DO NOT FILE
June 12, 2020
DRAFT AS OF
Form 8990
(Rev. May 2020)
Department of the Treasury
Internal Revenue Service
Limitation on Business Interest Expense
Under Section 163(j)
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Attach to your tax return.
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Go to www.irs.gov/Form8990 for instructions and the latest information.
OMB No. 1545-0123
Taxpayer name(s) shown on tax return Identification number
If Form 8990 relates to an information return for a foreign entity (for example, Form 5471), enter:
Name of foreign entity
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Employer identification number, if any
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Reference ID number
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Part I Computation of Allowable Business Interest Expense
Part I is completed by all taxpayers subject to section 163(j). Schedule A and Schedule B need to be completed before Part I when the
taxpayer is a partner or shareholder of a pass-through entity subject to section 163(j).
Section I—Business Interest Expense
1
Current year business interest expense (not including floor plan financing
interest expense), before the section 163(j) limitation . . . . . . . .
1
2
Disallowed business interest expense carryforwards from prior years. (Does
not apply to a partnership) . . . . . . . . . . . . . . . . .
2
3
Partner’s excess business interest expense treated as paid or accrued in
current year (Schedule A, line 44, column (h)) . . . . . . . . . . .
3
4 Floor plan financing interest expense. See instructions . . . . . . . . 4
5 Total business interest expense. Add lines 1 through 4 . . . . . . . . . . . . . .
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5
Section II—Adjusted Taxable Income
Taxable Income
6 Taxable income. See instructions . . . . . . . . . . . . . . . . . . . . . .
6
Additions (adjustments to be made if amounts are taken into account on line 6)
7
Any item of loss or deduction that is not properly allocable to a trade or
business of the taxpayer. See instructions . . . . . . . . . . . .
7
8 Any business interest expense not from a pass-through entity. See instructions 8
9 Amount of any net operating loss deduction under section 172 . . . . . 9
10
Amount of any qualified business income deduction allowed under section
199A . . . . . . . . . . . . . . . . . . . . . . . .
10
11
Deduction allowable for depreciation, amortization, or depletion attributable to
a trade or business. See instructions . . . . . . . . . . . . . .
11
12
Amount of any loss or deduction items from a pass-through entity. See
instructions . . . . . . . . . . . . . . . . . . . . . .
12
13 Other additions. See instructions . . . . . . . . . . . . . . . 13
14
Total current year partner’s excess taxable income (Schedule A, line 44,
column (f)) . . . . . . . . . . . . . . . . . . . . . .
14
15
Total current year S corporation shareholder’s excess taxable income
(Schedule B, line 46, column (c)) . . . . . . . . . . . . . . .
15
16 Total. Add lines 7 through 15 . . . . . . . . . . . . . . . . . . . . . . .
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16
Reductions (adjustments to be made if amounts are taken into account on line 6)
17
Any item of income or gain that is not properly allocable to a trade or business
of the taxpayer. See instructions . . . . . . . . . . . . . . .
17
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18 Any business interest income not from a pass-through entity. See instructions 18 ( )
19
Amount of any income or gain items from a pass-through entity. See
instructions . . . . . . . . . . . . . . . . . . . . . .
19 ( )
20 Other reductions. See instructions . . . . . . . . . . . . . . 20 ( )
21 Total. Combine lines 17 through 20 . . . . . . . . . . . . . . . . . . . . .
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21 ( )
22 Adjusted taxable income. Combine lines 6, 16, and 21. (If zero or less, enter -0-.) . . . . .
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22
For Paperwork Reduction Act Notice, see the instructions.
Cat. No. 37814C
Form 8990 (Rev. 5-2020)
