Tax Form 1120sp Fill in and Calculate Online

Form 1120sp: List of Foreign Partner Interests in Partnerships

Use Tax Form 1120sp: List of Foreign Partner Interests in Partnerships as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 tax return. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.

List of Foreign Partner Interests in Partnerships
Name of corporation (foreign partner)					Employer identification number (EIN)
Part I List of Foreign Partner Interests in Partnerships
(a) Name of partnership		(b) Address		(c) EIN	(d) For each partnership interest, is the foreign corporation’s distributive share ECI, or treated as ECI, in whole or in part, with a U.S. trade or business determined under section 875 (see instructions)?
A					Yes No
B					Yes No
C					Yes No
D					Yes No
Note: If the corporation has more than 4 partnership interests, continue on a separate page. See instructions.
Part II Foreign Partner Income and Expenses: Reconciliation to Schedule K-1 (Form 1065) See instructions if reconciling to Schedule K-1 (Form 1065-B).
		Schedules K-1
		A	B	C	D	Total
1	Net income (loss) reported on lines 1 through 3, Schedule K-1
2	Gross income included on lines 1 through 3, Schedule K-1
3	Gross effectively connected income (ECI) on lines 1 through 3, Schedule K-1
4	Non-interest expenses on lines 1 through 3, Schedule K-1
5	Non-interest expenses on lines 1 through 3, Schedule K-1, allocated to gross ECI
6	Net income (loss) reported on Schedule K-1, other than on lines 1 through 3
7	Other gross income reported on Schedule K-1
8	Other gross ECI reported on Schedule K-1
9	Other non-interest expenses reported on Schedule K-1
10	Other non-interest expenses reported on Schedule K-1, allocated to gross ECI
11	Total gross income. Add lines 2 and 7
12	Total gross effectively connected income. Add lines 3 and 8
13	Interest expense on lines 1 through 3, Schedule K-1
14	Other interest expense reported on Schedule K-1, lines 13 and 18
15a	Total interest expense. Add lines 13 and 14
b	Interest expense directly allocable under Regulations section 1.882-5(a)(1) (ii)(B). (Note: Include the line 15b total on Schedule I, line 22.)
c	Subtract line 15b from line 15a. (Note: Enter the portion of the line 15c total that constitutes interest on U.S. booked liabilities on Schedule I, line 9, column (b).)
Part III Foreign Partner’s Average Outside Basis Under Regulations sections 1.882-5(b) and 1.884-1(d)(3)
		Schedules K-1
		A	B	C	D	Total
16	Section 705 outside basis
17a	Partner’s liabilities included in outside basis under section 752 that give rise to directly allocable interest expense under Regulations section 1.882-5(a)(1)(ii)(B)
b	All other liabilities included in partner’s outside basis under section 752
c	Add lines 17a and 17b
d	Subtract line 17c from line 16
18	Partner’s liabilities under Regulations section 1.884-1(d)(3)(vi). (Note: Enter the portion of the line 18 total on Schedule I, line 8, column (b) that represents U.S. booked liabilities under Regulations section 1.882-5(d).)
19	Partner’s outside basis under Regulations section 1.884-1(d)(3)(vi). Add lines 17d and 18
20	Partner’s outside basis allocable to ECI under Regulations section 1.884-1(d)(3)(i) and 1.882-5. (Note: The line 20 total should generally be entered on Schedule I, line 5, column (b). However, see the instructions for Schedule I, line 5, column (b) before entering an amount on that line.)
21	Enter “income” or “asset” to indicate the allocation method used on line 20 (see instructions)

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