Form 1120-S (Schedule M-3) Minneapolis Minnesota 2019-2025

Form 1120-S (Schedule M-3) Minneapolis Minnesota: What You Should Know

Instructions for Schedule PTE, Pass-through Entity Tax — IRS. Part V. Corporate Information (Part I) (see instructions). 1a The purpose of this part of the schedule is to determine the income tax liability of a passive foreign investment company (PFC). 1b For purposes of this section, passive foreign investment company means an entity with a share of U.S. passive income or investment income that is effectively connected with a U.S. trade or business and that is owned (through voting or investment power) by one of the following persons: A shareholder of the entity A non-U.S. shareholder of the entity A controlled foreign corporation of which more than 50% of the interests are owned (through voting or investment power) by U.S. shareholders, or A corporation that directly or indirectly is owned (through voting or investment power) by a related U.S. corporation This line must equal the total amount of U.S. passive income or investment income that is effectively connected with a U.S. trade or business, in accordance with  Instructions for Schedule PTE, Passive Foreign Investment Companies— SEC. 1c Total income of the entity, if any. If the entity's income is not reported on Schedule K-1 or Part V, report it on page 3 of Form 1065, or Form 2060. 1d Total expenses of the corporation, not shown on the income statement or in an audit or examination return (Form 1045), for any taxable year on which the entity earned any passive income from sources within the United States. 1e Amounts included in gross income as a dividend or distribution on which the corporation pays no tax (Form 1120-A or Form 1120-B), plus 1f Amounts includible in gross income as gain from the sale or exchange of assets of the corporation owned during any taxable year by a shareholder of the corporation, plus Instructions for Schedule PTE, Passive Foreign Investment Companies— PART II—CORPORATE TAXES. 2a Total income and deductions of the entity, if any. If the corporation's income is not reported on Schedule K-1 or Part V, report it on page 30 of Form 1065, or Form 2060; if the corporation's income is not reported on Schedule K-1 or Part V, report it on  Instructions for Schedule PTE, Passive Foreign Investment Companies— PART IV—CORPORATE INFORMATION.

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