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Form 5471 online Bellevue Washington: What You Should Know
Form 5471 is also commonly called the “Information Return of U.S. Persons with Respect to Certain Foreign Corporations”. Generally, U.S. citizens in one filing category are “covered persons”. A “covered person” is any U.S. resident or a U.S. corporation that is controlled for U.S. federal income tax purposes by a covered foreign corporation. The term “controlled for” means that a foreign person (not including a U.S. corporation) is considered to have voting and dispositive power with respect to the foreign corporation (and a controlling interest in the foreign corporation, if more than one person has a controlling interest.). The term includes, but is not limited to, any person that (A) directly or indirectly owns more than fifty percent (50%) of the capital stock of the foreign corporation or (B) has the power, direct or indirect, to direct or cause the direction of the management and policies of the foreign corporation. A U.S. corporation that owns more than 50% of the outstanding shares of a CFC is a controlled foreign corporation, for U.S. federal income tax purposes, if the U.S. corporation owned more than 50% of any class or series of voting securities (directly or indirectly owned by or beneficially owned by the U.S. corporation) of the CFC at any time during the taxable year, or at any time on or before the last day of the taxable year and the U.S. corporation's income for such taxable year exceeds its income for the immediately preceding taxable year if it was taxable during the immediately preceding taxable year, Form 5471: Basics U.S. Citizens Should Know | H&R Block Form 5471 is a return to the U.S.� Government (or a related IRS authority) showing all the tax information relating to the income of a taxpayer resident (for U.S. tax purposes) in one filing category, who owns shares or (for non-U.S. tax purposes) is related (with or within the same family) to any person that, for U.S. federal income tax purposes, is “a U.S. corporation”. In some cases, a “connected individual”. For purposes, U.S.
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