Federal Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System

Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System
Form 965 (Rev. January 2021)
Form

965

Inclusion of Deferred Foreign Income
Upon Transition to Participation Exemption System

(Rev. January 2021)
Department of the Treasury
Internal Revenue Service

▶

For calendar year 20

OMB No. 1545-0123

▶ Attach to tax return.
Go to www.irs.gov/Form965 for instructions and the latest information.

, or other tax year beginning

, 20

Attachment
Sequence No. 76

, and ending

, 20

, of the filer.

Identifying number

Name of person filing this return

Note: Throughout this form, the term “2020 tax year” refers to 2020 calendar tax years and fiscal tax years of the person filing this
return that begin in 2020.

Part I

Section 965(a) Inclusion

1
2

Reserved .
Reserved .

3

2020 tax year section 965(a) inclusions from pass-throughs.
Enter the sum here and on your tax return as follows.
Corporations: Enter the line 3 total on Form 1120, Schedule C, line 15, column (a), or the
corresponding line of other corporate tax returns.
All others: See instructions . . . . . . . . . . . . . . . . . . . . .
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Part II

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Section 965(c) Deduction

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Reserved
Reserved
Reserved
Reserved
Reserved
Reserved
Reserved
Reserved
Reserved
Reserved

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2020 tax year section 965(c) deduction from pass-throughs.
Enter the sum here and on your tax return as follows.
Corporations: Enter the line 17 total on Form 1120, Schedule C, line 15, column (c), or the
corresponding line of other corporate tax returns.
All others: See instructions . . . . . . . . . . . . . . . . . . . . . .

17

Part III
A
B
C
D
E

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Elections

Yes No

Was an election made to pay the net tax liability over 8 years as provided for in section 965(h)?
Complete if a shareholder in an S corporation.
Was an election made to defer payment of net tax liability as provided for in section 965(i)? . .
Complete if a Real Estate Investment Trust.
Was an election made to include income over 8 years as provided for in section 965(m)? . .
Was an election made not to apply a net operating loss deduction as provided in section 965(n)?
Was the election provided for in Regulations section 1.965-2(f)(2) made? . . . . . . . .

For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 71279D

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Form 965 (Rev. 1-2021)