Form 965-B, Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts
Form 965-B is the corporate counterpart to Form 965-A: it tracks a corporation’s or REIT’s section 965 transition tax liability and installment payments year by year. Fill in the official IRS PDF below and download it.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is 965-B?
Form 965-B, Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts, is filed by corporate taxpayers and REITs for each year in which they must account for section 965 amounts. Section 965 imposed a one-time transition tax on certain accumulated foreign earnings.
The form records the net 965 tax liability, any installment payment election, payments made, and the remaining balance. REITs that elected to account for 965 amounts over time also use it to report those amounts as they are taken into income.
Who files 965-B?
- Corporations that reported a section 965 inclusion and have a net 965 tax liability
- Corporate taxpayers paying the 965 transition tax in installments and reporting annual status
- Real estate investment trusts, including electing REITs spreading 965 amounts over several years
- Successor corporations tracking a 965 liability assumed in a transaction
How to fill out 965-B
- Enter the corporation’s or REIT’s name and employer identification number at the top.
- In Part I, report the net 965 tax liability for each inclusion year, including amounts paid in full or subject to an installment election.
- In Part II, record the yearly installment status: prior payments, the current year payment, and the remaining unpaid balance.
- Electing REITs complete the section reporting 965 amounts taken into account for the year.
- Download the finished PDF and attach it to the corporation’s or REIT’s income tax return for each applicable year.
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Frequently asked questions
How long does a corporation keep filing Form 965-B?
Generally for every tax year until the net 965 tax liability is fully paid and any electing REIT amounts have been fully taken into account. The filing continues even though the original inclusion years have passed.
Which form do pass-through owners use instead?
Individuals, and taxpayers taxed like individuals such as certain trusts and estates, report their net 965 liability on Form 965-A rather than 965-B.
Does Form 965-B calculate the transition tax itself?
No. The section 965 inclusion and tax were computed on Form 965 and its schedules for the transition years. Form 965-B tracks the resulting liability, elections, and payments over time.