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  1. @Anshu, Sorry it took me a while to respond to this. However, I hope that last week’s post “What is the annual reporting requirement for PFICS?” was helpful to you. The short answer: It sounds like it is probably required, but a value threshold exception under Regs. §1.1298-1T(c)(2)(i) may apply if the total value of all this person’s PFICs is less than $25,000.

  2. Hi Debra!
    Thank you for your informative series on PFICs. They have helped me a lot. I wanted to clarify one point regarding reporting of PFICs. If a US citizen holds foreign mutual funds but has never elected mark to market or QEF and has not sold anything(1291), is he required to file Form 8621 with filled in annual information section for each fund that he holds? I recently read that Code §1298(f) requires U.S. persons who are shareholders of a PFIC to file an annual report with the IRS. Can you shed some light on this please?

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