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Form 5471 automated preparation

Form 5471 Schedule C - Income Statement

Tax Return Codes (TRCs) are used to map general ledger accounts in the Federal Chart to specific lines on the tax forms. The valid list of TRCs for foreign forms encompasses both the 1120 and 1065 lists. For tax years 2020 and later we added the following Income Statement tax return codes (TRCs).
TRCs are mapped to the tax year 2020 Schedule C as follows:
Tax Return Line
Included TRCs
1a Gross receipts or sales
30-100
1b Returns and allowances
30-105
2 Costs of goods sold
40-110 through 40-280
4 Dividends
31-108 through 31-185, 34-410, 34-412
5 Interest
31-340, 31-380
6a Gross rents
31-420
6b Gross royalties, and license fees
31-520, 34-470
7 Net gain or (loss) on sale of capital assets
31-620, 34-500 through 34-600
8a Foreign currency transaction gain or loss – unrealized
31-385
8b Foreign currency transaction gain or loss – realized
31-387
9 Other income
31-570, 31-640 through 34-310, 34-710 through 34-800
11 Compensation not deducted elsewhere
41-210, 41-220, 41-221, 41-230
12a Rents
41-350, 41-400
12b Royalties and license fees
41-825
13 Interest
41-500
14 Depreciation not deducted elsewhere
41-540
15 Depletion
41-560
16 Taxes (exclude income tax expense (benefit))
41-420
17 Other deductions (exclude income tax expense (benefit))
41-260, 41-300, 41-520, 41-570 through 41-820, 41-900 through 44-800
20 Unusual or infrequently occurring items
41-830
21a Income tax expense (benefit) – current
41-440, 41-460, 41-840, 44-910
21b Income tax expense (benefit) - deferred
41-445
During a TAS Compute and Consolidation, functional currency and U.S. Dollar amounts flow to the Organizer and are stored in fields that are not visible – use
Tax Forms
 to review the data. White paper detail is created for appropriate lines based on the Federal chart’s TCC information. If you manually enter amounts in Organizer, they will supersede the amounts transferred from TAS.
Form 5471 Schedule C includes lines to report other comprehensive income. A new mapping chart is used to automate the population of this section of the form.

This article applies to:

  • Product: ONESOURCE International Tax
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