Get the free corporation liquidation form 5472

Form 966 Name of corporation Corporate Dissolution or Liquidation (Required under section 6043(a) of the Internal Revenue Code) OMB No. 1545-0041 (Rev. April 2004) Department of the Treasury Internal

How to fill out corporation liquidation form 5472

How to fill out corporation liquidation form 5472?

1. Obtain the form: You can download corporation liquidation form 5472 from the official website of the Internal Revenue Service (IRS).
2. Provide basic information: Fill in the required details at the top of the form, such as the name of the corporation, its employer identification number (EIN), and the tax year to which the form relates.
3. Report personal identification information: Enter the name, address, and taxpayer identification number (TIN) of each 25% foreign shareholder involved in the liquidation.
4. Indicate the amounts involved: Report the gross payments or other distributions made to each foreign shareholder during the liquidation process in the appropriate boxes on the form. Additionally, provide a breakdown of interest, dividends, royalties, rents, and other types of income if applicable.
5. Determine the aggregate amount: Calculate the total amount of payments or distributions made during the liquidation process and enter it in the "Aggregate Payments Made" box.
6. Report any filing exceptions: If the liquidation does not require the filing of Form 5472, such as when there are no reportable transactions during the tax year, indicate the exception on the form.
7. Sign and date the form: Make sure to sign and date the form in the designated section at the bottom before submitting it to the IRS.

Who needs corporation liquidation form 5472?

1. US corporations with reportable transactions: Any domestic corporation engaged in a reportable transaction with a foreign or domestic related party must file corporation liquidation form 5472.
2. Foreign-owned US corporations: If a corporation is at least 25% foreign-owned, it is necessary to file form 5472 to disclose transactions between the corporation and its foreign owners.
3. Corporations involved in liquidation: Any US corporation undergoing liquidation and making payments or distributions to foreign shareholders during the process must file form 5472 to report such transactions to the IRS.

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What is corporation liquidation form 5472?

Corporation liquidation form 5472 is a tax form used by a corporation to report information about certain transactions with foreign shareholders or related parties.

Who is required to file corporation liquidation form 5472?

Corporations that are engaged in a reportable transaction with a foreign shareholder or a related party are required to file corporation liquidation form 5472.

How to fill out corporation liquidation form 5472?

To fill out corporation liquidation form 5472, you need to provide information about the corporation, the foreign shareholder or related party, and the reportable transaction. This includes details such as names, addresses, transaction amounts, and nature of the transaction.

What is the purpose of corporation liquidation form 5472?

The purpose of corporation liquidation form 5472 is to provide the IRS with information about reportable transactions between a corporation and foreign shareholders or related parties. It helps ensure compliance with tax laws and prevent tax avoidance.

What information must be reported on corporation liquidation form 5472?

On corporation liquidation form 5472, you must report information such as the corporation's name, employer identification number, the foreign shareholder or related party's name, address, and taxpayer identification number, and details about the reportable transaction, including amounts, type of transaction, and any taxable income or loss.