Money Transfer from Dominican Republic

I have a client, US citizens living in Florida, that have parents in the Dominican Republic who passed away leaving real property and bank accounts to the beneficiary; my client. My client wishes to transfer all proceeds from the property sales in the Dominican Republic to the US as well as the cash in banks located there. Is there first a declaration process with respect to those funds? Are there tax implications in the United States to my client? This is conceivably worldwide income resulting from the property sales?

I need help going in the right direction to ascertain these answers. thank you.

Form 3520 first springs to mind. Then FinCen 114 and Form 8938.
Did the estate sell the real property? Or did your client first inherit and then sell it?

Thanks for your guidance, it is appreciated.

yes, my client first inherits, and then sells, now wants to transfer proceeds to the US.

So your client has gain or loss on sale of real property. Gain or loss on foreign currency, too (I think DR has its own currency). Both reported on the 1040.

With respect to gain or loss on sale of property, how is basis determined? Gain or loss on the currency, is there guidance you know of as to how that is determined as well?

The estate is reported on the 8938. The distribution is reported on Form 3520. Ownership & signature authority on an FBAR.

With respect to gain or loss on sale of property, how is basis determined

DOD step up/down like US property. Should have an appraisal.
Currency translated to US dollars, DOD and date of sale.
Not sure there would be currency gain/loss as dollars were not invested.

Would I be correct that the US taxpayer would treat the proceeds or bank accounts as worldwide income to the extent applicable, this is done on form 8938. Stepped up basis is applicable with respect to the real property.

The funds transferred into the US would not have an addition tax burden. Would the transfers be facilitated through an International Bank?

Regarding the bank declaration process, if it is a relatively small estate, have the client contact the bank and explain the source of the funds prior to the transfer; it should be a routine matter. For larger estates, the bank diligence can get more complicated.