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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) or Section 1297(e) PFIC. It outlines the necessary information and elections shareholders can make, including deemed dividend and deemed sale elections, as well as the computation of tax and interest due. The form also includes a closing agreement section for final determinations related to these elections.

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How to use or fill out Form 8621-A (Rev December 2013) Return by a Shareholder Making Certain Late Elections To End Treatment

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name and identifying number at the top of the form. Ensure that you provide accurate contact information, including your address and telephone number.
In Part I, select the appropriate election type you wish to make regarding the Former PFIC or Section 1297(e) PFIC. Carefully read each option and complete the corresponding lines as instructed.
Proceed to Part II and input the amount of gain you elect to recognize on the deemed sale of your interest in the Former PFIC. Complete any additional required calculations as specified.
In Part IV, compute any tax and interest due based on your elections. Follow the instructions closely to ensure all amounts are accurately reported.
Finally, review all entries for accuracy before signing and submitting your form. Attach any necessary schedules or additional documentation as required.

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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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