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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 Income Tax
- Return type: international