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International Tax Lunch: Form 8621: How Foreign Mutual Funds are Taxed and Reported 4173390A
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Foreign mutual funds typically are classified as passive foreign investment companies (PFICs) for US tax purposes. PFICs have a notoriously punitive tax treatment. Learn why foreign mutual funds are PFICs, and how to compute income and tax under the default method of PFIC taxation.

 Export to Your Calendar 4/20/2018
When: 1:00 PM to 2:00 PM
Where: Webinar/Webcast
United States
Presenter: Debra Rudd, CPA
Contact: April Deneault
801-466-11001


Online registration is available until: 4/20/2018
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Curriculums:   International Tax, Trusts, and Estate Planning

NASBA Credit Category:  Taxes

CPE Hours:  1

Description

 

Foreign mutual funds typically are classified as passive foreign investment companies (PFICs) for US tax purposes. PFICs have a notoriously punitive tax treatment. Learn why foreign mutual funds are PFICs, and how to compute income and tax under the default method of PFIC taxation. Lastly, learn how to prepare Form 8621 to report income from foreign mutual funds.

 



Major Subjects

 

*Form 8621
*Passive foreign investment companies
*Foreign mutual funds
*Section 1291 taxation
*Excess distributions

 

Objectives

 

*Recognize when a client has a foreign mutual fund
*Determine why foreign mutual funds are taxed as PFICs
*Compute income and tax under the default method for PFICs
*Apply taxation and reporting concepts to prepare Form 8621 for a foreign mutual fund

 

Level:  Overview

Designed For

CPAs, Attorneys

Advanced Prep:

None

Prerequisite

None

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