Federal housing law
1220 Form 5471 (Schedule P) (PDF)
Federal housing law as enacted — verbatim and citable.
- Edition
- 2026-10-03
- Last updated
- 2026-10-04
- Jurisdiction
- United States
Official source: IRS Forms, Instructions & Publications (https://www.irs.gov/pub/irs-pdf/f5471sp.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).
SCHEDULE P (Form 5471)
(Rev. December 2020)
Department of the Treasury Internal Revenue Service
Previously Taxed Earnings and Profits of U.S. Shareholder of Certain Foreign Corporations¶
Attach to Form 5471.
- Go to www.irs.gov/Form5471 for instructions and the latest information.
OMB No. 1545-0123
Name of person filing Form 5471 Identifying number
Name of U.S. shareholder Identifying number
Name of foreign corporation EIN (if any) Reference ID number (see instructions)
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 Previously Taxed E&P in Functional Currency (see instructions)
| (a) Reclassified section 965(a) PTEP |
(b) Reclassified section 965(b) PTEP |
(c) General section 959(c)(1) PTEP |
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|---|---|---|---|---|
| 1a | Balance at beginning of year (see instructions) . . . . . . . . . . . . . . . . . . . . |
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| b | Beginning balance adjustments (attach statement) . . . . . . . . . . . . . . . . . . |
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| c | Adjusted beginning balance (combine lines 1a and 1b) . . . . . . . . . . . . . . . . |
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| 2 | Reduction for taxes unsuspended under anti-splitter rules . . . . . . . . . . . . . . . |
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| 3 | Previously taxed E&P attributable to distributions of previously taxed E&P from lower-tier foreign corporation | |||
| 4 | Previously taxed E&P carried over in nonrecognition transaction . . . . . . . . . . . . . |
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| 5 | Other adjustments (attach statement) . . . . . . . . . . . . . . . . . . . . . . |
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| 6 | Total previously taxed E&P (combine lines 1c through 5) . . . . . . . . . . . . . . . . |
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| 7 | Amounts reclassified to section 959(c)(2) E&P from section 959(c)(3) E&P . . . . . . . . . . |
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| **8 ** | Actual distributions of previously taxed E&P . . . . . . . . . . . . . . . . . . . . |
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| 9 | Amounts reclassified to section 959(c)(1) E&P from section 959(c)(2) E&P . . . . . . . . . . |
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| 10 |
Amounts included as earnings invested in U.S. property and reclassified to section 959(c)(1) E&P (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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| 11 | Other adjustments (attach statement) . . . . . . . . . . . . . . . . . . . . . . |
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| 12 | Balance at beginning of next year (combine lines 6 through 11) . . . . . . . . . . . . . . |
For Paperwork Reduction Act Notice, see instructions. Cat. No. 49203F Schedule P (Form 5471) (Rev. 12-2020)
Schedule P (Form 5471) (Rev. 12-2020) Page 2 Part I Previously Taxed E&P in Functional Currency (see instructions) (continued)
| (d) Reclassified section 951A PTEP |
(e) Reclassified section 245A(d) PTEP |
(f) Section 965(a) PTEP |
(g) Section 965(b) PTEP |
(h) Section 951A PTEP |
(i) Section 245A(d) PTEP |
(j) Section 951(a)(1)(A) PTEP |
(k) Total |
|
|---|---|---|---|---|---|---|---|---|
| 1a | ||||||||
| b | ||||||||
| c | ||||||||
| 2 | ||||||||
| 3 | ||||||||
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| 12 |
Schedule P (Form 5471) (Rev. 12-2020)
| Schedule P (Form 5471) (Rev. 12-2020) Part II Previously Taxed E&P in U.S. Dollars | Page 3 | |||
|---|---|---|---|---|
| (a) Reclassified section 965(a) PTEP |
(b) Reclassified section 965(b) PTEP |
(c) General section 959(c)(1) PTEP |
||
| 1a | Balance at beginning of year (see instructions) . . . . . . . . . . . . . . . . . . . . |
|||
| b | Beginning balance adjustments (attach statement) . . . . . . . . . . . . . . . . . . |
|||
| c | Adjusted beginning balance (combine lines 1a and 1b) . . . . . . . . . . . . . . . . |
|||
| 2 | Reduction for taxes unsuspended under anti-splitter rules . . . . . . . . . . . . . . . |
|||
| 3 | Previously taxed E&P attributable to distributions of previously taxed E&P from lower-tier foreign corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
|||
| 4 | Previously taxed E&P carried over in nonrecognition transaction . . . . . . . . . . . . . . |
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| 5 | Other adjustments (attach statement) . . . . . . . . . . . . . . . . . . . . . . |
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| 6 | Totalpreviously taxed E&P (combine lines 1c through 5) . . . . . . . . . . . . . . . . |
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| 7 | Amounts reclassified to section 959(c)(2) E&P from section 959(c)(3) E&P . . . . . . . . . . |
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| **8 ** | Actual distributions of previously taxed E&P . . . . . . . . . . . . . . . . . . . . |
|||
| 9 | Amounts reclassified to section 959(c)(1) E&P from section 959(c)(2) E&P . . . . . . . . . . |
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| 10 | Amounts included as earnings invested in U.S. property and reclassified to section 959(c)(1) E&P (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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| 11 | Other adjustments (attach statement) . . . . . . . . . . . . . . . . . . . . . . |
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| 12 | Balance at beginning of next year (combine lines 6 through 11) . . . . . . . . . . . . . . |
Schedule P (Form 5471) (Rev. 12-2020)
Schedule P (Form 5471) (Rev. 12-2020) Page 4 Part II Previously Taxed E&P in U.S. Dollars (continued)
| (d) Reclassified section 951A PTEP |
(e) Reclassified section 245A(d) PTEP |
(f) Section 965(a) PTEP |
(g) Section 965(b) PTEP |
(h) Section 951A PTEP |
(i) Section 245A(d) PTEP |
(j) Section 951(a)(1)(A) PTEP |
(k) Total |
|
|---|---|---|---|---|---|---|---|---|
| 1a | ||||||||
| b | ||||||||
| c | ||||||||
| 2 | ||||||||
| 3 | ||||||||
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| 5 | ||||||||
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| 12 |
Schedule P (Form 5471) (Rev. 12-2020)