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Screen 5471-6 - Summary of Income From Foreign Corporation (1040)
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Overview
Use this screen to enter information to complete Form 5471, Schedule I. If you need to prepare Worksheets A and B, found in the Form 5471 instructions, do not use the
Schedule I income (Force)
field. If you don't need to prepare these worksheets, use the Schedule I income (Force)
field.Shareholder Information
Use this section to enter information specific to each shareholder and other miscellaneous information.
Shareholder information
Use this statement to enter details for each shareholder. This information is used to calculate Schedule I and any related worksheets.
Enter all dollar amounts in foreign currency except when specifically stated otherwise.
- Type code:If the shareholder is either the taxpayer or spouse, leave this field blank. Amounts attributable to the taxpayer or spouse from Schedule I to Form 1040, line 8 transfer. Enter codeRto indicate that the shareholder is a related party.
- ID number:Enter the shareholder's tax identification number.
- S/H Name:Enter shareholder's name.
- Pro Rata Share:Enter the shareholder's pro rata share as a percentage. This percentage is used in the Worksheet A and B calculations.
- Div Paid to Other Person:Enter dividends paid to any other person. This amount is used on line 46 of Worksheet A.
- Number Days No Stock:Enter the number of days the shareholder did not own stock.
- E&P 959(c)(1)(A):Enter the shareholder's earnings and profits described in section 959(c)(1)(A) for line 5 of Worksheet B.
- Exclud Prop 959(a)(2):Enter the amount of the shareholder's earnings in U.S. property excluded from their gross income. This amount is used on line 15 of Worksheet B.
- Factoring income:Enter (in U.S. dollars) the shareholder's pro rata share of factoring income. This amount is used on line 4 of Schedule I.
- Dividends Rec'd Other:Enter (in U.S. dollars) the shareholder's pro rata share of dividends not reported on line 5a, 5b, 5c, or 5d. This amount is used on line 5e of Schedule I.
- Sub F Disposition Section 954(c)(6):Enter (in U.S. dollars) the shareholder's pro rate share of subpart F income inclusion attributable to tiered extraordinary disposition amounts not eligible for subpart F exception under section 954(c)(6). This amount is used on line 1c of Schedule I.
- Sub F Reduction Section 954(c)(6):Enter (in U.S. dollars) the shareholder's pro rate share of subpart F income inclusion attributable to tiered extraordinary reduction amounts not eligible for subpart F exception under section 954(c)(6). This amount is used on line 1d of Schedule I.
- 245A Dividends:Enter (in U.S. dollars) the amount of dividends received by the shareholder from the foreign corporation that is eligible for a deduction under section 245A. This amount is used on line 5a of Schedule I.
- Extraordinary Disposition:Enter (in U.S. dollars) the amount of dividends received by the shareholder from the foreign corporation that is an extraordinary disposition amount. This amount is used on line 5b of Schedule I.
- Extraordinary Reduction:Enter (in U.S. dollars) the amount of dividends received by the shareholder from the foreign corporation that is an extraordinary reduction amount. This amount is used on line 5c of Schedule I.
- Section 245A(e) Dividends:Enter (in U.S. dollars) the amount of hybrid dividends received by the shareholder from the foreign corporation. This amount is used on line 5d of Schedule I
- Exchange Gain (Loss):Enter (in U.S. dollars) the shareholder's pro rata share of exchange gain or loss. This amount is used on line 8 of Schedule I.
- Sub F Div Stock:Enter Subpart F dividend income from the sale of stock of a lower-tier foreign corporation.
- Sub F Hybrid Div:Enter Subpart F income from hybrid dividends of tiered corporations.
Number of days in tax year corporation was a CFC
Enter the number of days the in the tax year that the corporation was a controlled foreign corporation. This information is used on Worksheet A, Page 2.
Schedule I Income (Force)
If Worksheets A and B are not required, use this statement to enter details for Schedule I. Enter amounts in U.S. Dollars. Do not use this field if you need to prepare Worksheets A and B.
Explanation of foreign corporation income
If you answered yes to either of the
Income of foreign corporation blocked
or Income became unblocked during the tax year
fields, enter an explanation in this statement.Worksheet A
Use this section to enter information specific to Worksheet A from the Form 5471 instructions.
Enter all dollar amounts in this section in functional currency.
Gross foreign personal holding company income
Enter personal holding company income and related expenses.
Foreign base company sales income
Enter foreign base company sales income and related expenses.
Foreign base company services income
Enter foreign base company services income and related expenses.
Insurance income
Enter insurance income and related expenses
Related personal insurance income
Enter related personal insurance income and related expenses.
Full inclusion foreign base income
Enter full inclusion foreign base company income and related expenses.
International boycott income
Enter international boycott income. This amount is used on Worksheet A.
Illegal bribes, kickbacks, and other payments
Enter illegal bribes, kickbacks and other payments. This amount is used on Worksheet A.
Income derived from a country to which...
Enter income described in section 952(a)(5). This amount is used on Worksheet A.
U.S. source income effectively connected with s U.S. trade or business
Enter effectively connected income. This amount is used on Worksheet A.
Exclusions from subpart F income...
Enter exclusions from subpart F income. This amount is used on Worksheet A.
Current E&P
If the foreign corporation is using the DASTM (Dollar Approximate Separate Transactions Method) method of accounting, enter the amount of current earnings and profits in functional currency in this field.
Export trade income
The application applies the pro rata share entered in the Shareholder information statement to the amount entered for use on Worksheet A.
- Shareholder's pro rata share of subpart F insurance income:Enter the amount of shareholder's pro rata share of subpart F insurance income. This amount is used on line 62 of Worksheet A.
- Shareholder's pro rata share of other subpart F income:Enter the amount of shareholder's pro rata share of other subpart F income. This amount is used on line 66 of Worksheet A.
Worksheet B
Use this section to enter information specific to Worksheet B.
Enter all dollar amounts in this section in functional currency.
Number of quarter-ends corporation was a CFC
Enter the number of quarter-ends the corporation was a controlled foreign corporation. If this field is left blank, code
4
is the default.U.S. property held by the CFC as of the close of each quarter
Enter the amount of property held at the end of each quarter. See the Form 5471 instructions for Schedule I, Worksheet B for information on calculating this amount.
Current E&P
If the foreign corporation is using the DASTM method of accounting, enter the amount of current earnings and profits in functional currency in this field.
Accumulated E&P
The application uses the amount entered in the calculation of Worksheet B.