I'm a bit confused about category 2 & 3 filers. Do these categories only pertain to the year in which a US person accquires or disposes of stock bringing them up to or past the 10% ownership? Or are you a category 2 or 3 every year once you reach that threshold?
My client owns 50% of one foreign corp, and 100% of another. The controlled corp is easy. But does he only file for the non-controlled corp for the year in which he got the stock, or every year after? I thought the former (he is also an officer of the corp), but after reading Schedule O, I'm having doubts.
My client owns 50% of one foreign corp, and 100% of another. The controlled corp is easy. But does he only file for the non-controlled corp for the year in which he got the stock, or every year after? I thought the former (he is also an officer of the corp), but after reading Schedule O, I'm having doubts.