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related to the use of vessels or aircraft,

3. The term of the lease,

establish the actual amount of USSGTI

complete a separate column for each

derived from a charter under a reasonable

4. The number of days during the tax

vessel or aircraft for which such services

method. For example, where a vessel or

year the vessel or aircraft was under

were performed and for which you derived

aircraft is under charter, one reasonable

lease, and

USSGTI.

method of determining the portion of such

5. A description of the method used to

charter income which is USSGTI is to

If you derive USSGTI subject to a 4%

determine the USSGTI from the leases for

apply to such charter income the ratio of

rate of tax under section 887 from more

the vessel or aircraft, and the calculations

(a) the number of days of uninterrupted

than 4 vessels or aircraft, attach

used to apply this method (see the Note in

travel on voyages or flights between the

continuation statements using the same

the instructions for line 9 for examples of

United States and the farthest point(s)

size and format as this Schedule V.

reasonable methods that may be used).

where cargo or passengers are loaded en

Line 1. Enter the name of the vessel or

route to, or discharged en route from, the

Line 5. Enter the name of the registered

type of aircraft.

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

owner. If you are the registered owner,

the smaller of the tax year or the particular

Line 2. For each column, if you are

enter “Same as filer above” on line 5.

charter period. When determining

completing the column for a vessel, enter

Line 6. Enter the employer identification

USSGTI, the number of days the vessel is

the Lloyd's register number on line 2. If

number (EIN) or social security number

located in United States waters for repairs

you are completing the column for an

(SSN) of the registered owner if known. If

or maintenance should not be included in

aircraft, enter the registration number on

you are the registered owner, enter “Same

either the numerator or in the denominator

line 2.

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

of the ratio.

Line 3. For each column, if the answer to

registered owner and you do not know the

Another reasonable method would be to

the question on line 3 is “Yes” and you

EIN or SSN of the registered owner, enter

use a ratio based on the USSGTI earned

operate the vessel or aircraft which is

"Not known."

from the operation of the vessel or aircraft

under a bareboat lease or sublease to

Line 7. Enter the name of the operator if

by the lessee-operator, compared with the

you, attach to Schedule V the following

known. If you are the operator, enter

total gross income of the lessee-operator

items:

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

from the operation of the vessel or aircraft

1. The name and address of the

not the operator and you do not know the

during the smaller of the tax year or the

lessor of the vessel or aircraft; and

name of the operator, enter "Not known."

term of the charter. However, an allocation

2. The term of the bareboat lease or

based on the net income of the

Line 8. Enter the EIN or SSN of the

charter and the method for calculating the

lessee-operator will not be considered

operator if known. If you are the operator,

rental portion of the payment.

reasonable for this purpose.

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

you are not the operator and you do not

Important. A description of the method

Line 4. For each column, if the answer to

know the EIN or SSN of the operator,

used to determine the USSGTI from the

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

enter "Not known."

vessel or aircraft must be attached to

the bareboat lessor of the vessel or

Schedule V.

aircraft, attach to Schedule V the following

Line 9. For each column, enter the

items:

USSGTI the corporation derived with

Line 11. If the foreign corporation is

respect to the vessel or aircraft. See

1. The country of registration of the

claiming a treaty exemption on its

Definitions, earlier.

vessel or aircraft,

USSGTI, enter the amount on line 11 and

attach Form 8833, Treaty-Based Return

2. Name and address of each lessee

Note. In determining the amount of

Position Disclosure Under Section 6114 or

or person chartering the vessel or aircraft

USSGTI, the foreign corporation must

7701(b).

from you,

-2-

Instructions For Schedule V (Form 1120-F) - List Of Vessels Or Aircraft, Operators, And Owners - 2012 Page 2

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