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Instructions for Completing Schedule IT-20FSD
IC 6-3-2-12 allows for a deduction from adjusted gross
income (AGI). It must be equal to the amount of the foreign For real estate investment trusts, include both the amount
source dividend included in the corporation’s AGI for the tax included in federal taxable income for the current taxable
year multiplied by one of the following percentages: year and the section 965(c) amount required to be added
back in determining Indiana adjusted gross income for the
100% if the corporation including the foreign source current taxable year. If all or part of the deemed repatriated
dividend in its AGI owns at least 80% of the total dividends is excluded from federal taxable income, do not
combine voting power of all classes of stock of include the excluded portion or the IRC section 965(c)
the foreign corporation from which the dividend is deduction from the excluded dividends.
derived.
85% if the corporation including the foreign source For global intangible low taxed income, include (1) the
dividend in its AGI owns at least 50% but less amount included in federal taxable income, plus (2) the
than 80% of the total combined voting power amount of IRC section 250(a)(1)(B) deduction required to
of all classes of stock of the foreign corporation be added back under Indiana law, minus (3) 50 percent of
from which the dividend is derived. the amount deducted from federal taxable income under
50% if the corporation including the foreign source IRC section 250(a)(1)(B)(ii) (IRC section 78 amounts
dividend in its AGI owns less than 50% of the resulting from such income).
total combined voting power of all classes of
stock of the foreign corporation from which the For repatriated dividends (other than amounts included as
dividend is derived. deemed repatriated dividend or global intangible low taxed
income), list the amount included in federal taxable income
Column A. Enter the FEIN of the recipient (This is the filing after any deductions against such income, such as a
entity or a member of the consolidated or combined Indiana dividends-received deduction. Do not include any amounts
tax return) required to be included under IRC section 78. Round all
entries to the nearest whole dollar.
Column B. Enter the name of the entity paying dividends to
the recipient Column F. The percentage of the deduction you can take is
based on the percentage entered in Column D.
Column C. Enter the FEIN of the paying entity. Leave
blank if the paying entity does not have an FEIN Column G. Multiply Column E by Column F. Round all
entries to the nearest whole dollar.
Column D. Enter the percentage of stock of the paying
entity that is owned by the recipient (Round to two decimal Column H. Subtract Column G from Column E. Round all
places; for example, 98.46%) entries to the nearest whole dollar.
Column E. Include any amount of Subpart F income Column I. Enter letter code corresponding to type of
(deemed repatriated dividends included under IRC section dividend.
965), global intangible low taxed income, and dividends A) Subpart F Income
required to be included in federal taxable income upon B) Section 965 Deemed Dividends
repatriation. If you receive amounts from an entity that C) Global Intangible Low-Taxed Income (GILTI)
falls into more than one category, list the amount from each D) Other Repatriated Income
category on a separate line. However, do not include the
amount included in federal taxable income as a result of
IRC section 78.
For Subpart F income, list the amount included in federal
taxable income.
For deemed repatriated dividends required to be included
under IRC section 965, list the amount included in adjusted
gross income under IC 6-3-1-3.5. For C corporations other
than real estate investment trusts, this will be the amount
reported as includible under IRC Section 965(a) prior to any
IRC section 965(c) deduction.
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