Independent form guide. BrieflyGo is not affiliated with or endorsed by IRS, USCIS, SSA, DOL, or any U.S. government agency. Official forms are sourced from public government websites.
Official form guide
Form 1120-FV: 1120-F (Schedule V)
IRS Form 1120-F (Schedule V) is used by foreign corporations to report basic information for each vessel or aircraft subject to the 4% rate of tax on U.S. source gross transportation income (USSGTI) under section 887. It must be attached to the corporation's Form 1120-F income tax return and includes details such as vessel name, registration numbers, operator and owner information, and the USSGTI amount.
Need help with Form 1120-FV?
Open it in the AI Editor for field guidance, checks, and PDF export.
Need help? AI Editor guides you through every field of Form 1120-FV.
Start filling →Form Overview
IRS Form 1120-FV - 1120-F (Schedule V)
IRS Form 1120-F (Schedule V) is used by foreign corporations to report basic information for each vessel or aircraft subject to the 4% rate of tax on U.S. source gross transportation income (USSGTI) under section 887. It must be attached to the corporation's Form 1120-F income tax return and includes details such as vessel name, registration numbers, operator and owner information, and the USSGTI amount.
Risk Radar
Scan points- 1Failing to attach continuation statements for more than four vessels or aircraft.
- 2Not entering the Lloyd's register number for a vessel on line 2.
- 3Not answering line 3 about bareboat lease status.
- 4Not attaching required items (lessor name, lease term) when line 3 is 'Yes'.
- 5Not entering 'Same as filer above' when you are the registered owner or operator.
Plain English
This form helps foreign corporations tell the IRS about their ships or planes that earn U.S. transportation income taxed at a 4% rate. It asks for the name, registration number, who owns and operates it, and how much income was made. The form must be attached to the corporation's main tax return (Form 1120-F).
Submission Date
- Filing date: 2022-12-29 22:10:46
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
AI co-pilot
Fill it faster. Catch mistakes before you file.
Glossary Terms
Hover a term to preview the meaning.
What this form is for
- Use this form when a foreign corporation is subject to the 4% rate of tax on U.S. source gross transportation income (USSGTI) under section 887 and needs to list each vessel or aircraft generating that income.
- Do not use it when the corporation is not subject to the 4% tax on USSGTI under section 887, or when the transportation income is excluded from the definition of USSGTI (e.g., income taxable as effectively connected under section 887(b)(4)).
- Check the Instructions for Form 1120-F instead when you need the time, place, and manner for filing the corporation's income tax return.
Form selector
Use this form or another form?
Income is taxable as effectively connected with a U.S. trade or business under section 887(b)(4)
Such income is not USSGTI and should be reported on the main return, not on Schedule V.
✓ Confirm the income meets the effectively connected definition.
Income is taxable in a U.S. possession under a provision of the Code
This income is excluded from USSGTI and should not be listed on Schedule V.
✓ Verify the possession's tax treatment and applicable Code provisions.
Income is not sourced under section 863(c)(2)
Income not sourced under that section is not USSGTI and should not be reported on Schedule V.
✓ Review sourcing rules under section 863(c)(2)(A).
Deadline or filing window
Not stated in the official source. The schedule is filed with Form 1120-F; refer to that form's instructions for the filing deadline and extension availability.
Checklist
What you need before filling it out
Name of corporation
Legal name of the foreign corporation · Form 1120-F or corporate records
Employer identification number
EIN assigned by IRS · IRS CP 261 notice or prior returns
Line 1: Name of vessel or type of aircraft
Specific vessel name or aircraft model · Registration documents
Line 2: Vessel or aircraft ID number
Lloyd's register number (vessel) or registration number (aircraft) · Registration documents
Line 3: Was the vessel or aircraft chartered in?
Yes/No answer · Charter agreement
Line 6: EIN/SSN of registered owner
Owner's EIN/SSN, or 'Same as filer', or 'Not known' · Owner's records or prior filings
Line 7: Name of operator
Operator's name, or 'Same as filer', or 'Not known' · Operator's records
Line 9: USSGTI derived
Gross U.S. source transportation income without deductions · Income records, contracts
Before you submit
- 1Verify the corporation's name and EIN at the top of Schedule V are correct and match Form 1120-F.
- 2Confirm that Schedule V is attached to the Form 1120-F return.
- 3For each vessel or aircraft, ensure lines 1 through 9 are fully completed.
- 4If you checked 'Yes' on line 3 (chartered in), confirm that the required additional statement is attached: lessor name/address, lease term, and rental calculation method.
