U.S. Income Tax Return of a Foreign Corporation

Forms and Documents

Document Name	Status
Form Schedule M-3 (Form Net Income (Loss) Reconsiliation for Foreign Corporations With Reportable Assets of $10 Million or More Form	New
Form Schedules M1 & M2 Reconsiliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books Form and Instruction	New
Form Schedule P (Form 1 List of Foreign Partner Interests in Partnerships Form	New
Form Schedue I (Form 11 Interest Expense Allocation Under Regulations Section 1.882-5 Form	New
Form Schedule H (Form 1 Expenses Allocated to Effectively Connected Income under Regulations Form	New
Summary of Burden Estimates.doc Supplementary Document	2008-02-25
Summary of Changes 1120-F.pdf Justification for No Material/Nonsubstantive Change	2008-02-25

IC Document Collections

IC ID	Document Title	Status
183903	Net Income (Loss) Reconsiliation for Foreign Corporations With Reportable Assets of $10 Million or More Form	New
183901	Reconsiliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books Form and Instruction	New
183900	List of Foreign Partner Interests in Partnerships Form	New
183899	Interest Expense Allocation Under Regulations Section 1.882-5 Form	New
183898	Expenses Allocated to Effectively Connected Income under Regulations Form	New
16957	U.S. Income Tax Return of a Foreign Corporation Instruction	Modified

ICR Details

OMB Control No: 1545-0126	ICR Reference No: 200802-1545-011
Status: Historical Active	Previous ICR Reference No: 200509-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: U.S. Income Tax Return of a Foreign Corporation
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/29/2008
	Date Received in OIRA: 02/27/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2008	11/30/2008	11/30/2008
Responses	123,000	0	21,618
Time Burden (Hours)	7,622,314	0	4,793,792
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1120-F is used by foreign corporations that have investments, or a business, or a branch in the U.S. The IRS uses Form 1120-F to determine if the foreign corporation has correctly reported its income, deductions, and tax, and to determine if it has paid the correct amount of tax.

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Authorizing Statute(s): US Code: 26 USC 881 Name of Law: Tax on income of foreign corporations not connected with United States business
   US Code: 26 USC 882 Name of Law: Tax on income of foreign corporations connected with United States business
   US Code: 26 USC 884 Name of Law: Branch profits tax
  

Citations for New Statutory Requirements: PL: Pub.L. 109 - 280 1202, 1204, 1206 Name of Law: Pension Protection Act of 2006
PL: Pub.L. 109 - 135 101 Name of Law: Gulf Opportunity Zone Act of 2005
PL: Pub.L. 109 - 432 105, 111, 405 Name of Law: Tax Relief and Health Care Act of 2006
PL: Pub.L. 109 - 58 1332, 1342, 1344, 1348, 1331 Name of Law: Energy Tax IncentivesAct of 2005
PL: Pub.L. 110 - 28 8214 Name of Law: U.S. Troop Readiness, Veterans'Care, Katrina Recovery, and Iraq Accountability Appropriations Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Net Income (Loss) Reconsiliation for Foreign Corporations With Reportable Assets of $10 Million or More	Schedule M-3 (Form 1120-F)	Net Income (Loss) Reconsiliation for Foreign Corporations With Reportable Assets of $10 Million or More
U.S. Income Tax Return of a Foreign Corporation	1120-F	U.S. Income Tax Return of a Foreign Corporation
List of Foreign Partner Interests in Partnerships	Schedule P (Form 1120-F)	List of Foreign Partner Interests in Partnerships
Expenses Allocated to Effectively Connected Income under Regulations	Schedule H (Form 1120-F)	Expenses Allocated to Effectively Connected Income under Regulations
Interest Expense Allocation Under Regulations Section 1.882-5	Schedue I (Form 1120-F)	Interest Expense Allocation Under Regulations Section 1.882-5
Reconsiliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books	Schedules M1 & M2 (Form 1120 -F)	Reconsiliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	123,000	21,618	93,800	7,582	0	0
Annual Time Burden (Hours)	7,622,314	4,793,792	3,206,982	-378,460	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: Revise product to reflect the credits allowed against the AMT. Revise product to reflect that the modification of charitable deduction of food inventory has been extended. Revise product to reflect that the modification of charitable deduction of food inventory ended at the end of 2007. Revise product to reflect that the modification of charitable deduction of book inventory has been extended. Revise product to reflect that the modification of charitable deduction of book inventory ended at the end of 2007. Revise product to reflect that the change to the limits for contributions of capital gain real property made for conservation purposes does not apply after 2007. Revise the product to reflect termination of the special treatment of GO Zone public utility casualty losses. Revise the product to reflect termination of expensing certain GO Zone demolition and clean-up costs. Revise the product to reflect termination of increased expensing for reforestation expenses of small timber producers. Revise the product to reflect termination of 5-year NOL carryback of losses attributable to GO Zone losses.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/27/2008

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