Foreign Corporation

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 1120-F (Schedule V Schedule V - List of Vessels or Aircraft, Operations, and Owners	Form	Modified	Repair queued
Form 1120-F U.S. Income Tax Return of a Foreign Corporation	Form	Modified	Available
Form_1120-F_-_Summary_of_Changes.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2010-11-08	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
187864	Schedule V - List of Vessels or Aircraft, Operations, and Owners	Form	Modified
187863	Schedule S - Exclusion of Income From the International Operation of Ships or Aircraft Under Section 883	Other-2010 Draft (Form)	Modified
183903	Net Income (Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More	Other-2010 Draft	Modified
183901	Reconsiliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books	Other-2010 Draft (Form & Instructions)	Modified
183900	List of Foreign Partner Interests in Partnerships	Other-2010 Draft	Modified
183899	Interest Expense Allocation Under Regulations Section 1.882-5	Other-2010 Darft	Modified
183898	Expenses Allocated to Effectively Connected Income under Regulations	Other-2010 Draft	Modified
16957	U.S. Income Tax Return of a Foreign Corporation	Form	Modified

ICR Details

OMB Control No: 1545-0126	ICR Reference No: 201010-1545-031
Status: Historical Active	Previous ICR Reference No: 200811-1545-012
Agency/Subagency: TREAS/IRS	Agency Tracking No: EC-1545-0126-031
Title: Form 1120-F--U.S. Income Tax Return of a Foreign Corporation
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/11/2011
	Date Received in OIRA: 11/08/2010
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2012	01/31/2012	01/31/2012
Responses	127,250	0	127,250
Time Burden (Hours)	8,697,023	0	7,696,046
Cost Burden (Dollars)	0	0	0

---

Abstract: Form 1120-F is used by foreign corporations that have investments, or a business, or a branch in the U.S. The IRS uses Form 1120-F to determine if the foreign corporation has correctly reported its income, deductions, and tax, and to determine if it has paid the correct amount of tax.

---

Authorizing Statute(s): US Code: 26 USC 881 Name of Law: Tax on income of foreign corporations not connected with United States business
   US Code: 26 USC 882 Name of Law: Tax on income of foreign corporations connected with United States business
   US Code: 26 USC 884 Name of Law: Branch profits tax
   PL: Pub.L. 109 - 280 1202, 1204, 1206 Name of Law: Pension Protection Act 0f 2006
   PL: Pub.L. 109 - 135 101 Name of Law: Gulf Opportunity Zone Act of 2005
   PL: Pub.L. 109 - 432 105, 111, 405 Name of Law: Tax Relief and Health Care Act of 2006
   PL: Pub.L. 109 - 58 1332, 1342, 1344, 1348, 1331 Name of Law: Energy Tax Incentives Act of 2005
   PL: Pub.L. 110 - 28 8214 Name of Law: U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 147 501(b) Name of Law: Hiring Incentives to Restore Employment Act

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 52899	09/11/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 72114	11/26/2008
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 8

table that charts list of burden

IC Title	Form No.	Form Name
Schedule V - List of Vessels or Aircraft, Operations, and Owners	1120-F (Schedule V)	List of Vessels or Aircraft, Operators, and Owners
Schedule S - Exclusion of Income From the International Operation of Ships or Aircraft Under Section 883	Form 1120-F (Schedule S)	Exclusion of Income From the International Operation of Ships or Aircraft Under Section 883
Expenses Allocated to Effectively Connected Income under Regulations	1120-F (Schedule H)	Deductions Allocated To Effectively Connected Income Under Regulations Section 1.861-8
Interest Expense Allocation Under Regulations Section 1.882-5	1120-F (Schedule I)	Interest Expense Allocation Under Regulations Section 1.882-5
Reconsiliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books	1120-F (Schedule M1 and M-2)	Reconciliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books
Net Income (Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More	1120-F (Schedule M-3)	Net Income (Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More
U.S. Income Tax Return of a Foreign Corporation	1120-F	U.S. Income Tax Return of a Foreign Corporation
List of Foreign Partner Interests in Partnerships	1120-F (Schedule P)	List of Foreign Partner Interests in Partnerships

---

ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	127,250	127,250	0	0	0	0
Annual Time Burden (Hours)	8,697,023	7,696,046	1,000,976	0	1	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: An increase of 1,000,976 hours is due to new statutory requirements under the Hiring Incentives and Restore Employment Act (Pub. L. 111-147); 1 hour adjustment made in an error in reporting estimate: Total burden requested is 8,697,023. Form 1120-F Changes: • Line 8 (Overpayment) has been split out to lines 8a and 8b to reflect the total overpayment on line 8a and the overpayment attributable to tax deducted and withheld under Chapter 3 on line 8b. This change was made to reflect Section 501(b) of P.L. 111-147 (IRC section 6611(e)(4)) which has extended the grace period for which the IRS is required to pay interest on overpayments attributable to Chapter 3 payments from 45 days to 180 days. For line 8b, the taxpayer must provide an attachment to their tax return showing the overpayment amount that is attributable to tax deducted and withheld under Chapter 3. The Instructions for Form 1120-F will have the content the taxpayer is required to include on this attachment. • Replaced the "Preparer’s SSN or" with the tax return preparer's PTIN. • Added Question AA under “Additional Information” on page 2 of Form 1120-F, asking the taxpayer if they are required to file Schedule UTP (Form 1120). If so, they must complete Schedule UTP (Form 1120) and attach it to Form 1120-F. Certain foreign corporations will be required to file Schedule UTP (Form 1120), if they have a one or more tax positions that are included on audited financial statements and the corporation has assets that equal or exceed $100 million. • Other changes to schedule under 1120-F are to reflect the tax filing year.

---

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  No

---

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/08/2010

---