Form 965

Department of the Treasury 

Internal Revenue Service

Inclusion of Deferred Foreign Income 

Upon Transition to Participation Exemption System

▶ Attach to tax return.

▶ Go to www.irs.gov/Form965 for instructions and the latest information.

OMB No. 1545-0123 (Rev. January 2020)

For calendar year 20 , or other tax year beginning , 20 , and ending , 20 , of the filer.

Name of person filing this return Identifying number

Note: Throughout this form, the term “2019 tax year” refers to 2019 calendar tax years and fiscal tax years of the person filing this 

return that begin in 2019. 

Part I Section 965(a) Inclusion

1 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3 2019 tax year section 965(a) inclusions from pass-throughs.

Enter the sum here and on your tax return as follows. 

Corporations: Enter the line 3 total on Form 1120, Schedule C, line 15, column (a), or the 

corresponding line of other corporate tax returns. 

All others: See instructions . . . . . . . . . . . . . . . . . . . . . ▶ 3

4 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

5 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

6 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶ 6

Part II Section 965(c) Deduction

7 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

8 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

9 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

10 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

11 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

12 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

13 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

14 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

15 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

16 Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

17 2019 tax year section 965(c) deduction from pass-throughs.

Enter the sum here and on your tax return as follows. 

Corporations: Enter the line 17 total on Form 1120, Schedule C, line 15, column (c), or the 

corresponding line of other corporate tax returns. 

All others: See instructions . . . . . . . . . . . . . . . . . . . . . . 17

Part III Elections Yes No

A Was an election made to pay the net tax liability over 8 years as provided for in section 965(h)? . . . . . .

B Complete if a shareholder in an S corporation.

Was an election made to defer payment of net tax liability as provided for in section 965(i)? . . . . . . . .

C Complete if a Real Estate Investment Trust.

Was an election made to include income over 8 years as provided for in section 965(m)? . . . . . . . .

D Was an election made not to apply a net operating loss deduction as provided in section 965(n)? . . . . .

E Was the election provided for in Regulations section 1.965-2(f)(2) made? . . . . . . . . . . . . . .

For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 71279D Form 965 (Rev. 1-2020)