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Tax World
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Possessions Corporation Tax Credit
(Under Sections 936 and 30A). Form 5735
Use Form 5735, Possessions Corporation Tax Credit (Under Sections 936 and 30A), is: -- is used to figure the possessions corporation tax credit under section 936 (or section 30A, if applicable). The credit is generally allowed against income tax imposed by Chapter 1 (see page 2 for exceptions) and is figured separately for each possession. For purposes of the credit, U.S. possessions include Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands. Special rules apply to existing credit claimants (defined below) from Puerto Rico, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands (see below).
"Corporations that are existing credit claimants of a possession use Form 5735 to figure the possessions corporation tax credit. The credit is generally allowed against income tax and is figured separately for each possession." DOWNLOAD Form 5735 This form may be downloaded directly from the IRS website. To open or download, in PDF format, simply click on the link below: Form 5735
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