Form 5713 - Schedule B - Specifically Attributable Taxes And Income (Section 999(C)(2)) Page 2
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Schedule B (Form 5713) (Rev. 12-2010)
Page
General Instructions
cooperation with an international
Enter the column (4) total on line 2b,
boycott. The presumption applies only
Schedule C (Form 5713).
Section references are to the Internal
to operations in countries that carry
Column (5). Enter your prorated share
Revenue Code unless otherwise noted.
out the boycott. Therefore, you do not
of the controlled foreign corporation’s
need to rebut the presumption for
Who Must File
income that is attributable to the
operations that are related to those
boycott operation. (This includes your
Complete Schedule B (Form 5713) if:
countries if the operations take place
share of the non-exempt income of a
outside of those countries.
• You participated in or cooperated
FSC. See section 923(a)(2), as in effect
with an international boycott and
Specific Instructions
before its repeal.) This amount is not
• You figure the loss of tax benefits by
eligible for tax deferral. Omit the
File Schedule B (Form 5713) for the
specifically attributing taxes and
foreign corporation’s income
period covered by your income tax
income.
attributable to earnings and profits
return. Report only your own taxes
If you do not specifically attribute
that are included in gross income
and income; do not include the taxes
taxes and income for this purpose,
under section 951 (except by reason
and income of other members of any
you must compute the international
of section 952(a)(3)). Also omit
controlled groups to which you
boycott factor on Schedule A (Form
amounts excluded from subpart F
belong.
5713).
income by section 952(b). In figuring
Columns (1) through (7)
the amount to enter in column (5), you
Do not use Schedule B (Form 5713)
are allowed a reasonable amount for
to figure the reduction to foreign trade
In completing columns (1) through (7),
deductions (including foreign taxes)
income qualifying for the
show all specifically identifiable taxes
allocable to that income.
extraterritorial income exclusion.
and income in each appropriate
Instead, use Schedule A (Form 5713).
Enter the column (5) total on line 3b,
column from one operation on one
Schedule C (Form 5713).
Certain shareholders. IC-DISC
line.
Column (6). An IC-DISC’s taxable
benefits, certain FSC benefits, the
Column (1). Enter the name of the
income attributable to boycott
“deemed paid” foreign tax credit under
country that requires participation in or
participation or cooperation is not
section 902, and the deferral of
cooperation with an international
eligible for deferral.
subpart F income are lost at the
boycott as a condition of doing
shareholder level. Shareholders in an
If you are a shareholder in an IC-
business in that country. The country
IC-DISC, certain FSCs, or a foreign
DISC, follow these steps for each
named in column (1) is not necessarily
corporation must report their prorated
boycott operation and enter the result
the country where you have
share of the tax benefits denied. The
in column (6).
operations. For example, if you have
denial of these benefits is discussed in
1. Determine the portion of the
operations in Country Z that is not a
the specific instructions for columns
amount on Form 1120-IC-DISC,
boycotting country and the operation
(4) through (7).
Schedule J, Part I, line 7, that is
relates to Country X that is a
Boycott Operations
attributable to the boycott operation.
boycotting country, enter the name of
Country X in column (1). See the
2. Subtract that amount from the
All of your operations in a boycotting
Instructions for Form 5713 for a list of
IC-DISC’s taxable income attributable
country are considered to be boycott
boycotting countries.
to the boycott operation for the tax
operations, unless you rebut the
year, before reduction for any
Column (2). Enter the principal
presumption of participation in or
distributions.
business activity code of the boycott
cooperation with the boycott (as
3. If you are a C corporation,
operation from the list in the
explained below). In addition, your
determine your pro rata share of the
Instructions for Form 5713.
operations that are not in a boycotting
remainder and multiply that amount by
country are boycott operations if they
Column (3). Briefly describe the
16/17. If you are not a C corporation,
are connected to your participation in
principal business activity of the
determine your pro rata share of the
or cooperation with the boycott.
boycott operation. For IC-DISCs, enter
remainder.
Rebutting the presumption of
the major product code and
4. Enter the result in column (6).
boycott participation or
description in parentheses. See the
cooperation. One act of participation
Instructions for Schedule N of Form
Enter the column (6) total on line 4b,
or cooperation creates the
1120-IC-DISC for a list of the codes.
Schedule C (Form 5713).
presumption that you participate in or
Column (7). A FSC’s taxable income
Column (4). Enter the foreign taxes
cooperate with the boycott unless you
attributable to boycott participation or
paid, accrued, or deemed paid that
rebut the presumption. The
cooperation is not eligible for
are attributable to the boycott
presumption applies to all of your
operation. These taxes are not eligible
exemption from income tax. Enter in
operations and those of each member
column (7) the taxable income
for the foreign tax credit. Omit foreign
of any controlled groups (defined in
attributable to foreign trade income of
taxes otherwise disallowed under
section 993(a)(3)) to which you belong,
sections 901 through 907, 911, and
a FSC for each boycott operation that
in each country that helps carry out
6038. For more information, see Part N
would have been exempt had there
the boycott.
not been boycott participation or
of the Treasury Department’s
You can rebut the presumption of
International Boycott Guidelines.
cooperation.
participation in or cooperation with a
Enter the column (7) total on line 5b,
boycott for a particular operation by
Schedule C (Form 5713).
demonstrating that the operation is
separate from any participation in or
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