Schedule I (Form 1118) Template

Use this schedule to calculate reductions for foreign oil and gas taxes on Form 1118.

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Why use a schedule i (form 1118)?

A Schedule I (Form 1118) helps corporations report foreign oil and gas income, taxes, and reductions.

Report oil and gas income

Capture foreign oil and gas extraction, related income, inclusions, and other income.
Calculate tax reduction

Use section 907(a) lines to determine any reduction in foreign oil and gas taxes.
Track usable taxes

Show foreign oil and gas taxes available for use in the current tax year.

This template includes category codes, oil and gas income, deductions, tax reduction, and current-year use fields.

Category and country codes
Fields capture the Form 1118 separate category code and related sanctioned or treaty country codes.
Income and tax table
Part I records foreign oil and gas income, deductions, taxable income, and related taxes.
Section 907 reduction
Part II calculates the reduction under section 907(a) and carries it to Schedule G.
Current-year availability
Part III identifies foreign oil and gas taxes available for use in the current tax year.
Reporting instructions
Instruction text covers U.S. dollar reporting, currency conversion, and supporting schedules.