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Foreign entity returns

Batch import of Qualified Business Asset Investment (QBAI) for Global Intangible Low Taxed Income (GILTI)

The automatic population for
Foreign Entity
 in
Global Intangible Low Taxed Income (GILTI)
,
Tested Item Sourcing and Translation
 tab doesn't include the
8 Qualified Business Asset Investment (QBAI)
 line, except for the
Translation Rate
.
The
Total
 column transfers from the
QBAI in Functional Currency
 tab
Quarterly Average
 line.
Separate batch imports are required to populate the
QBAI in Functional Currency
 tab and the
Tested Item Sourcing and Translation
 tab,
8 Qualified Business Asset Investment (QBAI)
 line, the
Passive Income
 column, and the
General Limitation Income
 column, with 1 row for each
Controlled Foreign Corporation
 in each import file.
The
Start Row
 is the row following the column headers with the 1st
Entity Number
.
The Batch Import to
QBAI in Functional Currency
 for
Category: International
,
Type: GILTI – QBAI (Qualified Business Asset Investment)
, and
Import Mode: Add and replace entries
 includes the following columns:
  • Entity Number
  • Q1 Bases
  • Q1 Accumulated Depreciation
  • Q1 Other Adjustments
  • Q2 Bases
  • Q2 Accumulated Depreciation
  • Q2 Other Adjustments
  • Q3 Bases
  • Q3 Accumulated Depreciation
  • Q3 Other Adjustments
  • Q4 Bases
  • Q4 Accumulated Depreciation
  • Q4 Other Adjustments
Bases
 columns populated as positive amounts are required, even if the calculated average is populated as each quarterly amount.
Accumulated Depreciation
 columns only allow negative amounts.
The batch import to
Tested Item Sourcing and Translation
 for
Category: International
,
Type: GILTI – Tested Item Sourcing and Translation
, and
Import Mode: Add and replace entries
 requires the following columns:
  • Entity Number
  • Line Number
  • Passive Income
  • General Limitation Income
The
Line Number
 is always
8
 for Qualified Business Asset Investment (QBAI).
The
Passive Income
 and
General Limitation Income
 columns are either positive amounts, 0, or blank for 0.

This article applies to:

  • Product: ONESOURCE Income Tax
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