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

Form

1120-F

Department of the Treasury
Internal Revenue Service

Type
or
Print

U.S. Income Tax Return of a Foreign Corporation
For calendar year 2010, or tax year beginning
▶

, 2010, and ending

Name

Employer identification number

Number, street, and room or suite no. (see instructions)

Check box(es) if:

City or town, state and ZIP code, or country (see instructions)

Country of incorporation

B

Foreign country under whose laws the income reported on this return
is also subject to tax
Date incorporated

D

Initial return

Name or address change

Final return

First post-merger return

Amended return

Schedule M-3 attached

Protective return

H Did the corporation’s method of accounting change

from the preceding tax year? .
If “Yes,” attach an explanation.

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Yes

No

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I Did the corporation’s method of determining income

change from the preceding tax year?
If “Yes,” attach an explanation.

(1) Location of corporation’s primary books and records (city,
province or state, and country)
(2) Principal location of worldwide business

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J Did the corporation file a U.S. income tax return for the

preceding tax year?

(3) If the corporation maintains an office or place of business in the
United States, check here . . . . . . . . . . . ▶
E

2010

, 20

See separate instructions.

A

C

OMB No. 1545-0126

If the corporation had an agent in the United States at any time during
the tax year, enter:
(1) Type of agent
(2) Name
(3) Address

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K (1) At any time during the tax year, was the corporation
engaged in a trade or business in the United States?

(2) If “Yes,” is taxpayer’s trade or business within the
United States solely the result of a section 897
(FIRPTA) sale or disposition? . . . . . .
L At any time during the tax year, did the corporation have a permanent

establishment in the United States for purposes of any applicable tax
treaty between the United States and a foreign country? . . .
See the instructions and enter the corporation’s principal:

F

(1) Business activity code number ▶
(2) Business activity ▶
(3) Product or service ▶
Check method of accounting: (1)
Other (specify) ▶
(3)

G

If “Yes,” enter the name of the foreign country:
M Did the corporation have any transactions with related parties?

(2)

Cash

If “Yes,” Form 5472 may have to be filed (see instructions).
Enter number of Forms 5472 attached ▶
Note: Additional information is required on page 2.

Accrual

Computation of Tax Due or Overpayment

1

Tax from Section I, line 11, page 2.

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5a

Tax from Section II, Schedule J, line 9, page 4 . . .
Tax from Section III (add lines 6 and 10 on page 5) . .
Total tax. Add lines 1 through 3 . . . . . . .
2009 overpayment credited to 2010 . . .
5a

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Overpayment. If line 5j is larger than the total of lines 4 and 6, enter amount overpaid .

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5d

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5e
5f

g Credit for federal tax on fuels (attach Form 4136). See instructions .
h Refundable credits from Form 3800, line 19c, and Form 8827, line 8c

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5g
5h

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Tax deposited with Form 7004 . . . . . . . . . . . .
Credit for tax paid on undistributed capital gains (attach Form 2439).

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b 2010 estimated tax payments . . . . .
5b
c Less 2010 refund applied for on Form 4466
5c (
d Combine lines 5a through 5c . . . . . . . .

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U.S. income tax paid or withheld at source (add line 12, page 2, and amounts
from Forms 8288-A and 8805 (attach Forms 8288-A and 8805)) . . . . .
5i
Total payments. Add lines 5d through 5i . . . . . . . . . . . . . .
Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . .
Amount owed. If line 5j is smaller than the total of lines 4 and 6, enter amount owed

▶

Amount of overpayment on line 8a resulting from tax deducted and withheld under Chapter 3 (attach schedule—see instructions)
Enter portion of line 8a you want Credited to 2011 estimated tax ▶
Refunded ▶

Paid
Preparer
Use Only

Signature of officer
Print/Type preparer’s name

Date
Preparer's signature

▲

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
with the preparer shown below
(see instructions)?

▲

Sign
Here

8a
8b
9

Yes

Title
Date

Check
if
self-employed

Firm’s name

▶

Firm's EIN

Firm's address

▶

Phone no.

