Aircastle is considered a passive foreign investment Company for US Federal income tax purposes through 2012 and expects to be treated as a PFIC for the foreseeable future.
What does PFIC stand for?
PFIC stands for Passive Foreign Investment Company
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of PFIC
We have 2 other meanings of PFIC in our Acronym Attic
- Pennsylvania Floral Industry Association
- Performance First Index Account (USAA)
- polarization fluorescence immunoassay
- Professional Flooring Installers Association
- Public Financial Inspection Agency
- Public Funds Investment Act (Texas)
- Pet Food Industry Association of Australia
- President's Foreign Intelligence Advisory Board (White House)
- Percy FitzPatrick Institute of African Ornithology (South Africa)
- Pakistan Flood Information Centre (resource)
- Pier Fishing in California
- Pole Dance for Fitness Instruction Commission of Canada
- Progressive Familial Intrahepatic Cholestasis
- Progressive Familial Intrahepatic Cholestasis Type 1
- PFI (Prison Fellowship International) Centre for Justice and Reconciliation
- Prison Fellowship International Centre for Justice and Reconciliation
- Private Finance Initiative Company
- Partnerships for Food Industry Development
- Perturbed Free Induction Decay
- Positive Friendly Identification (US DoD)
Samples in periodicals archive:
111-147, enacted in March 2010, Congress expanded the passive foreign investment company (PFIC) reporting requirements by adding new Sec.
Section 1296 of the Internal Revenue Code of 1986, as amended, defines a passive foreign investment company (PFIC) as any foreign corporation which, in any taxable year, has either more than 50 percent of its assets invested to generate passive income or has more than 75 percent of its gross income in passive income.
The QEF election is made on Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, and must reflect the information provided in either the PFIC annual information statement, annual intermediary statement, or applicable combined statement for the tax year of the PFIC ending with or within the tax year for which Form 8621 is being filed (Regs.
And in 1997, Congress rectified an inequity that has existed for the past decade when it eliminated the overlap between the controlled foreign corporation and passive foreign investment company rules.