Schedule E (Form 5471) (Rev. 12-2020)
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Part II Election
For tax years beginning after December 31, 2004, has an election been made under section 986(a)(1)(D) to translate taxes using the exchange rate on the date of payment?
Yes No
If “Yes,” state date of election
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Part III Taxes for Which a Foreign Tax Credit Is Disallowed (Enter in functional currency of foreign corporation.)
(a)
Name of Payor Entity
(b)
EIN or Reference
ID Number of
Payor Entity
(c)
Section 901(j)
(d)
Section 901(k) and (l)
(e)
Section 901(m)
(f)
U.S. Taxes
(g)
Taxes Related to
Section 959(c)(3) E&P
(h)
Other
(i)
Total
1
2
3 In functional currency (combine lines 1 and 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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4 In U.S. dollars (translated at the average exchange rate, as defined in section 989(b)(3) and related regulations (see instructions)) . . . . . . .
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Schedule E-1 Taxes Paid, Accrued, or Deemed Paid on Earnings and Profits (E&P) of Foreign Corporation
IMPORTANT: Enter amounts in
U.S. dollars unless otherwise noted
(see instructions).
Taxes related to:
(a)
Current E&P
(b)
Post-1986
Undistributed Earnings
(post-1986 and pre-2018
section 959(c)(3) balance)
(c)
Pre-1987 E&P
Not Previously Taxed
(pre-1987
section 959(c)(3) balance)
(in functional currency)
(d)
Hovering Deficit and
Suspended
Taxes
1a Balance at beginning of year (as reported in prior year Schedule E-1) . . . . . -0-
b Beginning balance adjustments (attach statement) . . . . . . . . . . .
c Adjusted beginning balance (combine lines 1a and 1b) . . . . . . . . .
2 Adjustment for foreign tax redetermination . . . . . . . . . . . . .
3a Taxes unsuspended under anti-splitter rules . . . . . . . . . . . . .
b Taxes suspended under anti-splitter rules . . . . . . . . . . . . . .
4 Taxes reported on Schedule E, Part I, Section 1, line 5, column (k) . . . . . .
5a Taxes carried over in nonrecognition transactions . . . . . . . . . . .
b Taxes reclassified as related to hovering deficit after nonrecognition transaction .
6 Taxes reported on Schedule E, Part I, Section 2, line 5, column (i) . . . . . .
7 Other adjustments (attach statement) . . . . . . . . . . . . . . .
8
Taxes paid or accrued on current income/E&P or accumulated E&P (combine lines
1c through 7) . . . . . . . . . . . . . . . . . . . . . . .
9
Taxes deemed paid with respect to inclusions under section 951(a)(1) (see instructions)
10 Taxes deemed paid with respect to inclusions under section 951A (see instructions)
11 Taxes deemed paid with respect to actual distributions . . . . . . . . .
12 Taxes on amounts reclassified to section 959(c)(1) E&P from section 959(c)(2) E&P
13 Other (attach statement) . . . . . . . . . . . . . . . . . . .
14 Taxes related to hovering deficit offset of undistributed post-transaction E&P . .
15 Balance of taxes paid or accrued (combine lines 8 through 14 in column (a)) . .
16 Reduction for tested income taxes not deemed paid . . . . . . . . . .
17 Reduction for other taxes not deemed paid . . . . . . . . . . . . .
18
Balance of taxes paid or accrued at the beginning of the next year. Line 18, column
(a), must always equal zero. So, if necessary, enter negative amounts on lines 16
and 17 of column (a) in amounts sufficient to reduce line 15, column (a), to zero. For
the remaining columns, combine lines 8 through 14 . . . . . . . . . . .
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Schedule E (Form 5471) (Rev. 12-2020)
