SCHEDULE P 

(Form 1120-F)

2021

List of Foreign Partner Interests in Partnerships

Department of the Treasury 

Internal Revenue Service

▶ Attach to Form 1120-F.

▶ Go to www.irs.gov/Form1120F for instructions and the latest information.

OMB No. 1545-0123

Name of corporation (foreign partner) Employer identification number (EIN)

Part I List of Foreign Partner Interests in Partnerships

(d) For each partnership interest, is the

foreign corporation’s distributive share

ECI, or treated as ECI, in whole or in part,

with a U.S. trade or business determined

under section 875 (see instructions)?

(a) Name of partnership (b) Address (c) EIN 

A 

Yes No

B 

Yes No

C 

Yes No

D 

Yes No

Note: If the corporation has more than 4 partnership interests, continue on a separate page. See instructions.

Part II Summary of Foreign Partner Income and Expenses From Schedule K-3 (Form 1065)

Schedules K-3

A B C D Total

1 Total gross income. Enter the amount 

from Schedule K-3, Part X, Section 1, 

line 21, column (a) . . . . . . .

2 Gross ECI—Partnership determination.

Enter the sum of Schedule K-3, Part X, 

Section 1, line 21, column (c) plus 

column (d) . . . . . . . . .

3 Gross ECI—Partner determination. 

Enter all applicable amounts from 

Schedule K-3, Part X, Section 1, 

column (b) (see instructions) . . .

4 Total deductions and losses. Enter 

the amount from Schedule K-3, Part 

X, Section 2, line 24, column (a) . .

5 Total deductions and losses 

deductible against gross ECI—

Partnership determination. Enter the 

sum of Schedule K-3, Part X, Section 

2, line 24, column (c) plus column (d) 

6 Total deductions and losses 

deductible against gross ECI—Partner 

determination. Enter all applicable 

amounts from Schedule K-3, Part X, 

Section 2, column (b) (see instructions) 

7 Interest expense directly allocable 

under Regulations section 1.882-5(a)

(1)(ii)(B). (Note: Include the line 7 total 

on Schedule I, line 22.) . . . . .

8 Interest expense on U.S. booked 

liabilities as described under 

Regulations section 1.882-5(d)(2)(vii). 

Enter the amount from Schedule K-3, 

Part X, Section 2, line 7, column (b). 

Include the line 8 total on Schedule I, 

line 9, column (b) . . . . . . .

For Paperwork Reduction Act Notice, see the Instructions for Form 1120-F. Cat. No. 49677Z Schedule P (Form 1120-F) 2021
Schedule P (Form 1120-F) 2021 Page 2 

Part III Foreign Partner’s Average Outside Basis Under Regulations sections 1.882-5(b) and 1.884-1(d)(3)

Schedules K-3

A B C D Total

9 Section 705 outside basis . . . .

10a Partner’s liabilities included in outside 

basis under section 752 that give rise 

to directly allocable interest expense 

under Regulations section 1.882-5(a)

(1)(ii)(B) . . . . . . . . . .

b All other liabilities included in partner’s 

outside basis under section 752 . .

c Add lines 10a and 10b . . . . .

d Subtract line 10c from line 9 . . .

11 Partner’s liabilities under Regulations 

section 1.884-1(d)(3)(vi). (Note: Enter 

the portion of the line 11 total on 

Schedule I, line 8, column (b) that 

represents U.S. booked liabilities 

under Regulations section 1.882-5(d).) 

12 Partner’s outside basis under 

Regulations section 1.884-1(d)(3)

(vi). Add lines 10d and 11 . . . .

13 Partner’s outside basis allocable to 

ECI under Regulations sections 

1.884-1(d)(3)(i) and 1.882-5. (Note: 

The line 13 total should generally be 

entered on Schedule I, line 5, column 

(b). However, see the instructions for 

Schedule I, line 5, column (b) before 

entering an amount on that line.) . .

14 Check either the “income” box or the 

“asset” box to indicate the allocation 

method used on line 13 (see 

instructions) . . . . . . . .

Income

Asset

Income

Asset

Income

Asset

Income

Asset

Schedule P (Form 1120-F) 2021