Principal Country(ies) Where Business is Conducted on Form 5472

Hi, I’ve watched several videos about filling out Form 5472 for a Foreign-Owned U.S. Disregarded Entity, but as a digital nomad and IT consultant, I’m still a bit confused about what the IRS expects for "Line 1o – Principal country(ies) where business is conducted."

Should I list:

The countries where my clients are located (which would be the US), or
The countries where I was physically present while performing the work (which would be the NL, BE, FR, DE, and a few others)?

Unfortunately, the official guidelines don’t provide clarity on this question.

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