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Tax Effects of PFICs


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There seem to be some tax people on the board and they can probably give a much better answer than I can.  But suffice it to say that it's amazingly complicated and it's doubtful that a useful answer can be provided in this kind of forum, but I might be wrong about that.  If you want a description, find a structured finance (like a CDO) offering document on the internet where an offshore vehicle was used and read the tax disclosure.  Generally individuals don't like the hassles of things like PFICs, although some don't care of course. 

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