Discussion:1120 C Corp - 50% owned by foreign corp
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Discussion Forum Index --> Basic Tax Questions --> 1120 C Corp - 50% owned by foreign corp
Discussion Forum Index --> Tax Questions --> 1120 C Corp - 50% owned by foreign corp
| 3 October 2007 | |
| My US C Corp client is owned 50% by a US citizen & 50% by a foreign corp. Don't have much experience with foreign corps, so would like your guidance on this....
The 50% foreign corp shareholder does not have an id (or EIN#). In that case, 1) how would item # 5 of Sch. K, of the 1120 be completed ? i.e what id do you report for the C corp? 2) Should Sch K, 7a & b (percentage of ownership & owner's country) be completed? It seems like it should be completed only if the US Corp is owned by a foreign individual but not a foreign corp.? Am I correct? 3) One 5472 will have to be completed for the foreign corp? Thanks for your input. | |
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