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Form 5471 automated preparation

Schedule Q: Line 3 GILTI Tested Income Group

Tested income information is reported in the line 3 section of Schedule Q at a unit level. Refer to the
Schedule Q Line 3 Grouping
 column on the 5471 Schedule Q Grouping Report for more information regarding the unit breakdown for a divisional consolidation processing Intercompany Transactions at the division level. When determining the individual instance of Schedule Q where amounts should be reported, tested income will always be treated as a foreign source. For the passive basket, the system uses the Withholding Tax Rate selected for Passive Non-Subpart F (full inclusion) source codes on the
Binder Properties > International
tab.
Schedule Q Field
Data Source
Unit Name
Entity Properties > Name
Unit Column i (Country Code)
Binder Properties > Country of Incorporation
Unit Column ii (Gross Income)
Section 951A GILTI High Tax Exception Report > Tentative Gross Tested Income (FC)
Unit Column v (Other Interest Expense)
Section 951A GILTI High Tax Exception Report > Interest Expense + Interest Expense Adjustment
Unit Column vii (Other Expense)
Section 951A GILTI High Tax Exception Report > Other Deductions + Other Deductions Adjustment
Unit Column x (Other Current Year Taxes)
Section 951A GILTI High Tax Exception Report > Foreign Income Taxes Paid + Foreign Income Taxes Adjustment
Unit Column xii (Foreign Taxes for which Credit Allowed)
Section 951A GILTI High Tax Exception Report > Total Foreign Income Taxes Paid (US Dollar)
Unit Column xiii (Average Asset Value)
Interest Apportionment Information Screen > Operating Assets > non-Subpart F source codes if the legal entity is not full inclusion
Average Asset Override if not blank OR
(Beginning of Year + (End of Year Override or End of Year from Intl Compute)) / 2
Unit Column xiv (High Tax Election)
Checked if the Unit is part of a GILTI HTE Tested Unit Country Group that meets the GILTI HTE test
Tested Income Group Total Row
Sum the Unit amounts (for each column populated) for Units that do not have Column xiv (GILTI HTE) checked

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: international

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