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Federal input screens

Screen 8621-2 - Passive Foreign Investment Company or Electing Fund, Page 2 (1120)

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Gain (Loss) From Mark-to-Market Elect

Unreversed inclusions
Enter the excess of the amounts that the U.S. shareholder included in income under the mark-to-market rules for prior tax years over the amounts allowed as a deduction under the mark-to-market rules for prior tax years.
Treatment for Sec. 1296 stock loss that exceeds unreversed inclusions
Enter
S
 in this field if the loss on Form 8621, line 14 (Sec. 1296 stock loss that exceeds the unreversed inclusions) should be treated as a short-term capital loss reported on Schedule D, Part I. Enter
L
 if the loss should be treated as a long-term loss reported on Schedule D, Part II. By default, the application treats the loss on Form 8621, line 14 as a Schedule D long-term capital loss.

Status of Prior Year Section 1294 Elect

Tax year of outstanding elect
Enter the last day of the tax year(s) for any outstanding section 1294 election. Do not include an election made in the current tax year.
Undistributed earnings
Enter the undistributed earnings of the qualified electing fund for which the payment of tax was extended by the section 1294 election. If the election was partially terminated in a prior tax year, enter the remaining undistributed earnings.
Deferred tax
Enter the tax for which payment was extended by the section 1294 election. If the election was partially terminated in a prior tax year, enter the balance of the deferred tax.
Int accrued on deferred tax
Enter the accrued interest on the deferred tax. Accrued interest is calculated from the due date of the return for the year for which the section 1294 election was made until the date the current year's return is filed.
Earnings distributed
Enter the earnings distributed or deemed distributed as a result of the terminating event. Events will terminate the most recently made election first.
Election completely terminated
Enter
X
 in this field if the related election was completely terminated. Leave this field blank if the election was not terminated or was only partially terminated. The deferred tax due with this return will calculate based on the entries in this screen and be included on Schedule J of the return.
Accrued int due with return
Enter the accrued interest on the deferred tax. Accrued interest is calculated from the due date of the return for the year the section 1294 election was made until the date the termination year's return is filed. This will be included with the amount owed on the main return.

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