Form 8621-A - Return By A Shareholder Making Certain Late Elections To End Treatment As A Passive Foreign Investment Company Page 3
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Form 8621-A (12-2013)
Page
Closing Agreement on Final Determination Covering Specific Matters
File this Closing Agreement in Duplicate (see instructions).
▶
Name of shareholder
Identifying number (see instructions)
EIN or identifying number (see instructions)
Name of passive foreign investment company
Under section 7121 of the Internal Revenue Code of 1986, as amended (“the Code”), the shareholder filing this Form 8621-A (“Shareholder”),
and the Commissioner of Internal Revenue (“Commissioner”) hereby make the following closing agreement (“Closing Agreement”).
WHEREAS, Shareholder is requesting consent to make the election specified in Part I of this Form 8621-A with respect to the PFIC
specified on page 1 of this Form 8621-A (“Corporation”).
WHEREAS, Shareholder has completed ALL of the applicable information requested on pages 1 and 2 of this Form 8621-A, which
is incorporated into this closing agreement by reference.
WHEREAS, under Regulations section 1.1298-3(e)(1) and Regulations section 1.1297-3(e)(1), the Commissioner may grant consent
to
make
a
late
purging
election
if
(1)
Shareholder
requests
consent
to
make
such
election
before
a representative of the Internal Revenue Service raises upon audit the PFIC status of the foreign corporation for any taxable year
of Shareholder; (2) Shareholder has agreed in a closing agreement with the Commissioner to eliminate any prejudice to the interests
of the U.S. Government as a consequence of Shareholder’s inability to file amended returns for the taxable year in which the CFC
qualification date or termination date, as applicable, falls, or an earlier closed taxable year in which Shareholder has taken a position
that is inconsistent with the treatment of the Corporation as a PFIC; and (3) Shareholder satisfies the procedural requirements set
forth in Regulations section 1.1298-3(e)(3) or Regulations section 1.1297-3(e)(3).
WHEREAS, Regulations section 1.1298-3(e)(2) and Regulations section 1.1297-3(e)(2) provide that the
interests of the U.S.
Government are prejudiced if granting relief would result in Shareholder having a lower tax liability (other than
by a de minimis amount), taking into account applicable interest charges, for the taxable year that includes the CFC qualification
date or termination date, as applicable (or a prior taxable year in which Shareholder took a position on a return that was inconsistent
with the treatment of the Corporation as a PFIC), than Shareholder would have had if Shareholder had properly made the section
1298(b)(1) election in the time prescribed in Regulations sections 1.1298-3(b)(3) or (c)(4) or Regulations sections 1.1297-3(b)(3) or (c)(4) or
had not taken a position in a return for an earlier year that was inconsistent with the status of the Corporation as a PFIC.
THEREFORE, based on the material submitted by Shareholder in connection with this Closing Agreement, and in the absence of
other material factual or legal circumstances concerning the events described above, it is determined and agreed for federal income
tax purposes that—
1. The Commissioner grants Shareholder permission to make the election specified in Part I of this Form 8621-A with respect to
Corporation.
2. If Shareholder had made a timely election for the Election Year for Corporation, it would have had an increase in tax for the
Election Year in the amounts shown in Part IV of this Form 8621-A. Therefore, the payment of the amount shown on line 21 of this
Form 8621-A is sufficient to eliminate any prejudice to the interest of the U.S. Government as a result of Taxpayer’s inability to file
a return for the Election Year, a closed taxable year.
3. Shareholder’s basis in the stock of Corporation owned directly by the shareholder will be increased by the amount of the gain
resulting from the deemed sale election shown on line 4 or line 8 of this Form 8621-A or the amount of the deemed dividend resulting
from the deemed dividend election shown on line 3 or line 7 of this Form 8621-A.
4. This Closing Agreement constitutes a resolution under the Code of the specific matters discussed herein. No inference shall
be made with respect to whether this resolution satisfies other federal law.
5. Shareholder understands that Shareholder may have defenses to the collection of tax described in the preceding paragraphs.
Nevertheless, Shareholder voluntarily waives all defenses to the assessment and collection of tax, penalties, and interest described
in the preceding paragraphs, including any defenses based on the expiration of the period of limitations on assessment or collection.
NOW THIS CLOSING AGREEMENT WITNESSETH, that Shareholder and the Commissioner hereby mutually agree to the
determinations set forth above and further mutually agree that those determinations shall be final and conclusive, subject,
however, to reopening in the event of fraud, malfeasance, or misrepresentation of material fact, and provided that any
change or modification of applicable statutes or tax conventions shall render this Closing Agreement ineffective to the extent
that it is dependent upon such statutes or tax conventions.
IN WITNESS WHEREOF, by signing the foregoing, the above parties signify that they have read and agreed to the terms of this
document.
By:
Date:
Title:
COMMISSIONER OF INTERNAL REVENUE
By:
Date:
Title:
8621-A
Form
(12-2013)
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