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Foreign divisional consolidations

Form 8858 Rollover in a Foreign Entity Binder

Tax Year 2008 to 2009

Since parent, subsidiary and divisional consolidation binders with an
International Filing Type
 of
Foreign Entity
may now be treated in ONESOURCE Income Tax as if they were foreign divisions, the Form 8858 is automatically created and data transferred from TAS to Organizer for these entity types. To accommodate form automation, any 8858's manually created in tax year 2008 foreign subsidiary, parent and divisional consolidation binders do not rollover to tax year 2009.
Rollover of Form 8858 in foreign and foreign tax credit divisions is unchanged.

Tax Year 2009 to 2010 (and later)

The rollover of the Form 8858 from tax year 2009 to 2010 (and later) in foreign parent, subsidiary and divisional consolidation binders will match the current rollover of the form in foreign and foreign tax credit division binders.

Where to Create Additional 8858s

The automation of Form 8858 in the additional entity types limits where the form can be manually created. If 8858s should be filed as part of a Form 5471 or 8865, create a foreign divisional consolidation structure for the legal entity group with separate divisions for each disregarded entity (8858).
When filing a Foreign Partnership return, additional 8858s can be created within the Foreign Partnership Information (Form 8865) folder in Organizer. Consider creating any other 8858s within a domestic entity binder.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1120 Corporation,international
  • Subject: Roll forward / rollover,Binders

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