בחר שפה

טופס 965 הוראות

הוראות טופס 965, Inclusion of Deferred Foreign Income Upon Transition

ינואר 2021

טפסים קשורים

  • טופס 965 - ביטול הכנסה זרה Deferred Exemption System
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הורד
Department of the Treasury  
Internal Revenue Service  
Instructions for Form 965  
(Rev. January 2021)  
Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption  
System  
Section references are to the Internal Revenue Code unless  
otherwise noted.  
through pass-through entities that are U.S. shareholders of  
DFICs:  
Section 965(a) inclusion,  
Contents  
Page  
Section 965(c) deduction,  
Future Developments . . . . . . . . . . . . . . . . . . . . . . . . 1  
Applicable percentage for disallowance of foreign taxes, and  
If applicable, foreign taxes deemed paid, and foreign taxes  
What's New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1  
General Instructions . . . . . . . . . . . . . . . . . . . . . . . . . 1  
Purpose of Form . . . . . . . . . . . . . . . . . . . . . . . . . 1  
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1  
Who Must File . . . . . . . . . . . . . . . . . . . . . . . . . . 2  
When and Where To File . . . . . . . . . . . . . . . . . . . 2  
Electronic Filing of Form 965 . . . . . . . . . . . . . . . . 2  
Corrections to Form 965 . . . . . . . . . . . . . . . . . . . 2  
How To Complete . . . . . . . . . . . . . . . . . . . . . . . . 2  
Specific Instructions . . . . . . . . . . . . . . . . . . . . . . . . . 3  
deemed paid that are disallowed under section 965(g), in  
connection with a section 965(a) inclusion derived through  
pass-through entities that are U.S. shareholders of DFICs.  
Reminders  
On December 22, 2017, section 965 of the Code (section 965)  
was amended by section 14103 of the Tax Cuts and Jobs Act  
(TCJA) (P.L. 115-97). As a result of the amendment, certain  
taxpayers are required to include in income an amount (section  
965(a) inclusion amount) based on the accumulated post-1986  
deferred foreign income of certain foreign corporations of which  
they are U.S. shareholders, either directly or indirectly through  
other entities. Other taxpayers may have inclusions in income  
under section 951(a) by reason of section 965 due to ownership  
of DFICs (defined below) through pass-through entities that are  
themselves U.S. shareholders of DFICs. When referring to both  
amounts in the preceding two sentences, the Form 965 and  
these instructions use the term “section 965(a) inclusion.”  
Section 965 also allows for a deduction (section 965(c)  
deduction). Section 965(a) inclusions and corresponding section  
965(c) deductions are taken into account in the U.S.  
Schedule F – Foreign Taxes Deemed Paid by  
Domestic Corporation (2020 Tax Year) . . . . . . . 3  
Schedule H, Section 1 – Amounts Reported  
on Forms 1116 and 1118 and Disallowed  
Foreign Taxes . . . . . . . . . . . . . . . . . . . . . . . . 4  
Paperwork Reduction Act Notice . . . . . . . . . . . . . . . . 5  
Future Developments  
shareholder’s year that includes the last day of the relevant  
foreign corporation’s last tax year that began before January 1,  
2018.  
For the latest information about developments related to Form  
965, its separate schedules, and its instructions, such as  
legislation enacted after they were published, go to IRS.gov/  
General Instructions  
What's New  
Purpose of Form  
Most of the lines on Form 965 are reserved. For 2020 tax years  
(defined later), Form 965 will be used only for section 965(a)  
inclusions derived solely through interests in pass-through  
entities that are U.S. shareholders of deferred foreign income  
corporations (DFICs), defined later. In these cases, the taxpayer  
or other filer will complete the January 2021 revision of Form  
965, and, if applicable, Schedule F (Form 965), and Schedule H  
(Form 965).  
