ITL 2023: Form 5471: CFCs and Individual Shareholders: The Section 962 Election

Description

Section 962 is a special election available to individual US shareholders of controlled foreign corporations. It allows individuals to use Subchapter C corporate tax principles to report income from CFCs and foreign tax credits for CFC-paid foreign income tax. It is a valuable technique for American individuals living abroad who own regular businesses in normal countries to reduce their US tax burden.

Highlights

• Form 5471
• Controlled foreign corporation
• Section 962
• Subchapter C

Objectives

• Identify the results of a Section 962 election
• Determine whether the Section 962 election will benefit your taxpayer

Designed For

CPAs, attorneys, tax preparers and advisors who what to stay current on the latest developments on international tax issues.