§ 1.6038D-0T - Outline of regulation provisions (temporary).

This section lists the table of contents for §§1.6038D-1T through 1.6038D-8T.

§1.6038D-1T Reporting with respect to specified foreign financial assets, definition of terms (temporary).

(a) In general.

(1) Specified person.

(2) Specified individual.

(3) Resident alien.

(4) Bona fide resident of a U.S. possession.

(5) U.S. possession.

(6) Specified foreign financial asset.

(7) Financial account.

(8) Financial institution.

(9) Foreign financial institution.

(10) Foreign entity.

(11) Annual return.

(12) Specified domestic entity. [Reserved]

(b) Effective/applicability dates.

(c) Expiration date.

§1.6038D-2T Requirement to report specified foreign financial assets (temporary).

(a) Reporting requirement.

(1) In general.

(2) Special rule for married specified individuals filing a joint annual return.

(3) Special rule for certain specified individuals living abroad.

(4) Special rule for qualified individuals filing a joint annual return.

(5) Assets with no positive value.

(6) Excepted assets.

(7) Form 8938 filed with annual return.

(i) General rule.

(ii) Consolidated returns.

(8) Reporting required regardless of tax result.

(9) Reporting period.

(10) Successor forms.

(b) Interest in a specified foreign financial asset.

(1) In general.

(2) Special rule for parent making an election under section 1(g)(7).

(3) Entities.

(c) Special rules for joint interests.

(1) Aggregate value of assets.

(i) Specified persons.

(ii) Married specified individuals.

(2) Annual return filed by married specified individual.

(i) Joint annual return.

(ii) Separate annual return.

(d) Example.

(1) Facts.

(2) Filing requirement.

(i) Married specified individuals filing separate annual returns.

(ii) Married specified individuals filing a joint annual return.

(e) Effective/applicability dates.

(f) Expiration date.

§1.6038D-3T Specified foreign financial assets (temporary).

(a) Financial accounts.

(1) In general.

(2) Financial account in a U.S. possession.

(3) Excepted financial accounts.

(i) Accounts maintained by U.S. payors.

(ii) Mark-to-market election under section 475.

(b) Other specified foreign financial assets.

(1) In general.

(2) Mark-to-market election under section 475.

(3) Held for investment.

(4) Trade-or-business test.

(5) Direct relationship between holding an asset and a trade or business.

(i) In general.

(ii) Presumption of direct relationship.

(c) Special rule for interests in foreign trusts and foreign estates.

(d) Examples.

(e) Effective/applicability dates.

(f) Expiration date.

§1.6038D-4T Information required to be reported (temporary).

(a) Required information.

(b) Effective/applicability dates.

(c) Expiration date.

§1.6038D-5T Valuation guidelines (temporary).

(a) Fair market value.

(b) Valuation of assets.

(1) Maximum value.

(2) U.S. dollars.

(3) Asset with no positive value.

(c) Foreign currency conversion.

(1) In general.

(2) Other publicly available exchange rate.

(3) Currency exchange rate.

(4) Determination date.

(d) Financial accounts.

(e) Asset held in a financial account.

(f) Other specified foreign financial assets.

(1) General rule.

(2) Interests in trusts that are specified foreign financial assets.

(i) Maximum value.

(ii) Reporting threshold.

(3) Interests in estates, pension plans, and deferred compensation plans.

(i) Maximum value.

(ii) Reporting threshold.

(g) Effective/applicability dates.

(h) Expiration date.

§1.6038D-6T Specified domestic entities (temporary). [Reserved]

§1.6038D-7T Exceptions from the reporting of certain assets under Section 6038D (temporary).

(a) Elimination of duplicative reporting of assets.

(1) In general.

(2) Foreign grantor trusts.

(b) Owner of certain trusts.

(c) Bona fide resident of a U.S. possession.

(d) Effective/applicability dates.

(e) Expiration date.

§1.6038D-8T Penalties for failure to disclose (temporary).

(a) In general.

(b) Married specified individuals filing a joint annual return.

(c) Increase in penalty.

(d) Presumption of aggregate value.

(e) Reasonable cause exception.

(1) In general.

(2) Affirmative showing required.

(3) Facts and circumstances taken into account.

(f) Penalties for underpayments attributable to undisclosed foreign financial assets.

(1) Accuracy related penalty.

(2) Criminal penalties.

(g) Effective/applicability dates.

(h) Expiration date.

[T.D. 9567, 76 FR 78560, Dec. 19, 2011]