Foreign Business Entity Reporting Consolidation

§ 6038. Information reporting with respect to certain foreign corporations and partnerships(a) Requirement(1) In generalEvery United States person shall furnish, with respect to any foreign business entity which such person controls, such information as the Secretary may prescribe relating to—(A) the name, the principal place of business, and the nature of business of such entity, and the country under whose laws such entity is incorporated (or organized in the case of a partnership); (B) in the case of a foreign corporation, its post-1986 undistributed earnings (as defined in section 902(c)); 11 See References in Text note below. (C) a balance sheet for such entity listing assets, liabilities, and capital; (D) transactions between such entity and—(i) such person, (ii) any corporation or partnership which such person controls, and (iii) any United States person owning, at the time the transaction takes place—(I) in the case of a foreign corporation, 10 percent or more of the value of any class of stock outstanding of such corporation, and (II) in the case of a foreign partnership, at least a 10-percent interest in such partnership; and (E)(i) in the case of a foreign corporation, a description of the various classes of stock outstanding, and a list showing the name and address of, and number of shares held by, each United States person who is a shareholder of record owning at any time during the annual accounting period 5 percent or more in value of any class of stock outstanding of such foreign corporation, and (ii) information comparable to the information described in clause (i) in the case of a foreign partnership. The Secretary may also require the furnishing of any other information which is similar or related in nature to that specified in the preceding sentence or which the Secretary determines to be appropriate to carry out the provisions of this title. (2) Period for which information is to be furnished, etc.The information required under paragraph (1) shall be furnished for the annual accounting period of the foreign business entity ending with or within the United States person’s taxable year. The information so required shall be furnished at such time and in such manner as the Secretary shall prescribe. (3) LimitationNo information shall be required to be furnished under this subsection with respect to any foreign business entity for any annual accounting period unless the Secretary has prescribed the furnishing of such information on or before the first day of such annual accounting period. (4) Information required from certain shareholders in certain casesIf any foreign corporation is treated as a controlled foreign corporation for any purpose under subpart F of part III of subchapter N of chapter 1, the Secretary may require any United States person treated as a United States shareholder of such corporation for any purpose under subpart F to furnish the information required under paragraph (1).