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Politics : Welcome to Slider's Dugout
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To: Proud Deplorable who wrote (23916)6/19/2011 3:18:37 PM
From: pogohere1 Recommendation  Read Replies (1) of 50722
 
It would appear that the mere fact of a "relationship" triggers the need for the report, and w/o having engaged in any transactions:

The regulations implementing 31
U.S.C. 5314 appear at 31 CFR 103.24,
103.27, and 103.32. Section 103.24
generally requires each person subject to
the jurisdiction of the United States
having a financial interest in or
signature or other authority over a bank,
securities, or other financial account in
a foreign country to ‘‘report such
relationship to the Commissioner of
Internal Revenue for each year in which
such relationship exists, and * * *
provide such information as shall be
specified in a reporting form prescribed
by the Secretary to be filed by such
persons.’’ Section 103.27 requires the
form to be filed with respect to foreign
financial accounts exceeding $10,000.
The form must be filed on or before June
30 of each calendar year for accounts
maintained during the previous calendar year.

edocket.access.gpo.gov
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