If a taxpayer is a minority shareholder in a foreign corporation do they need to file form 5471 as part of their 1040 IF the Majority shareholder already filed form 5471?

[sjrcpa]

Did the majority shareholder include your minority shareholder on their 5471?

[dvinegrad]

Yes. The majority shareholder does list the minority shareholder on their 5471. 

Dave 

[sjrcpa]

Then minority shareholder does not need to file. But don't take my word for it. Look at the instructions. The penalty is huge.

[dvinegrad]

Thank you.

Instructions look  complex. do you happen to see anything in the instructions as to a minority shareholder not having to file?

Dave 

[sjrcpa]

I don't have the time or inclination to research it for you. With the amount of the potential penalty, that your client would hold you liable for, I suggest you start reading or refer this out.