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Form 5471 calculation of ownership
Hi all,
I have a client who has been filing as a 'head of household', as his wife is a foreigner. He has 3.5% of ownership of a company in Korea and his wife has 22%, and her parents have 30%.
I understand if they file their tax return as married filing jointly, they should file form 5471 as total ownership is more than 50%.
Does he still need to include his parents-in-law's ownership in the calculation?
Thank you!
