Part V. Part V is used, along with other information known to

you, such as from Schedule P (Form 5471), Previously Taxed Earnings and Profits of U.S. Shareholders of Certain Foreign Corporations, to determine your share of distributions by foreign corporations to the partnership that are attributable to previously taxed earnings and profits (PTEP) in your annual PTEP accounts with respect to the foreign corporations (which are excludable from your gross income) or non-previously taxed earnings and profits (E&P), and the amount of foreign currency gain or loss on the PTEP that you’re required to recognize under section 986(c). Use the information to figure and report the dividends and foreign currency gain or loss on Forms 1040 and 1120.