Demystifying the Form 5471 Part 10. Schedule I
By Anthony Diosdi Schedule I is designed to disclose a U.S. shareholder’s pro rata share of income subpart F income from a controlled foreign corporation (“CFC”). This is the tenth of a series of articles designed to provide a basic overview of the Internal Revenue Service (“IRS”) Form 5471. This article is designed to supplement the IRS’ instructions to Schedule I of IRS Form 5471. This article will go line by line through Schedule I of Form 5471.Who Must Complete Schedule IForm 5471 and appropriate accompanying schedules must be completed and filed by the following categories of persons:Category 1 FilerU.S. persons who are officers, directors or ten percent or greater shareholders in a CFC. Category 1 includes U.S. shareholders of a Section 965 “specified foreign corporation” at any tax year…