Note:

Corporate taxpayers that made an IRC 965(h) election in the year of inclusion must file a Form 965-B, Corporate and Real Estate Investment Trust (REIT) Report of Net 965 Tax Liability and Electing REIT Report of 965 Amounts, each year with their corporate income tax return until the IRC 965 liability is paid in full.

In the inclusion year only, or in the year the IRC 965(i) net tax liability is assessed, if the taxpayer remits more than is currently due with respect to an IRC 965 installment and/or their undeferred income tax liability, for the inclusion year, the excess remittance will be applied to the next successive IRC 965 installment amount until the full amount of the excess credit has been applied or the full income tax liability (including net tax liability under section 965) for the inclusion year is satisfied. Only payments and credits that are more than the full income tax liability (including net tax liability under section 965) may be characterized as overpayments and subject to refund or application as a credit elect.