This course discusses Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, and the related schedules including an analysis of the various filing categories associated with the form and the filing requirements associated with those categories. In addition, the course discusses the primary concepts of the Global Intangible Low-Tax Income (GILTI) calculation. The course presents reporting associated with the income and expense items (e.g., GILTI, earnings and profits, and Subpart F). Other information and reporting items required for Form 5471, including transactions affecting the ownership of the foreign corporation and related-party transactions is discussed.