Use the January 2021 revision of Form 965 and the December  
2020 revisions of separate Schedules F and H to report:  
2020 tax year share of section 965(a) inclusions from  
pass-through entities,  
2020 tax year share of section 965(c) deductions from  
pass-through entities,  
2020 tax year share of foreign taxes deemed paid in  
connection with the 2020 tax year share of section 965(a)  
inclusions from pass-through entities, and  
As a result of the above changes, for 2020 tax years,  
Schedule F (Form 965) has also been revised. Schedule F,  
line 16 (total not from pass-throughs), has been deleted. Former  
line 17 (total from pass-throughs) of Schedule F has been  
renumbered as new line 16. For 2020 tax years, Schedule F is  
only for use by filers that have a section 965(a) inclusion solely  
through interests in pass-through entities that are U.S.  
shareholders of DFICs, and either:  
2020 tax year foreign taxes disallowed under section 965(g)  
with respect to foreign taxes deemed paid in connection with the  
2020 tax year share of section 965(a) inclusions from  
pass-through entities.  
Also use separate Schedule H to report the applicable  
percentage for disallowance of foreign taxes.  
Are eligible to claim a deemed-paid foreign tax credit under  
Definitions  
2020 tax years. Throughout these instructions, the term “2020  
tax year” refers to 2020 calendar years and fiscal tax years of the  
person filing Form 965 and related schedules that begin in 2020.  
section 960 with respect to such section 965(a) inclusion; or  
Are pass-through entities, the owners or beneficiaries of  
which may be able to claim such a deemed-paid foreign tax  
credit.  
Most of the lines on Schedule H remain reserved.  
Controlled foreign corporation (CFC). A CFC is any foreign  
corporation if more than 50% of the total combined voting power  
of all classes of stock or 50% of the total value of the stock of the  
foreign corporation is owned (directly, indirectly, or  
For 2020 tax years, Schedule H is used only to report the  
following amounts with respect to section 965(a) inclusions  
Nov 02, 2020  
Cat. No. 71282A  
           
constructively) by U.S. shareholders (defined later) on any day  
during the tax year of the foreign corporation.  
such U.S. shareholder pass-through entities for 2020 tax years  
from the U.S. shareholder pass-through entities and report those  
amounts on Form 965, Part I, line 3.  
Deferred foreign income corporation (DFIC). A DFIC is, with  
respect to any U.S. shareholder, any specified foreign  
corporation (SFC) (defined later) of the U.S. shareholder that  
has accumulated post-1986 deferred foreign income as of  
November 2, 2017, or December 31, 2017, that is greater than  
zero.  
Section 965(c) deductions/aggregate foreign cash  
position. Owners and beneficiaries of U.S. shareholder  
pass-through entities should receive information about their  
shares of the section 965(c) deductions of such U.S.  
shareholder pass-through entities for 2020 tax years from the  
U.S. shareholder pass-through entities and report those  
amounts on Form 965, Part II, line 17.  
Specified foreign corporation (SFC). An SFC is (i) any CFC  
and (ii) any foreign corporation with respect to which one or  
more domestic corporations is a U.S. shareholder. However, if a  
passive foreign investment company (as defined in section  
1297) with respect to the shareholder is not a CFC, then such  
corporation is not an SFC. See Regulations section 1.965-1(f)  
(45)(ii) for a special attribution rule for purposes of determining  
whether a foreign corporation is an SFC within the meaning of  
section 965(e)(1)(B).  
Deemed-paid foreign taxes and disallowance  
(Schedules F and H).  
1. Owners and beneficiaries eligible to claim  
deemed-paid credits. Eligible individuals making a section 962  
election, and domestic corporations, should use Schedules F  
and H to determine the foreign taxes deemed paid with respect  
to their share of section 965(a) inclusions from U.S. shareholder  
pass-through entities and the portion of such deemed-paid  
foreign taxes disallowed under section 965(g). Under section  
962 and Regulations sections 1.962-1 and 1.962-2, an individual  
U.S. shareholder of a CFC may elect for a tax year to be taxed at  
corporate rates under section 11 on amounts included in his or  
her gross income under section 951(a) and to claim a foreign tax  
credit for foreign income taxes deemed paid with respect to such  
amounts under sections 902 and 960.  
United States shareholder (U.S. shareholder). For tax years  
of foreign corporations beginning before January 1, 2018, a U.S.  
shareholder is a U.S. person who owns (directly, indirectly, or  
constructively) 10% or more of the total combined voting power  
of all classes of stock of a foreign corporation. A U.S. person for  
this purpose is defined in section 957(c).  