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 11470I

No

PTIN

▶

Form 1120-F (2010)

Page 2

Form 1120-F (2010)

Additional Information (continued from page 1)

V At the end of the tax year, did any individual, partnership, corporation,
estate, or trust own, directly or indirectly, 50% or more of the
No
corporation’s voting stock? (See section 267(c) for rules of attribution.)
If “Yes,” attach a schedule showing the name and identifying
number. (Do not include any information already entered in
item T.) Enter percentage owned ▶
W Is the corporation taking a position on this return that a U.S.
tax treaty overrules or modifies an Internal Revenue law of
the United States, thereby causing a reduction of tax?
.
If “Yes,” the corporation is generally required to complete
and attach Form 8833. See Form 8833 for exceptions.
Note: Failure to disclose a treaty-based return position may
result in a $10,000 penalty (see section 6712).
X During the tax year, did the corporation own any entity that
was disregarded as an entity separate from its owner under
Regulations sections 301.7701-2 and 301.7701-3? . .
If “Yes,” attach a statement listing the name, country under whose
laws the entity was organized, and EIN (if any) of each such entity.

Yes

N Is the corporation a controlled foreign corporation?
(See section 957(a) for definition.) . . . . . .
O Is the corporation a personal service corporation?
(See instructions for definition.) . . . . . . .
P Enter tax-exempt interest received or accrued during
the tax year (see instructions) ▶ $
Q At the end of the tax year, did the corporation own, directly or
indirectly, 50% or more of the voting stock of a U.S.
corporation? (See section 267(c) for rules of attribution.) . .
If “Yes,” attach a schedule showing (1) name and EIN of
such U.S. corporation; (2) percentage owned; and (3)
taxable income or (loss) before NOL and special deductions
of such U.S. corporation for the tax year ending with or
within your tax year.
R If the corporation has an NOL for the tax year and
is electing to forego the carryback period, check
here . . . . . . . . . . . . . ▶

Yes

No

Y (1) Did a partnership allocate to the corporation a
distributive share of income from a directly owned
partnership interest, any of which is ECI or treated as ECI
by the partnership or the partner? . . . . . . .
If “Yes,” attach Schedule P. See instructions.

S Enter the available NOL carryover from prior tax years.
(Do not reduce it by any deduction on line 30a, page
3.) ▶ $

(2) During the tax year, did the corporation own at least a 10%
interest, directly or indirectly, in any foreign partnership?
If “Yes,” see instructions for required attachment.

T Is the corporation a subsidiary in a parent-subsidiary
controlled group? . . . . . . . . . . .
If “Yes,” enter the parent corporation’s:

Z (1) Has the corporation made any allocation or reallocation
of income based on section 482 and its regulations?
(2) Has the corporation recognized any interbranch
amounts? If “Yes,” attach statement (see instructions).

(1) EIN ▶
(2) Name ▶
U (1) Is the corporation a dealer under section 475? . .
(2) Did the corporation mark to market any securities
or commodities other than in a dealer capacity?

AA Is the corporation required to file Schedule UTP (Form
1120), Uncertain Tax Position Statement (see instructions)?
If "Yes," complete and attach Schedule UTP.

SECTION I— Income From U.S. Sources Not Effectively Connected With the Conduct of a Trade or Business in
the United States—Do not report items properly withheld and reported on Form 1042-S. See instructions.
Include below only income from U.S. sources that is not effectively connected with the conduct of a trade or business in the United States. Do not
report items properly withheld and reported on Form 1042-S. Report only items that (a) are not correctly withheld at source or (b) are not correctly
reported on Form 1042-S. The rate of tax on each item of gross income listed below is 30% (4% for the gross transportation tax) or such lower rate
specified by tax treaty. No deductions are allowed against these types of income. Enter treaty rates where applicable. If the corporation is claiming
a lower treaty rate, also complete item W above. If multiple treaty rates apply to a type of income (e.g., subsidiary and portfolio dividends or
dividends received by disregarded entities), attach a schedule showing the amounts, tax rates, and withholding for each.

Name of treaty country, if any ▶
(b)
Gross amount

(a)
Class of income (see instructions)

1
2
3
4
5

Interest
Dividends
Rents .
Royalties
Annuities

6

Gains from disposal of timber, coal, or
domestic iron ore with a retained economic
interest (attach supporting schedule) . . .

7

Gains from sale or exchange of patents,
copyrights, etc. . . . . . . . . .
Fiduciary distributions (attach supporting schedule)
Gross transportation income (attach Schedule V)

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(c)
Rate of tax (%)

(d)
Amount of tax liability

(e)
Amount of U.S. income tax
paid or withheld at the source

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4

10

Other fixed or determinable annual or periodic
gains, profits, and income . . . . . .

