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Screen 8621-3 – Distributions From Section 1291 Fund (1120)
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Distributions From Section 1291 Fund
Total distributions from the Section 1291 fund during the current tax year
Enter total current tax year distributions from the section 1291 fund for the applicable stock.
note
Do not enter data for the rest of Part V if the holding period of the applicable stock began in the current tax year and the stock was not disposed of during the tax year. If the stock was disposed of during the tax year, skip Part V, lines 15b through 15e, and enter data for lines 15f and 16.
Total distributions made by the fund for up to 3 years preceding the current tax year
Total distributions entered in this field should be reduced by the portions of such distributions that were excess distributions and not included in income.
Aggregate increase in tax for the holding period
Enter the aggregate increases in tax calculated for all years, other than the current tax year and pre-PFIC years, before credits. This amount is determined by multiplying the part of the excess distribution allocated to each year in the holding period (other than the current tax year and any pre-PFIC years) by the highest rate of tax in effect for that tax year under sections 1 or 11 (whichever applies).
Foreign tax credit
Enter the foreign tax credit attributable to the distribution. Do not include excess distribution taxes allocated to the current tax year or to pre-PFIC years. Excess distribution taxes are determined by apportioning total creditable foreign taxes (attributable to an excess distribution) between the part of the distribution that is an excess distribution and the part that is not. Carryover of any unused excess distribution taxes is not allowed.
Interest on aggregate increase in tax
Enter the interest charged on each net increase in tax. Begin with the due date of the income tax return for the tax year to which an increase in tax is attributable, and end with the due date of the income tax return for the excess distribution tax year. Due dates are considered without regard to extensions. This amount will be included with the amount owed on the main return.