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How to file Form 8594 with a controlled foreign corporation in Lacerte

by Intuit Updated 1 year ago

If the purchaser is a controlled foreign corporation, then all of the involved US shareholders need to fill out Form 8594, Asset Acquisition Statement Under Section 1060, and attach them to their Form 5471, Information Return of US Persons With Respect To Certain Foreign Corporations.

To generate the form, follow these steps:

  1. Go to Screen 65, Asset Acquisition Statement (8594) (Screen 58 for S-Corp).
  2. Enter a 1 or 2 in the field 1=buyer, 2=seller (MANDATORY).
  3. Enter the Date of sale.
  4. Enter the information in the Other Party subsection.
  5. If you want a Form 8594 for the Other Party, select the box, Print Form 8594 for other party. This copy will come out at the beginning of the return.
  6. Enter the remainder of the information in this screen as agreed upon by the parties involved
Lacerte Tax

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