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dvinegrad
Level 3
October 7, 2023
Question

If a taxpayer is a minority shareholder in a foreign corporation do they need to file form 5471 as part of their 1040 IF the Majority shareholder already filed form 5471?

  • October 7, 2023
  • 1 reply
  • 11 views
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1 reply

sjrcpa
sjrcpa
Level 15
October 7, 2023

Did the majority shareholder include your minority shareholder on their 5471?

The more I know the more I don’t know.
    D
    dvinegradAuthor
    Level 3
    October 7, 2023

    Yes. The majority shareholder does list the minority shareholder on their 5471. 

    Dave 

    sjrcpa
    sjrcpa
    Level 15
    October 8, 2023

    Then minority shareholder does not need to file. But don't take my word for it. Look at the instructions. The penalty is huge.

    The more I know the more I don’t know.
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