1120-S Schedule K- Shareholder's Share of Income, Deductions, Credits, etc.

Final K-3

Schedule K-3
(Form 1120-S)
Department of the Treasury
Internal Revenue Service

Amended K-3

Shareholder’s Share of Income, Deductions,
Credits, etc.—International
For calendar year 2021, or tax year beginning
▶

/ 2021

/

, ending

OMB No. 1545-0123

/

2021

/

See separate instructions.

Information About the Corporation

Information About the Shareholder

A Corporation’s employer identification number (EIN)

C Shareholder’s identifying number

B Corporation’s name, address, city, state, and ZIP code

D Shareholder’s name, address, city, state, and ZIP code

Check to indicate the parts of Schedule K-3 that apply.
1
2
3
4
5
6

Does Part I apply? If “Yes,” complete and attach Part I .
Does Part II apply? If “Yes,” complete and attach Part II
Does Part III apply? If “Yes,” complete and attach Part III
Does Part IV apply? If “Yes,” complete and attach Part IV
Does Part V apply? If “Yes,” complete and attach Part V
Does Part VI apply? If “Yes,” complete and attach Part VI

7

Does Part VII apply? If “Yes,” complete and attach Part VII

Yes
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No

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6
7

For IRS Use Only

E

For Paperwork Reduction Act Notice, see the Instructions for Form 1120-S.

www.irs.gov/Form1120S

Cat. No. 74747C

Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

Part I

2

Shareholder’s identifying number

Shareholder’s name

Shareholder’s Share of Corporation’s Other Current Year International Information

Check box(es) for additional specified attachments. See instructions.
7. Form 8858 information
8. Form 5471 information
9. Other forms

✢❏❘

4. Foreign tax translation
5. High-taxed income
6. Section 267A disallowed deduction

✣❈❅❃❋

1. Gain on personal property sale
2. Foreign oil and gas taxes
3. Splitter arrangements

10. Shareholder loan transactions
11. Entity treatment for certain S corporations
12. Other international items
(attach description and statement)

Part II
Foreign Tax Credit Limitation
Section 1—Gross Income
Foreign Source
Description
1

(a) U.S. source

(b) Foreign branch
category income

(c) Passive
category income

(d) General
category income

(e) Other
(category code

)

(f) Sourced by
shareholder

(g) Total

Sales
A
B
C

2

Gross income from performance of services
A
B
C

3

Gross rental real estate income
A
B
C

4

Other gross rental income
A
B
C

5

Reserved for future use .

6

Interest income

.

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.

A
B
C
7

Ordinary dividends (exclude amount
on line 8)
A
B
C
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

3

Shareholder’s identifying number

Shareholder’s name

Part II
Foreign Tax Credit Limitation (continued)
Section 1—Gross Income (continued)
Foreign Source
Description
8

(a) U.S. source

(b) Foreign branch
category income

(c) Passive
category income

(d) General
category income

(e) Other
(category code

)

(f) Sourced by
shareholder

(g) Total

Qualified dividends
A
B
C

9

Reserved for future use .

10

Royalties and license fees

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A
B
C
11

Net short-term capital gain
A
B
C

12

Net long-term capital gain
A
B
C

13

Collectibles (28%) gain
A
B
C

14

Unrecaptured section 1250 gain
A
B
C

15

Net section 1231 gain
A
B
C
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

4

Shareholder’s identifying number

Shareholder’s name

Part II
Foreign Tax Credit Limitation (continued)
Section 1—Gross Income (continued)
Foreign Source
Description
16
17
18

Section 986(c) gain .
Section 987 gain . .
Section 988 gain . .

19

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(a) U.S. source
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(b) Foreign branch
category income

(c) Passive
category income

(d) General
category income

(e) Other
(category code

)

(f) Sourced by
shareholder

(g) Total

Section 951(a) inclusions
A
B
C

20

Other income (see instructions)
A
B
C
Section 951A(a) inclusions (see
instructions) . . . . . .
Reserved for future use

21
22
A
B
C
23

Reserved for future use
A
B
C

24

Total gross income (combine lines 1
through 23) . . . . . . . ▶
A
B
C
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

5

Shareholder’s identifying number

Shareholder’s name

Part II
Foreign Tax Credit Limitation (continued)
Section 2—Deductions
Foreign Source
Description

(a) U.S. source

25

Expenses allocable to sales income .

