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Form 5471 Texas: What You Should Know

New IRS Guidance and IRS Form 5471 — The Sheppard An overview of new IRS Form 5471 guidance from June 10, 2015, to March 31, 2016. US persons, and US corporations, have long known that their liability for U.S. taxes can be reduced by an exception for foreign corporations. The term “foreign corporation” is defined in the Internal Revenue Code (IRC) and generally refers to any corporation that does not have, or does not organize in and do business in the U.S. Although foreign corporations generally pay taxes only on U.S. sources of income, in the case of limited liability companies, their taxable income can generally be treated as originating from U.S. sources, even though they do business principally in the foreign country where they are incorporated. However, if a US person has the purpose or function of causing a foreign corporation to have a direct or indirect share of the assets (without regard to whether such assets are actually distributed to the foreign corporation) of the U.S. holder of an interest in the foreign corporation or a partnership or trust that is liable for U.S. taxes under §922(g) and §923, and the activities of the US person and the foreign corporation (or the foreign partnership or trust) directly or indirectly cause a U.S. holder of any interest directly or indirectly in such corporation to obtain or retain a tax-exempt interest in, or property that is described in, a tax-exempt interest in, the issuing foreign corporation, then a U.S. holder of such interest in the foreign corporation or in a partnership or trust can be held responsible for paying the tax and/or interest on the U.S. holder's proportionate share of the assets of the U.S. holder. A US person (e.g., a U.S. shareholder or partner of a foreign corporation, or a holder of a tax-exempt interest in a foreign corporation) has the burden of proof to show that the foreign corporation meets the requirements of IRC Section 7871(c) to be treated as a U.S. nonpass through entity, and thus cannot be treated as a foreign subsidiary of another foreign corporation for purposes of IRC Section 7872(b). In determining whether a U.S.

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