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Form 8621-A (Rev December 2013) Return by a Shareholder Making Certain Late Elections To End Treatme

Form 8621-A (Rev December 2013) Return by a Shareholder Making Certain Late Elections To End Treatme-2025

Form 8621-A (Rev December 2013) Return by a Shareholder Making Certain Late Elections To End Treatme Preview on Page 1

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The document is Form 8621-A, used by shareholders to make late elections regarding the treatment of a Passive Foreign Investment Company (PFIC) for tax purposes. It outlines the necessary information and elections a shareholder can make, including late deemed dividend and sale elections, as well as the computation of tax and interest due. The form also includes sections for identifying the shareholder, providing details about the PFIC, and completing a balance sheet for the election year.

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What is the minimum requirement for PFIC?

A foreign corporation meets the PFIC criteria if 75% or more of its gross income is passive income. Passive income includes dividends, interest, royalties, rents, and the like.

How are Pfics taxed?

A passive foreign investment company (PFIC) is a non-US pooled investment company that attributes at least 75% of its gross income as passive income. Alternatively, at least 50% of its assets produce passive income. A PFIC can be taxed by excess distribution, market-to-market, or by using a qualified electing fund.

What are the IRS PFIC rules?

When determining if a foreign corporation is a PFIC, the foreign corporation is treated as if it directly held its proportionate share of the assets and directly received its proportionate share of the income of any corporation in which it owns at least 25% of the stock (by value). CFC overlap rule.

How do you determine if an investment is a PFIC?

PFIC Passive Asset Test If, during the taxable year, the average percentage of the foreign corporations assets, which produce passive income or which are held for the production of passive income, is at least 50 percent of total average assets, then the foreign corporation is a PFIC.

What is PFIC annual information statement?

The annual PFIC Statements contain reporting information that can enable investors classified as U.S. Persons to make the Qualified Electing Fund (QEF) election for U.S. tax reporting services.

What are the criteria for PFIC?

A PFIC is a non-U.S. corporation that has at least 75% of its gross income considered passive income or at least 50% of the companys assets are investments that produce passive income. Passive income generally includes dividends, interest, rent, royalties and capital gains from the disposition of securities.

What is reported on Form 8621?

A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they: Receive certain direct or indirect distributions from a PFIC. Recognize a gain on a direct or indirect disposition of PFIC stock.

What are the requirements for PFIC?

In order to meet PFIC status, a foreign firm must have 75% of their gross income be categorized as passive, or more than half of their assets held for passive income generation. Legal Information Institute, Cornell Law School. 26 U.S. Code Sec. 1297.

Form 8621-A (Rev December 2013) Return by a Shareholder Making Certain Late Elections To End Treatme-2025

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