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Screen 5471 - Foreign Corporation (1065)

Overview

General Information

Use the statement to enter changes needed to correct Form 5471 on an amended partnership return. "Corrected" prints on the top of Form 5471, Page 1 and this statement prints with the return.
The following schedules complete for a category 1 filer.
  • Identifying information on Page 1
  • Schedule B, Part II
  • Separate Schedule E
  • Separate Schedule J
  • Separate Schedule P
The following schedules complete for a category 2 filer.
  • Identifying information on Page 1
  • Separate Schedule O, Part I
The following schedules complete for a category 3 filer.
  • Identifying information on Page 1
  • Schedule A
  • Schedule B
  • Schedules C and F
  • Schedule G
  • Separate Schedule G-1
  • Separate Schedule O, Part II
The following schedules complete for a category 4 filer.
  • Identifying information on Page 1
  • Schedule A
  • Schedule B
  • Schedules C and F
  • Separate Schedule E
  • Schedule G
  • Separate Schedule G-1
  • Separate Schedule H
  • Schedule I
  • Separate Schedule I-1
  • Separate Schedule J
  • Separate Schedule M
  • Separate Schedule P
  • Separate Schedule Q
  • Separate Schedule R
The following schedules complete for a category 5 filer.
  • Identifying information on Page 1
  • Schedule B, Part II
  • Separate Schedule E
  • Schedule G
  • Separate Schedule H
  • Schedule I
  • Separate Schedule I-1
  • Separate Schedule J
  • Separate Schedule P
Enter
X
 only if the filer also files Form 8938, Statement of Specified Foreign Financial Assets, for the current tax year and includes this form in the total number of Forms 5471 on Form 8938, Part IV, line 3.

Foreign Corporation Information

If the foreign corporation doesn't have an EIN and you don't want to leave the field blank on the form, enter
None
 or
N/A
.
Enter the reference identification number associated with this return. Reference ID numbers are created by tax preparers and are unique to each return. The IRS requires an entry in this field and uses this number to track foreign returns.
The application automatically converts the exchange rate entered in
USD per 1 Unit FC
 into the number of foreign currency units (xxx.xxxx) that equals one U.S. dollar. To use a different exchange rate, enter the rate in this field. The application uses this exchange rate when translating foreign currency amounts to U.S. dollars.
The application automatically converts the exchange rate entered in
USD per 1 Unit FC
 into the number of foreign currency units (xxx.xxxx) that equals one U.S. dollar. To use a different exchange rate, enter the rate in this field. The application uses this exchange rate when translating foreign currency amounts to U.S. dollars.
Enter
X
 if the foreign corporation uses the U.S. dollar approximate separate transactions method (DASTM) under Regulations section 1.985-3. If you enter
X
, the application transfers the U.S. dollar current-year net income or (loss) from Schedule C, line 21 to Schedule H, line 1.
Enter
X
 if the person filing the return elects the summary filing procedure for filing Form 5471 for a dormant foreign corporation. "Filed Pursuant to Rev. Proc. 92-70 for Dormant Foreign Corporation" prints at the top of Form 5471.
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