Schedule J Foreign Dividends
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Year ending
Illinois Department of Revenue
Schedule J
Foreign Dividends
____ ____
Month
Year
Attach to your Form IL-1120
Illinois Attachment No. 10
Enter your name as shown on your Form IL-1120.
Enter your Federal employer identification number (FEIN).
Step 1: Figure your subtraction
(Read the instructions on the back before completing this schedule.)
The line references in each item refer to U.S. 1120, Schedule C, and must be used to complete Columns A and B. If you did not file a
U.S. 1120, Schedule C, **use the corresponding lines from the federal schedule you filed (see the list under “What must I attach to Schedule J?”). If
you had an IRC limitation, complete Column A, then refer to Step 2 on the back for the correct amounts to enter in Column B, Lines 1 through 3. Do not
include any dividends received from a domestic corporation.
A
B
C
D
E
Enter the following amounts
Foreign dividends received
Federal special deduction
Net amount
Illinois
Foreign dividend
from **Federal Schedule C: (U.S. Schedule C, Column (a))
(U.S. Schedule C, Column (c)) (Col. A minus Col. B)
percentage
subtraction
1
X
70% (.70) =
1
Line 6.
2
the portion of Line 7
that is from 80% or
greater owned foreign
2
corporations.
X 100% (1.00) =
3
the portion of Line 7
that is from less than
80% owned foreign
X
80% (.80) =
3
corporations.
4
the portion of Line 13
that is from 80% or
greater owned foreign
4
X 100% (1.00) =
corporations.
5
he portion of Line 13
t
that is from 20% or
more, but less than 80%,
owned foreign
X
80% (.80) =
5
corporations.
6
the portion of Line 13
that is from less than
20% owned
6
X
70% (.70) =
foreign corporations.
7
the portion of Line 14
that is from 80% or
greater owned
X 100% (1.00) =
7
foreign corporations.
8
the portion of Line 14
that is from 20% or
more but less than 80%
owned foreign
8
X
80% (.80) =
corporations.
9
the portion of Line 14
that is from less than
20% owned foreign
X
70% (.70) =
9
corporations.
10
the portion of Line 17
that is from 80% or
greater owned foreign
corporations or captive
X 100% (1.00) = 10
REITs.
11
the portion of Line 17
that is from 20% or more
but less than 80% owned
foreign corporations or
X
80% (.80) = 11
captive REITs.
12
the portion of Line 17
that is from less than 20%
owned foreign corpora-
X
70% (.70) = 12
tions or captive REITs.
13
13
Add the amounts in Column E.
14
Enter the amount of IRC Section 78, foreign dividend gross-up
14
from your U.S. Schedule C, Line 15.
*163370001*
15
Add Lines 13 and 14. Enter the result here and on Form IL-1120, Step 3, Line 17.
15
This is your total foreign dividend subtraction.
Schedule J Front (R-12/16)
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