Pension Trust Form 5471/Foreign Corporation Filing

[MAK]

I represent a large defined benefit master trust which has been advised by its tax adviser that it may need to file a Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) because it owns over 10% of a foreign investment that qualifies as a CFC.  This form is supposed to be filed with an income tax return (or, if applicable, partnership or exempt organization (Form 990) return).  The trust is not otherwise required to file a Form 990 because it has no income to report.  Does anyone have experience with a trust taking the position that a Form 5471 is not required under these circumstances because there is no required tax return?  Or is the trust required to now file a Form 990 (reporting no income) so it has a tax return to which the Form 5471 can be attached?

[Dan]

I had the same question and learned that Form 5471 needs to be filed. If there was no 990 filed previously, one must now be filed so the 5471 can be attached.