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information within the time prescribed. If

Yen by 118.5050 to determine the U.S.

Complete items 4a through 4c, if

the information is not filed within 90 days

dollar amount to enter on line 7 of

applicable.

after the IRS has mailed a notice of the

Schedule H. Enter 118.5050 after the

File this summary return in the manner

failure to the U.S. person, an additional

flush language following line 7.

described in When and Where To File on

$10,000 penalty (per CFC or CFP) is

Electronic Filing of Form 8858

page 1.

charged for each 30-day period, or

If you file your income tax return

fraction thereof, during which the failure

electronically, see the instructions for your

continues after the 90-day period has

Specific Instructions

income tax return for general information

expired. The additional penalty is limited

about electronic filing.

to a maximum of $50,000 for each failure.

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Important: If the information required in

Any person who fails to file or report all

Note. If you are filing Form 1120

a given section exceeds the space

of the information required within the time

electronically, you must attach Form

provided within that section, do not write

8858 electronically (as an attachment to

prescribed will be subject to a reduction of

“see attached” in the section and then

your electronically filed Form 5471, Form

10% of the foreign taxes available for

attach all of the information on additional

8865, or Form 1120). If you are filing

credit under sections 901, 902, and 960.

sheets. Instead, complete all entry spaces

Form 1040, 1041, or 1065 electronically

If the failure continues 90 days or more

in the section and attach the remaining

(with or without a Form 5471 or Form

after the date the IRS mails notice of the

information on additional sheets. The

8865), attach Form 8858 to the applicable

failure to the U.S. person, an additional

additional sheets must conform with the

Form 8453.

5% reduction is made for each 3-month

IRS version of that section.

period, or fraction thereof, during which

Computer-Generated Form

the failure continues after the 90-day

Identifying Information

8858 and Schedules

period has expired. See section

6038(c)(2) for limits on the amount of this

A computer-generated Form 8858 and its

Annual Accounting Period

penalty.

schedules may be filed if they conform to

and do not deviate from the official form

Enter, in the space provided below the

Criminal penalties. Criminal penalties

and schedules. Generally, all

title of Form 8858, the annual accounting

under sections 7203, 7206, and 7207

computer-generated forms must receive

period of the FDE for which you are

may apply for failure to file the information

prior approval from the IRS and are

furnishing information. The annual

required by section 6038.

subject to an annual review.

accounting period of an FDE is the annual

Note. Any person required to file Form

accounting period or taxable year of the

Submit all requests for approval to:

8858 and Schedule M who agrees to

tax owner. Therefore, in the case of a

Internal Revenue Service, Attention:

have another person file the form and

U.S. tax owner, the annual accounting

Substitute Forms Program,

schedules for him or her may be subject

period of the FDE is the taxable year of

SE:W:CAR:MP:T:T:SP, 1111 Constitution

to the above penalties if the other person

the U.S. tax owner; and in the case of a

Avenue NW, IR-6406, Washington, DC

does not file a correct and proper form

CFC or CFP that is a tax owner, the

20224.

and schedule.

annual accounting period of the FDE is

Important: Be sure to attach the

the annual accounting period of the CFC

Other Reporting

approval letter to Form 8858.

or CFP.

Every year, the IRS issues a revenue

Requirements

procedure to provide guidance for filers of

Person Filing This Return

Reporting Exchange Rates on

computer-generated forms. In addition,

every year the IRS issues Pub. 1167,

Form 8858

In the spaces provided at the top of page

General Rules and Specifications For

1 of Form 8858, provide the identifying

When translating amounts from functional

Substitute Forms and Schedules, which

information for the U.S. person filing Form

currency to U.S. dollars, you must use the

reprints the most recent applicable

8858 (see definition on page 1).

method specified in these instructions.

revenue procedure. Pub. 1167 can be

But, regardless of the specific method

If a U.S. corporation is the U.S.

ordered by calling 1-800-TAX-FORM

required, all exchange rates must be

person filing Form 8858 and is a member

(1-800-829-3676). This publication is also

reported using a “divide-by convention”

of a consolidated group, list the common

available from the IRS website at

rounded to at least 4 places. That is, the

parent as the person filing the return and

exchange rate must be reported in terms

enter its identifying information in the

Dormant FDEs

of the amount by which the functional

spaces provided at the top of page 1 of

currency amount must be divided in order

the form.

Announcement 2004-4, 2004-4 I.R.B.

to reflect an equivalent amount of U.S.

357, provides for a summary filing

Name Change

dollars. As such, the exchange rate must

procedure for filing Form 8858 for a

If the name of the person filing the return,

be reported as the units of foreign

dormant FDE. A dormant FDE is an FDE

the tax owner, the direct owner, or the

currency that equal one U.S. dollar,

that would be a dormant controlled

rounded to at least 4 places. Do not

FDE whose activities are being reported

foreign corporation (CFC) if it were

report the exchange rate as the number

changed within the past 3 years, show the

treated as a foreign corporation for U.S.

of U.S. dollars that equal one unit of

prior name(s) in parentheses after the

tax purposes.

current name.

foreign currency.

If you elect the summary procedure,

Note. You must round the result to more

Addresses

complete only the identifying information

than 4 places if failure to do so would

above Schedule C on page 1 of Form

Use the following instructions to complete

materially distort the exchange rate or the

8858 for each dormant FDE as follows:

lines 1a, 2a, 2b, 3a, 4a, and the entry

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equivalent amount of U.S. dollars.

The top margin of the summary return

spaces at the top of page 1 of the form for

Example. During its annual

must be labeled “Filed Pursuant to

the filer’s address.

accounting period, an FDE owned by a

Announcement 2004-4 for Dormant FDE.”

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U.S. Addresses. Include the suite,

U.S. person had current income of

Include the name, address, identifying

room, or other unit number after the street

30,255,400 Yen on Schedule H, line 6.

number, and tax year of the U.S. person

address. If the Post Office does not

The Schedule H instructions specify that

filing Form 8858 (see definition on page

deliver mail to the street address and the

the filer must translate these amounts into

1).

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U.S. person has a P.O. box, show the box

U.S. dollars at the average exchange rate

Include the annual accounting period of

number instead.

for the tax year in accordance with the

the dormant FDE (below the title of the

rules of section 989(b). The average

form) and complete items 1a through 1e

Foreign Addresses. Enter the

exchange rate is 118.5050 Japanese Yen

and 1g.

information in the following order: city,

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to 1 U.S. dollar (0.00843846 U.S. dollars

Complete items 3a through 3d, if

province or state, and country. Follow the

to 1 Japanese Yen). Divide 30,255,400

applicable.

country’s practice for entering the postal

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Instructions For Form 8858 - Information Return Of U.s. Persons With Respect To Foreign Disregarded Entities Page 2

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