Who Must File  
2. Non-pass-through entity owners and beneficiaries  
ineligible to claim deemed-paid credits. Even if the owner or  
beneficiary of a U.S. shareholder pass-through entity is ineligible  
to claim deemed-paid credits, the owner or beneficiary should  
still complete Schedule H, lines 3, 6 and 11. The applicable  
percentage from pass-throughs is relevant for purposes of  
determining the disallowed portion of foreign taxes paid or  
accrued on distributions of previously taxed earnings and profits  
with respect to section 965(a) inclusions. Furthermore, the  
amounts of the section 965(a) inclusion and the section 965(c)  
deduction derived through pass-throughs are relevant in  
determining foreign source taxable income for purposes of the  
foreign tax credit limitation with respect to other foreign tax credit  
claims.  
An owner or beneficiary need not complete Schedule F if it is  
not a pass-through entity and is ineligible to claim deemed-paid  
credits. Similarly, such an owner or beneficiary need not  
complete lines 9 and 14 of Schedule H.  
3. Pass-through entity owners and beneficiaries. If the  
filer of Form 965 is itself a pass-through entity, the filer should  
complete Schedule F and Schedule H if one or more of its  
owners or beneficiaries might be eligible to claim deemed-paid  
credits under section 960 with respect to its share of the U.S.  
shareholder pass-through entity’s section 965(a) inclusion. If no  
owner or beneficiary of the U.S. shareholder pass-through entity  
is eligible to claim deemed-paid credits, the pass-through entity  
need not complete Schedule F or lines 9 and 14 of Schedule H,  
but must complete Schedule H, lines 3, 6 and 11.  
Any person that is required to include amounts in income under  
section 965(a) of the Code in its 2020 tax year (defined above)  
because the person is a direct or indirect partner in a domestic  
partnership, a shareholder in an S corporation, or a beneficiary  
of another pass-through entity, and such pass-through entity is a  
U.S. shareholder of a DFIC, must complete and attach Form 965  
and, as applicable, separate Schedules F and H to its income  
tax return.  
Exception. An organization exempt from tax under section  
501(a) is required to complete Form 965 only if the section 965  
amounts are subject to tax under section 511 (unrelated  
business income) or section 4940 (private foundation investment  
income).  
When and Where To File  
Attach Form 965 and separate Schedules F and H, if applicable,  
to your income tax return (or other applicable form, such as a  
partnership or exempt organization return) and file both by the  
due date (taking into account extensions, if any) for that return.  
Electronic Filing of Form 965  
If you file your income tax return electronically, Form 965 and  
separate Schedules F and H are filed with the electronic income  
tax return. See the instructions for your income tax return for  
general information about electronic filing.  
Corrections to Form 965  
If you file a Form 965 and separate Schedules F and H that you  
later determine are incomplete or incorrect, file a corrected Form  
965 and separate Schedules F and H with an amended tax  
return, using the amended return instructions for the return with  
which you originally filed Form 965. Write “corrected” at the top  
of the Form 965 and separate Schedules F and H and attach a  
statement identifying the changes.  
Important. Form 965 is completed once. Separate Schedules F  
and H may be completed more than once (for each applicable  
separate category of income).  
Separate categories of income. Schedules F and H have  
lines a and b at the top of page 1 of the schedule. These lines  
are used to identify the separate category for which the schedule  
is being completed. If more than one category of income applies,  
the schedule must be completed more than once. See  
How To Complete  
Categories of Income in the Instructions for Form 1118, Foreign  
Tax Credit–Corporations, or the Instructions for Form 1116,  
Foreign Tax Credit (Individual, Estate, or Trust), for the separate  
category code to be entered on line a. If code 901j is entered on  
line a, also see those instructions for the country code of the  
sanctioned country to be entered on line b. If there are multiple  
All U.S. persons required to include the following amounts in  
income for their 2020 tax year should file Form 965 and, if  
applicable, separate Schedules F and H.  
Section 965(a) inclusions. Owners and beneficiaries of U.S.  
shareholder pass-through entities should receive information  
about their shares of the section 965(a) inclusion amounts of  
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Instructions for Form 965 (Rev. 01-2021)  
               
sanctioned countries, leave line b blank and fill out the schedule  
taking into account all sanctioned countries and attach separate  
completed schedules by country in PDF format. Attached files  
should be named in the following format: “F965 [relevant  
schedule] 901j [country code] [identification number].” For  
example, an attached Schedule H would be named: “F965 Sch  
H 901j [country code] [identification number]”.  
