Additional Filing Exceptions

Multiple filers of same information. With respect to any category of filer, one person may file Form 5471 and the applicable schedules for other persons if the person has the same filing requirements as, or greater filing requirements than, the other persons. If you and one or more other persons are required to furnish information for the same foreign corporation for the same period, a joint information return that contains the required information may be filed with your tax return or with the tax return of any one of the other persons. For example, a U.S. person described in Category 5 may file a joint Form 5471 with a Category 4 filer or another Category 5 filer; similarly, a U.S. person described in Category 5b may file a joint Form 5471 with a Category 4 or 5a filer or another Category 5b filer. However, a Category 5b filer and Category 5c filer cannot file a joint Form 5471 because a Category 5b filer and Category 5c filer do not have the same filing requirements. For Category 3 filers, the required information may only be filed by another person having an equal or greater interest (measured in terms of value or voting power of the stock of the foreign corporation).

The person that files Form 5471 must complete Form 5471 in the manner described in the instructions for item H. All persons identified in item H must attach a statement to their income tax return that includes the information described in the instructions for item H and must also complete a separate Schedule P and attach it to that statement if they qualify as a Category 1a, 1b, 4, 5a, or 5b filer. See Regulations section 1.6038-2(j)(1) and (3) for additional information.

Domestic corporations. Shareholders are not required to file Form 5471 for a foreign insurance company that has elected (under section 953(d)) to be treated as a domestic corporation and has filed a U.S. income tax return for its tax year under that provision. See Rev. Proc. 2003-47, 2003-28 I.R.B. 55, available at IRS.gov/irb/ 2003-28_IRB#RP-2003-47, for procedural rules regarding the election under section 953(d).