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Screen 8621 - Passive Foreign Investment Company or Electing Fund (1120)

General Information

The next available number is automatically entered. Override this number if necessary, but do not leave the field blank. This field is used to gather and coordinate information for the business unit activity.
Enter
X
 in this field if you are filing Form 8938 – Statement of Specified Foreign Financial Assets, and including this form in the total number of Forms 8621 being filed on Form 8938, Part IV.
If the foreign investment company does not have a U.S. employer identification number, enter
ForeignUS
 in the Employer identification number field. You must also enter a Reference ID number which is a number the taxpayer assigns to identify the foreign company. Refer to Form 8621 instructions for more information.

Income From a Qualified Electing Fund

Enter the portion of the pro rata share of the ordinary earnings of the qualified electing fund that is included in income under section 951 or that may be excluded under section 1293(g).
Enter the portion of the pro rata share of the total net capital gain of the qualified electing fund that is included in income under section 951 or that may be excluded under section 1293(g).
Enter the portion of the ordinary earnings and the capital gain that has not already been included in the total amount of cash and fair market value of other property distributed or deemed distributed. The portion must be attributable to shares in the qualified electing fund that the shareholder disposed of, pledged, or otherwise transferred during the tax year.
Enter the total tax on taxable income as reported on Schedule J of your tax return. Include your share of undistributed earnings of the qualified electing fund.
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