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Kpeabody
Level 2
10-17-2022
08:54 AM
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Last minute client just notify me that they actually had a Foreign Corp all this time that he never told me about.
This corp is 100% controlled by them and had been active before moving to to US in 2020. The business only activity in 2021 was various investment total around $300 interest, 800 dividends and $9K capital gains. The Capital gains are from public traded company that are registered in Canada.
No dividends or payments from the company was given to the taxpayer.
Would this income be reported on Schedule I? Would it end up flowing through to his 1040 return?
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