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I have a question about who is required to file form 5471.

Customer Question
We are a C corporation...
I have a question about who is required to file form 5471. We are a C corporation with 3 foreign subsidiaries. We file a consolidated form 1120, and the corporation owns the subs. No individual officer or shareholder in the parent company owns stock in any of the subs.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I don't think so.
Submitted: 1 year ago.Category: Tax
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Answered in 12 minutes by:
9/2/2016
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 year ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 503
Experience: Former IRS Revenue Agent
Verified

Dear Customer,

According to the Form instruction, your C Corporation is a U.S. person because it is a domestic corporation. Therefore, you should file Form 5471.

Below website link and citation are for your further reference.

Regards,

Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP

https://www.irs.gov/pub/irs-pdf/i5471.pdf

U.S. person.

For purposes of Category 2

and Category 3, a U.S. person is:

1.

A citizen or resident of the United

States,

2.

A domestic partnership,

3.

A domestic corporation, and

4.

An estate or trust that is not a

foreign estate or trust defined in

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Dr. Fiona Chen
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 503
503 Satisfied Customers
Experience: Former IRS Revenue Agent

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