Most states would expect a pro forma federal tax return, Form 1120F, U.
balance sheet as reported on a Form 1120F or on worldwide amounts.
Revenue Ruling 2001-48 requires filing Form 1120F
to claim an exemption from freight tax; see also IRC section 6114(a) in connection with filing returns to claim treaty benefits].
The Department, however, will not accept a Form 1120F
(other than for transportation companies) as a basis for establishing federal taxable income, even though Form 112OF is normally filed by a foreign company with a PE in the United States.
1) For the purpose of this article, taxable corporations are corporations that file the following types of returns: Form 1120, Form 1120-A, Form 1120F
, Form 1120L, and Form 1120-PC.
902 corporation not required to file Form 1120F
net income taxation nonetheless may decide to file Form 1120F for one (or more) of the following reasons:
taxation based on certain treaty claims must disclose the treaty-based position on Form 8833, which must be attached to Form 1120F, even if Form 1120F would not otherwise be required;
The filing of a properly completed Form 1120F starts the statute of limitations (SOL), generally three years from the original due date of a return that otherwise would have been due; in the absence of a Form 1120F filing, the SOL remains open indefinitely;
5) In such case, the foreign resident is required to file Form 1120F
Foreign corporations must report such income on Form 1120F