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Form 8975, Country by Country Report

How Form 8975 Schedule A Workpaper is populated

During a TAS Compute, entity and binder properties, as well as U.S dollar book adjusted amounts, get transferred to the
From TAS Compute
 column in the individual binder Form 8975 Schedule A Workpaper as follows.

General Information

  • Constituent Name
     = Entity Properties, Entity Name
  • Tax Jurisdiction
    • FTC (foreign tax credit) entities other than divisions = Defaults to U.S.
    • Foreign entities and FTC divisions = Binder Properties, International, Country of Operations
  • Jurisdiction of Organization, Incorporation
    • FTC entities other than divisions = Defaults to U.S.
    • Foreign entities and FTC divisions = Binder Properties, International, Country of Incorporations/Organization
  • Taxpayer Identification Number
    • FTC entities other than divisions = Entity Properties, EIN
    • Foreign entities and FTC divisions = Binder Properties, General, Taxpayer Identification Number

Address

Various address fields = Entity Properties

Business Activity Codes

  • CBC501-CBC513 = Binder Properties, International, 8975 Business Activities
  • Other Activity Description = International, 8975 Business Activities

Identification Numbers

1-10 instances of ID Numbers, Country, and Description = International, 8975 Identification Numbers

Financial Amounts

  • If an 8975 Schedule A mapping chart's assigned to the binder, the U.S. dollar after book adjustment amounts in accounts that are cross referenced to the following 8975 tax return lines get transferred to the workpaper:
    • 1a - Revenues - Unrelated Party
    • 1b - Revenues - Related Party
    • 3 - Income Tax Paid (on Cash Basis)
    • 4 - Income Tax Accrued - Current Year
    • 5 - Stated Capital
    • 6 - Accumulated Earnings
    • 8 - Tangible Assets Other than Cash and Cash Equivalents
  • Amounts get pulled from the US Dollar Book Balances Override Workpaper is you select Use US Dollar Book Balances Override. Otherwise, amounts in the Adjusted Book Balance column of the U.S. dollar Working Trial Balance get transferred to the Financial Amounts section of the workpaper.
  • Only accounts with balances get displayed in the workpaper.

Overriding values transferred from TAS Compute

TAS information gets presented in the From TAS Compute column for reference and evaluation. The Final Form Data column mirrors the values from TAS or display user overrides, and carry to the Form 8975 Schedule A Workpaper in the related Top Consolidation binders.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: Workpapers

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