Instructions For Schedule V (Form 1120-F) - Department Of The Treasury

Line 2. For each column, if you are

for examples of reasonable methods that

a vessel or aircraft is under charter, one

completing the column for a vessel, enter

may be used).

reasonable method of determining the

the Lloyd’s register number on line 2. If

portion of such charter income which is

Line 5. Enter the name of the registered

you are completing the column for an

USSGTI is to apply to such charter

owner. If you are the registered owner,

aircraft, enter the registration number on

income the ratio of (a) the number of

enter “Same as filer name above” on line

line 2.

days of uninterrupted travel on voyages

or flights between the United States and

Line 3. For each column, if the answer

Line 6. Enter the EIN or other tax

the farthest point(s) where cargo or

to the question on line 3 is “Yes” and you

identifying number of the registered

passengers are loaded en route to, or

operate the vessel or aircraft which is

owner. The identifying number of an

discharged en route from, the United

under a bareboat lease or sublease to

individual is his or her social security

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

you, attach to Schedule V (Form 1120-F)

number (SSN). The identifying number of

smaller of the tax year or the particular

the following items:

all others is their employer identification

charter period. When determining

1. The name and address of the

number (EIN). If you are the registered

USSGTI, the number of days the vessel is

lessor of the vessel or aircraft; and

owner, enter “Same as filer EIN above”

located in United States waters for repairs

2. The term of the bareboat lease or

on line 6.

or maintenance should not be included in

charter and the method for calculating the

either the numerator or in the

Line 7. Enter the name of the operator. If

rental portion of the payment.

denominator of the ratio.

you are the operator, enter “Same as filer

name above” on line 7.

Line 4. For each column, if the answer

Another reasonable method would be

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

to use a ratio based on the USSGTI

Line 8. Enter the EIN or other tax

are the bareboat lessor of the vessel or

earned from the operation of the vessel or

identifying number of the operator. The

aircraft, attach to Schedule V (Form

identifying number of an individual is his

aircraft by the lessee-operator, compared

1120-F) the following items:

with the total gross income of the

or her SSN. The identifying number of all

lessee-operator from the operation of the

others is their EIN. If you are the operator,

1. The country of registration of the

vessel or aircraft during the smaller of the

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

vessel or aircraft,

tax year or the term of the charter.

2. Name and address of each lessee

Line 9. For each column, enter the

However, an allocation based on the net

or person chartering the vessel or aircraft

USSGTI the corporation derived with

income of the lessee-operator will not be

from you,

respect to the vessel or aircraft. See

considered reasonable for this purpose.

3. The term of the lease,

Definitions on page 1 for additional

4. The number of days during the tax

information.

Important: As indicated in the

year the vessel or aircraft was under

instructions for line 4 above, a description

Note. In determining the amount of

lease, and

of the method used to determine the

USSGTI from rental (charter) income, the

5. A description of the method used to

USSGTI from the leases for the vessel or

foreign corporation (lessor), must

determine the USSGTI from the leases

aircraft must be attached to this Schedule

establish the actual amount of USSGTI

for the vessel or aircraft, and the

derived from a charter under a

calculations used to apply this method

reasonable method. For example, where

(see the Note in the instructions for line 9

-2-

Instructions For Schedule V (Form 1120-F) - Department Of The Treasury - 2008 Page 2

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