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FORM 5471 requirement: since you have clarified that it is a foreing corporation; then the reporting requirement would be:
1. If he owned 10 percent of the available stock in the company, then he has to report.
2. If he had 50% control of the company voting power for at least 30 days out of the year, he has to report.
If he owns all the shares, then he meets this requirement and must complete form 5471.
IF THIS property is corporate held property and the corporation is a realestate company, then the profits and losses will balance each other through the balance sheet and show up as net corporate profits or losses.
It has to flow through the chart of accounts. It is really not one property balancing the others;
some properties will have losses,and some will have profits, and this will affect the net.
You get to the same place, but it is a matter of process.