11
12

Total. Enter here and on line 1, page 1 . . .
Total. Enter here and include on line 5i, page 1 .

13

Is the corporation fiscally transparent under the laws of the foreign jurisdiction with respect to any item of income listed above?
If “Yes,” attach a schedule that provides the information requested above with respect to each such item of income.

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Yes
Form

1120-F

No
(2010)

Page 3

Form 1120-F (2010)

SECTION II—Income Effectively Connected With the Conduct of a Trade or Business in the United States
(see instructions)

Deductions (See instructions for limitations on deductions.)

Income

Important: Fill in all applicable lines and schedules. If you need more space, see Assembling the Return in the instructions.
1a
2

Gross receipts or sales
Cost of goods sold (Schedule A, line 8)

b Less returns and allowances
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3
4

Gross profit (subtract line 2 from line 1c)
Dividends (Schedule C, line 14)
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3
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6
7

Interest
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Gross rents .
Gross royalties

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5
6
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8
9
10

Capital gain net income (attach Schedule D (Form 1120))
. . .
Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
Other income (see instructions—attach schedule) . . . . . .

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11
12
13

Total income. Add lines 3 through 10 . .
Compensation of officers (Schedule E, line 4)
Salaries and wages (less employment credits)

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11
12
13

14
15
16

Repairs and maintenance . . . . . . . . . . . . . . . .
Bad debts (for bad debts over $500,000, attach a list of debtors and amounts)
Rents . . . . . . . . . . . . . . . . . . . . . .

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16

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19

Taxes and licenses . . . . . . . . . . . .
Interest expense from Schedule I, line 25 (see instructions)
Charitable contributions . . . . . . . . . . .

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19

20
21
22

Depreciation from Form 4562 not claimed on Schedule A or elsewhere on return (attach Form 4562)
Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . .
Advertising
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20
21
22

23
24
25

Pension, profit-sharing, etc., plans
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Employee benefit programs
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Domestic production activities deduction (attach Form 8903) .

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25

26
27
28

Deductions allocated and apportioned to ECI from Schedule H, line 20 (see instructions) .
Other deductions (attach schedule) . . . . . . . . . . . . . . . .
Total deductions. Add lines 12 through 27 . . . . . . . . . . . . . .

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28

29
30

Taxable income before NOL deduction and special deductions (subtract line 28 from line 11)
Less: a Net operating loss deduction (see instructions) . . . .
30a
b Special deductions (Schedule C, line 15) . . . . . .
30b

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29

c Add lines 30a and 30b . . . . . . .
Taxable income or (loss). Subtract line 30c from line 29

31

Schedule A

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c Bal ▶
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30c
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Cost of Goods Sold (see instructions)

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2
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Inventory at beginning of year .
Purchases
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Cost of labor
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2
3

4
5
6

Additional section 263A costs (attach schedule).
Other costs (attach schedule) . . . . . .
Add lines 1 through 5 . . . . . . . .

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7 Inventory at end of year
. . . . . . . . . . . . . . . . . . . .
8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Section II, line 2, above
9a Check all methods used for valuing closing inventory:
(1)
Cost as described in Regulations section 1.471-3

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8

Lower of cost or market as described in Regulations section 1.471-4
(2)
Other (Specify method used and attach explanation.) ▶
(3)
b Check if there was a writedown of subnormal goods as described in Regulations section 1.471-2(c)

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c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) .

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d If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing inventory
computed under LIFO . . . . . . . . . . . . . . . . . . . . . . . . . .
e If property is produced or acquired for resale, do the rules of section 263A apply to the corporation? . . . .
f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? .
If “Yes,” attach explanation.

9d
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Yes
Yes
Form

1120-F

No
No
(2010)

Page 4

Form 1120-F (2010)

SECTION II—Income Effectively Connected With the Conduct of a Trade or Business in the United States
(continued)
Schedule C Dividends and Special Deductions (see instructions)
1

Dividends from less-than-20%-owned domestic corporations (other than
debt-financed stock)
. . . . . . . . . . . . . . . . .

2
3

Dividends from 20%-or-more-owned domestic corporations (other than
debt-financed stock)
. . . . . . . . . . . . . . . . .
Dividends on debt-financed stock of domestic and foreign corporations (section 246A)

4
5
6
7

Dividends on certain preferred stock of less-than-20%-owned public utilities
Dividends on certain preferred stock of 20%-or-more-owned public utilities .
Dividends from less-than-20%-owned foreign corporations . . . . . .
Dividends from 20%-or-more-owned foreign corporations . . . . . .

