Lakeland Florida Form 5471 (Schedule O) 2012-2025

Lakeland Florida Form 5471 (Schedule O): What You Should Know

A U.S. corporation resident in a foreign country is not required to file Schedule O to report its stock sales to an entity (such as  a partnership) of which it does not have a majority voting power, even in the case of an acquisition by a U.S. person of a foreign corporation. Generally, there is  no requirement for a U.S. person to file Form 5471 as a CFC shareholder if the transfer of its stock is to a foreign corporation and the transferor has  a beneficial interest in the foreign corporation. Such a transfer by a U.S. person to the foreign corporation shall not be subject to U.S. withholding tax. If any corporation resident in the U.S.  Has a beneficial interest in a foreign corporation under this general rule, such corporation is deemed to be a U.S. person and, with respect to the stock transferred, that transfer is subject to U.S. withholding tax. (See the discussion below on beneficial ownership.) The transfer to a foreign corporation, however, must be treated as a foreign personal holding company tax for U.S. federal income tax purposes and is subject to a 20 percent U.S. withholding tax. (See Part II of these instructions for a discussion of these rules.)  U-Turning Transactions: Schedule O may also be used for U-turning transactions among foreign persons. U.S. persons with beneficial interests in, or are beneficiaries of an entity that has a U-turn transaction which will result in the acquisition of substantially all of such entity's stock, are subject to a 20 percent withholding tax on their share of the U-turn transaction amount not transferred to beneficiaries of the entity. In order to avoid double taxation, a U.S. person who sells his share of stock for cash (as in a stock sale to a person who does not have a beneficial interest in the person receiving the sale) must first complete Schedule O to report that sale to the corporation in which that U-turning shares were previously purchased (the CFC corporation). Then, a U.S. person with a beneficial interest in the CFC corporation must report the sale as an acquisition by that CFC corporation. See the discussion below on beneficial ownership and double taxation. FTC Notice 2016-11 (Mar.

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