Schedule F – Foreign Taxes Deemed  
Paid by Domestic Corporation (2020  
Tax Year)  
Use Schedule F to provide the information necessary to  
compute foreign taxes deemed paid in the 2020 tax year by an  
eligible domestic corporation or an individual with respect to  
section 965(a) inclusions derived through pass-through entities  
that are U.S. shareholders of DFICs. Taxpayers eligible for a  
deemed-paid credit include certain individuals who make an  
election under section 962 and certain domestic corporations.  
(See section 902 for eligibility requirements.) U.S. shareholder  
pass-through entities with owners or beneficiaries that are  
eligible to claim deemed-paid credits should provide the owner  
or beneficiary with the information necessary to make the  
deemed-paid credit calculations. Also use Schedule F to provide  
information necessary to compute foreign taxes deemed paid if  
the owner or beneficiary is itself a pass-through entity that may  
have owners or beneficiaries eligible to claim deemed-paid  
credits.  
Specific Instructions  
Important. If the information required in a given section  
exceeds the space provided within that section, do not write  
“see attached” in the section and then attach all of the  
information on additional sheets. Instead, complete all entry  
spaces in the section and attach the remaining information on  
additional sheets. The additional sheets must conform with the  
IRS version of that section.  
Part I – Section 965(a) Inclusion  
Lines 1, 2, 4, 5, and 6. Reserved.  
Lines a and b. Complete a separate Schedule F for each  
applicable separate category of income. Enter the appropriate  
code on line a (at the top of Schedule F). To determine the  
appropriate code, see Categories of Income in the Instructions  
for Form 1118, Foreign Tax Credit—Corporations, or the  
Instructions for Form 1116, Foreign Tax Credit (Individual,  
Estate, or Trust). If code 901j is entered on line a, enter on line b  
the country code for the sanctioned country using the two-letter  
codes (from the list at IRS.gov/CountryCodes). If there are  
multiple sanctioned countries, see Separate categories of  
income, earlier.  
Line 3. Shares of section 965(a) inclusion amounts allocated to  
a taxpayer from U.S. shareholder pass-through entities are  
entered on line 3 for the 2020 tax year. Attach a schedule setting  
forth each of these shares by U.S. shareholder pass-through  
entity and DFIC.  
Enter the amount from line 3 on your tax return as follows.  
Corporations: Enter the amount from Form 965, line 3, on  
Form 1120, Schedule C, line 15, column (a), or on the  
corresponding line of other corporate income tax returns.  
Individuals: Enter the amount from Form 965, line 3, minus  
the amount from Form 965, line 17, on the “other income” line of  
your tax return (that is, Schedule 1 (Form 1040), line 8).  
All others: If filing a return other than a corporate income tax  
return or an individual income tax return, follow the form  
instructions for that other applicable return.  
In the first column, enter the name of the DFIC with respect to  
which the taxpayer filing the Schedule F derives a section 965(a)  
inclusion through pass-through entities that are U.S.  
shareholders of DFICs.  
Column (a). Enter the EIN or reference ID number of the  
foreign corporation. For basic information about reference ID  
numbers (including the requirements as to the characters  
permitted), see the Instructions for Form 1118.  
Part II, Section 1 – Section 965(c)  
Deduction by Tax Year  
Lines 7 through 16. Reserved.  
Column (b). Owners or beneficiaries of U.S. shareholder  
pass-through entities should provide the EIN or reference ID  
number of the Schedule K-1 issuer. A U.S. shareholder  
pass-through entity with a section 965(a) inclusion amount with  
respect to a DFIC should complete all columns with the  
exception of columns (g) and (l) and provide a copy to its owners  
or beneficiaries that are eligible to claim deemed-paid credits or  
to pass-through entities with owners or beneficiaries that may be  
eligible to claim deemed-paid credits.  
Line 17. Enter the 2020 tax year shares of section 965(c)  
deductions allocated to a taxpayer from U.S. shareholder  
pass-through entities. Attach a schedule setting forth each of  
these shares by U.S. shareholder pass-through entity.  
Enter the amount from line 17 on your tax return as follows.  
Corporations: Enter the amount from Form 965, line 17, on  
Form 1120, Schedule C, line 15, column (c), or on the  
corresponding line of other corporate income tax returns.  
