TN Form 1120-F - Schedule M-1 & M-2 2024-2025

TN Form 1120-F - Schedule M-1 & M-2: What You Should Know

Line 10, “Investment income.” Income on a corporation's interest in real estate may be excluded. Capital gains made on corporate stock, stock in limited liability companies, and dividends received and distributed from corporate stocks are not reported as ordinary income. You can exclude from the gross income of the corporation all stock dividends, capital gains, interest, and short-term capital gain. It is not necessary to include certain capital gains if they are realized when the company no longer owns the property. If the corporation is required to report any foreign earnings, be sure to consider Form 4797 (Brief Statement of Foreign Tax Credit for U.S. Source Income and Related Items) when calculating the tax liability. Instructions for Federal Return: First, enter the amount of additional income items passed through to shareholders from federal. Second, enter gross income from federal. Enter line 2; enter gross income from federal. Third, enter foreign income for the United Kingdom and Ireland. Enter any tax withheld. The amount of taxes withheld and the withholding rate are not shown in this return. However, as a general rule, the federal tax withholding rate on U.S. source income is 20 percent (including state and local taxes, if any), whereas the withholding rate for non-U.S. source income is 15 percent. See Tax Deduction and Credit for Non-U.S. Source Income in Publication 526, Corporations. Fourth, enter interest, dividends, and rents (except to a specified foreign country, such as Puerto Rico) received or paid from the corporation. Fifth, enter gross income from foreign source. If any foreign income is reported as dividends, enter this amount. If no cash dividends were received (i.e., the dividends are received in connection with a security interest in property, or the dividends are reported as compensation for services rendered to the corporation or its shareholders), enter 0 or the amount of dividends received (as reported on Form 1120-P). The corporation calculates its foreign source income on the date it distributes the income. The deduction for foreign taxes paid or accrued, however, is reported in box 4, “Foreign taxes paid or accrued.” Boxes 1 through 11: Line 1, enter the amount of foreign income from income of the corporation. Line 2, enter other foreign source income received from the corporation.

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