Instructions For Form 8902 - Alternative Tax On Qualifying Shipping Activities (Page 3 of 3) in pdf

Part IV. Notional Shipping

deduction, or credit with respect to

the sum of all columns of Part IV,

this line H excluded income.

line 28.

Income

Line 9. Type of Ownership

Note. The amounts entered on lines

Line 21. Ownership Percentage

G(2)(b) and G(3)(b) must be included

Indicate in each column the type of

Enter the corporation's percentage of

in gross income on the corporation's

ownership for the vessel. Enter “O” for

ownership in the vessel. If, for any

Form 1120 or Form 1120-F.

an owned vessel, “L” for a leased

period, two or more persons are

vessel, and “CL” for a capitalized

operators of a qualifying vessel, the

Part III. Vessel Information

lease.

notional shipping income from the

With respect to Parts III and IV,

Line 10. Type of Vessel Use

operation of such vessel for that

complete a separate column for each

period must be allocated among the

Indicate in each column the type of

qualifying vessel. If the corporation

operators on the basis of their

vessel use. Enter “BB” for bareboat

has more than four qualifying vessels,

respective ownership, charter, and

charter out, “TC” for time charter out,

attach separate sheets for Parts III

operating agreement interests in the

and “OI” for operating income.

and IV using the same size and format

vessel.

as Form 8902. Also, on line 29, enter

Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the

United States. You are required to give us the information. We need it to ensure that you are complying with these laws

and to allow us to figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act

unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be

retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax

returns and return information are confidential, as required by section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden

for business taxpayers filing this form is approved under OMB control number 1545-0123. See the instructions for the tax

return with which this form is filed.

If you have comments concerning the accuracy of those time estimates or suggestions for making this form simpler,

we would be happy to hear from you. You can send us comments from IRS.gov/FormComment.

Instructions for Form 8902 (Rev. 9-2017)

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Instructions For Form 8902 - Alternative Tax On Qualifying Shipping Activities Page 3

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