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Screen 5471-2 - Other Information & Foreign Corp Stock (1040)

Foreign Corporation Information (Continued)

Enter information in this section to continue the information for the foreign corporation.
The city fields in this section contain linked custom fieldviews, which lets you to automatically enter data in the corresponding state and ZIP code fields. Select the down arrow for a city field and select
Edit Multi-field Custom Fieldview
 to open the
Custom Fieldview
 window, in which you can enter or select a fieldview item for these linked fields.
Mark the box for the corresponding 898(c)(1)(B) election taken. You can only specify one election. Once a field is marked the other fields will become inactive until a selection is cleared.
Select
No section 898(c)(1)(B) election
 if the foreign corporation is changing its first taxable year to conform to the required year. "Change in Taxable Year" will be printed on the top of Form 5471.
Select
Section 898(c)(1)(B) election with change in taxable year
 when the election is being made and involves a change in the taxable year of the controlled foreign corporation. "Section 898(c)(1)(B) Election - Change in Taxable Year" will be printed on the top of Form 5471, Page 1.
Select
Section 898(c)(1)(B) election with no change in taxable year
 when the election is being made and it doesn't involve a change in the taxable year of the controlled foreign corporation. "Section 898(c)(1)(B) Election" will be printed on the top of Form 5471, Page 1.
See Prop. Reg. 1.898-4 for more information.

Schedule A - Foreign Corporation Stock

Enter information in this section to complete Schedule A of Form 5471.
Enter information in the attached statement for all classes of stock. If you enter five or fewer items in the statement, the information prints on Schedule A, Part I of Form 5471. If you enter more than five items, the information prints on a statement attached to the return.
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