Demystifying Schedule O Used to Report Foreign Corporate Reorganizations and Acquisitions on IRS Form 5471
By Anthony Diosdi Schedule O of Form 5471 is used to report the organization or reorganization of a foreign corporation and the acquisition or disposition of its stock. This article will take a deep dive into each column and line of 2021 Schedule J of the Form 5471. Who Must Complete the Form 5471 Schedule OAnyone preparing a Form 5471 knows that the return consists of many schedules. Schedule O is just one schedule of the Form 5471. Whether or not a CFC shareholder is required to complete Schedule O depends on what category of filer he or she can be classified as. For purposes of Form 5471, CFC shareholders are broken down by the following categories:Key TermsU.S. person: A U.S. person is generally a citizen or resident of the…