SCHEDULE N 

(Form 1120)

Department of the Treasury 

Internal Revenue Service

Foreign Operations of U.S. Corporations

Attach to Form 1120, 1120-C, 1120-IC-DISC, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, or 1120-S. 

Go to www.irs.gov/Form1120 for the latest information.

OMB No. 1545-0123

2023

Name Employer identification number (EIN)

Foreign Operations Information

Yes No

1 a During the tax year, did the corporation own (directly or indirectly) any foreign entity that was disregarded as an

entity separate from its owner under Regulations sections 301.7701-2 and 301.7701-3 or did the corporation own

(directly or indirectly) any foreign branch (see instructions)? . . . . . . . . . . . . . . . . . .

If “Yes,” you are generally required to attach Form 8858, Information Return of U.S. Persons With Respect to 

Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs), for each FDE and for each FB (see instructions).

b Enter the number of Forms 8858 attached to the corporation’s tax return . . . . . . .

2 Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign

Partnerships, attached to the corporation’s tax return . . . . . . . . . . . . .

3 Excluding any partnership for which a Form 8865 is attached to the tax return, did the corporation own at least a 

10% interest, directly or indirectly, in any other foreign partnership (including an entity treated as a foreign

partnership under Regulations section 301.7701-2 or 301.7701-3)? . . . . . . . . . . . . . . . .

If “Yes,” see instructions for required statement.

4a Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b Enter the number of Forms 5471, Information Return of U.S. Persons With Respect to Certain

Foreign Corporations, attached to the corporation’s tax return . . . . . . . . . .

5 During the tax year, did the corporation receive a distribution from, or was it the grantor of, or transferor to, a 

foreign trust? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If “Yes,” the corporation may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts 

and Receipt of Certain Foreign Gifts.

6 a At any time during the 2023 calendar year, did the corporation have an interest in or a signature or other authority 

over a financial account (such as a bank account, securities account, or other financial account) in a foreign

country? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b See the instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and 

Financial Accounts (FBAR).

If “Yes,” enter the name of the foreign country . . . . . . . . . .

7a Is the corporation claiming the extraterritorial income exclusion? . . . . . . . . . . . . . . . .

If “Yes,” attach a separate Form 8873, Extraterritorial Income Exclusion, for each transaction or group of transactions.

b Enter the number of Forms 8873 attached to the tax return . . . . . . . . . . .

c Enter the total of the amounts from line 52 (extraterritorial income exclusion (net of disallowed 

deductions)) of all Forms 8873 attached to the tax return . . . . . . . . . . . . $

8 Was the corporation a specified domestic entity required to file Form 8938 for the tax year (see the Instructions for 

Form 8938)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Cat. No. 26294K Schedule N (Form 1120) 2023
Schedule N (Form 1120) 2023 Page 2

Instructions

Section references are to the Internal Revenue Code unless 

otherwise noted.

Who Must File

Corporations that, at any time during the tax year, had assets in 

or operated a business in a foreign country or a U.S. possession 

may have to file Schedule N. If the corporation answers “Yes” to 

any of the questions on page 1, attach Schedule N and the 

applicable forms and schedules to the corporation’s tax return.

Question 1a

Check the “Yes” box if the corporation is the “tax owner” 

(defined below) of a foreign disregarded entity (FDE) or a foreign 

branch (FB) or it is required to file Form 5471 or Form 8865 with 

respect to a controlled foreign corporation or controlled foreign 

partnership that is the tax owner of an FDE or FB.

Tax owner of an FDE or FB. The tax owner of an FDE or FB is 

the person that is treated as owning the assets and liabilities of

the FDE or FB for purposes of U.S. income tax law.

A corporation that is the tax owner of an FDE or FB is 

generally required to attach Form 8858 to its return. However, if 

the Exception below applies, the corporation should attach a 

statement (described below) in lieu of Form 8858.

Exception. In certain cases where a corporation owns an FDE 

or FB indirectly or constructively through a foreign entity, the

corporation may not be required to attach Form 8858. See Who 

Must File in the Instructions for Form 8858.

Statement in lieu of Form 8858. This statement must list the 

name, country under whose laws the entity was organized, and 

EIN (if any) of each applicable FDE or FB.

Question 3

If the corporation owned at least a 10% interest, directly or 

indirectly, in any foreign partnership (other than any partnership 

for which a Form 8865 is attached to the tax return), attach a 

statement listing the following information for each foreign 

partnership. For this purpose, a foreign partnership includes an 

entity treated as a foreign partnership under Regulations section 

301.7701-2 or 301.7701-3.

1. Name and EIN (if any) of the foreign partnership.

2. Identify which, if any, of the following forms the foreign

partnership filed for its tax year ending with or within the

corporation’s tax year: Form 1042, 1065, or 8804.

3. Name of the partnership representative (if any).

4. Beginning and ending dates of the foreign partnership’s

tax year.

Question 5

The corporation may be required to file Form 3520 if:

• It directly or indirectly transferred money or property to a 

foreign trust (for this purpose, any U.S. person who created a 

foreign trust is considered a transferor);

• It is treated as the owner of any part of the assets of a foreign 

trust under the grantor trust rules; or

• It received a distribution from a foreign trust.

For more information, see the Instructions for Form 3520.

Note: An owner of a foreign trust must ensure that the trust files 

an annual information return on Form 3520-A, Annual

Information Return of Foreign Trust With a U.S. Owner. For

details, see Form 3520-A.

Question 6

Check the “Yes” box if either 1 or 2 below applies to the 

corporation. Otherwise, check the “No” box.

1. At any time during the 2023 calendar year, the corporation 

had a financial interest in or signature or other authority over a 

bank, securities, or other financial account in a foreign country 

(see FinCEN Form 114, Report of Foreign Bank and Financial 

Accounts (FBAR)); and:

• The combined value of the accounts was more than $10,000 

at any time during the calendar year, and

• The account was not with a U.S. military banking facility 

operated by a U.S. financial institution.

2. The corporation owns more than 50% of the stock in any 

corporation that would answer “Yes” to item 1 above.

If “Yes” is checked for this question: 

• Enter the name of the foreign country or countries (attach a 

statement if more space is needed); and

• Electronically file FinCEN Form 114 with the Department of the 

Treasury using the FinCEN’s BSA e-Filing System. Because 

FinCEN Form 114 is not a tax form, do not file it with your 

return.

Question 8

Check the “Yes” box if the corporation is a specified domestic 

entity that is required to file Form 8938 with its Form 1120 and 

include Form 8938 and this schedule with the Form 1120. See 

the Instructions for Form 8938 for the definition of a specified 

domestic entity.