Jeff-Ohio wrote:but form 8621 may be yes?
You’re a little lost. An entity can only be one thing for U.S. tax purposes.
Who must file form 8621?
A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they: Receive certain direct or indirect distributions from a PFIC. Recognize a gain on a direct or indirect disposition of PFIC stock.
so if form 8621 is not need , since the foreign entity is a parnership.
but since the % of share is less than 1%, Form 8865 also doesn't require.
So what form I will need? - directly enter the pro forma K-1 as K-1?
the client also have another foreign partnership ( share less 1% too 0 but without providing Pro forma K1, they just list income ( ordinary income and dividend income > 40K) where shall I input these amounts?
Thanks