My corporation files Form 1120-F. How do I determine if we meet the $10 million asset threshold for corporations required to e-file?
A16. Treasury Regulations § 301.6011-5(a)(1) and (f) provide that a corporation must e-file its Form 1120 if it is required to file at least 250 returns during the calendar year ending with or within its taxable year and it reports “total assets at the end of the corporation’s taxable year that equal or exceed $10 million on Schedule L of their Form 1120.” For foreign corporations filing a Form 1120-F, U.S. Income Tax Return of a Foreign Corporation, the foreign corporation can elect whether their Schedule L will include worldwide assets or limit it to U.S. connected assets. See Treasury Regulations. § 1.6012-2(g)(1)(iii). Because Treasury Regulation § 301.6011-5(f) refers to total assets that equal or exceed $10 million on Schedule L, and Treasury Regulation § 1.6012-2(g)(1)(iii) gives the Form 1120-F filer an election to include only U.S. connected assets on Schedule L, the $10 million threshold determination is based on what the foreign corporation elects to report on its Schedule L
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- My corporation files Form 1120-F. How do I determine if we meet the $10 million asset threshold for corporations required to e-file?
