Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Re: I have a client that we need to elect Sec 954(b)(4) " High-Tax exeption for CFC"I do not find such election in Proconnect...Help !! Thanks!
I have a client that we need to elect Sec 954(b)(4) " High-Tax exeption for CFC" I do not find such election in Proconnect... Help !! Thanks!
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
hjasin
Level 1
05-24-2022
04:45 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Labels
2 Comments 2
jrodriguezcpa
Level 2
05-04-2023
03:53 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
In the table of contents go to "Other" then "Elections" then on top again to "Other" tab and then creat your own election at the "Other Election" fields.
jrodriguezcpa
Level 2
05-04-2023
04:38 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Here is an example of the text of an election under section 954(b)(4):
"I, [Name], a U.S. shareholder of [CFC Name], hereby make an election under section 954(b)(4) of the Internal Revenue Code to exclude from Subpart F income for the taxable year ended [Date], my pro rata share of the accumulated earnings and profits of [CFC Name] attributable to income that was subject to income tax in [Foreign Country Name] at a rate equal to or greater than 90% of the maximum U.S. corporate income tax rate for the taxable year."
