2017 Form 3520 F3520
User Manual: 3520
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Form 3520 Department of the Treasury Internal Revenue Service Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts ▶ OMB No. 1545-0159 Go to www.irs.gov/Form3520 for instructions and the latest information. 2017 Note: All information must be in English. Show all amounts in U.S. dollars. File a separate Form 3520 for each foreign trust. For calendar year 2017, or tax year beginning , 2017, ending , 20 A Check appropriate boxes: Initial return Initial return (extension filed) Final return Amended return B Check box that applies to person filing return: Individual Partnership Corporation Trust Executor C Check if any excepted specified foreign financial assets are reported on this form (see instructions) . . . . . . . . . Check all applicable boxes. (a) You are a U.S. transferor who, directly or indirectly, transferred money or other property during the current tax year to a foreign trust, (b) You held an outstanding obligation of a related foreign trust (or a person related to the trust) issued during the current tax year, that you reported as a “qualified obligation” (defined in the instructions) during the current tax year, or (c) You are the executor of the estate of a U.S. decedent and (1) the decedent made a transfer to a foreign trust by reason of death, (2) the decedent was treated as the owner of any portion of a foreign trust immediately prior to death, or (3) the decedent’s estate included any portion of the assets of a foreign trust. Complete all applicable identifying information requested below and Part I of the form and see the instructions for Part I. You are a U.S. owner of all or any portion of a foreign trust at any time during the tax year. Complete all applicable identifying information requested below and Part II of the form and see the instructions for Part II. (a) You are a U.S. person who, during the current tax year, received a distribution from a foreign trust, or (b) You are a U.S. person who is also a grantor or beneficiary of a foreign trust (1) that has made a loan of cash or marketable securities, directly or indirectly, to you or a U.S. person related to you during the current tax year, or (2) from which you or a U.S. person related to you received the uncompensated use of trust property. Complete all applicable identifying information requested below and Part III of the form and see the instructions for Part III. You are a U.S. person who, during the current tax year, received certain gifts or bequests from a foreign person. Complete all applicable identifying information requested below and Part IV of the form and see the instructions for Part IV. Name of U.S. person(s) with respect to whom this Form 3520 is being filed (see instructions) b Identification number c Number, street, and room or suite no. (if a P.O. box, see instructions) d Spouse’s identification number e City or town i j Check the box if you are married and filing a joint 2017 income tax return, but you are filing separate Forms 3520. Service center where U.S. person’s tax return is filed . . . . . . . . . . . . . . . . . ▶ k If an extension was requested for the tax return, check this box 1a f State or province g ZIP or foreign postal code h Country and enter the form number of the tax return to be filed. ▶ Name of foreign trust (if applicable) b(1) Employer identification number (if any) c Number, street, and room or suite no. (if a P.O. box, see instructions) b(2) Reference ID number (see instructions) d City or town 2a 3 e State or province f ZIP or foreign postal code g Country Did the foreign trust appoint a U.S. agent (defined in the instructions) who can provide the IRS with all relevant trust information? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” complete lines 3a through 3g. If “No,” be sure to complete Part I, lines 15 through 18. 3a Number, street, and room or suite no. (if a P.O. box, see instructions) d City or town e State or province Name of U.S. decedent (see instr.) b Address d Date of death f Check applicable box. No b Identification number (if any) Name of U.S. agent c 4a Yes f ZIP or postal code g Country c TIN of decedent e EIN of estate U.S. decedent made transfer to a foreign trust by reason of death. U.S. decedent treated as owner of foreign trust immediately prior to death. Assets of foreign trust were included in estate of U.S. decedent. For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 19594V Form 3520 (2017) Page 2 Form 3520 (2017) Part I Transfers by U.S. Persons to a Foreign Trust During the Current Tax Year (see instructions) b Address 5a Name of trust creator 6a Country code of country where trust was created 7a Will any person (other than the U.S. transferor or the foreign trust) be treated as the owner of the transferred assets after the transfer? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) b Name of other foreign trust owners, if any c Identification number (if any) c Date trust was created b Country code of country whose law governs the trust (ii) Address (iii) Country of residence (iv) Identification number, if any Yes 8 Was the transfer a completed gift or bequest? If “Yes,” see instructions . . . . . Yes 9a b Now or at any time in the future, can any part of the income or corpus of the trust benefit any U.S. beneficiary? If “No,” could the trust be revised or amended to benefit a U.S. beneficiary?. . . . . . . . . . . . . . . . . 