IRS Form 5471 Schedule E Income, War Profits, and Excess Profits Taxes Paid or Accrued

What Is IRS Form 5471 Schedule E?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on December 1, 2020. The document is a supplement to IRS Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 5471 Schedule E?
A: IRS Form 5471 Schedule E is a tax form used to report income, war profits, and excess profits taxes paid or accrued by a U.S. person with an interest in a controlled foreign corporation.

Q: Who needs to file IRS Form 5471 Schedule E?
A: U.S. persons who have an interest in a controlled foreign corporation and meet certain filing requirements must file IRS Form 5471 Schedule E.

Q: What is a controlled foreign corporation?
A: A controlled foreign corporation is a foreign corporation in which U.S. shareholders own more than 50% of the voting power or value.

Q: What types of income are reported on IRS Form 5471 Schedule E?
A: IRS Form 5471 Schedule E is used to report income, war profits, and excess profits taxes paid or accrued by a controlled foreign corporation.

Q: What are war profits and excess profits taxes?
A: War profits and excess profits taxes are taxes imposed during times of war or emergency on corporations based on their profits.