Page 654 - Large Business IRS Training Guides

Step 1

Step 1: Calculate Net CFC Tested Income

CFC 1 CFC 2 CFC 3 CFC 4

Gross Income 700x 150x 400x -0­

Less: exclusions

ECI (Loss) -0­ -0­ -0­ -0­

Subpart F Inclusions -0­ -0­ -0­ -0­

Exception
High Tax -0­ -0­ -0­ -0­
R/P Dividends -0­ -0­ -0­ -0­

FOGEI -0­ -0­ -0­ -0­

Gross 700x 150x 400x -0­

tested income

Less: properly allocable deductions 200x 50x 100x 300x

CFC Tested Income (Loss) 500x 100x 300x (300x)

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