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Screen 8858-4 - Balance Sheet, Other Information and Earnings and Profits (1040)
Show all hidden content
Overview
Use this screen to complete Schedules F, G, and H of Form 8858.
Schedule F - Balance Sheet
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 balance sheet.
Exchange rate used for balance sheet
Enter
1
to use the average exchange rate to translate the beginning-of-year and end-of-year foreign currency amounts to U.S. dollars. Enter 2
to use the current year-end spot rate to translate the beginning-of-year and end-of-year foreign currency amounts to U.S. dollars. Enter 3
to use the prior year-end spot rate to translate the beginning-of-year foreign currency amounts to U.S. dollars and the current year-end spot rate to translate the end-of-year foreign currency amounts to U.S. dollars.If nothing is entered in this field or the
Other exchange rate used for balance sheet
field, the amounts entered are treated as U.S. dollars. The amounts entered in this section are transferred to Schedule F.Other exchange rate used for balance sheet...
Enter another exchange rate if you don't want to use the average exchange rate, the current year-end spot rate, or the prior year-end and 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 balance sheet
field, the amounts entered are treated as U.S. dollars. The application transfers the amounts entered in the Schedule F assets and liabilities and shareholders’ equity sections on the screen to Schedule F.Assets and Liabilities
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the exchange rate selected in the
Exchange rate used for balance sheet
or Other exchange rate used for balance sheet
fields.If you don't want to enter the amounts in foreign currency, don't complete the
Exchange rate used for balance sheet
field or the Other exchange rate used for balance sheet
field. The amounts entered are treated as U.S. dollars. The amounts entered in the Schedule F assets and liabilities and shareholders’ equity sections on the screen transfer to Schedule F.Schedule G - Other Information
Enter information in this section to complete the other information section on the form.
Did the foreign disregarded entity own an interest in any trust?
Enter
1
for Yes or 2
for No. Enter the code or select it from the fieldview. If you leave this field blank, the answer defaults to No.Did the foreign disregarded entity own at least a 10% interest in any foreign partnership?
Enter
1
for Yes or 2
for No. Enter the code or select it from the fieldview. If you leave this field blank, the answer defaults to No.Does the separate unit or combined separate unit have a dual consolidated loss?
Enter
1
for Yes or 2
for No, or leave blank to print N/A. Enter the code or select it from the fieldview.Schedule H - Current Earnings and Profits
Enter information in this section to complete the current earnings and profits section of the form.
Current year net income or (loss) per foreign books of account (Force)
The amount of functional currency current year net income (loss) from Schedule C, line 8 transfers to Schedule H, line 1. If the
Use DASTM method of accounting
field is marked in the 8858 screen, the application transfers the amount of U.S. dollar current year net income (loss) from Schedule C, line 8 to Schedule H, line 1. Enter an amount in this field (including 0) if you want to override the amount transferred.note
For Category 5 filers of Form 5471 or Category 2 filers of Form 8865, Schedule C isn't calculated. As a result, you must enter a current year net income or loss in this field.
DASTM gain or loss
Enter the amount of DASTM (dollar approximate separate transaction method) gain or loss reflecting unrealized exchange gain or loss for foreign disregarded entities that use the DASTM method of accounting.