Form 5471 (Schedule O) Texas 2012-2025

Form 5471 (Schedule O) Texas: What You Should Know

S. Person engages in the act of selling or transferring stock in a CFC. Sale of Stock by a U.S. Person in Connection with a CFC It has been held that, to be within the act of “sale” of stock, an event occurs when the U.S. person sells or transfers any stock to a CFC for consideration. Section 1221 of the Code addresses this: Generally, the fact-finding procedures listed under section 1221 to decide if a transfer or sale is stock under this chapter shall be used when determining whether the U.S. person acted as a “stockholder” with respect to the disposition of a stock, and may be used to determine if a transfer or sale is a “disposition” under this chapter. This determination may require that the determination be “based solely on the facts and circumstances” (§ 1221(a)(22)) or may require that a fact-finder apply the substantive tests under sections 1221(a)(6) and (9) of the Code. The relevant paragraph in section 1221(a)(22) addresses this question: In order for a disposition of stock to be not “stock for purposes of section 1221(a), the U.S. person must have actual knowledge and actual control of the share that is transferred or disposed, or have actual knowledge that any disposition of the share would result in a disposition of the stock if the disposition occurred before the earliest of the time of such transfer or disposal or 12 months after all events have occurred which would have determined in any case that such disposition would result in a disposition of the stock....” The relevant section 1221(a)(22) reference is to § 1221(a)(6). See here — (emphasis mine) Section 1221(a)(12) provides that a “disposition” by a U.S. person means a sale of all or substantially all the entity's assets.

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