Schedule S (Form 1120-F) Template

Use this template to claim the section 883 exclusion for qualified income from international ships or aircraft.

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Why use an international ships or aircraft income exclusion form?

Document the foreign corporation, qualifying income categories, and stock ownership test used for the exclusion.

Identify qualifying country

Record the qualified foreign country and the equivalent exemption authority.
Categorize income

List qualified income from carriage, charters, containers, gains, and joint operations.
Show ownership test

Indicate the stock ownership test and provide the related shareholder information.

This template covers the Schedule S sections used to document section 883 income exclusion details.

Qualified corporation details
Records the qualified foreign country and the exemption type used by the corporation.
Income categories
Lists income from carriage, charters, containers, gains, and joint operating arrangements.
Stock ownership test
Selects the publicly traded, CFC, or qualified shareholder ownership test.
Publicly traded test
Captures market, stock class, closely held, and qualified shareholder details.
CFC ownership test
Records qualified U.S. person ownership percentages and holding periods.
Qualified shareholder test
Summarizes qualified shareholder counts, ownership percentages, and residence details.