Calculating section 965 amounts, elections available | KPMG | GLOBAL
close
Share with your friends

Calculating section 965 amounts, elections available for 2017 returns

Calculating section 965 amounts, elections available

The IRS posted Publication 5292, “How to Calculate Section 965 Amounts and Elections Available to Taxpayers” with respect to the transition tax imposed under section 965 and enacted by the new tax law (Pub. L. No. 115-97) in December 2017.

1000

Related content

Publication 5292 [PDF 1.43 MB]—

  • Defines certain terms for purposes of section 965 determinations
  • Identifies taxpayers that may be required to report section 965 amounts
  • States section 965 amounts are to be reported on 2017 tax returns
  • Notes that under certain circumstances, taxpayers may need to report section 965 amounts on 2016 tax returns
  • Includes a “workbook” to assist in calculating section 965 amounts

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG International Cooperative (“KPMG International”) is a Swiss entity.

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit