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Form 965B: Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts
IRS Form 965-B is a Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts. It reports a taxpayer’s net 965 tax liability for each tax year they must pay or include section 965 amounts.
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IRS Form 965B - Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts
IRS Form 965-B is a Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts. It reports a taxpayer’s net 965 tax liability for each tax year they must pay or include section 965 amounts.
Risk Radar
Scan points- 1Failure to complete Form 965-B when required means the taxpayer must still report the liability/payment elsewhere.
- 2Omitting filing when required (e.g., having unpaid net 965 tax) — verify eligibility on Instructions p.2.
- 3Failing to report payments in Part II, even if the liability was fully paid without elections.
- 4Not completing an electing REIT's Part III when applicable — this is a specific requirement for electing REITs (Instructions p.1).
- 5Reporting amounts without calculation in Part I, column (c) when they should be included/calculated.
Plain English
This form tells the IRS how much tax a company or REIT owes under Section 965 rules for a specific year. If the company chooses to spread out its payments, this form tracks those installment amounts over time. It is used to report these required tax liabilities and any related adjustments.
Submission Date
- Filing date: 2020-12-29 22:13:19
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when any corporate taxpayer has a net 965 tax liability for a tax year or has an unpaid net 965 tax liability during that year, or when an electing REIT has any section 965 amount taken into account under section 965(m) or not taken into account during the tax year.
- Do not use this form when a taxpayer does not have a net 965 tax liability for any tax year, nor does it have any remaining unpaid net 965 tax liability at any time during that tax year (unless the REIT exception applies).
- Check Form 965-C instead when assuming the installment payment liability of another taxpayer.
Form selector
Use this form or another form?
Assuming Installment Liability
Used when a transferee assumes the transferor's remaining net 965 tax liability.
✓ Check column (a) for the original tax year.
Reporting Payments Made
This section provides a cumulative record of actual payments made toward the liabilities reported in Part I.
✓ Ensure line 1 matches the liability on line 1 of Part I for the correct tax year.
Electing REITs Reporting
Must be completed by an electing Real Estate Investment Trust (REIT) to report specific amounts over time.
✓ Confirm that the election is being made to take into account amounts over an 8-year period beginning in the relevant year.
Deadline or filing window
The filing deadline is tied directly to the income tax return's due date, including any extensions. If a taxpayer makes an installment election under section 965(h), they must complete Part I and Part II for the reporting year to show the status of that liability.
Checklist
What you need before filling it out
Purpose of Form
Corporate taxpayers and REITs must use it · General Instructions p.1
Who Must File (Corporate Taxpayer)
Has a net 965 tax liability or has an unpaid net 965 tax liability during the year · Instructions p.2
Electing REIT Requirement
Must complete Part III of Form 965-B · Instructions p.1 & Form p.1
Installment Liability Reporting (Transferee)
Report the remaining liability in column (h) and the transferor's TIN in column (i) on Part I lines 5-8 · Instructions p.2
Reporting Year
The tax year of the return being filed · Form p.1
Part II Record
Cumulative record of actual payments made for liabilities reported in Part I · Instructions p.3
Before you submit
- 1Verify the Name of taxpayer or REIT is correctly entered on Form 965-B.
- 2Confirm the Taxable year of reporting matches the return being filed.
- 3If applicable, ensure Part III is completed for electing REITs.
- 4If assuming installment liability, verify columns (a), (h), and (i) are populated correctly in Part I.
- 5Ensure Part II accurately reflects cumulative payments made against the liabilities listed in Part I.
- 6Confirm that if an installment payment liability was transferred, the required statement detailing netted amounts is attached to the form.
- 7Check the box on Form 965-B if this filing is an amended report.
How to file this form
- 1Complete Part I by entering taxpayer identification and reporting the tax year(s) of liability, noting any transferor/transferee details.
- 2Populate Part II by recording all actual payments made toward the net 965 tax liabilities reported on Part I.
- 3If electing REIT status applies, complete Part III to report the amounts taken into account over time.
- 4File Form 965-B with the taxpayer’s income tax return for the reporting year by that return's due date (including extensions).
- 5If filing electronically, ensure Form 965-B is submitted along with the electronic income tax return.
Known limitations
- 1The form should be used by corporate taxpayers and REITs to report a taxpayer’s net 965 tax liability for each tax year where they must pay or include section 965 amounts.
- 2An electing REIT must complete Part III of Form 965-B when reporting an election to take into account a section 965(a) inclusion and section 965(c) deduction over an 8-year time period beginning in the year those amounts would otherwise have been taken into account.
- 3If a taxpayer transfers out a net 965 tax liability, installment payments should generally be made and reported according to the general installment payment schedule described in the instructions.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is January 2021 (Rev.). For the latest information regarding Form 965-B and its instructions, filers should visit IRS.gov/Form965B; a noted change involves line 4 being designated for use in 2020 reporting.
What changed or needs a fresh check
- Edition date — confirm the revision date reads January 2021.
- OMB No. — check that the form includes OMB No. 1545-0123.
- Name of taxpayer or REIT — verify this information is accurately entered on Part I.
- REITs Electing To Account for Section 965 Amounts Over Time — confirm Part III is completed if applicable.
- Amended Report Checkbox — check this box if the filing represents an amendment to a previously filed report.
Quick Facts
Downloads
After you file
- 1Keep a copy of Form 965-B for record-keeping.
- 2File Form 965-B with the income tax return of the taxpayer for the reporting year by the due date (considering any extensions).
- 3If filing electronically, ensure Form 965-B is filed along with the electronic income tax return.
- 4If assuming a transferor's installment payment liability, retain documentation showing the assumption and how it was reported on lines 5 through 8 in Part I.
Sources
- SRCInstructions p.1 — The purpose of Form 965-B is to report a taxpayer’s net 965 tax liability for each tax year in which a taxpayer must pay or include section 965 amounts.
- SRCInstructions p.2 — Any corporate taxpayer with a net 965 tax liability, or an electing REIT with any section 965 amount taken into account or not taken into account, must file Form 965-B.
- SRCInstructions p.1 — An electing REIT must complete Part III of Form 965-B when making the election to take into account a section 965(a) inclusion and section 965(c) deduction over an 8-year time period.
- SRCInstructions p.2 — When assuming liability, if the transfer occurred in 2017 and is reported in 2022, the taxpayer (transferee) reports '2017' in column (a).
- SRCInstructions p.2 — The initial installment payment reporting when assuming a liability involves entering $60 as the transfer amount in column (h) and the Transferor’s TIN in column (i) on Part I.
- SRCInstructions p.3 — When assuming liability, 8% of the net 965 tax liability should be paid and reported in column (b), designated 'Paid for Year 1' (the year of the installment payment election).
Common confusion points
Who must file Form 965-B?
Any corporate taxpayer with a net 965 tax liability for any tax year or one that remains unpaid during the year, or an electing REIT with any section 965 amount taken into account or not taken into account.
→ Check Part I of the form to confirm your status.
What is the filing deadline?
File Form 965-B with the income tax return for the reporting year by the due date (including extensions).
→ Verify this against your specific tax return's due date.
How do you report assuming an installment payment liability?
If you are the transferee, complete lines 5 through 8 in Part I: enter the tax year of the liability in column (a), skip columns (b) through (g), and list the transfer amount ($60) in column (h) and the Transferor's TIN in column (i).
→ Confirm you followed the specific instructions for lines 5-8.
What is the initial payment reporting when assuming a liability?
On the corresponding line in Part II, report the $15 installment payment made in column (g), labeled 'Paid for Year 6' (the installment year as if Taxpayer were paying as Transferor).
→ Check that the amount matches the schedule described.
How are future installments reported when assuming a liability?
In subsequent years, carry forward prior information and report additional payments: $20 in column (h) for Year 7, and the final payment of $25 in column (i) for Year 8.
→ Ensure the amounts correspond to 20% and 25% of the original liability.
Does Part III apply to everyone?
Only an electing REIT must complete Part III of Form 965-B when reporting certain elections.
→ Check if you are a REIT and if you made the relevant election.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- If lines 5 through 8 do not provide enough space for all transactions, an additional Form 965-B should be used.
Questions about IRS Form 965B
What is IRS Form 965B used for?
This form tells the IRS how much tax a company or REIT owes under Section 965 rules for a specific year. If the company chooses to spread out its payments, this form tracks those installment amounts over time. It is used to report these required tax liabilities and any related adjustments.
Who must file IRS Form 965B?
Any corporate taxpayer who has a net 965 tax liability for any tax year or has any net 965 tax liability remaining unpaid at any time during a tax year must file Form 965-B. An electing REIT with any section 965 amount taken into account in accordance with section 965(m) or not taken into account at any time during a tax year must also file it.
What information does IRS Form 965B require?
Part I reports the taxpayer's net 965 tax liability, showing both amounts included and without calculation. Part II acts as a cumulative record of actual payments made against those liabilities reported in Part I. Additional details regarding transfers or adjustments are provided on corresponding lines.
When is IRS Form 965B due?
Form 965-B must be filed with the income tax return of the taxpayer for the reporting year by the due date (taking into account extensions, if any) of that return.
Where do I file IRS Form 965B?
If filing electronically, Form 965-B is submitted with the electronic income tax return. The instructions do not specify a mailing address or service center location.
How do I complete IRS Form 965B?
First, complete Part I to establish the net 965 tax liability for the reporting year. If an installment election is made, populate the corresponding line in Part II with the actual payments made. Finally, ensure all related adjustments or transfers are documented on the appropriate lines before signing.
What happens if IRS Form 965B is filed incorrectly?
While the source does not explicitly list penalties for error, failing to complete the form when required means the taxpayer must still report the related payment on Part II, even if the liability was fully paid without elections.
Who must file Form 965-B?
Any corporate taxpayer with a net 965 tax liability for any tax year or one that remains unpaid during the year, or an electing REIT with any section 965 amount taken into account or not taken into account. Check Part I of the form to confirm your status.
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