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vessel or aircraft for which such services

4. The number of days during the tax

derived from a charter under a reasonable

were performed and for which you derived

year the vessel or aircraft was under

method. For example, where a vessel or

USSGTI.

lease, and

aircraft is under charter, one reasonable

method of determining the portion of such

If you derive USSGTI subject to a 4%

5. A description of the method used to

charter income which is USSGTI is to

rate of tax under section 887 from more

determine the USSGTI from the leases for

apply to such charter income the ratio of

than 4 vessels or aircraft, attach

the vessel or aircraft, and the calculations

(a) the number of days of uninterrupted

continuation statements using the same

used to apply this method (see the Note in

travel on voyages or flights between the

size and format as this Schedule V.

the instructions for line 9 for examples of

United States and the farthest point(s)

reasonable methods that may be used).

Line 1. Enter the name of the vessel or

where cargo or passengers are loaded en

type of aircraft.

route to, or discharged en route from, the

Line 5. Enter the name of the registered

United States, to (b) the number of days in

owner. If you are the registered owner,

Line 2. For each column, if you are

the smaller of the tax year or the particular

enter “Same as filer above” on line 5.

completing the column for a vessel, enter

charter period. When determining

the Lloyd's register number on line 2. If

Line 6. Enter the employer identification

USSGTI, the number of days the vessel is

you are completing the column for an

number (EIN) or social security number

located in United States waters for repairs

aircraft, enter the registration number on

(SSN) of the registered owner if known. If

or maintenance should not be included in

line 2.

you are the registered owner, enter “Same

either the numerator or in the denominator

as filer above” on line 6. If you are not the

Line 3. For each column, if the answer to

of the ratio.

registered owner and you do not know the

the question on line 3 is “Yes” and you

Another reasonable method would be to

EIN or SSN of the registered owner, enter

operate the vessel or aircraft which is

use a ratio based on the USSGTI earned

"Not known."

under a bareboat lease or sublease to

from the operation of the vessel or aircraft

you, attach to Schedule V the following

Line 7. Enter the name of the operator if

by the lessee-operator, compared with the

items:

known. If you are the operator, enter

total gross income of the lessee-operator

1. The name and address of the

“Same as filer above” on line 7. If you are

from the operation of the vessel or aircraft

lessor of the vessel or aircraft; and

not the operator and you do not know the

during the smaller of the tax year or the

name of the operator, enter "Not known."

2. The term of the bareboat lease or

term of the charter. However, an allocation

charter and the method for calculating the

based on the net income of the

Line 8. Enter the EIN or SSN of the

rental portion of the payment.

lessee-operator will not be considered

operator if known. If you are the operator,

reasonable for this purpose.

enter “Same as filer above” on line 8. If

Line 4. For each column, if the answer to

you are not the operator and you do not

Important. You must attach a statement

the question on line 4 is “Yes” and you are

know the EIN or SSN of the operator,

to Schedule V describing the method used

the bareboat lessor of the vessel or

enter "Not known."

to determine the USSGTI from the vessel

aircraft, attach to Schedule V the following

or aircraft.

Line 9. For each column, enter the

items:

USSGTI the corporation derived with

1. The country of registration of the

Line 11. If the foreign corporation is

respect to the vessel or aircraft. See

vessel or aircraft,

claiming a treaty exemption on its

Definitions, earlier.

USSGTI, enter the amount on line 11 and

2. Name and address of each lessee

attach Form 8833, Treaty-Based Return

or person chartering the vessel or aircraft

Note. In determining the amount of

Position Disclosure Under Section 6114 or

from you,

USSGTI, the foreign corporation must

7701(b).

establish the actual amount of USSGTI

3. The term of the lease,

-2-

Instructions For Schedule V (Form 1120-F) - List Of Vessels Or Aircraft, Operators, And Owners - 2014 Page 2

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