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trivedi-CPA
Level 1
07-30-2023
09:43 AM
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TP is 40% shareholder of Company in India started in 2022. No other US shareholders and not a CFC. Company has losses and no distributions to the shareholder. Do any of the transition tax or Sec. 965 or GILTI provisions apply? Besides Form 5471 any other schedules that need to be filed? Anything that needs to be reported in 2022 personal return 1040?
TP has a separate Rental activity for which we use Schedule E and file applicable FBAR for bank account.
Please advise.
I am using the Proseries Basic.
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