(a) Dividends received

80
see
instructions

42
48
70
80

Total. Add lines 1 through 7. See instructions for limitation . . .
Dividends from foreign corporations not included on lines 3, 6, or 7 .
Foreign dividend gross-up (section 78) . . . . . . . . .

11
12
13

Other dividends . . . . . . . . . . . . . . . . .
Deduction for dividends paid on certain preferred stock of public utilities

14
15

Total dividends. Add lines 1 through 12. Enter here and on line 4, page 3 . .
Total special deductions. Add lines 8 and 13. Enter here and on line 30b, page 3

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IC-DISC and former DISC dividends not included on lines 1, 2, or 3 (section 246(d))

Schedule E

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Compensation of Officers (See instructions for Section II, line 12.)
Note: Complete Schedule E only if total receipts (line 1a plus lines 4 through 10 of Section II) are
$500,000 or more.
Percent of corporation stock
owned
(d) Common (e) Preferred

(c) Percent of
time devoted to
business

(b) Social security
number

(a) Name of officer

1a
b
c
d
e

%
%
%
%
%

(f) Amount of
compensation

2

Total compensation of officers

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%
%
%
%
%
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3
4

Compensation of officers claimed on Schedule A and elsewhere on this return
Subtract line 3 from line 2. Enter the result here and on line 12, page 3 . . .

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Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120))
Income tax. Check if a qualified personal service corporation (see instructions) . . . .

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4

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Form 8697

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Other (attach schedule)
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Schedule J
1
2

(c) Special deductions:
(a) × (b)

70

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(b) %

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%
%
%
%
%

Tax Computation (see instructions)

3 Alternative minimum tax (attach Form 4626) .
4 Add lines 2 and 3
. . . . . . . .
5a Foreign tax credit (attach Form 1118)
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b General business credit (attach Form 3800) . . . .
c Credit for prior year minimum tax (attach Form 8827) .
d Bond credits from Form 8912 . . . . . . . .

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Form 8611

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6
7
8

Total credits. Add lines 5a through 5d . .
Subtract line 6 from line 4 . . . . . .
Other taxes. Check if from:
Form 4255

9

Form 8866
Form 8902
Total tax. Add lines 7 and 8. Enter here and on line 2, page 1 . .

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5a

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2

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5b
5c
5d

Form

1120-F

(2010)

Page 5

Form 1120-F (2010)

SECTION III—Branch Profits Tax and Tax on Excess Interest
Part I—Branch Profits Tax (see instructions)
1

Enter the amount from Section II, line 29 .

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2

Enter total adjustments to line 1 to get effectively connected earnings and profits.
showing the nature and amount of adjustments.) (See instructions.) . . . . .
3 Effectively connected earnings and profits. Combine line 1 and line 2 . . . .
4a Enter U.S. net equity at the end of the current tax year. (Attach required schedule.)
b Enter U.S. net equity at the end of the prior tax year. (Attach required schedule.) .

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1

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(Attach required schedule
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2
3
4a
4b

c Increase in U.S. net equity. If line 4a is greater than or equal to line 4b, subtract line 4b from line 4a. Enter the
result here and skip to line 4e . . . . . . . . . . . . . . . . . . . . . . . .
d Decrease in U.S. net equity. If line 4b is greater than line 4a, subtract line 4a from line 4b

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4c
4d

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e Non-previously taxed accumulated effectively connected earnings and profits. Enter excess, if any, of
effectively connected earnings and profits for preceding tax years beginning after 1986 over any dividend
equivalent amounts for those tax years . . . . . . . . . . . . . . . . . . . . .

4e

5

Dividend equivalent amount. Subtract line 4c from line 3. If zero or less, enter -0-. If no amount is entered on
line 4c, add the lesser of line 4d or line 4e to line 3 and enter the total here
. . . . . . . . . .

5

6

Branch profits tax. Multiply line 5 by 30% (or lower treaty rate if the corporation is a qualified resident or
otherwise qualifies for treaty benefits). Enter here and include on line 3, page 1. (See instructions.) Also
complete item W on page 2 . . . . . . . . . . . . . . . . . . . . . . . .

