If a U.S. income taxpayer owns 100% of a foreign eligible entity for which she made the check-the box election, she should file which form to report her interest in such entity?

a. Form 8832

b. Form 8858

c. Form 8288

d. Form 709

What must be filed by a U.S. taxpayer who, during the taxable year, receives: (1) a distribution from a foreign trust; or (2) a gift or bequest from a foreign person or foreign estate of more than $100,000?

a. Form 8804-C

b. Form 3520-A

c. Form 3520

d. Form W-8IMY

If a U.S. taxpayer becomes a partner in a foreign partnership, which form must he file in order to report his interest in such foreign partnership?

a. Form 8865

b. Form 5471

c. Form 1040X

d. Form 1040NR

If a partnership doing business in the United States has one or more foreign partners, the partnerships must file how many withholding tax related IRS forms with respect to the effectively connected income allocable to any foreign partner?

a. 3

b. 2

c. 1

d. 0

With respect to a foreign eligible entity, i.e., one which is not listed in the regulations as an automatic or per se corporation for U.S. Federal tax purposes, in the absence of an election to the contrary by filing Form 8832, where at least one of the foreign owners does not have limited liability, the entity will be classified as a partnership by default.

a. True

b. False

Pursuant to the Foreign Account Tax Compliance Act, foreign financial institutions will have to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Proper compliance will require specific information intended to preclude U.S. taxpayer investors to utilize such investment vehicles to obtain potentially tax-exempt benefits intended for foreign taxpayers. Failure to properly comply will result in a 30% withholding tax with respect to payments flowing outside the U.S.

a. True

b. False

If a non-U.S. citizen from a non-treaty country violates the 3-year weighted average substantial presence test, or obtains a Green Card, he or she can choose to file either a Form 1040 or a Form 1040NR, whichever one is more favorable.

a. True

b. False