How Form 1120 Schedule M 3 Reorganization 2019-2024

Hey Anthony, hey! We are continuing our series on form 5471, and that's why I'm still wearing my form 5471 suit. Yes, yes, we've talked about the history, penalties, categories, and schedules. But we ended our last video about schedules with a question. Hmm, so what was the question, and what did you find out for an answer? Well, the question was this: if someone files a 450-471, are you allowed to just say, "Hey, look, I don't need to prepare one, there's one filed"? You put it on Part II of the 5471, which lists all the other people that would have a 5471 requirement. You would get that information and then on your own return, you say, "Hey, look, I'm not gonna file a 5471, one has already been filed, here's all the information," and you can file. Now, this is the issue: as we were going through the last one, I was thinking, well, you could have people who are different category filers on the same 5471. And because your different category creates different scheduled obligations, you could have somebody who is filing a Category 1 5471 and say, "Hey, none's already been filed!" It's like, "Yeah, but that was for a Category 5 filer, and you're a Category 3." And so, you're missing some things. Or you could be a Category 2 filer, and the other person was a Category 3. So, what do you do in that situation? And you know, I did ask our lead tax attorney for our tax department, Sean O'Connor, and usually, he's pretty good with it. And he basically said the same thing that I—I suppose he goes, he couldn't find anything specific on the instructions, and we've gone and we would go through these instructions, there's really nothing specific...