CCH Learning Center

Description:
Upon completion of this course, you should be able to: Identify and apply the tax law behind the informational requirements on Form 5471; Describe U.S. international tax reporting and compliance with respect to foreign corporations; Differentiate the categories for filing under Form 5471; Recognize when is it acceptable for a U.S. shareholder of a CFC to exclude Subpart F income from their federal income tax return; Identify scenarios when a U.S. manufacturer has foreign base company income; Recognize reporting which foreign currency is typically translated using the spot rate; Identify what happens if a taxpayer neglects to file Form 5471; Recognize the purpose of Form 5471; Describe who the deemed paid foreign tax credit is available to; Identify the purpose of Section 78 gross-up; Describe how a corporation's functional currency can be changed; Recognize the most reliable measure of an arms-length result with regard to transfer pricing; Identify how to pass the four manufacturing tests a product must go through; Recognize the requirements of Subpart F income.