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This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: insurance

Use Foreign Tax Credit data entry screens in an 1120L or 1120PC binder to populate Form 1118

You can include an insurance binder (return type of 1120L or 1120PC) with an international filing type of Foreign Tax Credit in the international calculations (TIBS, FTC and Schedule A&H, and Transfer to US1118).
Currently, all binders with an international filing type of Foreign Entity must have a return type of 1120 to be included in the international calculations (E&P, Look-Thru, Subpart F, and Transfer to US5471). The international filing type (None, Foreign Tax Credit, or Foreign Entity) is assigned at the entity level and inherited by the binders for that entity. Selecting Foreign Tax Credit or Foreign Entity for a binder is permanent.

View the International Filing Type for an entity

  1. On the
    My Binders
     screen, select the binder.
  2. Select
    Properties
    , then the
    General
     tab.

Create the Top Consolidation binder

The top consolidation binder should have an international filing type of Foreign Tax Credit and a return type of 1120 rather than 1120L or 1120PC. However, any mix of these binder return types is allowed on the
Domestic
 and
International Members
tabs of the top consolidation binder for international calculation purposes.

Review the members

  1. Select a top consolidation binder.
  2. Select
    Properties
    , then the
    Members
     tab.

Valid entity types in international calculations

The following entity types are valid for international calculations:
  • Corporate single entity
  • Division (used in div con members)
  • Div Con (used in top consolidation members)
  • Elimination
  • Parent
  • Subsidiary
A subconsolidation entity is not valid for international calculations. If a subconsolidation entity is used on the
Domestic Members
 screen, the subsidiaries of the subconsolidation should be used on the
International Members
 screen for inclusion in the international calculations.
For the valid entity types, when the Foreign Tax Credit binder is added to the
Domestic Members
 screen, the binder is inherited automatically by the
International Members
 screen for inclusion in the international calculations.

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