This course gives detailed review to the United States tax rules for passive foreign investment companies. It reviews how a foreign entity becomes a PFIC – reviewing the income and asset test for PFIC determinations, along with checklist review of what should be done when determining if a foreign entity is a PFIC.
Prerequisites
No advanced preparation or prerequisites are required for this course.
Learning Objective
- Discover and know how to determine whether a foreign entity is a passive foreign investment company.
- Explore and understand the default rules for PFIC taxation and elections available to alter the same (QEF and MTM elections).
- Identify and learn how PFIC interests are reported for tax return purposes.
Last updated/reviewed: March 14, 2024
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Patrick McCormick
J.D., LL.M
INTRODUCTION AND OVERVIEW
- Introduction to International Tax: PFICs 8:24
- Passive Foreign Investment Companies 15:21
- Taxation of PFIC Interest 12:28
- Default Rules for PFIC Taxation and Elections 12:40
- Reporting PFIC Shares 5:01
CONTINUOUS PLAY
- International Tax: PFICs 53:54
SUPPORTING MATERIALS
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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