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Box 14. Foreign

The S corporation will provide

placed in service and for production

information necessary to determine if

after that period.

Transactions

it is an eligible small business under

Indian employment credit (Form

section 38(c)(5)(C). If you and the

8845).

Codes A through N. Use the

information identified by codes A

S corporation are eligible small

Biodiesel and renewable diesel

businesses, report the credit on

fuels credit. If this credit includes the

through N, code Q, and any attached

statements to figure your foreign tax

line 4i. For more information see the

small agri-biodiesel producer credit,

Instructions for Form 3800.

the corporation will provide additional

credit.

All others, report the credit on

information on an attached statement.

The amounts used to figure your

line 1c.

If no statement is attached, report this

foreign tax credit or deduction may be

amount on Form 8864, line 9. If a

limited. See

Limitations on Losses,

Code N. Credit for employer social

statement is attached, see the

Deductions, and

Credits, earlier.

security and Medicare taxes.

instructions for Form 8864, line 9.

Report this amount on line 5 of Form

If you have any qualified

New markets credit (Form 8874).

8846, Credit for Employer Social

dividends, capital gains

Credit for small employer pension

Security and Medicare Taxes Paid on

(including any capital gain

plan startup costs (Form 8881).

CAUTION

Certain Employee Tips, or Form 3800,

distributions), capital losses, net

Credit for employer-provided

Part III, line 4f (see TIP, earlier).

section 1231 gains, or net section

childcare facilities and services (Form

1231 losses, you may have to make

Code O. Backup withholding. This

8882).

certain adjustments to those amounts

is your share of the credit for backup

Low sulfur diesel fuel production

before taking them into account on

withholding on dividends, interest

credit (Form 8896).

Form 1116, Foreign Tax Credit.

income, and other types of income.

Qualified railroad track

Include this amount in the total you

maintenance credit (Form 8900).

For details, see Form 1116 and its

enter on Form 1040, line 64, and

Credit for oil and gas production

separate instructions and Pub. 514,

attach a copy of your Schedule K-1 to

from marginal wells (Form 8904).

Foreign Tax Credit for Individuals.

your tax return. Instead of attaching a

Distilled spirits credit (Form 8906).

Codes O and P. Extraterritorial in-

copy of your Schedule K-1 to your tax

Energy efficient home credit (Form

come exclusion.

return, you can include a statement

8908).

with your return that provides the

1. Corporation didn't claim the

Alternative motor vehicle credit

corporation's name, address, EIN,

exclusion. If the corporation reports

(Form 8910).

and backup withholding amount.

your share of foreign trading gross

Alternative fuel vehicle refueling

receipts (code O) and the

property credit (Form 8911).

Code P. Other credits. On a

extraterritorial income exclusion (code

Qualified zone academy bond

statement attached to Schedule K-1,

P), the corporation wasn't entitled to

credit. Report this amount on Form

the corporation will identify the type of

claim the exclusion because it didn't

8912.

credit and any other information you

meet the foreign economic process

Clean renewable energy bond

need to figure credits other than those

requirements. You may still qualify for

credit. Report this amount on Form

reported with codes A through O.

your share of this exclusion if the

8912.

Most credits identified by code P will

corporation's foreign trading gross

New clean renewable energy bond

be reported on Form 3800, Part III

receipts for the tax year were $5

credit. Report this amount on Form

(see TIP, earlier).

million or less. To qualify for this

8912.

Credits that may be reported with

exclusion, your foreign trading gross

Qualified energy conservation bond

code P include the following.

receipts from all sources for the tax

credit. Report this amount on Form

Unused investment credit from the

year also must have been $5 million

8912.

qualifying advanced coal project

or less. If you qualify for the exclusion,

Build America bond credit. Report

credit, qualifying gasification project

report the exclusion amount in

this amount on Form 8912.

credit, or qualifying advanced energy

accordance with the instructions for

Qualified school construction bond

project credit allocated from

box 1, 2, or 3, whichever applies. See

credit. Report this amount on Form

cooperatives (Form 3468, line 9).

Form 8873, Extraterritorial Income

8912.

Unused investment credit from the

Exclusion, for details.

Mine rescue team training credit

rehabilitation credit or energy credit

(Form 8923).

2. Corporation claimed the

allocated from cooperatives (Form

Credit for employer differential

exclusion. If the corporation reports

3468, line 13).

wage payments (Form 8932).

your share of foreign trading gross

Credits for affected disaster area

Carbon dioxide sequestration credit

receipts but not the amount of the

employers (Form 5884-A).

(Form 8933).

extraterritorial income exclusion, the

Orphan drug credit (Form 8820).

Qualified plug-in electric drive

corporation met the foreign economic

Enhanced oil recovery credit (Form

motor vehicle credit (Form 8936).

process requirements and claimed

8830).

Credit for small employer health

the exclusion when figuring your

Renewable electricity, refined coal,

insurance premiums (Form 8941).

share of corporate income. You also

and Indian coal production credit. The

General credits from an electing

may need to know your share of

corporation will provide a statement

large partnership. Report these

foreign trading gross receipts from

showing the allocation of the credit for

credits on Form 3800, Part III,

this corporation to determine if you

production during the 4-year period

line 1bb.

met the $5 million or less exception

beginning on the date the facility was

discussed above for purposes of

-17-

Instructions for Schedule K-1 (Form 1120S) (2017)

Instructions For Schedule K-1 (Form 1120s) - Shareholder'S Share Of Income, Deductions, Credits, Etc. - 2017 Page 17

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