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Federal input screens

Screen 8858-5 - Schedule M - Related Party Transactions (1040)

Overview

Use this screen to complete the separate Schedule M of Form 8858.

Schedule M - Related Party Transactions

The application transfers corresponding information entered in the 8858 screen for the
Unit
,
T
,
S
, and
Foreign disregarded entity name
 fields to this section automatically.
Enter information in this section to complete the separate schedule for transactions between the foreign disregarded entity and the shareholders or other related persons.
Enter
X
 to use the average exchange rate to translate related party transactions entered in foreign currency amounts to U.S. dollars.
If nothing is entered in this field or in the
Other exchange rate used for Schedule M
 field, the amounts entered are treated as U.S. dollars and transfers them to Schedule M.
Enter another exchange rate if you don't want to use the average exchange rate to translate the foreign currency amounts to U.S. dollars. The other exchange rate should be entered as the number of foreign currency units that equals 1 unit of U.S. dollars.
If nothing is entered in this field or in the
Exchange rate used for Schedule M
 field, the amounts entered are treated as U.S. dollars and transfers them to Schedule M.
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the exchange rate selected in the
Exchange rate used for Schedule M
 field or
Other exchange rate used for Schedule M
 fields.
If you don't want to enter the amounts in foreign currency, don't complete the
Exchange rate used for Schedule M
 or
Other exchange rate used for Schedule M
 fields. The amounts entered are treated as U.S. dollars and are transferred to Schedule M.
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