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I have a client that we need to elect Sec 954(b)(4) " High-Tax exeption for CFC" I do not find such election in Proconnect... Help !! Thanks!

hjasin
Level 1
 
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2 Comments 2
jrodriguezcpa
Level 2

In the table of contents go to "Other" then "Elections" then on top again to "Other" tab and then creat your own election at the "Other Election" fields.

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jrodriguezcpa
Level 2

Here is an example of the text of an election under section 954(b)(4):

"I, [Name], a U.S. shareholder of [CFC Name], hereby make an election under section 954(b)(4) of the Internal Revenue Code to exclude from Subpart F income for the taxable year ended [Date], my pro rata share of the accumulated earnings and profits of [CFC Name] attributable to income that was subject to income tax in [Foreign Country Name] at a rate equal to or greater than 90% of the maximum U.S. corporate income tax rate for the taxable year."