Caution:

See the table below for a description of when a TC 971 AC 114 should be present on the module:

If

Then

A 965 income inclusion and/or election is being made on a tax period 201712-201911 (MFT 02, 05, 06, 34, or 44) return

A TC 971 AC 114 should be present on the inclusion year module.

A triggering event is being reported on Form 1041 and Form 965-A for the reporting year,

A TC 971 AC 114 should be present on the triggering event year module.

The taxpayer is ONLY reporting a 965 installment payment that is being made towards a 965(h) election that was made during the inclusion period on Form 965-A or Form 965-B attached to the reporting year return

A TC 971 AC 114 should not be present on the reporting year module.

The taxpayer is ONLY reporting that the 965(i) election that was made during the inclusion period remains intact for the reporting year on Form 965-A attached to the reporting year return

A TC 971 AC 114 should not be present on the reporting year module, however a TC 971 AC 165 with the amount of the intact 965(i) election should be present on the reporting year module.

For additional information on how TC 971 AC 114 is reported in relation to IRC 965(i) elections, see IRM 3.14.2.6.5.3, IRC 965(i) Elections. For additional information on how TC 971 AC 114 can be adjusted in relation to IRC 965(i) elections, see IRM 3.14.2.6.5.3.1. For additional information on how TC 971 AC 114 is reported in relation to IRC 965(h) elections, see IRM 3.14.2.6.5.4. For additional information on how TC 971 AC 114 can be adjusted in relation to IRC 965(h) elections, see IRM 3.14.2.6.5.4.1.