I have a client who is a US citizen married to a UK citizen and they live in the UK. They jointly own 50% each of a PFIC (Passive Foreign Investment Company formed as a United Kingdom limited company)
My questions is: Can their PFIC file an 8865 as a partnership rather than file a 5471 informational return for a foreign corporation? I was told several years ago that there was a check-the-box election for this option. If so, does anyone know which form it is on?
Thanks very much for any guidance!
Paula
My questions is: Can their PFIC file an 8865 as a partnership rather than file a 5471 informational return for a foreign corporation? I was told several years ago that there was a check-the-box election for this option. If so, does anyone know which form it is on?
Thanks very much for any guidance!
Paula