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Americans Abroad: Passive Foreign Investment Companies (Form 8621) 4173010A
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Tax and reporting rules for Passive Foreign Investment Company can be complicated and confusing. This course reviews how you can determine whether you have a PFIC by applying the PFIC definition, look-through rules and the attribution rules as well as look at the different ways in which PFICs can be taxed, whether under the default rules of IRC Sec. 1291, the Mark-to-Market election or the QEF rules.

 Export to Your Calendar 2/8/2018
When: 11:30 AM to 12:30 PM
Where: Webinar/Webcast
United States
Presenter: Debra Rudd, CPA
Contact: April Deneault
801-466-10938


Online registration is available until: 2/8/2018
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Curriculums:   International Individual Taxation, Tax Planning

NASBA Credit Category:  Taxes

CPE Hours:  1

Description

Tax and reporting rules for Passive Foreign Investment Company can be complicated and confusing. This course reviews how you can determine whether you have a PFIC by applying the PFIC definition, look-through rules and the attribution rules as well as look at the different ways in which PFICs can be taxed, whether under the default rules of IRC Sec. 1291, the Mark-to-Market election or the QEF rules. You will go through some examples of how to perform the calculations and prepare the forms under each of the three methods of taxation and, lastly, you will learn the 'once a PFIC, always a PFIC' rule and the purging elections that may be available if a PFIC is discovered too late.

Materials are provided as an ebook.

 



Major Subjects

  • Passive Foreign Investment Companies (PFICs) 
  • Income Tax Consequences 
  • Form 8621 preparation

Objectives

  • Identify a Passive Foreign Investment Company.
  • Recognize Form 8621 and PFIC taxation and reporting requirements.
  • Identify the three different methods of PFIC taxation.
  • Determine how to perform the PFIC tax calculations.
  • Recognize when purging elections can be applied and how to use them.

Level:  Overview

Designed For

Tax practitioners advising U.S. taxpayers on foreign tax issues or preparing income tax returns for Americans abroad.

Advanced Prep:

None.

Prerequisite

None.

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