A U.S. person who directly or indirectly owns stock in a passive foreign investment company (PFIC) needs to complete Form 8621 and include it with their annual tax return.
PFICs have certain default treatments, but a shareholder can make an election to either treat the PFIC as a Qualified Electing Fund (QEF) or a Mark-to-Market (MTM) election.
In this video, I discuss the QEF election for Form 8621.
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11 сен 2024