Montana We-Schedule - Water'S Edge Schedule
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1MONTANA
Water’s Edge Schedule
WE-Schedule
New 8-04
Part I. Water’s Edge Election
1. Enter tax periods for which a valid water’s edge election has been approved _____________
Part II. Calculation of “Deemed” Dividends Received from Corporations
Incorporated Outside the United States
1.
1._____________
Positive income of 80/20 companies.................................................................
2.
2._____________
Consolidated 1120 positive income...................................................................
3.
Ratio of 80/20 positive income to consolidated 1120 income
3._____________
Divide the amount on line 1 by the amount on line 2..........................................
4.
4._____________
Tax liability, net of credits, as reported on consolidated 1120.........................
5.
Federal tax liability associated with 80/20 companies
5._____________
Multiply line 3 by line 4..........................................................................................
6._____________
6.
Section 78 gross-up received by 80/20 companies.........................................
7.
After - tax net income of 80/20 companies
7._____________
Subtract line 5 and line 6 from line 1...................................................................
8.
8._____________
After - tax net income of unconsolidated 80/20 companies.............................
9.
9._____________
After - tax net income of U.S. possession companies......................................
10.
Total after - tax net income
10.____________
Add lines 7, 8, and 9.............................................................................................
11.
20% deemed dividend
11.____________
Multiply line 10 by 20%. Enter here and on line 2h. of CLT- 4, page 2.........
Part III. List of 80/20 Companies, attach separate sheet if necessary
1. Name
2. FEIN
3. Income/Loss
4. Dividends Received
Part IV. List of Controlled Foreign Corporations, attach separate sheet if necessary
1. Name
2. Country of Incorporation
3. Income/Loss
*You must submit a copy of federal Form 5471 for each company incorporated in
a tax haven country for the filing period.
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