Schedule E: Income Taxes Paid or Accrued - IRS Form 5471

Schedule E contains information about the Income Taxes paid by the CFC. In our example, the CFC is based in the Cayman Islands and is not subject to any income taxes or withholding taxes. The Schedule E presented is still a required schedule, even in cases where the CFC has no tax exposure.
This is the 8th video in a series which covers the preparation of IRS Form 5471 for the 2021 tax year. Each schedule has a separate video within the playlist titled "IRS Form 5471 - Beginner Series". A list of all of the videos with links is included in the description below.
The IRS Form 5471 is filed by U.S. persons that have an interest in a Controlled Foreign Corporation (CFC). The sample Form 5471 covered in this playlist is for a U.S. person that is a majority shareholder (75%) of a Cayman Island's Corporation. The remaining 25% of the stock is owned by a non-U.S. shareholder.
The CFC invests in various stocks, bonds & other investments, so the earnings of the CFC will constitute Subpart F income, specifically Foreign Personal Holding Company (FPHC) income under Section 954(c).
The link to the complete playlist and each individual video is below.
Playlist: • IRS Form 5471 - Beginn...
Complete list of videos in the tutorial. We recommend watching in the order presented.
1. Introduction & Page 1 of Form 5471: • How to Prepare IRS For...
2. Schedule B: U.S. Shareholders: • Schedule B: US Shareho...
3. Schedule C: Income Statement: • Schedule C: Income Sta...
4. Schedule F: Balance Sheet: • Schedule F: Balance Sh...
5. Schedule H: Current E&P: • Schedule H: Current E&...
6. Schedule I & Worksheet A: Shareholder's Income from FC: • Schedule I: Summary of...
7. Schedule G: Other Information: • Schedule G: Other Info...
8. Schedule E: Income & Taxes Paid: • Schedule E: Income Tax...
9. Schedule E-1: Taxes Related to Type of Income: • Schedule E-1: Taxes Pa...
10. Schedule M: Related Party Transactions: • Schedule M: Transactio...
11. Schedule I-1: GILTI: • Schedule I-1: Global I...
12. Schedule J: E&P of Corporation: • Schedule J: Accumulate...
13. Schedule P: Previously Tax E&P of US Shareholder: • Schedule P: Previously...
14. Schedule Q: CFC Income by Groups: • Schedule Q: CFC Income...
15. Schedule O: Organization & Stock Acquisition: • Schedule O Part 1 & 2:...
16. Category 3 Indebtedness Statement: • Category 3: Indebtedne...
17. Schedule R: Dividend Distributions: • Schedule R: Distributi...
18. Where to Report Subpart F Inclusion: • Where to Report Subpar...
For a larger database of tutorials, please visit our website and search for your question:
knottlearning....
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form5471 #ControlledForeignCorporation #CFC #SubpartF

[@Bmwm3887]

Whats the point of you explaing Sch E or Sch E-1 if you going to assume no foreign taxes. Thats the whole point of Sch E-1. Atleast you could have mentioned some made up tax numbers. Very disappointing.