Individuals: As indicated in the instructions for Part I, line 3,  
above, enter the amount from Form 965, line 3, minus the  
amount from Form 965, line 17, on the “other income” line of  
your tax return (that is, Schedule 1 (Form 1040), line 8).  
All others: If filing a return other than a corporate income tax  
return or an individual income tax return, follow the form  
instructions for that other applicable return.  
Column (c). Enter the year and month in which the DFIC's U.S.  
tax year ended using the format YYYYMM.  
Column (d). Enter the applicable two-letter code from the list at  
Column (e)(1). Report (in U.S. dollars) the section 965(a)  
inclusion with respect to the DFIC for the tax year indicated in  
column (c).  
Part III – Elections  
Column (e)(2). Report the column (e)(1) amounts, translated  
from U.S. dollars into functional currency at the spot rate as of  
December 31, 2017, entered on the relevant row on Schedule A,  
column (d). If the foreign corporation's functional currency is the  
U.S. dollar, report the same amount as in column (e)(1).  
Indicate in this part whether or not any of the listed elections  
were made. Elections for 2020 tax years should be made in the  
manner set forth in regulations under section 965. A person  
generally makes an election with respect to section 965 by  
attaching to a tax return a statement signed under penalties of  
perjury and, in the case of an electronically filed return, in  
Portable Document Format (PDF), for each such election.  
Column (f). Enter the foreign corporation's post-1986  
undistributed earnings for the separate category for which the  
Schedule F is being completed. Generally, this amount is the  
corporation's E&P (computed in the corporation's functional  
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Instructions for Form 965 (Rev. 01-2021)  
   
currency according to sections 964(a) and 986) accumulated in  
tax years beginning after 1986, determined as of the close of the  
corporation's tax year without reduction for any earnings  
distributed or otherwise included in income (that is, under  
section 304, 367(b), 951(a), 1248, or 1293) during the current  
tax year.  
Line 3. Enter the total amount of section 965(a) inclusions in  
U.S. dollars derived through U.S. shareholder pass-through  
entities for the 2020 tax year from Schedule F, column (e)(1),  
line 16, by separate category.  
For example, Domestic Partnership has a $20 general  
category section 965(a) inclusion amount with respect to direct  
ownership in a DFIC. With respect to Domestic Corporation’s  
25% interest in Domestic Partnership, Domestic Corporation  
enters $5 on line 3 of Schedule H, Section 1, with respect to  
general category income.  
The line 3 amount represents the total amount of section  
965(a) inclusions for the separate category. Enter this amount  
here and on the applicable Form 1116, Part I, or Form 1118,  
Schedule A.  
In the example above, Domestic Corporation has total  
general category section 965(a) inclusions of $5 and will enter  
this amount on the general category Form 1118, Schedule A.  
Domestic Partnership is ineligible to claim deemed-paid credits  
and will not file either Form 1116 or Form 1118.  
Post-1986 undistributed earnings are reduced to account for  
distributions or deemed distributions that reduced E&P and  
inclusions that resulted in previously taxed amounts described in  
section 959(c)(1) and (2) or section 1293(c) in prior tax years  
beginning after 1986. See Regulations section 1.902-1(a)(9).  
Also see section 902(c)(3) and Regulations section 1.902-1(a)  
(13) for special rules treating earnings accumulated in post-1986  
years as pre-1987 accumulated profits when no U.S.  
shareholder was eligible to claim a deemed-paid credit with  
respect to taxes paid by the foreign corporation.  
Column (h). Enter the opening balance in the foreign  
corporation's post-1986 foreign income taxes for the tax year  
indicated in column (c). Generally, this amount is the foreign  
income taxes paid, accrued, or deemed paid (in U.S. dollars) by  
the foreign corporation for prior tax years beginning after 1986,  
reduced by foreign taxes attributable to distributions or  
inclusions of earnings in prior tax years. See Regulations section  
1.902-1(a)(8)(i).  
Lines 4 and 5. Reserved.  
Line 6. Enter the section 965(c) deduction in U.S. dollars  
derived through U.S. shareholder pass-through entities for the  
2020 tax year.  
Column (i). Enter the foreign income taxes paid or accrued by  
the foreign corporation for the tax year indicated in column (c),  
translated into U.S. dollars using the exchange rate specified in  
section 986(a).  