26

Expenses allocable to gross income
from performances of services
. .

27
28
29
30
31

Net short-term capital loss
Net long-term capital loss
Collectibles loss . . .
Net section 1231 loss .
Other losses . . . .

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(b) Foreign branch
category income

(c) Passive
category income

(d) General
category income

(e) Other
(category code

)

(f) Sourced by
shareholder

(g) Total

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32

Research & experimental (R&E) expenses
. . . .
A SIC code
. . . .
B SIC code
. . . .
C SIC code
33 Allocable rental expenses—
depreciation, depletion, and amortization
34

Allocable rental expenses—other than
depreciation, depletion, and amortization

35

Allocable royalty and licensing
expenses—depreciation, depletion,
and amortization . . . . . . .

36

Allocable royalty and licensing
expenses—other than depreciation,
depletion, and amortization
. . .

37

Depreciation not included on line 33
or 35 . . . . . . . . . .

38

Charitable contributions

39

Interest expense specifically allocable
under Regulations section 1.861-10(e)

40

Other interest expense specifically
allocable under Regulations section
1.861-10T
. . . . . . . .

41
42
43

Other interest expense—business
.
Other interest expense—investment .
Other interest expense—passive activity

44

Section 59(e)(2) expenditures,
excluding R&E expenses on line 32

.

45

Foreign taxes not creditable but
deductible
. . . . . .

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.

Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

6

Shareholder’s identifying number

Shareholder’s name

Part II
Foreign Tax Credit Limitation (continued)
Section 2—Deductions (continued)
Foreign Source
Description

(a) U.S. source

46
47
48

Section 986(c) loss .
Section 987 loss . .
Section 988 loss . .

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49

Other allocable deductions (see
instructions) . . . . . .

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50

Other apportioned share of
deductions (see instructions)
Reserved for future use . .
Reserved for future use . .
Reserved for future use . .

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51
52
53

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54

Total deductions (combine lines 25
through 53) . . . . . . . ▶

55

Net income (loss) (subtract line 54
from line 24) . . . . . . .

(b) Foreign branch
category income

(c) Passive
category income

(d) General
category income

(e) Other
(category code

(f) Sourced by
shareholder

)

(g) Total

▶

Part III
Other Information for Preparation of Form 1116 or 1118
Section 1—R&E Expenses Apportionment Factors
Foreign Source
Description

1
A
B
C
D
E
F
2
A

B

(a) U.S. source

(b) Foreign branch
category income

(c) Passive category
income

(e) Other
(category code
(country code

(d) General category
income

(f) Sourced by
shareholder

)
)

(g) Total

Gross receipts by SIC code
SIC code
SIC code
SIC code
SIC code
SIC code
SIC code
Exclusive apportionment with respect to total R&E expenses entered on Part II, line 32. Enter the following.
R&E expense with respect to activity performed in the United States
. . . . . . . . . . . . . . . . . . . . . . .
(i) SIC code

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▶

(ii) SIC code
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(iii) SIC code
. . . . . . . . . . . . .
R&E expense with respect to activity performed outside the United States

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▶

(i) SIC code
(ii) SIC code
(iii) SIC code

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▶

▶
▶

2A(i)
2A(ii)
2A(iii)
2B(i)
2B(ii)
2B(iii)
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

7

Shareholder’s identifying number

Shareholder’s name

Part III
Other Information for Preparation of Form 1116 or 1118 (continued)
Section 2—Interest Expense Apportionment Factors
Foreign Source
Description

(a) U.S. source

1
2

Total average value of assets .

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Reserved for future use .

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3

Assets attracting directly allocable
interest expense under Regulations
section 1.861-10(e) . . . . .

.

4

Other assets attracting directly
allocable interest expense under
Regulations section 1.861-10T
.

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5

Assets excluded from apportionment
formula . . . . . . . . .

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(b) Foreign branch
category income

(e) Other
(c) Passive category (d) General category
(category code
income
income
(country code

)
)

(f) Sourced by
shareholder

(g) Total

6a Total assets used for apportionment
(subtract the sum of lines 3, 4, and 5
from the sum of lines 1 and 2) . . .
b Assets attracting business interest
expense . . . . . . . .

.

c Assets attracting investment interest
expense . . . . . . . . .
d Assets attracting passive activity
interest expense . . . . . .

.

7

Basis in stock of 10%-owned
noncontrolled foreign corporations
(see attachment) . . . . . .

.

