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Question
How is Form 5471 prepared by a member of a consolidated group?
Answer
Form 5471 should be completed for each applicable member of the consolidated group. In Screen 5471, the common parent information should be entered in the Identifying number, Name, and Address fields for the person filing the return. The direct owner of the foreign corporation should be entered in the statement dialog for the Person(s) on whose behalf return is filed field.
Related topic: 1120-US: Form 5471 - Foreign corporation information return FAQs
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