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socrateaser
socrateaser, Lawyer
Category: Tax
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Experience:  Retired (mostly)
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Question, on a foreign corporation that was created and then

Resolved Question:

Question, on a foreign corporation that was created and then closed last year, which had not bank accounts, does a 5471 need to be filed (e.g. with 0's in it) or can something else be done instead so that a full 5471 doesn't need to be done?

Thanks!
Submitted: 1 year ago.
Category: Tax
Expert:  socrateaser replied 1 year ago.
Hello,

The only way to determine whether or not an individual taxpayer has an obligation to file form 5471, is to review the Instructions, and fore each taxpayer, determine whether he/she falls within a particular "Category of Filers." The table on page 2 of the Instructions shows which forms must be filed by whom, dependent upon the criteria met by the individual taxpayer.

The fact that no bank accounts were opened, is generally irrelevant to the filing issue. Stock ownership in the corporation equal to or greater than 10%, or substantial control over the corporation is the primary trigger for filing requirements.

Hope this helps.
Customer: replied 1 year ago.

I did own the company 100%, so therefore 5471 with 0's would be filed ,right?


 


Thanks!

Expert:  socrateaser replied 1 year ago.
Yes, that's probably how I would handle the issue.

Hope this helps.
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 33795
Experience: Retired (mostly)
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