- 5If you checked 'Yes' on line 4 (chartered out), review the instructions for any required additional statement.
- 6If you have more than four vessels or aircraft, attach continuation statements using the same format as Schedule V.
- 7Double-check that line 9 entries are gross income, not net, and are U.S. source gross transportation income as defined.
- 8Ensure that the registered owner and operator information (lines 6-8) is accurate, using 'Same as filer' or 'Not known' only when appropriate.
- 9Review the definitions of USSGTI in the instructions to confirm all reported income qualifies for the 4% rate.
- 10Sign and date the Form 1120-F return (Schedule V does not have its own signature line) and keep a copy for your records.
How to file this form
- 1Obtain the current revision of Schedule V (Form 1120-F) (Rev. 12-2022) from IRS.gov/Form1120F.
- 2Enter the corporation's name and employer identification number at the top of the schedule.
- 3For each vessel or aircraft subject to the 4% tax, complete lines 1-9: name, ID number, charter status, owner and operator information, and USSGTI.
- 4If the vessel or aircraft was chartered in and you answered 'Yes' on line 3, attach a statement with the lessor's name and address, lease term, and rental calculation method.
- 5If you have more than four vessels or aircraft, attach continuation statements using the same size and format as Schedule V.
- 6Review the definitions of USSGTI to confirm all reported income qualifies for the 4% rate.
- 7Attach Schedule V to the foreign corporation's Form 1120-F income tax return.
- 8File the complete Form 1120-F return with Schedule V by the due date (see Instructions for Form 1120-F).
- 9Proof of filing: retain a copy of the filed return and any IRS acknowledgment.
Known limitations
- 1Schedule V does not apply to income that is not U.S. source gross transportation income as defined under section 863(c)(2)(A).
- 2It does not apply to transportation income that is taxable as effectively connected with a U.S. trade or business under section 887(b)(4).
- 3It does not apply to transportation income taxable in a U.S. possession under applicable Code provisions.
- 4It is only for foreign corporations; domestic corporations do not file this schedule.
- 5It does not apply to income from the rental of containers by persons other than operators of vessels or aircraft; such income is treated as rental income, not transportation income.
- 6If the corporation derives USSGTI from more than four vessels or aircraft, additional continuation statements are required because the schedule has only four columns.
Field map
Compact field-by-field guide
Entity Info
2 items
Full legal name of the corporation and its Employer Identification Number.
Current mailing address and date of incorporation.
Income
3 items
Total revenue from business operations before deducting costs.
Direct costs attributable to producing goods sold by the corporation.
Gross receipts minus cost of goods sold and returns/allowances.
Deductions
1 items
Sum of all business expenses including compensation, rent, interest, taxes, and depreciation.
Tax
2 items
Total income minus total deductions.
Tax calculated on taxable income using the applicable corporate tax rate, minus any credits.
Signatures
1 items
An authorized corporate officer must sign and date the return.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is Schedule V (Form 1120-F) Rev. December 2022. For the latest information on developments after publication, the instructions direct filers to IRS.gov/Form1120F.
What changed or needs a fresh check
- Edition date — confirm the revision reads 12-2022 on both the form and instructions.
- Attachment — confirm Schedule V is attached to the corporation's Form 1120-F income tax return.
- Line completion — confirm lines 1 through 9 are fully completed for each vessel or aircraft listed.
- Continuation statements — if more than four vessels or aircraft are reported, attach continuation statements using the same size and format as Schedule V.
- EIN — confirm the corporation's employer identification number is entered at the top of the schedule.
- Signature — Not stated in the official source — verify on the agency site. Schedule V does not have its own signature line; it is part of Form 1120-F.
Quick Facts
Downloads
After you file
- 1Retain a copy of the filed Schedule V and all attachments for at least 3 years from the date of filing the return.
- 2Monitor IRS correspondence for any notices regarding the return or Schedule V.
- 3If you discover an error after filing, file an amended Form 1120-F with a corrected Schedule V.
- 4Check IRS.gov/Form1120F for any updates to the form or instructions that may affect future filings.
- 5If you need to add or remove a vessel after filing, file an amended return with the updated Schedule V.
Sources
- SRCInstructions p.1 — Purpose: Schedule V is used by a foreign corporation to report basic information for each vessel or aircraft subject to the 4% rate of tax on USSGTI under section 887.
- SRCInstructions p.1 — Who Must File: Foreign corporations subject to the 4% tax on USSGTI under section 887.
- SRCInstructions p.1 — When and Where To File: Attach Schedule V to Form 1120-F; see Instructions for Form 1120-F for time, place, and manner.
