Schedule I (Form 1120-F) Template

Use this template to allocate interest expense under Regulations section 1.882-5 for Form 1120-F.

By using this template, you agree to our Template Terms of Use.

Why use an interest expense allocation form?

Calculate U.S. assets, U.S.-connected liabilities, and deductible interest through the required allocation steps.

Select allocation method

Choose the adjusted U.S. booked liabilities method or separate currency pools method.
Calculate U.S. assets

Record average U.S. assets, book liabilities, partnership interests, and related adjustments.
Determine deduction

Combine allocable interest, direct allocations, and disallowed amounts for the final deduction.

This template follows the Schedule I steps for determining interest expense under Regulations section 1.882-5.

Filing method selection
Indicates whether the adjusted booked liabilities or separate currency pools method applies.
Average U.S. assets
Records book assets, non-ECI assets, partnership interests, and asset adjustments.
U.S.-connected liabilities
Calculates liability ratios, elections, reductions, and connected liability amounts.
Adjusted booked liabilities
Covers booked liability amounts, interest paid or accrued, and excess interest.
Separate currency pools
Provides fields for U.S. assets, liability ratios, interest expense, and pool totals.
Total interest deduction
Combines allocable interest, direct allocations, and permanent disallowance amounts.