10 Will you continue to be treated as the owner of the transferred asset(s) after the transfer? . . . . Yes Yes Yes 11a During the current tax year, did you transfer property (including cash) to a related foreign trust in exchange for an obligation of the trust or an obligation of a person related to the trust (see instructions)? . . . . . . . . . . If “Yes,” complete the rest of Schedule A, as applicable. If “No,” go to Schedule B. . . . . . . . . . . . . . . . Schedule A—Obligations of a Related Trust (see instructions) b . Were any of the obligations you received (with respect to a transfer described in line 11a above) qualified obligations? . If “Yes,” complete the rest of Schedule A with respect to each qualified obligation. If “No,” go to Schedule B and, when completing columns (a) through (i) of line 13 with respect to each nonqualified obligation, enter “-0-” in column (h). (i) Date of transfer giving rise to obligation 12 (ii) Maximum term (iii) Yield to maturity No (v) Relevant Code section No No No No Yes No Yes No (iv) FMV of obligation With respect to each qualified obligation you reported on line 11b: Do you agree to extend the period of assessment of any income or transfer tax attributable to the transfer, and any consequential income tax changes for each year that the obligation is outstanding, to a date 3 years after the maturity date of the obligation? . . . . . . . . . . . Yes No Yes No Note: You have the right to refuse to extend the period of limitations or limit this extension to a mutually agreed-upon issue(s) or mutually agreed-upon period of time. Generally, if you refuse to extend the period of limitations with respect to each qualified obligation you reported on line 11b, then such obligation is not a qualified obligation and you cannot check “Yes” to the question on line 11b. Schedule B—Gratuitous Transfers (see instructions) 13 During the current tax year, did you make any transfers (directly or indirectly) to the trust and receive less than FMV, or no consideration at all, for the property transferred? . . . . . . . . . . . . . . . . . . . . If “Yes,” complete columns (a) through (i) below and the rest of Schedule B, as applicable. If “No,” go to Schedule C. (a) Date of transfer Totals 14 (b) Description of property transferred (d) U.S. adjusted basis of property transferred (c) FMV of property transferred (f) Excess, if any, of column (c) over the sum of columns (d) and (e) (e) Gain recognized at time of transfer, if any (g) Description of property received, if any (h) FMV of property received (i) Excess of column (c) over column (h) $ $ You are required to attach a copy of each sale or loan document entered into in connection with a transfer reported on line 13. If these documents have been attached to a Form 3520 filed within the previous 3 years, attach only relevant updates. ▶ Yes a Are you attaching a copy of: Sale document? . . . . . . . . . . . . . . b c Loan document? . . . . . . . . . . . . . Subsequent variances to original sale or loan documents? . . . . . . . . . . . . . . . . . . . . . . . . . . . No Attached Previously Year Attached Form 3520 (2017) Page 3 Form 3520 (2017) Part I Schedule B—Gratuitous Transfers (Continued) Note: Complete lines 15 through 18 only if you answered “No” to line 3, acknowledging that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information. 15 (a) Name of beneficiary 16 (a) Name of trustee 17 (a) Name of other persons with trust powers 18 a b c d e f 19 (c) U.S. beneficiary? (b) Address of beneficiary Yes (d) Identification number, if any No (b) Address of trustee (c) Identification number, if any (c) Description of powers (b) Address of other persons with trust powers (d) Identification number, if any If you checked “No” on line 3 (or did not complete lines 3a through 3g), you are required to attach a copy of all trust documents as indicated below. If these documents have been attached to a Form 3520-A or Form 3520 filed within the previous 3 years, attach only relevant updates. Are you attaching a copy of: Summary of all written and oral agreements and understandings relating to the trust? The trust instrument? . . . . . . . . . . . . . . . . . . . Memoranda or letters of wishes? . . . . . . . . . . . . . . . Subsequent variances to original trust documents? . . . . . . . . . . Trust financial statements? . . . . . . . . . . . . . . . . . Other trust documents? . . . . . . . . . . . . . . . . . . Yes . . . . . . No Attached Previously Year Attached . . . . . . Schedule C—Qualified Obligations Outstanding in the Current Tax Year (see instructions) Did you, at any time during the tax year, hold an outstanding obligation of a related foreign trust (or a person related to the trust) that you reported as a “qualified obligation” in the current tax year? . . . . . . . . . . . . . If “Yes,” complete columns (a) through (e) below. (a) Date of original obligation (b) Tax year qualified obligation first reported (c) Amount of principal payments made during the tax year (d) Amount of interest payments made during the tax year Yes No (e) Does the obligation still meet the criteria for a qualified obligation? Yes No Form 3520 (2017) Page 4 Form 3520 (2017) Part II 20 U.S. Owner of a Foreign Trust (see instructions) (a) Name of other foreign trust owners, if any (b) Address (c) Country of residence (a) Country code of country where foreign trust was created 21 22 (d) Identification number, if any (b) Country code of country whose law governs the foreign trust Did the foreign trust file Form 3520-A for the current year? . . . . . . . . . . . . . . If “Yes,” attach the Foreign Grantor Trust Owner Statement you received from the foreign trust. If “No,” to the best of your ability, complete and attach a substitute Form 3520-A for the foreign trust. . (e) Relevant Code section (c) Date foreign trust was created . . . ▶ $ . Yes No See instructions for information on penalties. 23 Enter the gross value of the portion of the foreign trust that you are treated as owning at the end of the tax year Part III 24 Distributions to a U.S. Person From a Foreign Trust During the Current Tax Year (see instructions) Cash amounts or FMV of property received, directly or indirectly, during the current tax year, from the foreign trust (exclude loans included on line 25). (a) Date of distribution (c) (d) FMV of property received Description of property (determined on date of distribution) transferred, if any (b) Description of property received (e) FMV of property transferred (f) Excess of column (c) over column (e) Totals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶ $ 25 During the current tax year, did you (or a person related to you) receive a loan from a related foreign trust (including an extension of credit upon the purchase of property from the trust)? . . . . . . . . . . . . . . . . . If “Yes,” complete columns (a) through (g) below for each such loan. Yes No Note: You are considered to have received a loan if you (or a U.S. person related to you) were permitted the uncompensated use of trust property (as described in section 643(i)). See instructions for additional information, including how to complete columns (a) through (g) for such transactions. Total . . . . . (c) Maximum term of repayment of obligation (b) Date of original loan transaction (a) FMV of loan proceeds . . . . . . . . . . . (d) Interest rate of obligation . . . . . (e) Is the obligation a “qualified obligation?” Yes . . No . . . . (g) Amount treated as distribution from the trust (subtract column (f) from column (a)) (f) FMV of qualified obligation . . . . . . ▶ $ 26 With respect to each obligation you reported as a “qualified obligation” on line 25: Do you agree to extend the period of assessment of any income or transfer tax attributable to the transaction, and any consequential income tax changes for each year that the obligation is outstanding, to a date 3 years after the maturity date of the obligation? . . . . . . Yes No Yes No Note: You have the right to refuse to extend the period of limitations or limit this extension to a mutually agreed-upon issue(s) or mutually agreed-upon period of time. Generally, if you refuse to extend the period of limitations with respect to an obligation that you reported as a “qualified obligation” on line 25, then such obligation is not a qualified obligation and you cannot check “Yes” in column (e) of line 25. 27 Total distributions received during the current tax year. Add line 24, column (f), and line 25, column (g) . . ▶ $ 28 Did the trust, at any time during the tax year, hold an outstanding obligation of yours (or a person related to you) that you reported as a “qualified obligation” in the current tax year? . . . . . . . . . . . . . . . . . . . If “Yes,” complete columns (a) through (e) below for each obligation. (a) Date of original loan transaction (b) Tax year qualified obligation first reported (c) Amount of principal payments made during the tax year (d) Amount of interest payments made during the tax year (e) Does the loan still meet the criteria of a qualified obligation? Yes No Form 3520 (2017) Page 5 Form 3520 (2017) Part III 29 30 Distributions to a U.S. Person From a Foreign Trust During the Current Tax Year (Continued) Did you receive a Foreign Grantor Trust Beneficiary Statement from the foreign trust with respect to a distribution? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” attach the statement and do not complete the remainder of Part III with respect to that distribution. If “No,” complete Schedule A with respect to that distribution. Also complete Schedule C if you enter an amount greater than zero on line 37. Did you receive a Foreign Nongrantor Trust Beneficiary Statement from the foreign trust with respect to a distribution? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” attach the statement and complete either Schedule A or Schedule B below (see instructions). Also complete Schedule C if you enter an amount greater than zero on line 37 or line 41a. Yes No N/A Yes No N/A If “No,” complete Schedule A with respect to that distribution. Also complete Schedule C if you enter an amount greater than zero on line 37. Schedule A—Default Calculation of Trust Distributions (see instructions) 31 32 33 Enter amount from line 27 . . . . . . . . . . . . . Number of years the trust has been a foreign trust (see instructions) . 