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Screen 5471-3 - U.S. Shareholders & Income Statement (1040)
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Overview
Use this screen to complete Schedule B and Schedule C of Form 5471. Enter (benefit) amounts as negative numbers.
Schedule B - US Shareholders
Enter information in this section to complete the list of U.S. shareholders of the foreign corporation.
Shareholder name and address
Enter the name, address, identifying number, and pro-rata share of subpart F income for each shareholder in the attached statement. You'll need to assign a unique shareholder number for each shareholder. The application uses this number to tie each shareholder to the class of stock information in the statement for
Description of each class of stock
.Select the
Direct Shareholder
column to report the shareholder on Schedule B Part II.Description of each class of stock
In the attached statement, enter the description of each class of stock, the beginning number of shares, and the ending number of shares held by each shareholder. You can enter more than one description of stock for each shareholder. The application uses the shareholder number column to tie each shareholder to the particular class of stock. Therefore, the shareholder number will need to be the same as the number in the statement for
Shareholder name and address
.Schedule C - Income
Enter information in this section to complete the income section of the income statement.
Exchange rate used for income statement
Enter
1
to use the average exchange rate to translate the foreign currency amounts to U.S. dollars. Enter 2
to use the current year-end spot rate to translate the foreign currency amounts to U.S. dollars.If this field and
Other exchange rate used for income statement
are blank, the application treats the income amounts as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C, and the amounts for Schedule C income, deductions, and net income sections of the input screen transfer directly to the U.S. dollar column on Schedule C.Other exchange rate used for income statement
Enter another exchange rate if you don't want to use the average exchange rate or the current year-end spot rate to translate the foreign currency amounts to U.S. dollars. Enter the other exchange rate as the number of foreign currency units that equal one unit of U.S. dollars.
If this field and
Exchange rate used for income statement
are blank, the application treats the income amounts as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C, and the amounts in the Schedule C income, deductions, and net income sections of the input screen transfer directly to the U.S. dollar column on Schedule C.Income Items
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the exchange rate selected in
Exchange rate used for income statement
or Other exchange rate used for income statement
.If you don't need to enter the amounts in foreign currency, don't complete
Exchange rate used for income statement
or Other exchange rate used for income statement
. The application treats the amounts as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C, and the amounts in the Schedule C income, deductions, and net income sections of the input screen transfer directly to the U.S. dollar column on Schedule C.Schedule C - Deductions
Enter information in this section to complete the deductions section of the income statement.
Deduction Items
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the exchange rate in
Exchange rate used for income statement
or Other exchange rate used for income statement
.If you don't need to enter the amounts in foreign currency, don't complete
Exchange rate used for income statement
or Other exchange rate used for income statement
. The application treats the amounts as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C, and the amounts in the Schedule C income, deductions, and net income sections of the input screen do transfer directly to the U.S. dollar column on Schedule C.Schedule C - Net Income
Enter information in this section to complete the net income section of the income statement.
Net Income Items
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the exchange rate selected in
Exchange rate used for income statement
or Other exchange rate used for income statement
.If you don't need to enter the amounts in foreign currency, don't complete
Exchange rate used for income statement
or Other exchange rate used for income statement
. The application treats the amounts as U.S. dollars. The application doesn't complete the Functional Currency column on Schedule C, and the amounts in the Schedule C income, deductions, and net income sections of the input screen transfer directly to the U.S. dollar column on Schedule C.