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Screen 5471-7 - Accumulated Earnings and Related Party Transactions (1040)
Overview
Use this screen to complete separate Schedule M of Form 5471.
Schedule M - Related Party Transactions
Use this section to complete the separate schedule for transactions between the controlled foreign corporation and shareholders or other related persons.
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the average exchange rate in the
5471
screen if the box to use this method for Schedule M is marked.If you don't want to enter the amounts in foreign currency, don't mark the box to calculate Schedule M using average exchange rate. The application treats the amounts entered in the input screen as U.S. dollars and transfers the amounts entered directly to the Schedule M.
Functional currency used for Schedule M
Enter the functional currency used for amounts reported on Schedule M. The information prints in a required statement with Form 5471.
Calculate Schedule M using average exchange rate...
Enter
X
to have the application calculate the foreign currency amounts using the average exchange rate entered in the 5471
screen.