Form 973 - Corporation Claim For Deduction For Consent Dividends Page 2
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Form 973 (Rev. 11-2016)
Page
If any stock outstanding on the last day of the tax year is entitled to cumulative dividends, show the amount for earlier years unpaid
at the beginning of the tax year. Give the class or classes of stock involved.
(Use more sheets if necessary.)
Instructions
Use the following forms to report and send the tax withheld.
• Form 1042, Annual Withholding Tax Return for U.S. Source
Section references are to the Internal Revenue Code unless
Income of Foreign Persons;
otherwise noted.
• Form 1042-S, Foreign Person’s U.S. Source Income Subject
Purpose of form. Form 973 is filed by a corporation claiming a
to Withholding; and
consent dividend deduction under section 565.
• Form 1042-T, Annual Summary and Transmittal of Forms
Who may file. The consent dividend provisions apply to
1042-S.
corporations that reasonably believe that they are subject to the
See the instructions for these forms for more detailed
accumulated earnings tax, personal holding companies, foreign
information on filing and transmitting the payment.
personal holding companies, regulated investment companies,
and real estate investment trusts.
Paperwork Reduction Act Notice. We ask for the information
Limitations. A consent dividend deduction may only be taken
on this form to carry out the Internal Revenue laws of the United
as to the amount stated on Form(s) 972 (see below), for
States. You are required to give us the information. We need it
“consent stock” (as defined in section 565(f)(1)), which is not a
to ensure that you are complying with these laws and to allow
“preferential dividend” (as defined in section 562(c)), and which
us to figure and collect the right amount of tax.
would constitute a “dividend” (as defined in section 316) if
actually paid.
You are not required to provide the information requested on
a form that is subject to the Paperwork Reduction Act unless
How to file. Attach Form 973 to the corporation’s income tax
the form displays a valid OMB control number. Books or
return for the tax year the corporation claims the consent
records relating to a form or its instructions must be retained as
dividend deduction.
long as their content may become material in the administration
For each shareholder who agreed to treat the consent
of any Internal Revenue law. Generally, tax returns and return
dividend as a taxable dividend, the corporation must also
information are confidential, as required by section 6103.
attach to its income tax return either the signed Form 972,
The time needed to complete and file this form will vary
Consent of Shareholder To Include Specific Amount in Gross
depending on individual circumstances. The estimated burden
Income, or an unsigned Form 972 with the same information
for business taxpayers filing this form is approved under OMB
stated on the signed Form 972. If the corporation submits an
control number 1545-0123 and is included in the estimates
unsigned Form 972, it must retain the original, signed Form 972
shown in the instructions for their business income tax return.
in its records.
If you have comments concerning the accuracy of these time
Nonresident aliens and foreign shareholders. If the
estimates or suggestions for making this form simpler, we would
corporation receives a Form 972 from a nonresident alien or
be happy to hear from you. You can write to the Internal
other foreign shareholder, the corporation must pay any
Revenue Service at the address listed in the instructions of the
withholding tax it would have withheld if the dividend had been
tax return with which this form is filed.
actually paid (see Regulations section 1.565-5(a) and sections
1441 and 1442).
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