Foreign entity transfer to US8992 compute

Controlled foreign corporation

In
Binder Properties
, in the
Return Information
section, for
International Filing Type
is
Foreign Entity
.
When there's a value in
Employer ID (EIN/FEIN)
then the
ID Type
is
EIN
.
When there isn't a value in
Employer ID (EIN/FEIN)
then the
ID Type
is
Foreign.
The
Reference ID Number
transfers from the
Binder Properties
tab
General Information
under
Binder Information
.

In
Binder Properties
, select the
International
tab.
For
Foreign Entity Type
select
Controlled Foreign Corporation
.
For
International Entity Type
select
Foreign Entity
.

U.S. shareholder

Go to
Entity Properties
, then the
Return Information
section.
Select
Foreign Tax Credit
for the
International Filing Type
.
The
U.S. Shareholder's Name
and
EIN
values populate from the
Entity Information
.
Part II
In Organizer, select
Shareholder Calculation of GILTI in U.S. Shareholders with CFC amounts
and in consolidations with members with amounts.
Select
Foreign Information
,
Shareholder Calculation of GILTI
,
Generate Form 8992
.
Select
Suppress Compute Form 8992
to prevent Form 8992 from populating.
Select
Suppress consolidation of Form 8992 organizer
to prevent Form 8992 from consolidating.
Under
Form Used (Override)
, select
Blank
to let the software to calculate
Schedule A
or
Schedule B
.
In Organizer, select
Foreign Information
, then
Shareholder Calculation of GILTI
. Select
Schedule B
in
INTL Transfer Options
to prevent updates.

Consolidated calculation reports

Verify that the
Last Subpart F Calculation
is same date and time for all CFCs.
Verify that the
EIN or Reference ID
is populated for
all
CFCs.

Compute and consolidate

In the Top consolidation binder, on the
International Compute
tab under
Foreign Tax Credit
, for
TIBS, FTC
, select
Transfer to US8992
.
Select
Compute
.

Consolidate
the top consolidation with
Consolidate this binder and compute all binders with computes pending + consolidate and compute all underlying consolidations regardless of compute status
selected and with
Organizer
selected under
What to Consolidate
for all consolidations 2 times to:
Consolidate
Schedule B Part I
and back allocate to
8992 Schedule B Part II
.
Consolidate
Schedule B Part II
.