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CO online Form 5471: What You Should Know
S. Person making a tax return would fill out for a foreign corporation. This form has two primary purposes, described in section 7012: to allow the foreign corporation to correct its tax liability, or to make the foreign corporation report its income and expenses to a U.S. holder so that the U.S. holder can claim a tax deduction for any amount it pays or reimburses to the foreign corporation. To find out more about Form 5471, click here. Form 5471 is also called the Form 5471-EZ (Form 5471 Information and Certification for an Estate) or Form 5471-PF (Form 5471 Tax Payment or Refund Form). This form can be a good source of information to assist the executor in determining whether and to what extent an estate should be liable or entitled to a transfer tax refund. If Form 5471 is used to determine liability or entitlement for tax, there are additional important instructions, described below, that must be completed by the executor. Note that it is the executor's responsibility to file, along with the Form 5471 information return, a Form 708 (with attached copies of schedules). If the executor is able to complete the Form 708, he/she is not required to complete Form 5471. There are certain taxpayers who must file an information return using Form 5471. For tax purposes, these individuals are generally U.S. shareholders whose interest in a foreign corporation is 50% or more. This interest can be in a bond, shares or stock, or real estate. If a U.S. corporation's interest in a foreign corporation is 50% or more, these individuals must file Form 5471 to report that interest, rather than the form 5471-EZ, or Form 5471-PF. Who Must File? Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, includes the following: U.S. shareholders of a foreign corporation who are U.S. citizens or U.S. residents, U.S. shareholders of a nonresident alien foreign corporation who are U.S. citizens or U.S.
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