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Screen 8858-3 - Other Information, Income Statement, Sect 987 Gain or Loss (1040)
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Overview
Use this screen to complete the direct owner of the foreign disregarded entity information and Schedule C of Form 8858.
Direct Owner of the FDE and Organization Chart
The application transfers corresponding information entered in the 8858 screen for the Unit, T, S and Foreign disregarded entity name fields to this section automatically.
Enter information in this section to complete the direct owner information and the organizational chart of the foreign disregarded entity.
Direct owner of foreign disregarded entity
Complete these fields only if the direct owner of the foreign disregarded entity is different from the tax owner. If they are the same, leave these fields blank, and the application will leave the fields on Form 8858, Page 1, Direct owner of the foreign disregarded entity, blank.
Country under whose laws organized
Enter the 2-letter code for the foreign country under whose laws the foreign disregarded entity is organized. Enter the foreign country code in the field or select it from the fieldview. The application updates the name of the foreign country based on the 2-letter code selected and transfers the name of the foreign country to Form 8858, Page 1, Country under whose laws organized for the direct owner of the foreign disregarded entity.
Functional currency
Enter the name of the functional currency of the foreign disregarded entity.
Schedule C - Income Statement
Enter information in this section to complete the income statement.
Exchange rate used for income statement
Enter
1
to use the average exchange rate to translate the foreign currency amounts to U.S. dollars. Enter 2
to use the current year-end spot rate to translate the foreign currency amounts to U.S. dollars.If nothing is entered in this field or the
Other exchange rate used for income statement
field, the amounts entered are treated as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C and the amounts you entered transfer to the U.S. Dollars column on Form 8858, Schedule C.Other exchange rate used for income statement...
Enter another exchange rate if you don't want to use the average exchange rate or the current year-end spot rate to translate the foreign currency amounts to U.S. dollars. The other exchange rate should be entered as the number of foreign currency units that equals 1 unit of U.S. dollars.
If nothing is entered in this field or the
Exchange rate used for income statement
field, the amounts entered are treated as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C and the amounts you entered transfer to the U.S. Dollars column on Form 8858, Schedule C.Income Statement Items
Enter amounts in foreign currency. The foreign currency amounts are translated to U.S. dollars based on the exchange rate selected in the
Exchange rate used for income statement
or Other exchange rate used for income statement
fields.If you don't want to enter the amounts in foreign currency, don't complete the
Exchange rate used for income statement
field or Other exchange rate used for income statement
field. The application treats the amounts entered as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C and the amounts you entered transfer to the U.S. Dollars column on Form 8858, Schedule C.Schedule C-1 - Section 987 Gain or Loss Information
Enter information in this section to complete section 987 gain or loss.
Section 987 gain or loss information
Enter information in the statement to complete Schedule C -1, Section 987 gain or loss information. If you enter more than 1 item in the statement, the 1st item prints on Form 8858, page 2, Schedule C-1 and any remaining items print in a statement attached to the return.