Printable Form 5471 (Schedule J) San Diego California 2020-2025

Printable Form 5471 (Schedule J) San Diego California: What You Should Know

Schedule 1 (Form 1120): Description of property used, intended for use, maintained, or acquired for use in connection with the business of a foreign partnership. All information concerning the property will be used to determine the gross income of the partnership for the taxable year under the rules of Part I of subchapter M of chapter 1 for the taxable year. If the property used, intended for use, maintained, or acquired for use in connection with the business of a foreign partnership is the residential property of a taxpayer living abroad, you must include information regarding the taxpayer's principal residence in that property and the name and residence address of the taxpayer's U.S. owner-occupant. See § 1.1043-1(e), (f), and (g) for more information. If the property is not used, intended for use, maintained, or acquired for use in connection with the business of a foreign partnership, you must choose one of three options (1) to report the income or loss of the foreign partnership based on its profits, loss, or deduction under section 961(a)(9) or (3) for the taxable year under the rules of Part I of subchapter M of chapter 1, (2) to report the income or loss of the foreign partnership based on its profits, loss, or deduction under sections 521, 524, 602, 851, 864(b)(12), 868, (f), or (j) for the taxable year under the rules of Part I of subchapter M of chapter 1, or (3) to report the income or loss of the foreign partnership based on its profits, loss, or deduction under section 1031, 1033, or 1368, respectively, for the taxable year under the rules of Part I of subchapter M of chapter 1, unless the partnership has elected under section 1471 to report its income for the year in accordance with § 1471(a)(5). For more information, see Pub. 550, Regulations to Prevent Evasion of the Imposition of a Tax, and the Instructions for Form 1120. You may be eligible to apply to an appropriate IRS officer for an individual determination whether you meet the qualification requirements for an election under section 1471(b)(5). For more information on determining your qualification and the procedures for making an election, see chapter 3 of Pub. 550 or Pub. 541, Certain Business Furnishings and Information.

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