A U.S. person must complete Form 8938 and attach it to their Form 1040 if they have ownership interests in foreign financial assets that exceed certain thresholds during the tax year.

In this video, I discuss a simple example where a U.S. person has a foreign bank account in the Cayman Islands and owns stock in a PFIC investment and stock in a foreign corporation that is neither a PFIC nor a CFC.

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