A trust owns a single member LLC, which in turn owns 100% of a foreign entity. I'm confused by the wording in the February 2011 final rules on the FBAR. It says "a U.S. trustee must file the FBAR for the trust." Does that mean the trustee files under his or her own name?
What if there are two co-trustees? Do they both file the form? Or does the trust file?
I hate the FBAR form. I call it the FUBAR form.
Thanks, Gary
I'm confused. Nothing in the statement of facts tells me that TD F
90-22.1 has to be filed. This form is used to report a financial interest or signature authority over a foreign financial account (see the instructions for the form for the definition of a financial acccount). Is there a financial account(s) that exceeded $10K at any time in the year?
which in turn owns 100% of a foreign
There is more than $10K in the accounts. I have found out that the trust is a grantor trust, but the trustees are the grantor's husband and brother-in-law. Because she owns the accounts, I am fairly certain that the grantor files the FBAR. If they don't file a joint return, would her husband have to? Does the other trustee have to? Or do the trustees "escape" responsibility because neither of them have more than 50% of control?
Thanks, Gary
which in turn owns 100% of a foreign
She doesn't own the accounts. You already told us that a trust owns the accounts. The question to be answered is: who controls disposition of the assets in the trust? The grantor or one or both trustees?
, I am fairly certain
Have something to add? Share your thoughts — no account required.
Ask the community — no account required