Source: https://www.ecfr.gov/cgi-bin/text-idx?mc=true&node=se26.15.1_16038d_61&rgn=div8
Timestamp: 2020-06-06 10:45:22
Document Index: 144653413

Matched Legal Cases: ['art 1', '§1', '§1', '§1', '§301', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1']

Title 26 → Chapter I → Subchapter A → Part 1 → §1.6038d-1
§1.6038D-1 Reporting with respect to specified foreign financial assets, definition of terms.
(iv) Nonresident alien who is a bona fide resident of Puerto Rico or a section 931 possession (as defined in §1.931-1(c)(1)).
(3) Resident alien. The term resident alien has the meaning set forth in section 7701(b) and §§301.7701(b)-1 through 301.7701(b)-9 of this chapter.
(4) Bona fide resident of a U.S. possession. The term bona fide resident of a U.S. possession means an individual who is a “bona fide resident” under section 937(a) and §1.937-1.
(6) Specified foreign financial asset. The term specified foreign financial asset has the meaning set forth in §1.6038D-3.
(7) Financial account. The term financial account has the meaning set forth in §1.1471-5(b), provided, however, that the exclusions of retirement and pension accounts and non-retirement savings accounts under §1.1471-5(b)(2)(i) and retirement and pension accounts, non-retirement savings accounts, and accounts satisfying similar conditions in an applicable Model 1 IGA or Model 2 IGA under §1.1471-5(b)(2)(vi) shall not apply (see the section 6038D coordination rule in §1.1471-5(b)(2)(i)(D)). See §1.6038D-3(a)(2) relating to financial accounts maintained by a financial institution that is organized under the laws of a U.S. possession.
(9) Foreign financial institution. The term foreign financial institution has the meaning set forth in §1.1471-5(d).
(10) Foreign entity. The term foreign entity has the meaning set forth in §1.1473-1(e).
(12) Specified domestic entity. The term specified domestic entity has the meaning set forth in §1.6038D-6.
(13) Model 1 IGA and Model 2 IGA. The terms Model 1 IGA and Model 2 IGA have the meanings set forth in §1.1471-1(b)(78) and (79), respectively.
(b) Effective/applicability dates—(1) In general. Except as otherwise provided in this paragraph (b), this section applies to taxable years ending after December 19, 2011. Taxpayers may elect to apply the rules of this section to taxable years ending prior to December 19, 2011.
(2) Financial accounts. For purposes of applying the financial account definition in §1.6038D-1(a)(7), the treatment under §1.1471-5(b)(2)(vi) of retirement and pension accounts, non-retirement savings accounts, and accounts satisfying similar conditions in an applicable Model 1 IGA or Model 2 IGA (see §1.1471-1(b)(78) and (79)) as financial accounts for purposes of the reporting required under section 6038D and §1.6038D-2(a) shall apply to taxable years beginning after December 12, 2014.