Schedule I is completed with a Form 5471 to disclose the U.S. shareholder's allocation of Subpart F income from the CFC. Schedule I is completed alongside Worksheet A for the CFC.

This is the 6th video in a series which covers the preparation of IRS Form 5471 for the 2021 tax year. Each schedule has a separate video within the playlist titled "IRS Form 5471 - Beginner Series". A list of all of the videos with links is included in the description below.

The IRS Form 5471 is filed by U.S. persons that have an interest in a Controlled Foreign Corporation (CFC). The sample Form 5471 covered in this playlist is for a U.S. person that is a majority shareholder (75%) of a Cayman Island's Corporation. The remaining 25% of the stock is owned by a non-U.S. shareholder.

The CFC invests in various stocks, bonds & other investments, so the earnings of the CFC will constitute Subpart F income, specifically Foreign Personal Holding Company (FPHC) income under Section 954(c).

The link to the complete playlist and each individual video is below.

Playlist: [ Ссылка ]

Complete list of videos in the tutorial. We recommend watching in the order presented.

1. Introduction & Page 1 of Form 5471: [ Ссылка ]
2. Schedule B: U.S. Shareholders: [ Ссылка ]
3. Schedule C: Income Statement: [ Ссылка ]
4. Schedule F: Balance Sheet: [ Ссылка ]
5. Schedule H: Current E&P: [ Ссылка ]
6. Schedule I & Worksheet A: Shareholder's Income from FC: [ Ссылка ]
7. Schedule G: Other Information: [ Ссылка ]
8. Schedule E: Income & Taxes Paid: [ Ссылка ]
9. Schedule E-1: Taxes Related to Type of Income: [ Ссылка ]
10. Schedule M: Related Party Transactions: [ Ссылка ]
11. Schedule I-1: GILTI: [ Ссылка ]
12. Schedule J: E&P of Corporation: [ Ссылка ]
13. Schedule P: Previously Tax E&P of US Shareholder: [ Ссылка ]
14. Schedule Q: CFC Income by Groups: [ Ссылка ]
15. Schedule O: Organization & Stock Acquisition: [ Ссылка ]
16. Category 3 Indebtedness Statement: [ Ссылка ]
17. Schedule R: Dividend Distributions: [ Ссылка ]
18. Where to Report Subpart F Inclusion: [ Ссылка ]

For a larger database of tutorials, please visit our website and search for your question:
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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