Form 1120 - Schedule N - Foreign Operations Of U.s. Corporations - 2014 Page 2
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Schedule N (Form 1120) 2014
Page
Exception. In certain cases where a corporation owns an FDE
For more information, see the Instructions for Form 3520.
indirectly or constructively through a foreign entity, the
Note. An owner of a foreign trust must ensure that the trust
corporation may not be required to attach Form 8858. See Who
files an annual information return on Form 3520-A, Annual
Must File in the Instructions for Form 8858.
Information Return of Foreign Trust With a U.S. Owner. For
Statement in lieu of Form 8858. This statement must list the
details, see Form 3520-A.
name, country under whose laws the entity was organized, and
Question 6
EIN (if any) of each applicable FDE.
Check the “Yes” box if either 1 or 2 below applies to the
Question 3
corporation. Otherwise, check the “No” box.
If the corporation owned at least a 10% interest, directly or
1. At any time during the 2014 calendar year, the corporation
indirectly, in any foreign partnership (other than any partnership
had a financial interest in or signature or other authority over a
for which a Form 8865 is attached to the tax return), attach a
bank, securities, or other financial account in a foreign country
statement listing the following information for each foreign
(see FinCEN Form 114, Report of Foreign Bank and Financial
partnership. For this purpose, a foreign partnership includes an
Accounts (FBAR)) and:
entity treated as a foreign partnership under Regulations section
• The combined value of the accounts was more than $10,000
301.7701-2 or 301.7701-3.
at any time during the calendar year and
1. Name and EIN (if any) of the foreign partnership.
• The account was not with a U.S. military banking facility
2. Identify which, if any, of the following forms the foreign
operated by a U.S. financial institution.
partnership filed for its tax year ending with or within the
2. The corporation owns more than 50% of the stock in any
corporation’s tax year: Form 1042, 1065 or 1065-B, or 8804.
corporation that would answer “Yes” to item 1 above.
3. Name of the tax matters partner (if any).
If “Yes” is checked for this question:
4. Beginning and ending dates of the foreign partnership’s
• Enter the name of the foreign country or countries (attach a
tax year.
statement if more space is needed) and
Question 5
• Electronically file FinCEN Form 114, on or before June 30,
2015, with the Department of the Treasury using the FinCEN's
The corporation may be required to file Form 3520 if:
BSA e-Filing System. Because FinCEN Form 114 is not a tax
• It directly or indirectly transferred money or property to a
form, do not file it with your return.
foreign trust (for this purpose, any U.S. person who created a
foreign trust is considered a transferor),
• It is treated as the owner of any part of the assets of a foreign
trust under the grantor trust rules, or
• It received a distribution from a foreign trust.
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