These regulations specify how U.S. persons who are shareholders of passive foreign investment companies (PFICs) make elections with respect to their PFIC stock.
US Code:
26 USC 1293
Name of Law: Current taxation of income from qualified electing funds.
US Code:
26 USC 1294
Name of Law: Election to extend time for payment of tax on undistributed earnings.
US Code:
26 USC 1295
Name of Law: Qualified electing fund.
US Code:
26 USC 1296
Name of Law: election of mark to market for marketable stock.
US Code:
26 USC 1297
Name of Law: Passive foreign investment company.
US Code:
26 USC 1298
Name of Law: Special rules.
US Code:
26 USC 1291
Name of Law: Interest on tax deferral.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Supporting Statement.doc
INTL-941-86 (NPRM) and INTL-655-87 (Temporary) Passive Foreign Investment Companies