Tax Form 1120 Schedule G Details

1120 Schedule G is a form that is used to report certain information about a company's ownership structure. This document is typically filed with the IRS, and it can be used to identify the individuals or organizations who hold an interest in a business. There are a number of different types of information that can be reported on 1120 Schedule G, so it's important to understand what is required in order to complete this form correctly. If you need help filing 1120 Schedule G, don't hesitate to contact us.

You will discover details about the type of form you want to complete in the table. It will tell you the time it takes to fill out 1120 schedule g, what fields you will have to fill in and several additional specific facts.

QuestionAnswer
Form Name1120 Schedule G
Form Length2 pages
Fillable?Yes
Fillable fields92
Avg. time to fill out18 min 54 sec
Other namesform 1040 schedule i, form 1120 schedule g tax, tax form 1120 schedule g, form 1120 irs schedule g

Form Preview Example

SCHEDULE G

Information on Certain Persons Owning the

 

(Form 1120)

Corporation’s Voting Stock

 

OMB No. 1545-0123

(Rev. December 2011)

 

Attach to Form 1120.

 

 

Department of the Treasury

 

 

 

 

 

Internal Revenue Service

See instructions on page 2.

 

 

Name

 

Employer identification number (EIN)

 

 

 

 

 

Part I Certain Entities Owning the Corporation’s Voting Stock. (Form 1120, Schedule K, Question 4a). Complete columns (i) through (v) below for any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation’s stock entitled to vote (see instructions).

(i) Name of Entity

(ii)Employer Identification Number (if any)

(iii) Type of Entity

(iv) Country of Organization

(v) Percentage Owned in Voting Stock

Part II Certain Individuals and Estates Owning the Corporation’s Voting Stock. (Form 1120, Schedule K, Question 4b). Complete columns (i) through (iv) below for any individual or estate that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation’s stock entitled to vote (see instructions).

(i) Name of Individual or Estate

(ii)Identifying Number (if any)

(iii)Country of Citizenship (see

instructions)

(iv)Percentage Owned in Voting Stock

For Paperwork Reduction Act Notice,

Cat. No. 52684S

Schedule G (Form 1120) (Rev. 12-2011)

see the Instructions for Form 1120.

 

 

Schedule G (Form 1120) (Rev. 12-2011)

Page 2

 

 

General Instructions

Purpose of Form

Use Schedule G (Form 1120) to provide information applicable to certain entities, individuals, and estates that own, directly, 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation’s stock entitled to vote.

Who Must File

Every corporation that answers “Yes” to Form 1120, Schedule K, Questions 4a or 4b, must file Schedule G to provide the additional information requested for certain entities, individuals, and estates owning the corporation’s voting stock.

Constructive Ownership of the Corporation

For purposes of Schedule G (Form 1120), the constructive ownership rules of section 267(c) (excluding section 267(c)(3)) apply to ownership of interests in corporate stock and ownership of interests in the profit, loss, or capital of a partnership. An interest in the corporation owned directly or indirectly by or for another entity (corporation, partnership, estate, or trust) is considered to be owned proportionately by the owners (shareholders, partners, or beneficiaries) of the owning entity. Also, under section 267(c), an individual is considered to own an interest owned directly or indirectly by or for his or her family. The family of an individual includes only that individual’s spouse, brothers, sisters, ancestors, and lineal descendants.

An interest will be attributed from an individual under the family attribution rules only if the person to whom the interest is attributed owns a direct or an indirect interest in the corporation under section 267(c)(1) or (5). However, for purposes of these instructions, an individual will not be considered to own, under section 267(c)(2), an interest in the corporation owned, directly or indirectly, by a family member unless the individual also owns an interest in the corporation either directly or indirectly through a corporation, partnership or trust.

Example 1. Corporation A owns, directly, a 50% interest in the profit, loss, or capital of Partnership B. Corporation A also owns, directly, a 15% interest in the profit, loss, or capital of Partnership C and owns, directly, 15% of the voting stock of Corporation D. Partnership B owns, directly, a 70% interest in the profit, loss, or capital of Partnership C and owns, directly, 70% of the voting stock of Corporation D. Corporation A owns, indirectly, through Partnership B, a 35% interest (50% of 70%) in the profit, loss, or capital of Partnership C and owns, indirectly, 35% of the voting stock of Corporation D. Corporation A owns, directly or indirectly, a 50% interest in the profit, loss, or capital of Partnership C

(15% directly and 35% indirectly), and owns, directly or indirectly, 50% of the voting stock of Corporation D (15% directly and 35% indirectly).

Corporation D reports in Part I that its voting stock is owned, directly or indirectly, 50% by Corporation A and is owned, directly, 70% by Partnership B.

Example 2. A owns, directly, 50% of the voting stock of Corporation X. B, the daughter of A, does not own, directly, any interest in Corporation X and does not own, indirectly, any interest in Corporation X through any entity (corporation, partnership, trust, or estate). Therefore, the family attribution rules do not apply and, for the purposes of Part II, the 50% interest of A in Corporation X is not attributed to B.

Example 3. A owns, directly, 50% of the voting stock of Corporation X. B, the daughter of A, does not own, directly, any interest in X but does own, indirectly, 10% of the voting stock of Corporation X through Trust T of which she is the sole beneficiary. No other family member of A or B owns, directly, any interest in Corporation X nor does any own, indirectly, any interest in Corporation X through any entity. Neither A nor B owns any other interest in Corporation X through any entity.

For the purposes of Part II, the 50% interest of A in the voting stock of Corporation X is attributed to B and the 10% interest of B in the voting stock of Corporation X is attributed to A. A owns, directly or indirectly, 60% of the voting stock of Corporation X, 50% directly and 10% indirectly through B. B owns, directly or indirectly, 60% of the voting stock of Corporation X (50% indirectly through A and 10% indirectly through Trust T).

Specific Instructions

Part I

Complete Part I if the corporation answered “Yes” to Form 1120, Schedule K, Question 4a. List each foreign or domestic corporation, partnership, trust, or tax- exempt organization that owns, at the end of the tax year, directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation’s stock entitled to vote. Indicate the name of the entity, employer identification number (if any), type of entity (corporation, partnership, trust, or tax- exempt organization), country of organization, and the percentage owned, directly or indirectly, of the voting stock of the corporation.

For an affiliated group filing a consolidated tax return, list the parent corporation rather than the subsidiary members. List the entity owner of a disregarded entity rather than the disregarded entity. If the owner of a disregarded entity is an individual rather than an entity, list the individual in Part II.

Part II

Complete Part II if the corporation answered “Yes” to Form 1120, Schedule K, Question 4b. List each individual or estate that owns, at the end of the tax year, directly 20% or more, or owns, directly or indirectly, 50% or more, of the total voting power of all classes of the corporation’s stock entitled to vote. Indicate the name of the individual or estate, taxpayer identification number (if any), country of citizenship (for an estate, the citizenship of the decedent), and the percentage owned, directly or indirectly, of the voting stock of the corporation.

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