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Form 5471 Dayton Ohio: What You Should Know
Form 5471 contains information regarding Form 926 (or its successors), the Foreign Parent Corporations. Form 5471 is the only information return required because Form 926 and related records must be retained on paper and in storage. There is no need to send a paper Form 5471 or other additional documents. FORM 5471, International Information Return — Form 926 — Foreign Parent Corporation — Income Tax Return and Certain Additional Information The Information Return is used for tax reporting purposes, such as determining tax withholding (if any) and to prepare and send a payment for a U.S. tax. Taxpayers filing this Information Return may receive a tax refund but should use their best judgment when computing their tax return tax liability. The form contains the following information. Name of the reporting company. Type of foreign corporation, Date the foreign corporation was created. Type of organization, Date the filing was filed (excluding extensions). Amount and source of income generated by the corporation. Type of stock, Number of shares to be owned. Seat of stock ownership (1 point for each 1 in value) U.S. source capital gains. U.S. source capital losses. Foreign source gains on sales of property. Foreign source gains on the sale of certain inventory. Foreign source gains from the disposition of securities other than a U.S. domestic security or foreign currency. Foreign source losses from the disposition of securities other than a U.S. domestic security or foreign currency. For the purposes of the foreign source withholding regulations, the reporting company means the company itself or its assignee operating as a subsidiary of the reporting company. The reporting company includes its parent corporation or any entity controlled by the parent corporation. The amount of reportable income and withholding is reported in the United States. The foreign corporation files the information return with the tax authority located in the foreign country where the income was earned or where the property is used. If the reportable income is to be reported on an income tax return, the foreign corporation needs to submit a timely completed Form 926. The reportable income is reduced by the foreign corporation's U.S. source income (if any) and U.S. source capital losses. If the foreign corporation's foreign source income and U.S. source capital losses exceed the amount of the foreign corporation's reportable income, and no U.S.
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