34 35 Multiply line 33 by 1.25 . . . . . . . . . . . . . . . . . . . . . . . . . . . Average distribution. Divide line 34 by 3 (or the number of years the trust has been a foreign trust, if fewer than 3) and enter the result . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 37 38 Amount treated as ordinary income earned in the current year. Enter the smaller of line 31 or line 35. 39 Enter amount from line 27 . . . . . . . . . . . . . . . . . 40a b Amount treated as ordinary income in the current tax year . Qualified dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41a b Amount treated as accumulation distribution. If -0-, do not complete Schedule C, Part III . Amount of line 41a that is tax exempt . . . . . . . . . . . . . . ▶ . . . . . . . 42a b c d Amount treated as net short-term capital gain in the current tax year Amount treated as net long-term capital gain in the current tax year 28% rate gain . . . . . . . . . . . . . . . . Unrecaptured section 1250 gain . . . . . . . . . . . . . . . . . . . . . . . . 43 44 Amount treated as distribution from trust corpus . . . . . . . . . . . . . . . . . . . . Enter any other distributed amount received from the foreign trust not included on lines 40a, 41a, 42a, 42b, and 43 (attach explanation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Amount of foreign trust’s aggregate undistributed net income . . . . . . . . . 46 47 Amount of foreign trust’s weighted undistributed net income . . . . . . . . . Applicable number of years of trust. Divide line 46 by line 45 and enter the result here ▶ . . . . . . . 48 49 50 Enter accumulation distribution from line 37 or 41a, as applicable . . . . . . . . . . . . . Enter tax on total accumulation distribution from line 28 of Form 4970 (attach Form 4970—see instructions) Enter applicable number of years of foreign trust from line 38 or 47, as applicable (round to nearest half-year) . . . . . . . . . . . . . . . . . . . ▶ . . . . 51 52 53 Combined interest rate imposed on the total accumulation distribution (see instructions) . . . . Interest charge. Multiply the amount on line 49 by the combined interest rate on line 51 . . . . Tax attributable to accumulation distributions. Add lines 49 and 52. Enter here and as “additional income tax return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶ Enter total distributions received from the foreign trust during the 3 preceding tax years (or during the number of years the trust has been a foreign trust, if fewer than 3) . . . . . . . . . . . . . . . . . . . . . . Amount treated as accumulation distribution. Subtract line 36 from line 31. If -0-, do not complete the rest of Part III Applicable number of years of trust. Divide line 32 by 2 and enter the result here . ▶ Schedule B—Actual Calculation of Trust Distributions (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶ . . . . ▶ ▶ . Schedule C—Calculation of Interest Charge (see instructions) . . . . . . . . tax” on your . . . . Form 3520 (2017) Page 6 Form 3520 (2017) Part IV 54 U.S. Recipients of Gifts or Bequests Received During the Current Tax Year From Foreign Persons (see instructions) During the current tax year, did you receive more than $100,000 that you treated as gifts or bequests from a nonresident alien or a foreign estate? See instructions for special rules regarding related donors . . . . . . . . . . . Yes No If “Yes,” complete columns (a) through (c) with respect to each such gift or bequest in excess of $5,000. If more space is needed, attach a statement. (a) Date of gift or bequest Total . 55 . . . (b) Description of property received . . . . . . . . . . . . . . . . . . . . . (c) FMV of property received . . . . . . . . . $ During the current tax year, did you receive more than $15,797 that you treated as gifts from a foreign corporation or a foreign partnership? See instructions regarding related donors . . . . . . . . . . . . . . . . . . ▶ Yes No If “Yes,” complete columns (a) through (g) with respect to each such gift. If more space is needed, attach a statement. (a) Date of gift (b) Name of foreign donor (e) Check the box that applies to the foreign donor Corporation 56 (f) Description of property received (g) FMV of property received Partnership Do you have any reason to believe that the foreign donor, in making any gift or bequest described in lines 54 and 55, was acting as a nominee or intermediary for any other person? If “Yes,” see instructions . . . . . . . . . . Yes No Under penalties of perjury, I declare that I have examined this return, including any accompanying reports, schedules, or statements, and to the best of my knowledge and belief, it is true, correct, and complete. Signature Print/Type preparer’s name Preparer’s signature ▲ Paid Preparer Use Only ▲ ▲ Sign Here (d) Identification number, if any (c) Address of foreign donor Title Date Check if self-employed Firm’s name ▶ Firm’s EIN ▶ Firm’s address ▶ Phone no. Date PTIN Form 3520 (2017)
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