Schedule O of forum 54 71 needs to be filed only by category 2 and category 3 filers category 2 filers fill out part 1 and category 3 filers complete part 2 at the top of schedule o you put the name of the US person filing the form and their US identifying number then you list the name of the foreign corporation most foreign corporations do not have an u.s. IN part 1 is filled out by US officers and directors and provides information about the US shareholders and their acquisitions of shares in the foreign corporation for example the name the address of the shareholder and the identifying number of the shareholder the date of the original 10% acquisition and if applicable the day of any additional 10% acquisition of shares part 2 is broken into sections a through F section a has basic information about the US shareholders including the name address identifying number the type of tax return filed by that shareholder the date the return was filed where it was filed and if applicable the last time the shareholder filed a schedule o for this foreign corporation note that category 3 filers include individuals who become US residents during the year so if a non-resident alien moves to the US during the year and becomes an u.s.
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How to prepare Form 5471 (Schedule O)
About Form 5471 (Schedule O)
Form 5471 (Schedule O) is a schedule for reporting certain transactions and ownership interests in foreign corporations. It is required to be filed by U.S. citizens, residents, and domestic entities that are considered to be a "Category 3" filer. This includes U.S. persons who own or control 10% or more of the stock of a foreign corporation, or who are officers, directors, or shareholders of certain foreign corporations. The purpose of the form is to provide the IRS with information about the taxpayer's involvement with the foreign corporation, including details about transactions and financial activities involving the corporation.
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