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(7) Transaction means any sale, assignment, lease, license, loan, advance, contribution, or any other transfer of any interest in or a right to use any property (whether tangible or intangible, real or personal) or money, however such transaction is effected, and whether or not the terms of such transaction are formally documented. A transaction also includes the performance of any services for the benefit of, or on behalf of, another taxpayer.
Part V
Reportable Transactions of a Reporting Corporation That is a Foreign-Owned U.S. DE (see instructions) Describe on an attached separate sheet any other transaction as defined by Regulations section 1.482-1(i)(7), such as amounts paid or received in connection with the formation, dissolution, acquisition, and disposition of the entity, including contributions to and distributions from the entity, and check here. ▶
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https://www.chamberlainlaw.com/assets/h ... ations.pdf2. Adding New Paragraph to Reg. §1.6038A-2(b)(3)
Under prior law, Reg. §1.6038A-2(b)(3) featured a list of 10 types of monetary transactions that must be reported on Form 5472.
The Proposed Regulations added another category of reportable transaction for foreign-owned, single-member, domestic DREs by inserting new Reg. §1.6038A-2(b)(3) (xi). It would obligate disclosure of the following matters:
With respect to [a foreign-owned, single-member, do- mestic DRE] that is treated as a reporting corporation by reason of § 301.7701-2(c)(2)(vi) of this chapter, any other transaction as defined by § 1.482-1(i)(7), such as amounts paid or received in connection with the formation, dissolution, acquisition and disposition of the entity, including contributions to and distribu- tions from the entity.
According to Reg. §1.482-1(i)(7), the term “transaction” is broadly defined to mean “any sale, assignment, lease, license, loan, advance, contribution, or any other transfer of any interest in or a right to use any property (whether tangible or intangible, real or personal) or money, how- ever such transaction is effected, and whether or not the terms of such transaction are formally documented [and] a transaction also includes the performance of any services for the benefit of, or on behalf of, another taxpayer.”
The Final Regulations had nothing to add or detract from this topic, so the expanded list of what constitutes a reportable monetary transaction found in the Proposed Regulations remains in place.
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