How do I read Form 5471 Schedule J — what's the difference between accumulated E&P and PTEP?
I'm a U.S. shareholder of a foreign corporation that I own through my U.S. LLC, and my prior preparer left me with a Schedule J I can't decipher. There are columns for E&P, PTEP, and various sub-buckets. What do these actually represent, and why does the IRS care about tracking them year over year?
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