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Foreign divisional consolidation best practices
The 8865 and partner Schedule K-1s get completed in legal entity foreign partnership binders. When you attempt to change the international entity type from Foreign Entity to Division of Foreign Entity, the system verifies that the foreign parent, subsidiary or divisional consolidation isn't selected in
Binder Properties
, Foreign Partnerships
of any other entity. The TAS error message identifies the partner binders with this foreign partnership selected as an 8865 Schedule K-1 transfer source for tax adjustments.If the foreign parent, subsidiary, or divisional consolidation binder is in the members list of any foreign divisional consolidation (the binder's currently being used as a division), you can't change the international entity type from Division of Foreign Entity to Foreign Entity until you remove it from the list. The system issues a message identifying each foreign divisional consolidation that you must update.
If the foreign divisional consolidation's Intercompany Data Entry and Processing Level indicator is
Division
, then the International Data Completion Level must also beDivision
.If you subsequently change the International Data Completion Level to
Divisional Consolidation
, then the system deactivates the Intercompany Data Entry and Processing Level indicator and automatically changes it toDivisional Consolidation
.In addition, the system retains existing information in the intercompany payments and receipts screens of the foreign divisional consolidation's member binders but ignores it during the Look Through and Subpart F computes.
This article applies to:
- PRODUCT: ONESOURCE Income Tax
- Return type: 1120 Corporation
- Subject: Consolidations