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

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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 2023, or tax year beginning

/ 2023

/

, ending

OMB No. 1545-0123

/

2023

/

See separate instructions.

Information About the Corporation

Information About the Shareholder

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE

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

For IRS Use Only

E

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

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

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www.irs.gov/Form1120S

Cat. No. 74747C

Yes

No

1
2
3
4
5
6
7

Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

Part I

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

Shareholder’s name

Page

2

Shareholder’s identifying number

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

4. Foreign tax translation

5. High-taxed income
6. Section 267A disallowed deduction
7. Form 8858 information

8. Form 5471 information
9. Other forms
10. Shareholder loan transactions

✢❏❘

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

✣❈❅❃❋

Check box(es) for additional specified attachments. See instructions.

11. Entity treatment for certain S corporations
12. Form 8865 information
13. 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

Sales
A
B
C

2

(b) Foreign branch
category income

(c) Passive
category income

(d) General
category income

(e) Other
(category code

)

(f) Sourced by
shareholder

(g) Total

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) 2023

Schedule K-3 (Form 1120-S) 2023

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

Shareholder’s name

Page

3

Shareholder’s identifying number

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

Foreign Source

Description
8

(a) U.S. source

Qualified dividends
A
B
C

9

Reserved for future use .

10

Royalties and license fees

.

.

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

.

(b) Foreign branch
category income

(c) Passive
category income

(d) General
category income

(e) Other
(category code

)

(f) Sourced by
shareholder

(g) Total

.

Unrecaptured section 1250 gain
A
B
C

15

Net section 1231 gain
A
B
C
Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

Shareholder’s name

Page

4

Shareholder’s identifying number

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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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

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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

Total gross income (combine lines 1
through 23) . . . . . . . .
A
B
C
Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

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Shareholder’s identifying number

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 performance 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 . . . .

32

Research & experimental (R&E) expenses

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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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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 line 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

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45

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

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Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

Page

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 . .

49

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

50

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

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
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.
R&E expense with respect to activity performed in the United States
. . . . . . . . . . . . . . . . .
(i) SIC code:

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

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2A(i)
2A(ii)
2A(iii)

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

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2B(i)
2B(ii)
2B(iii)

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Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

Shareholder’s name

Page

7

Shareholder’s identifying number

Part III
Other Information for Preparation of Form 1116 (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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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
.

.

5

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

Reserved for future use .

.

.

(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) 2023

Schedule K-3 (Form 1120-S) 2023

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AND OMB USE
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DO NOT FILE
EIN

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Shareholder’s identifying number

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

Direct (section 901 or
903) foreign taxes:

Paid

A
B
C
D
E
F
G
3

(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) Type of tax

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 . . . . . . . . . . .
Foreign tax redeterminations

A
Related tax year:
Date tax paid:
Contested tax
.

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Related tax year:
Date tax paid:
Contested tax
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Reserved for future use .
Reserved for future use .
Reserved for future use .

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B

C
Related tax year:
Date tax paid:
Contested tax
4
5
6

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.
Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023
Corporation’s name

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EIN

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Part III
Other Information for Preparation of Form 1116 (continued)
Section 3—Foreign Taxes (continued)
(d) Passive category income
U.S.
1
A
B
C
D
E
F
2
A
B
C
D
E
F
G
3
A
B
C
4
5
6

Foreign

(e) General category income

Shareholder

U.S.

Foreign

Shareholder

(f) Other
(category code

)

(g) Total

Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

Part IV

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Shareholder’s identifying number

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

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

Shareholder’s name

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

(b) EIN or
reference ID number

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

(c) Date of distribution

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

(d) Functional currency of
distributing foreign corporation

(e) Amount of distribution
in functional currency

(j) Qualified foreign
corporation

(k) Reserved for
future use

Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

Part V
a
b

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Shareholder’s name

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

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

(a) Name of CFC

A
B
C
D
E
F
G
H
I
J
K
1 Shareholder’s total (sum for all CFCs)

(h) Tested loss

(b) EIN or
reference ID number

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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) 2023

Schedule K-3 (Form 1120-S) 2023

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

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12

Shareholder’s identifying number

Part VI
Information Regarding Passive Foreign Investment Companies (PFICs)
Section 1—General Information
General Information

(b) EIN or
reference ID number

(a) Name of PFIC
A
B
C
D
E
F
G
H
I
J
K
L

(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
(j) Election
has indicated
PFIC is also
PFIC meets
documented its
made by
its shares are
a controlled
eligibility to be
the income
corporation
“marketable
foreign
treated as a
test or asset
(see
stock” within
corporation
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).

A
B
C
D
E
F
G
H
I
J
K
L
Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

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AND OMB USE
ONLY DRAFT
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Part VI
Information Regarding Passive Foreign Investment Companies (PFICs) (continued)
Section 2—Additional Information on PFIC or Qualified Electing Fund (QEF)
General Information

(a) Name of PFIC

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

QEF Information

(b) EIN or
reference ID number

(c) Shareholder’s share
of ordinary earnings

Section 1296 Mark-to-Market Information

(d) Shareholder’s share
of net capital gain

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

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

Section 1291 and Other
Information

(g) Dates PFIC shares
were acquired

Section 1291 and Other Information

(h) Shareholder’s share
of amount of cash and
FMV of property
distributed by PFIC
during the current tax
year (if applicable)

(i) Dates of
distribution

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

(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

A
B
C
D
E
F
G
H
I
J
K
L
Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

Part VII

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

14

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

EIN or reference ID number of controlled foreign corporation .

.
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
E Box is checked if U.S. source income
Box is checked if foreign oil related income or foreign oil and gas extraction income
G Functional currency of foreign corporation . . .

A
C
D
F

Page
Shareholder’s identifying number

Shareholder’s name

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

.

.

.

.

.

.

.

(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 Other foreign personal holding company income (total)
(1) Unit:

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.

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

.

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.

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

.

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i

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

j

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

.

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.

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

.
.
.

.
.
.

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.
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.
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.
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.
.

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.
.

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.
.

(ii) Shareholder’s share of
foreign corporation’s net
income (functional currency)

.
.
.

.
.

.
.

.
.

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.

.

.

.

.

.

.

(iv) Foreign corporation’s
(iii) Foreign corporation’s
current year foreign taxes for
total net income (functional
which credit allowed (U.S.
currency) (see instructions)
dollars) (see instructions)

Schedule K-3 (Form 1120-S) 2023

Schedule K-3 (Form 1120-S) 2023

Part VII

TREASURY/IRS
AND OMB USE
ONLY DRAFT
June 22, 2023
DO NOT FILE
EIN

Corporation’s name

Shareholder’s name

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

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

Page
Shareholder’s identifying number

.

.

.

.

.

.

(i) Country code

.
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(ii) Shareholder’s share of
foreign corporation’s net
income (functional currency)

(iv) Foreign corporation’s
(iii) Foreign corporation’s
current year foreign taxes for
total net income (functional
which credit allowed (U.S.
currency) (see instructions)
dollars) (see instructions)

Schedule K-3 (Form 1120-S) 2023