IRS Form: Instructions for U.S. Shareholder Calculation of GILTI (IRC §951A)

Instructions for Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), released December 17 to reflect a new separate Schedule A and domestic partnerships no longer filing the form. Separate Schedule A is no longer part of the base Form 8992 and taxpayers are now required to attach either separate Schedule A or separate Schedule B, depending upon whether the U.S. shareholder of the Controlled Foreign Corporation (CFC) is a member of a U.S. consolidated group, the IRS stated. Domestic partnerships will now complete Schedule K-2 (Form 1065), Part VI, and Schedule K-3 (Form 1065), Part VI, ...