What does qef stand for?

Asked by: Wade Stehr
Score: 4.9/5 (11 votes)

"Q.E.F.," sometimes written "QEF," is an abbreviation for the Latin phrase "quod erat faciendum" ("that which was to be done"). It is a translation of the Greek words used by Euclid to indicate the end of the justification of a construction, while "Q.E.D." was the corresponding end of proof of a theorem (cf.

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Herein, What is a QEF?

The QEF or Qualified Electing Fund election under §1295 is optional method of taxation available for certain PFICs. This election most closely mirrors the US taxation of US mutual funds and allows for capital gains treatment of some of the income as long as any prior §1291 gain has been dealt with.

Regarding this, Who makes the QEF election?. Any U.S. shareholder of a passive foreign investment company (PFIC) can elect to treat the PFIC as a qualified electing fund (QEF) and be taxed currently on a share of the QEF's income (IRC § 1293 ).

Herein, What does the abbreviations it stand for?

Slang / Jargon (10) Acronym. Definition. IT. Information Technology.

How do I file a QEF election?

QEF election: The QEF election must be made by the extended due date of the taxpayer's federal income tax return. To make the initial QEF election for an asset, the taxpayer must file Form 8621 with his or her tax return and check the “Election to Treat the PFIC as a QEF” box.

20 related questions found

Do I have to file 8621 every year?

The annual filing requirement

Then, the PFIC shareholder must attach Form 8621 to its federal income tax return (or information return) each tax year, unless one of the exceptions discussed below applies. A PFIC shareholder must file Form 8621 for each PFIC the shareholder owns.

What is a Section 1294 election?

Section 1294. Election to extend time for payment of tax on undistributed earnings.

What does IG mean in text?

What Does IG Mean In Text? Without fanfare, 'IG' is the internet slang word that could be decrypted as “I guess” or “Instagram.” Both variants are widely used. The conversationalist determines the IG abbreviation meaning from the situation.

What LOL called?

Lol is an acronym of laugh out loud. It can be used as an interjection and a verb. Lol is one of the most common slang terms in electronic communications. Even though it means laugh out loud, lol is mostly used to indicate smiling or slight amusement.

Why is PFIC bad?

A PFIC is Passive Foreign Investment Company. The IRS penalizes PFICs (unless certain elections are made) by requiring owners of the PFIC to pay increased tax rate on earnings such as Capital Gains and Dividends. A PFIC is a Passive Foreign Investment Company. From the U.S. tax perspective, a PFIC is a bad thing.

What is QEF reporting?

Under the Qualified Electing Fund (QEF) election, a U.S. person is taxed on the pro-rata share of the mutual fund's earned income for U.S. tax purposes, split between ordinary earnings that are taxed as ordinary income and net capital gains which are taxed as capital gains at potentially preferential rates.

What is a pedigreed QEF?

When the election is made in the first. year of ownership, the PFIC is called a pedigreed QEF. Any investment for which the election was made in a year other than the first year of ownership is called a “non-pedigreed”QEF. Pedigreed status can also be achieved by purging any prior Code Sec.

What is a Section 1291 Fund?

Section 1291 Fund

A PFIC is a section 1291 fund if: The shareholder did not elect to treat the PFIC as a QEF or make a mark-to-market election with respect to the PFIC, or. The PFIC is an unpedigreed QEF (as defined in Regulations section 1.1291-9(j)(2)(iii)).

What are Unreversed inclusions?

(d) Unreversed inclusionsFor purposes of this section, the term “unreversed inclusions” means, with respect to any stock in a passive foreign investment company, the excess (if any) of— the amount included in gross income of the taxpayer under subsection (a)(1) with respect to such stock for prior taxable years, over.

Can a partnership make a QEF election?

Partnership makes the QEF election

For PFICs held through pass through entities, the QEF election is generally made by the first US person in the chain of ownership. Regs. §1.1295-1(d)(2). ... The domestic partnership makes the QEF election.

What does LMAO mean from a girl?

Lmao is an abbreviation of the phrase “laughing my ass off.”

What is LOL LMAO ROFL called?

LMAO is an acronym that stands for Laughing My Ass Off. ... Another acronym used with LMAO is ROFL. People often say "ROFLMAO" which is used to signify something that is even more hilarious! ROFL means "rolling on the floor laughing."

Is it rude to say LOL?

Because LOL is a slang term, its appropriate for casual conversation and not formal settings. ... LOLZ is a popular LOL alternative that can be used for genuine amusement or with sarcasm. Most often, LOL is something you see in writing and don't say. But, some say LOL out loud sarcastically or when making fun.

What does FT mean in text?

FT Meaning

FT means FaceTime on Snapchat. FT means FaceTime on Text. FT means FaceTime on Instagram.

What does IG mean from a girl?

"I Guess" is also a common definition for IG. IG. Definition: I Guess.

What does KK mean in text?

It's easy to guess the meaning of this abbreviation

The kk online acronym simply means "okay" or "message acknowledged." It's the same as nodding in person or saying "cool," "gotcha," etc. It's common to see kk or KK as a text message abbreviation or when you're playing online games.

How do you tell if a stock is a PFIC?

You can generally tell if a foreign corporation or foreign investment fund is considered a passive foreign investment company (PFIC) if it meets one of the following two characteristics: 75% or more of its gross income for the taxable year is passive income, or.

How can I check my PFIC status?

A foreign corporation (the tested foreign corporation) is a PFIC if, for its tax year: (1) at least 75% of its gross income is passive income (Income Test); or (2) the average percentage of assets that are held during the tax year and produce, or are held to produce, passive income (Asset Test and, collectively, the ...

How are PFICs taxed?

The U.S. tax code categorizes non-U.S. registered mutual funds as Passive Foreign Investment Companies (PFICs). PFICs are taxed very punitively by the U.S. Furthermore, each PFIC must be reported annually on U.S. tax form 8621, which requires complex accounting and is very time consuming to complete.

What is the penalty for not filing form 8621?

Penalties for failure to file Form 8621 could include a $10,000 penalty (under Form 8938), and suspension of the statute of limitations with respect to the U.S. shareholder's entire tax return until Form 8621 is filed.