IRS Releases New Scheule P on Form 5471 for PTEP Accounts

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Please Google Instructions on Form 5471 for more detail.

Use Schedule P to report previously taxed income ("PTI") to the shareholder of a CFC in the CFC’s functional currency. 

Also use this schedule to report the PTI of the U.S. shareholder of an SFC that is only treated as a CFC for limited purposes under section 965(e)(2). 

Note. A separate Schedule P must be completed by or for each Category 1, 4, or 5 U.S. shareholder of the foreign corporation with respect to which reporting is furnished on this Form 5471. If a U.S. shareholder wholly owns the CFC, Schedule P should include the same information reported in Schedule J, Part I, column (e). If there is more than one U.S. shareholder, the amounts reported on Schedule P with respect to each U.S. shareholder might be different from the amounts reported on Schedule J.

Example. Corporation A, a domestic corporation, owns 50% of the only class of stock of CFC1 and Corporation B, a domestic corporation, owns the remaining 50% of the stock of CFC1. Corporation A wholly owns the only class of stock of CFC2.