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Screen 5471-3 - US Shareholders and Income Statement (1065)

Schedule B - US Shareholders

Use the statement to enter the name, address, identifying number, and pro rata share of subpart F income for each shareholder. A unique shareholder number will need to be assigned to each shareholder in the
S/H No.
 column. The application uses this number to associate each shareholder to the class of stock information entered in the statement for
Description of each class of stock
.
Use the statement to enter the description of each class of stock, the beginning number of shares, and the ending number of shares held by each shareholder. More than one description of stock can be entered for each shareholder. The application uses the
S/H No.
 column to associate each shareholder to the particular class of stock. Therefore, the shareholder number will need to agree with the number that's assigned in the statement for
Shareholder name and address
.

Schedule C - Income

Enter
1
 to use the average exchange rate,
2
 to use the current year-end spot rate, or
3
 to use the rate entered in
Other exchange rate used for income statement (FC Units per 1 USD)
 to translate the foreign currency amounts to U.S. dollars for Form 5471, Schedule C.
If you leave this field blank or select
3
 and no rate is entered in
Other exchange rate used for income statement (FC Units per 1 USD)
, the application treats the amounts entered as U.S. dollars for Form 5471, Schedule C. When using U.S. dollars, the
Functional Currency
 column won't complete. The amounts entered in the income, deductions, and net income fields will transfer directly to the U.S. Dollars column
If you enter
3
 in
Exchange rate used for income statement
, enter the other exchange rate (xxxx.xxxx) used to translate the foreign currency amounts to U.S. dollars on Form 5471, Schedule C. The other exchange rate should be entered as the number of foreign currency units that equals one unit of U.S. dollars.
If you leave this field and
Exchange rate used for income statement
 blank, the application treats the amounts entered as U.S. dollars for Form 5471, Schedule C. When using U.S. dollars, the
Functional Currency
 column won't complete. The amounts entered in the income, deductions, and net income fields will transfer directly to the U.S. Dollars column.
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