5471, Schedule E Income, War Profits, and Excess Profits Taxes Paid or Ac

SCHEDULE E
(Form 5471)

Income, War Profits, and Excess Profits Taxes Paid or Accrued

(Rev. December 2020)
Department of the Treasury
Internal Revenue Service

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OMB No. 1545-0123

▶ Attach to Form 5471.
Go to www.irs.gov/Form5471 for instructions and the latest information.

Identifying number

Name of person filing Form 5471
Name of foreign corporation

a Separate Category (Enter code—see instructions.) . . . . . . . . . . . . . . . . .
b If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions) .

Part I

Reference ID number (see instructions)

EIN (if any)

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Taxes for Which a Foreign Tax Credit Is Allowed

Section 1 — Taxes Paid or Accrued Directly by Foreign Corporation
(a)
Name of Payor Entity

(b)
(c)
EIN or Reference Country or U.S. Possession to Which Tax Is
ID Number of
Paid (Enter code—see instructions.
Payor Entity
Use a separate line for each.)

(d)
Foreign Tax Year of Payor Entity
to Which Tax Relates
(Year/Month/Day)

(e)
U.S. Tax Year of Payor Entity
to Which Tax Relates
(Year/Month/Day)

1
2
3
4
(f)
Income Subject to Tax
in the Foreign Jurisdiction
(see instructions)

(g)
If taxes are paid on
U.S. source income,
check box

(h)
Local Currency in
Which Tax Is Payable
(enter code — see instructions)

(i)
Tax Paid or Accrued
(in local currency in which
the tax is payable)

1
2
3
4
5
Total (combine lines 1 through 4 of column (k)). Also report amount on Schedule E-1, line 4 .
6
Total (combine lines 1 through 4 of column (l)) . . . . . . . . . . . . . . . .
Section 2 — Taxes Deemed Paid (Section 960(b))
(a)
Name of Payor Entity

(b)
EIN or Reference
ID Number of
Payor Entity

(j)
Conversion Rate to
U.S. Dollars

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(c)
Country or U.S. Possession to Which Tax Is
Paid (Enter code—see instructions.
Use a separate line for each.)

(k)
In U.S. Dollars
(divide column (i) by column (j))

(l)
In Functional Currency
of Foreign Corporation

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(d)
PTEP Group
(enter code)

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(e)
Annual PTEP Account
(enter year)

1
2
3
4
(f)
PTEP Distributed
(enter amount in functional currency)

1
2
3
4
5

(g)
Total Amount of PTEP
in the PTEP Group (in functional currency)

(h)
Total Amount of the PTEP Group Taxes With Respect
to PTEP Group (USD)

Total (combine lines 1 through 4 of column (i)). Also report amount on Schedule E-1, line 6 .

For Paperwork Reduction Act Notice, see instructions.

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Cat. No. 71397A

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(i)
Foreign Income Taxes Properly Attributable to PTEP
and not Previously Deemed Paid
((column (f)/column (g)) x column (h)) (USD)

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Schedule E (Form 5471) (Rev. 12-2020)

Page 2

Schedule E (Form 5471) (Rev. 12-2020)

Part II

Election

For tax years beginning after December 31, 2004, has an election been made under section 986(a)(1)(D) to translate taxes using the exchange rate on the date of payment?
If “Yes,” state date of election ▶
Yes
No

Part III

Taxes for Which a Foreign Tax Credit Is Disallowed (Enter in functional currency of foreign corporation.)
(a)
Name of Payor Entity

1
2
3
4

(b)
EIN or Reference
ID Number of
Payor Entity

(c)
Section 901(j)

(d)
Section 901(k) and (l)

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(g)
Taxes Related to
Section 959(c)(3) E&P

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(h)
Other

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(i)
Total

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Taxes Paid, Accrued, or Deemed Paid on Earnings and Profits (E&P) of Foreign Corporation

IMPORTANT: Enter amounts in
U.S. dollars unless otherwise noted
(see instructions).

9
10
11
12
13
14
15
16
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(f)
U.S. Taxes

In functional currency (combine lines 1 and 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In U.S. dollars (translated at the average exchange rate, as defined in section 989(b)(3) and related regulations (see instructions))

Schedule E-1

1a
b
c
2
3a
b
4
5a
b
6
7
8

(e)
Section 901(m)

Balance at beginning of year (as reported in prior year Schedule E-1) . . . . .
Beginning balance adjustments (attach statement) . . . . . . . . . . .
Adjusted beginning balance (combine lines 1a and 1b)
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Adjustment for foreign tax redetermination
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Taxes unsuspended under anti-splitter rules . . . . . . . . . . . . .
Taxes suspended under anti-splitter rules . . . . . . . . . . . . . .
Taxes reported on Schedule E, Part I, Section 1, line 5, column (k) . . . . . .
Taxes carried over in nonrecognition transactions . . . . . . . . . . .
Taxes reclassified as related to hovering deficit after nonrecognition transaction .
Taxes reported on Schedule E, Part I, Section 2, line 5, column (i) . . . . . .
Other adjustments (attach statement) . . . . . . . . . . . . . . .
Taxes paid or accrued on current income/E&P or accumulated E&P (combine lines
1c through 7) . . . . . . . . . . . . . . . . . . . . . . .
Taxes deemed paid with respect to inclusions under section 951(a)(1) (see instructions)
Taxes deemed paid with respect to inclusions under section 951A (see instructions)
Taxes deemed paid with respect to actual distributions . . . . . . . . .
Taxes on amounts reclassified to section 959(c)(1) E&P from section 959(c)(2) E&P
Other (attach statement)
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Taxes related to hovering deficit offset of undistributed post-transaction E&P . .
Balance of taxes paid or accrued (combine lines 8 through 14 in column (a)) . .
Reduction for tested income taxes not deemed paid . . . . . . . . . .
Reduction for other taxes not deemed paid . . . . . . . . . . . . .
Balance of taxes paid or accrued at the beginning of the next year. Line 18, column
(a), must always equal zero. So, if necessary, enter negative amounts on lines 16
and 17 of column (a) in amounts sufficient to reduce line 15, column (a), to zero. For
the remaining columns, combine lines 8 through 14 . . . . . . . . . . .

Taxes related to:
(a)
Current E&P

(b)
Post-1986
Undistributed Earnings
(post-1986 and pre-2018
section 959(c)(3) balance)

(c)
Pre-1987 E&P
Not Previously Taxed
(pre-1987
section 959(c)(3) balance)
(in functional currency)

(d)
Hovering Deficit and
Suspended
Taxes

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-0Schedule E (Form 5471) (Rev. 12-2020)

Page 3

Schedule E (Form 5471) (Rev. 12-2020)

Schedule E-1

Taxes Paid, Accrued, or Deemed Paid on Accumulated Earnings and Profits (E&P) of Foreign Corporation (continued)
(e) Taxes related to previously taxed E&P (see instructions)

(i)
Reclassified
section
965(a) PTEP

(ii)
Reclassified
section
965(b) PTEP

(iii)
General
section
959(c)(1) PTEP

(iv)
Reclassified
section
951A PTEP

(v)
Reclassified
section
245A(d) PTEP

(vi)
Section
965(a) PTEP

(vii)
Section
965(b) PTEP

(viii)
Section
951A PTEP

(ix)
Section
245A(d) PTEP

(x)
Section
951(a)(1)(A) PTEP

1a
b
c
2
3a
b
4
5a
b
6
7
8
9
10
11
12
13
14
15
16
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Schedule E (Form 5471) (Rev. 12-2020)