Get 2017 Form 1120-F (Schedule I). Interest Expense Allocation Under Regulations Section 1.882-5

Interest will be paid for a refund on an amended return; this interest will be taxable in the year it is received. Normal processing time is 12 to 16 weeks. Check the status of 1040-X using Where's My Ammended Return.

A foreign corporation files this form to report their income, gains, losses, deductions, credits, and to figure their U.S. income tax liability.

The interest allocation rules of Regulations section 1.882-5 are the exclusive rules for allocating interest expense under section 882(c) to ECI and for attributing interest expense to business profits of a U.S. permanent establishment under all income tax treaties other than treaties that expressly permit attribution ...

If you fail to file when required, you may face penalties. These penalties start at 5% of the unpaid tax per month, up to a maximum penalty of 25%.

A foreign corporation that maintains an office or place of business in the United States must generally file Form 1120-F by the 15th day of the 4th month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 4th month after the short period ends.

Purpose of Form 1120-F Also, use Form 1120-F to claim any refund that is due to transmit Form 8833, Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b), or to calculate and pay a foreign corporation's branch profits tax liability and tax on excess interest, if any, under section 884.

If you fail to file when required, you may face penalties. These penalties start at 5% of the unpaid tax per month, up to a maximum penalty of 25%.

The amount of interest expense from Schedule I, line 24g is reportable on Form 1120-F, Section III, Part II, line 7b. The amount of the allocation under Regulations section 1.882-5 reportable on Schedule I, line 23 is reportable on Form 1120-F, Section III, Part II, line 7c.