- SRCInstructions p.1 — Definition of USSGTI: gross income from transportation income sourced under section 863(c)(2)(A); excludes certain incomes.
- SRCInstructions p.1 — Income derived from transporting passengers or property, hiring/leasing vessels, container income by operators.
- SRCInstructions p.2 — If more than four vessels/aircraft, attach continuation statements.
- SRCInstructions p.2 — Line 1: Enter name of vessel or type of aircraft.
- SRCInstructions p.2 — Line 2: For vessel, Lloyd's register number; for aircraft, registration number.
- SRCInstructions p.2 — Line 3: If 'Yes' and you operate under bareboat lease, attach lessor info, term, rental calculation.
- SRCForm p.1 — Schedule V title, revision date 12-2022, OMB No. 1545-0123.
Common confusion points
What is the difference between 'chartered in' and 'chartered out'?
The form has separate lines for chartered in (line 3) and chartered out (line 4), but instructions only detail requirements for chartered in.
→ Check the instructions for line 4 requirements if you chartered out a vessel or aircraft.
Do I need to include income from containers?
Container-related income is only transportation income if derived by the operator of the vessel or aircraft; others treat it as rental income.
→ Confirm you are the operator of the vessel or aircraft to include container income as USSGTI.
What if I don't know the owner's EIN?
Instructions allow entering 'Not known' if you are not the registered owner and do not know the EIN/SSN.
→ Use 'Not known' only after making a reasonable effort to obtain the information.
Can I use this schedule for aircraft if I only have vessels?
The schedule is for both vessels and aircraft; line 1 asks for name of vessel or type of aircraft, and line 2 asks for vessel ID (Lloyd's) or aircraft registration number.
→ Ensure you use the correct ID number type for each.
What if I have more than four vessels?
The schedule only has four columns; you must attach continuation statements.
→ Prepare continuation statements using the same format and attach them to Schedule V.
Is this schedule filed separately?
No, it must be attached to Form 1120-F.
→ Do not mail Schedule V alone; include it with the corporation's income tax return.
What is the 4% rate? Is it on gross income?
Yes, the 4% rate applies to U.S. source gross transportation income without reduction for deductions.
→ Enter gross income on line 9, not net income.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 1120-F (amended) — file a corrected return with a revised Schedule V.
Questions about IRS Form 1120-FV
What is IRS Form 1120-FV used for?
This form helps foreign corporations tell the IRS about their ships or planes that earn U.S. transportation income taxed at a 4% rate. It asks for the name, registration number, who owns and operates it, and how much income was made. The form must be attached to the corporation's main tax return (Form 1120-F).
Who must file IRS Form 1120-FV?
Foreign corporations that are subject to the 4% tax on their U.S. source gross transportation income under section 887 must file Schedule V (Form 1120-F).
What information does IRS Form 1120-FV require?
The form collects basic information for each vessel or aircraft, including the name (line 1), Lloyd's register or registration number (line 2), bareboat lease details (line 3), owner and operator EIN/SSN (lines 4-8), and the USSGTI amount (line 9).
How do I complete IRS Form 1120-FV?
Complete columns A through D for each vessel or aircraft. Enter the name on line 1, the Lloyd's register or registration number on line 2, and answer line 3 regarding bareboat leases. Provide owner and operator information on lines 4-8, and enter the USSGTI on line 9. Attach continuation statements if more than four vessels or aircraft. All information must be in English and amounts in U.S. dollars.
What is the difference between 'chartered in' and 'chartered out'?
The form has separate lines for chartered in (line 3) and chartered out (line 4), but instructions only detail requirements for chartered in. Check the instructions for line 4 requirements if you chartered out a vessel or aircraft.
Do I need to include income from containers?
Container-related income is only transportation income if derived by the operator of the vessel or aircraft; others treat it as rental income. Confirm you are the operator of the vessel or aircraft to include container income as USSGTI.
What if I don't know the owner's EIN?
Instructions allow entering 'Not known' if you are not the registered owner and do not know the EIN/SSN. Use 'Not known' only after making a reasonable effort to obtain the information.
Can I use this schedule for aircraft if I only have vessels?
The schedule is for both vessels and aircraft; line 1 asks for name of vessel or type of aircraft, and line 2 asks for vessel ID (Lloyd's) or aircraft registration number. Ensure you use the correct ID number type for each.
Source transparency
Copyright & Licensing - US Government Forms
BrieflyGo links to and explains official public form sources. We are not a government agency, and this page is for general form guidance, not legal advice.
Understand the agreement before you sign it.
Review risky clauses in plain English, fix the document, and keep it moving toward signature.