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Foreign entity screens

DASTM
and Section 987
can't be chosen simultaneously for display in the same divisional consolidation.

The following table describes each of the primary menu items for a Foreign Entity.

Menu Item	Description
Income Sourcing Workpaper	Information required to allocate and apportion income and expenses to designated source codes.
Asset Sourcing Workpaper	Allocate and apportion assets to designated source codes to determine end of year operating balances for interest apportionment for tax years 2011 and later.
GILTI Workpaper	The GILTI Workpaper is part of the Foreign Entity returns data. This workpaper has three pages, QBAI in Functional Currency , Tested Item Sourcing and Translation , and High Tax Exception Adjustments .
Interest Apportionment Information	Information required to build the asset base for the apportionment of interest expense, if the Assets Method was chosen (in Binder Properties, International tab) as the method for apportioning interest. Taxable asset information is required on Taxable and Non-Taxable screen to transfer to Form 5471 Schedule Q column (xiii) Average Asset Value.
Beginning Balances - E&P and Taxes	Historical balances of E&P and tax layers/pools, U.S. Dollar basis in PTI, and any current year tax adjustments to these balances.
Current Year Taxes Paid/Accrued	Creditable taxes that are paid or accrued by the foreign entity. These taxes will be added to the tax pool.
Other Adjustments	Four separate screens that adjust the current year Subpart F inclusion: Investments in U.S. Properties, Qualified Deficits, Subpart F Recapture, and LIFO Adjustments. Hovering Deficit remaining balances for tax years 2012 and later.
U.S. Dollar Book Balances Override	Amounts override the U.S. Dollar balances calculated in the TAS Working Trial Balance and are transferred to Forms 5471, 8858, and 8865.
Look Through Transactions	Related party payments/receipts of rent, royalty, interest, or dividends.
Form 5471 Schedule M Chart	Used to allocate account balances to the columns of Schedule M(once the accounts have been mapped to the Schedule M lines in the Schedule M Cross-Reference Chart)
DASTM	Gain or loss when translating current and historical assets upon transfer from a qualified business unit to its U.S. home office (screens available only when the option is selected in the Binder Properties \| International tab.)
Section 987	Applies when a branch’s functional currency is different from the functional currency of its home office (screens available only when the option is selected in the Binder Properties \| International tab.)

This article applies to:

PRODUCT: ONESOURCE Income Tax
Return type: international

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