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H
hjasin
Level 2
May 24, 2022
Question

I have a client that we need to elect Sec 954(b)(4) " High-Tax exeption for CFC"I do not find such election in Proconnect...Help !! Thanks!

  • May 24, 2022
  • 1 reply
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1 reply

J
jrodriguezcpa
Level 2
May 4, 2023

In the table of contents go to "Other" then "Elections" then on top again to "Other" tab and then creat your own election at the "Other Election" fields.

J
jrodriguezcpa
Level 2
May 4, 2023

Here is an example of the text of an election under section 954(b)(4):

"I, [Name], a U.S. shareholder of [CFC Name], hereby make an election under section 954(b)(4) of the Internal Revenue Code to exclude from Subpart F income for the taxable year ended [Date], my pro rata share of the accumulated earnings and profits of [CFC Name] attributable to income that was subject to income tax in [Foreign Country Name] at a rate equal to or greater than 90% of the maximum U.S. corporate income tax rate for the taxable year."

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