5735 American Samoa Economic Development Credit

5735

Form

American Samoa Economic Development Credit
OMB No. 1545-0217

(Rev. March 2007)
©

Department of the Treasury
Internal Revenue Service

For calendar year 20

©

See the separate instructions.
Attach to the corporation’s tax return.

, or other tax year beginning

, 20

, and ending

, 20

.

Employer identification number

Name

Caution: The corporation must have been an existing credit claimant with respect to American Samoa and
must have elected the application of section 936 for its last tax year beginning before January 1, 2006, to
qualify for the American Samoa economic development credit.
Part I

Gross Income in Applicable Period (see instructions)

Tax year. Use a separate line for each tax year ending with or within the
corporation’s applicable period. Start with the earliest such tax year.
(a)
Beginning

(b)
Ending

Periods in which trade or business was actively conducted in
American Samoa (dates are inclusive)
(c)
From

(d)
To

Gross income during periods shown in columns (c) and (d)
Gross income from the active conduct of a trade or
business in American Samoa
(f)
From all other sources
outside the U.S.

(g)
From sources in the U.S.

(h)
From sources in American
Samoa

(i)
From all other sources
outside the U.S.

(j)
From sources in the U.S.

Totals

(e)
From sources in
American Samoa

All other gross income

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Total gross income in applicable period. Enter the total of columns (e) through (j)
Gross income in applicable period from sources in American Samoa. Enter the total of columns (e) and (h)
Divide line 2 by line 1. If less than 80%, stop here. The American Samoa economic development
credit is not allowed
Gross income from the active conduct of a trade or business in American Samoa. Enter the total
of columns (e), (f), and (g)
Divide line 4 by line 1. If less than 75%, stop here. The American Samoa economic development
credit is not allowed

Part II
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American Samoa Economic Development Credit (see instructions)

Enter 60% of qualified compensation
Enter 15% of the depreciation deduction for short-life qualified tangible property
Enter 40% of the depreciation deduction for medium-life qualified tangible property
Enter 65% of the depreciation deduction for long-life qualified tangible property
Tentative credit. Add lines 6 through 9
Total U.S. income tax against which credit is allowed
American Samoa economic development credit. Enter the smaller of line 10 or line 11. Enter
the result here and on Form 1120, Schedule J, line 5b, or the corresponding line of other returns
(see instructions)

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 12090G

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Form

5735

(Rev. 3-2007)