SCHEDULE P 

(Form 5471)

(Rev. December 2019)

Department of the Treasury 

Internal Revenue Service

Previously Taxed Earnings and Profits of U.S. Shareholder 

of Certain Foreign Corporations

▶ Attach to Form 5471.

▶ Go to www.irs.gov/Form5471 for instructions and the latest information.

OMB No. 1545-0123

Name of U.S. shareholder Identifying number

Name of foreign corporation EIN (if any) Reference ID number (see instructions)

a Separate Category (Enter code—see instructions.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶

b If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions) . . . . . . . . . . . . . . ▶

Part I Previously Taxed E&P in Functional Currency (see instructions)

(a)

Section 965(a) 

Inclusion 

(section 959(c)(1)(A)) 

(b)

Section 965(b)(4)(A) 

(section 959(c)(1)(A))

(c)

Earnings Invested in 

U.S. Property 

(section 959(c)(1)(A))

(d)

Section 951A 

Inclusion 

(section 959(c)(1)(A))

(e) 

Section 245A(e)(2) 

Inclusion 

(section 959(c)(1)(A))

(f)

Section 959(e) 

(section 959(c)(1)(A))

(g) 

Section 964(e)(4) 

Inclusion 

(section 959(c)(1)(A))

1a Balance at beginning of year (see instructions)

b Beginning balance adjustments (attach 

statement) . . . . . . . . . . .

c Adjusted beginning balance (combine lines 

1a and 1b) . . . . . . . . . . .

2 Reduction for taxes unsuspended under 

anti-splitter rules . . . . . . . . .

3 Previously taxed E&P attributable to 

distributions of previously taxed E&P from 

lower-tier foreign corporation . . . . .

4 Previously taxed E&P carried over in 

nonrecognition transaction . . . . . .

5 Other adjustments (attach statement) . .

6 Total previously taxed E&P (combine lines 

1c through 5) . . . . . . . . . .

7 Amounts reclassified to section 959(c)(2) 

E&P from section 959(c)(3) E&P . . . .

8 Actual distributions of previously taxed E&P

9 Amounts reclassified to section 959(c)(1) 

E&P from section 959(c)(2) E&P . . . .

10 

 

Amounts included as earnings invested in 

U.S. property and reclassified to section 

959(c)(1) E&P (see instructions) . . . .

11 Other adjustments (attach statement) . .

12 Balance at beginning of next year (combine 

lines 6 through 11) . . . . . . . .

For Paperwork Reduction Act Notice, see instructions. Cat. No. 49203F Schedule P (Form 5471) (Rev. 12-2019)
Schedule P (Form 5471) (Rev. 12-2019) Page 2

Part I Previously Taxed E&P in Functional Currency (see instructions) (continued)

(h)

Section 951(a)(1)(A) 

Inclusion 

(section 959(c)(1)(A)) 

(i)

Earnings Invested 

in Excess 

Passive Assets 

(section 959(c)(1)(B))

(j)

Section 965(a) 

Inclusion 

(section 959(c)(2))

(k)

Section 965(b)(4)(A) 

(section 959(c)(2))

(l) 

Section 951A 

Inclusion 

(section 959(c)(2))

(m)

Section 245A(e)(2) 

Inclusion 

(section 959(c)(2))

(n) 

Section 959(e) 

(section 959(c)(2))

(o)

Section 964(e)(4) 

Inclusion 

(section 959(c)(2))

(p)

Section 951(a)(1)(A) 

Inclusion 

(section 959(c)(2))

(q)

Total

1a

b

c

2

3

4

5

6

7

8

9

10

11

12

Schedule P (Form 5471) (Rev. 12-2019)
Schedule P (Form 5471) (Rev. 12-2019) Page 3

Part II Previously Taxed E&P in U.S. Dollars

(a)

Section 965(a) 

Inclusion 

(section 959(c)(1)(A)) 

(b)

Section 965(b)(4)(A) 

(section 959(c)(1)(A))

(c)

Earnings Invested in 

U.S. Property 

(section 959(c)(1)(A))

(d)

Section 951A 

Inclusion 

(section 959(c)(1)(A))

(e) 

Section 245A(e)(2) 

Inclusion 

(section 959(c)(1)(A))

(f)

Section 959(e) 

(section 959(c)(1)(A))

(g) 

Section 964(e)(4) 

Inclusion 

(section 959(c)(1)(A))

1a Balance at beginning of year (see instructions)

b Beginning balance adjustments (attach 

statement) . . . . . . . . . . .

c Adjusted beginning balance (combine lines 

1a and 1b) . . . . . . . . . . .

2 Reduction for taxes unsuspended under 

anti-splitter rules . . . . . . . . .

3 Previously taxed E&P attributable to 

distributions of previously taxed E&P from 

lower-tier foreign corporation . . . . .

4 Previously taxed E&P carried over in 

nonrecognition transaction

5 Other adjustments (attach statement) . .

6 Total previously taxed E&P (combine lines 

1c through 5) . . . . . . . . . .

7 Amounts reclassified to section 959(c)(2) 

E&P from section 959(c)(3) E&P . . . .

8 Actual distributions of previously taxed E&P

9 Amounts reclassified to section 959(c)(1) 

E&P from section 959(c)(2) E&P . . . .

10 

 

Amounts included as earnings invested in 

U.S. property and reclassified to section 

959(c)(1) E&P (see instructions) . . . .

11 Other adjustments (attach statement) . .

12 Balance at beginning of next year (combine 

lines 6 through 11) . . . . . . . .

Schedule P (Form 5471) (Rev. 12-2019)
Schedule P (Form 5471) (Rev. 12-2019) Page 4

Part II Previously Taxed E&P in U.S. Dollars (continued)

(h)

Section 951(a)(1)(A) 

Inclusion 

(section 959(c)(1)(A)) 

(i)

Earnings Invested 

in Excess 

Passive Assets 

(section 959(c)(1)(B))

(j)

Section 965(a) 

Inclusion 

(section 959(c)(2))

(k)

Section 965(b)(4)(A) 

(section 959(c)(2))

(l) 

Section 951A 

Inclusion 

(section 959(c)(2))

(m)

Section 245A(e)(2) 

Inclusion 

(section 959(c)(2))

(n) 

Section 959(e) 

(section 959(c)(2))

(o)

Section 964(e)(4) 

Inclusion 

(section 959(c)(2))

(p)

Section 951(a)(1)(A) 

Inclusion 

(section 959(c)(2))

(q)

Total

1a

b

c

2

3

4

5

6

7

8

9

10

11

12

Schedule P (Form 5471) (Rev. 12-2019)