6

Part II—Tax on Excess Interest (see instructions for this Part and for Schedule I (Form 1120-F))
7 a Enter the interest from Section II, line 18 .

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7a

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b Enter the inverse of the total amount deferred, capitalized, and disallowed from Schedule I, line 24d (i.e., if line
24d is negative, enter as a positive number; if line 24d is positive, enter as a negative number) . . . . .
c Combine lines 7a and 7b (amount must equal Schedule I, line 23) . . . . . . . . . . . . .
8

Branch Interest (see instructions for definition): Enter the sum of Schedule I, line 9, column (c), and Schedule I, line
22. If the interest paid by the foreign corporation’s U.S. trade or business was increased because 80% or more of the
foreign corporation’s assets are U.S. assets, check this box . . . . . . . . . . . . . . . ▶

9 a Excess interest. Subtract line 8 from line 7c. If zero or less, enter -0-

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7b
7c

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8
9a

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b If the foreign corporation is a bank, enter the excess interest treated as interest on deposits (see instructions
for rules for computing this amount). Otherwise, enter -0-. . . . . . . . . . . . . . . .
c Subtract line 9b from line 9a . . . . . . . . . . . . . . . . . . . . . . . .

9b
9c

Tax on excess interest. Multiply line 9c by 30% or lower treaty rate (if the corporation is a qualified resident
or otherwise qualifies for treaty benefits). (See instructions.) Enter here and include on line 3, page 1. Also
complete item W on page 2 . . . . . . . . . . . . . . . . . . . . . . . .

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Part III—Additional Information

Yes
11

No

Is the corporation claiming a reduction in, or exemption from, the branch profits tax due to:
a A complete termination of all U.S. trades or businesses? .

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b The tax-free liquidation or reorganization of a foreign corporation? .

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c The tax-free incorporation of a U.S. trade or business?

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If 11a or 11b applies and the transferee is a domestic corporation, attach Form 8848. If 11c applies, attach the statement required
by Temporary Regulations section 1.884-2T(d)(5).
Form

1120-F

(2010)

Page 6

Form 1120-F (2010)

Note: Check if completing on ▶

Schedule L

U.S. basis or

Worldwide basis.

Balance Sheets per Books
Beginning of tax year

Assets
1
2a
b
3
4
5
6a
b
c
7
8

(a)

Cash . . . . . . . . . .
Trade notes and accounts receivable .
Less allowance for bad debts . . .
Inventories . . . . . . . .
U.S. government obligations . . .
Tax-exempt securities (see instructions)
Interbranch current assets*
. . .
Other current non-U.S. assets*
. .
Other current U.S. assets* . . . .
Loans to shareholders . . . . .
Mortgage and real estate loans . .

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(

9a Other loans and investments—non-U.S.
assets* . . . . . . . . . . .
b Other loans and investments—U.S. assets* .
10a Buildings and other depreciable assets . .
(
b Less accumulated depreciation . . . .
11a Depletable assets . . . . . . . .
(
b Less accumulated depletion . . . . .
12 Land (net of any amortization) . . . . .
13a Intangible assets (amortizable only) . . .
(
b Less accumulated amortization . . . .
14 Assets held in trust . . . . . . . .
15 Other non-current interbranch assets* . .
16a Other non-current non-U.S. assets* . . .
b Other non-current U.S. assets*
. . . .
17 Total assets . . . . . . . . . .

End of tax year
(b)

(c)

(d)

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Liabilities
18

Accounts payable

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19

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Mortgages, notes, bonds payable in
1 year:
a Interbranch liabilities* . . . .
b Third-party liabilities* . . . .
20 Other current liabilities* . . . .
21 Loans from shareholders . . .

less than

22

1 year or

a
b
23
24a
b

Mortgages, notes, bonds payable in
more:
Interbranch liabilities* . . . .
Third-party liabilities* . . . .
Liabilities held in trust . . . .
Other interbranch liabilities*
. .
Other third-party liabilities* . . .

25

Capital stock:

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Equity (see instructions)

26
27
28
29
30
31

a Preferred stock . .
b Common stock . .
Additional paid-in capital . . . .
Retained earnings—Appropriated*
.
Retained earnings—Unappropriated .
Adjustments to shareholders’ equity* .
Less cost of treasury stock . . . .
Total liabilities and shareholders’ equity

*Attach schedule—see instructions.

(

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(

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Form

1120-F

(2010)