For example, if Domestic Corporation reports on Form 965,  
Part II, Section 1, line 17, that it has a section 965(c) deduction  
of $3 with respect to section 965(a) inclusions derived through  
U.S. shareholder pass-through entities, it will need to allocate  
and apportion this deduction to reduce its section 965(a)  
inclusions in each separate category.  
Column (j). Enter the foreign income taxes deemed paid (under  
section 902(b)) by the foreign corporation for the tax year  
indicated in column (c).  
Lines 7 and 8. Reserved.  
Line 9. Enter the amount from Schedule F, column (l), line 16.  
Also report on Form 1118, Schedule B, Part I, column 3.  
Taxpayers or other filers not required to complete Schedule F  
should not complete this line. See “How To Complete” above.  
Note. Columns (h), (i), (j), and (k) are not reduced by foreign  
taxes attributable to distributions or inclusions of earnings in the  
2020 tax year.  
Line 16. In column (e)(1), enter the total amount of section  
965(a) inclusions that are derived through U.S. shareholder  
pass-through entities. A U.S. person’s share of a U.S.  
shareholder pass-through entity’s section 965(a) inclusion  
amount must be included in this total.  
Line 10. Reserved.  
Line 11. Enter the applicable percentage from a U.S.  
shareholder pass-through entity.  
Note. Schedule H (Form 965), line 11 instructs filers to “enter  
the 2019 applicable percentage from pass-throughs.” Please  
disregard “2019” and instead use the following instruction.  
The applicable percentage from a U.S. pass-through entity is  
calculated by each U.S. shareholder pass-through entity that  
has a section 965(a) inclusion amount. The applicable  
percentage was reported on such U.S. shareholder  
In column (l), only enter taxes deemed paid with respect to  
the filer’s share of a U.S. shareholder pass-through entity’s  
section 965(a) inclusion amount in this total if the filer is eligible  
to claim a deemed-paid credit with respect to such amount.  
Schedule H, Section 1 – Amounts  
Reported on Forms 1116 and 1118  
and Disallowed Foreign Taxes  
pass-through entity’s 2018 Form 965, Schedule H, Section 2,  
line 37 and/or line 46. The U.S. shareholder pass-through entity  
should provide the applicable percentage to its owners and  
beneficiaries that are eligible to claim a foreign tax credit  
(whether directly under section 901 or indirectly under sections  
902 and 960). If the filer has an interest in only one such U.S.  
shareholder pass-through entity, enter the applicable  
percentage on line 11. If the filer has an interest in multiple U.S.  
shareholder pass-through entities with section 965(a) inclusion  
amounts, attach a schedule setting forth the applicable  
percentage for each U.S. shareholder pass-through entity and  
leave this line blank.  
See the Instructions for Form 1116, Form 1118, and Form 5471  
(Information Return of U.S. Persons With Respect to Certain  
Foreign Corporations) for reporting the amount of foreign taxes  
disallowed with respect to distributions of section 965 previously  
taxed E&P.  
Lines a and b. Complete a separate Schedule H for each  
applicable separate category of income. Enter the appropriate  
code on line a (at the top of Schedule H). To determine the  
appropriate code, see Categories of Income in the Instructions  
for Form 1118, Foreign Tax Credit—Corporations, or the  
Instructions for Form 1116, Foreign Tax Credit (Individual,  
Estate, or Trust). If code 901j is entered on line a, enter on line b  
the country code for the sanctioned country using the two-letter  
codes (from the list at IRS.gov/CountryCodes). If there are  
multiple sanctioned countries, see Separate categories of  
income, earlier.  
Lines 12 and 13. Reserved.  
Line 14. Enter the amount of disallowed taxes with respect to  
foreign taxes deemed paid in connection with the 2020 tax year  
share of section 965(a) inclusions from pass-through entities  
(that is, the amount reported on line 9). Attach a schedule setting  
forth, by U.S. shareholder pass-through entity and relevant  
DFIC, the amount of deemed-paid taxes, applicable percentage,  
Lines 1 and 2. Reserved.  
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Instructions for Form 965 (Rev. 01-2021)  
 
and disallowed taxes. Taxpayers or filers not required to  
complete Schedule F should not complete this line. See “How  
To Complete” above.  
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The time needed to complete and file this form will vary  
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You are not required to provide the information requested on  
a form that is subject to the Paperwork Reduction Act unless the  
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Instructions for Form 965 (Rev. 01-2021)