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Kings New York online Form 5471 (Schedule O): What You Should Know

The return identifies each nonresident alien shareholder and his or her percentage ownership interest. The form is filed in box 14 of Form 1040 and filed on Schedule K-1. A Form 5471 must be filed even if there are no U.S. persons with respect to the corporation; however, it is not required if the nonresident alien shareholder does not hold an ownership interest in the entity that the U.S. person would need to report under section 1231. If the foreign person who held the interest is a U.S. citizen, resident or nonresident, he or she is included in the U.S. person reporting amount and the U.S. person does not owe any U.S. taxes on the income from the sale. To find out what percent of earnings have to go to the U.S.

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