8

Basis in stock of CFCs (see attachment)
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

8

Shareholder’s identifying number

Shareholder’s name

Part III
Other Information for Preparation of Form 1116 or 1118 (continued)
Section 3—Foreign Taxes
Description
1

Direct (section 901 or
903) foreign taxes:

(a) Type of tax

Paid

(b) Section 951A category income
U.S.
Foreign

U.S.

(c) Foreign branch category income
Foreign
Shareholder

Accrued

A
B
C
D
E
F
2
A
B
C
D
E
F
G
3

Reduction of taxes (total)
Taxes on foreign mineral income . . .
Reserved for future use . . . . . .
International boycott provisions . . .
Failure-to-file penalties . . . . . .
Taxes with respect to splitter arrangements
Taxes on foreign corporate distributions .
Other . . . . . . . . . . .

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Foreign tax redeterminations
A
Related tax year ▶
Date tax paid ▶
B
Related tax year ▶
Date tax paid ▶
C

4
5
6

Related tax year ▶
Date tax paid ▶
Reserved for future use .
Reserved for future use .
Reserved for future use .

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Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

9

Shareholder’s identifying number

Shareholder’s name

Part III
Other Information for Preparation of Form 1116 or 1118 (continued)
Section 3—Foreign Taxes (continued)
(d) Passive category income
U.S.

Foreign

(e) General category income
Shareholder

U.S.

Foreign

(f) Other
Shareholder

(category code

(g) Total
)

1
A
B
C
D
E
F
2
A
B
C
D
E
F
G
3
A
B
C
4
5
6
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

Part IV

10

Shareholder’s identifying number

Shareholder’s name

Distributions From Foreign Corporations to Corporation
(a) Name of distributing foreign corporation

(b) EIN or
reference ID number

(c) Date of distribution

(d) Functional currency of
distributing foreign corporation

(e) Amount of distribution
in functional currency

(j) Qualified foreign
corporation

(k) Reserved for
future use

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
(f) Amount of E&P distribution
in functional currency

(g) Spot rate (functional
currency to U.S. dollars)

(h) Amount of distribution
in U.S. dollars

(i) Amount of E&P distribution
in U.S. dollars

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

Part V
a
b

Information on Shareholder’s Section 951(a)(1) and Section 951A Inclusions

Separate category (enter code) . . . . . . . . . . . .
If box is checked, this is completed with respect to U.S. source income

(b) EIN or
reference ID number

(a) Name of CFC

A
B
C
D
E
F
G
H
I
J
K
1

11

Shareholder’s identifying number

Shareholder’s name

Shareholder’s total (sum for all CFCs)

(h) Tested loss

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(i) Shareholder’s share
of tested income

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(j) Shareholder’s share
of tested loss

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(d) Shareholder’s share
of CFC items through
their ownership in
its corporation
(“shareholder’s share”)

(c) Ending of CFC
tax year

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(k) Shareholder’s share of
Qualified Business Asset
Investment (QBAI)

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(e) Shareholder’s share
of subpart F income

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(f) Shareholder’s section
951(a)(1)(B) inclusion

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▶

(g) Tested income

▶

(l) Shareholder’s share of
the tested loss
QBAI amount

(m) Shareholder’s share of (n) Shareholder’s share of
tested interest income
tested interest expense

A
B
C
D
E
F
G
H
I
J
K
1
Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

12

Shareholder’s identifying number

Shareholder’s name

Part VI
Information To Complete Form 8621
Section 1—General Information on Passive Foreign Investment Company (PFIC), Qualified Electing Fund (QEF), or Qualifying Insurance Corporation (QIC)
General Information
(b) EIN or
reference ID number

(a) Name of PFIC

(c) Address of PFIC

Summary of Annual Information

(f) Description of each
class of PFIC shares

(g) Dates PFIC
shares acquired
during tax year
(if applicable)

(h) Shareholder’s share
of total number of
PFIC shares held by
corporation at end of
tax year

(d) Beginning of
PFIC tax year

(e) Ending of
PFIC tax year

Information Regarding Elections

(i) Shareholder’s share
of total value of
PFIC shares held by
corporation at end of
tax year

(k) Box is
checked if
(l) Box is
(m) Box is
(n) Box is
foreign
checked if PFIC checked if
checked if
corporation
has
has indicated
PFIC is also
(j) Election
PFIC meets
documented its
its shares are
a controlled
made by
eligibility to be
the income
“marketable
foreign
corporation
treated as a
test or asset
stock” within
corporation
(see
qualifying
test of section
instructions)
the meaning
(CFC) within
insurance
1297(a) for the
of section
the meaning of
corporation
tax year.
1296(e).
section 957.
under section
1297(f)(2).

Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

13

Shareholder’s identifying number

Shareholder’s name

Part VI
Information To Complete Form 8621 (continued)
Section 2—Additional Information on PFIC or QEF
General Information

(b) EIN or
reference ID number

(a) Name of PFIC

(c) Shareholder’s share
of ordinary earnings

Section 1291 and Other
Information

Mark-to-Market Information

QEF Information

(d) Shareholder’s share
of net capital gain

(e) Shareholder’s share
of fair market value of
PFIC shares held by
corporation at beginning
of tax year

(f) Shareholder’s share
of fair market value of
PFIC shares held by
corporation at end of
tax year

(g) Dates PFIC shares
were acquired

Section 1291 and Other Information
(h) Shareholder’s share
of amount of cash and
fair market value of
property distributed by
PFIC during the current
tax year (if applicable)

(i) Dates of
distribution

(j) Shareholder’s share of (k) Shareholder’s share
total creditable foreign
of total distributions
taxes attributable to
from PFIC in preceding
distribution by PFIC
3 tax years

(l) Dates PFIC
shares disposed of
during tax year
(if applicable)

(m) Shareholder’s
(n) Shareholder’s share (o) Shareholder’s share
share of amount
of gain (loss) on
of corporation’s tax
realized by corporation
disposition by
basis in PFIC shares
on disposition of
corporation
of PFIC
on dates of disposition
PFIC shares
shares

Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

Part VII
A
C

Shareholder’s Share of Corporation’s Interest in Foreign Corporation Income (Section 960)

B Separate category. See instructions
If PAS was entered on line B, applicable grouping under Regulations section 1.904-4(c). See instructions . . . . . . . . . . .
Box is checked if there is more than one source country for a line. See attachment and instructions . . . . . . . . . . . . . .
Box is checked if U.S. source income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Box is checked if FORI or FOGEI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EIN or reference ID number of controlled foreign corporation

D
E
F

Amounts are in functional currency unless otherwise noted.
See instructions.
1 Subpart F income groups
a Dividends, interest, rents, royalties, and annuities (total)
(1) Unit

(i) Country code

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(2) Unit
b Net gain from certain property transactions (total) .
(1) Unit

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(2) Unit
c Net gain from commodities transactions (total) .
(1) Unit

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(2) Unit
d Net foreign currency gain (total)
(1) Unit

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(2) Unit
e Income equivalent to interest (total)
(1) Unit

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(2) Unit
f Foreign base company sales income (total) .
(1) Unit

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(2) Unit
g Foreign base company services income (total) .
(1) Unit

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(2) Unit
h Full inclusion foreign base company income (total)
(1) Unit
i

14

Shareholder’s identifying number

Shareholder’s name

(2) Unit
Insurance income (total)
(1) Unit

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(2) Unit
j International boycott income (total) . . .
k Bribes, kickbacks, and other payments (total)
l Section 901(j) (total) . . . . . . . .

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.

.
.
.

.
.
.

.
.
.

(ii) Shareholder’s share
of net income

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.

.
.
.

.
.
.

.
.
.

.
.
.

(iii) Shareholder’s share of
average asset value

.
.
.

.
.
.

.
.
.

.
.
.

.
.
.

.
.
.

▶
▶
▶

(iv) Reserved for
future use

Schedule K-3 (Form 1120-S) 2021

Schedule K-3 (Form 1120-S) 2021

Page
EIN

Corporation’s name

Part VII

Shareholder’s Share of Corporation’s Interest in Foreign Corporation Income (Section 960) (continued)

Amounts are in functional currency unless otherwise noted.
See instructions.
2
3

4

5

Recaptured subpart F income .
Tested income group (total)
.
(1) Unit
(2) Unit
Residual income group (total) .
(1) Unit
(2) Unit
Total . .

15

Shareholder’s identifying number

Shareholder’s name

.

.

.

.

.

.

(i) Country code

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.
.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

▶

(ii) Shareholder’s share
of net income

(iii) Shareholder’s share of
average asset value

(iv) Reserved for
future use

Schedule K-3 (Form 1120-S) 2021