Forms
The paperwork
A statement, plus three forms
A §962 election is more than a checkbox. It is a written statement attached to the return, backed by the calculations the IRS expects to see. The §962 Assistant produces all of it.
8992
GILTI / NCTI
U.S. Shareholder Calculation of GILTI
Computes your net CFC tested income inclusion — the starting point for the whole election.
8993
§250 deduction
Section 250 Deduction
Calculates the deduction that reduces the GILTI / NCTI base to its effective rate.
1118
Foreign tax credit
Foreign Tax Credit — Corporations
Claims the deemed-paid credit under §960 — the corporate FTC form, used because you’ve elected corporate treatment.
The election statement itself is attached to your Form 1040. CFC ownership is reported separately on Form 5471.