Answer :
Answer:
Explanation: As a Green Card holder who is the sole owner of a Limited Liability Company (LLC) incorporated in India, Jacob needs to include the following forms in his U.S. tax returns:
1. **Form 5471**: This form is required if Jacob has a certain level of ownership or control in a foreign corporation, which includes ownership of more than 50% of the total voting power or total value of shares of the foreign corporation.
2. **Form 8938 (Statement of Specified Foreign Financial Assets)**: This form is required if Jacob's foreign financial assets meet the reporting thresholds set by the IRS. This includes ownership interests in foreign entities, such as an LLC incorporated in India.
3. **Form 114 (FBAR - Report of Foreign Bank and Financial Accounts)**: Jacob must file an FBAR if the aggregate value of his foreign financial accounts exceeds $10,000 at any time during the calendar year.
These forms are necessary to report Jacob's ownership interest and financial activities in a foreign entity (the Indian LLC) to the U.S. Internal Revenue Service (IRS). It's important for Jacob to accurately report these foreign financial interests to ensure compliance with U.S. tax laws and to avoid potential penalties for non-disclosure.
