Interest Computation Under the Look-Back
OMB No. 1545-1031
Method for Completed Long-Term Contracts
(Rev. November 2002)
Department of the Treasury
See separate instructions.
Please print or type.
Internal Revenue Service
For the filing year beginning
, and ending
. See page 2 of the instructions.
B Check applicable box to show type of taxpayer:
Fill In Your
Number, street, and apt., room, or suite no. If a P.O. box, see page 3 of the instructions.
Address Only If
You Are Filing This
City or town, state, and ZIP code
and Not With Your
Estate or trust
C If you were an owner of an interest in a pass-through entity (such as a partnership or an S corporation) that holds one or more long-term contracts to which this
interest computation relates, enter the name and employer identification number of the entity. Attach a schedule if there is more than one such entity.
Name of entity
Employer identification number
Date of each prior year to which interest
Taxable income or loss for the prior years shown on tax
return (or as previously adjusted) before net operating loss
or capital loss carrybacks (other than carrybacks that must
(Add columns (a),
be taken into account to properly compute interest under
(b), and (c).)
section 460) (see page 3 of the instructions). If you were
required to file Form 8697 for an earlier year, enter adjusted
taxable income for the prior years from line 3, Form 8697,
for the most recent filing year that affects the prior years
Adjustment to income to reflect the difference between:
(a) the amount of income required to be allocated for
post-February 1986 contracts completed or adjusted
during the tax year based on the actual contract price and
costs, and (b) the amount of income reported for such
contracts based on estimated contract price and costs.
See page 3 of the instructions and attach a schedule listing
each separate contract, unless you were an owner of an
interest in a pass-through entity reporting this amount from
Schedule K-1 or a similar statement
Adjusted taxable income for look-back purposes. Combine
lines 1 and 2
Income tax liability on line 3 amount using tax rates in effect
for the prior years (see page 3 of the instructions)
Income tax liability shown on return (or as previously
adjusted) for the prior years (see page 3 of the instructions).
If you were required to file Form 8697 for an earlier year,
enter the amount required to be reported on line 4, Form
8697, for the most recent filing year that affects the prior
Increase or decrease in tax for the prior years on which
interest is due (or is to be refunded). Subtract line 5 from
Interest due on increase, if any, shown on line 6 (see
page 3 of the instructions)
Interest to be refunded on decrease, if any, shown on
line 6 (see page 3 of the instructions)
Net amount of interest to be refunded to you. If line 8, column (d), exceeds line 7, column (d), enter the excess. File
Form 8697 separately; do not attach it to your tax return (see page 3 of the instructions)
Net amount of interest you owe. If line 7, column (d), exceeds line 8, column (d), enter the excess. Attach
Form 8697 to your tax return. See page 4 of the instructions for where to include this amount on your return
For Privacy Act and Paperwork Reduction Act Notice, see page 5 of the instructions.
Cat. No. 64598V