Ann Arbor Michigan Form 5471 (Schedule O) 2012-2025

Ann Arbor Michigan Form 5471 (Schedule O): What You Should Know

S. Property by a foreign corporation on or before the first date on which that  foreign corporation becomes a CFC by acquiring or otherwise disposing of U.S. real property. Schedule O is also used when a  U.S. person acquires or disposes of U.S. real property on or before the date of the acquisition or disposition of  U.S. real property by some other person (as part of the ordinary course of business) for the purpose of using it as collateral for (receiving  any proceeds from) the making or refinancing of a loan (other than a bond, debenture or note). This includes a transaction in respect of a single loan and the sale or exchange of a portion of such loan on separate dates or by separate purchasers (the  qualifying U.S. persons). See, e.g., IRC Section 1244(f)(1) and (2) (definite list of transactions), IRC Section 1245(d)(1)(B)(i)(I) (qualified loan), IRC Section 1254(b)(5) (qualifying U.S. person) or IRC Section 1254(d)(4). Note: When the purchaser is a foreign business entity and the “qualifying U.S. persons” are controlled foreign corporations, the sales of U.S. property (whether purchased or used as collateral) by such controlled foreign corporations are included in the income of the entity (i.e., sales to shareholders) as required by IRC Section 1350. Also, see IRM 5.35.14, Sales by Certain U.S. Businesses of Property to Whom Section 1245 applies, for more information about the sale of tangible personal property to certain U.S. business entities, to which Section 1245 applies (such property is typically “property supplied by the United States to a foreign business or a U.S. person”).

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