I'm looking at purchasing shares in a foreign company.
I would then have more than 50% shareholding and understand that means that I have to report financials of that company as a CFC (Controlled Foreign Corporation).
I want to explore consequences of this but cannot see where this information needs to be updated in Turbo Tax (Basic)
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You enter Controlled Foreign Corporation (CFC) information on Form
5471 which is then attached to your personal income tax filing (Form 1040). TurboTax does not support Form 5471.
You enter Controlled Foreign Corporation (CFC) information on Form
5471 which is then attached to your personal income tax filing (Form 1040). TurboTax does not support Form 5471.
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