The Friday Edition
A biweekly newsletter for international tax professionals
What’s New This Week?
Who files Form 5471? The grantor trust shareholder? The grantor? Both?
Hello and welcome again to The Friday Edition, an every-other-Friday international tax newsletter brought to you from beautiful Pasadena, California. I’m still Phil Hodgen, and I’m still writing this thing. Send me an email and say hi. 😊 This month’s topic deals with paperwork requirements: if a domestic grantor trust owns CFC stock, does the trust file Form 5471, or does the grantor—or both? It ain’t entirely clear. But first . . . Announcements Domestic Grantor Trust Tax Returns A domestic trust must file Form 1041 if it has gross income of $600 or more. IRC sec. 6012(a)(4). A domestic…