When Form 1120 Schedule M 3 Applicable 2019-2024

Now that we know what a CFC is, yeah, we can get more into explaining form 5471. That's the war which is the information return of US persons with respect to certain foreign corporations. Ok, so I looked it up on our good old friend IRS govt, mm-hmm, and I always loved their explanations. It doesn't really explain anything but form 5471 is used by certain US citizens and residents who are officers, directors, or shareholders in certain foreign corporations. The foreman schedules are used to satisfy the reporting requirements of section 6038 and 6046 and the related regulations. They say a whole lot of nothing in something, yeah, something like that, yeah. And you know what, something just popped out because I was looking at that earlier thing you said is used by certain US citizens and residents, mm-hmm, cuz wait a second, that B doesn't mean US person, right, whatever us because what okay because I'm just thinking of this um America Samoa, okay, uh you're not a US citizen, you're right, you're a naturalized person so what if you're in Samoa, America Samoa, do you have a form 5471 for your offshore requirements and I guess maybe the residents maybe they'll say well you're not a US citizen but you're a US resident and American Samoa huh, that's why you know, mentioning something earlier today, there are you know, never is a very difficult word to use in tax with the tax world, yes, effectively yes, maybe perhaps oftentimes depends usually what tends to happen those are the better ones, I'll tell you the absolutes are just something yet, yeah, I mean you just want to steer away from, I mean in law you do that, you learn that, you learn that the best answer is it...