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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: Proud Deplorable who wrote (23910)	6/19/2011 3:53:21 AM
From: pogohere	1 Recommendation Read Replies (2) \| Respond to of 50712

Thanks. Your input is much appreciated. I am persuaded of the need to disclose the Goldmoney account to the IRS. I found in this quote of the pertinent CFR section that the definition of "reportable accounts" does not include the term "bailee," [excerpted from:] Reports of Foreign Financial Accounts [Federal Register: February 24, 2011 (Volume 76, Number 37)] [Rules and Regulations] [Page 10234-10246] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr24fe11-11] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 31 CFR Part 1010 RIN 1506-AB08 Amendment to the Bank Secrecy Act Regulations--Reports of Foreign Financial Accounts AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Final rule.] (c) Types of reportable accounts. For purposes of this section— (1) Bank account. The term ‘‘bank account’’ means a savings deposit, demand deposit, checking, or any other account maintained with a person engaged in the business of banking. (2) Securities account. The term ‘‘securities account’’ means an account with a person engaged in the business of buying, selling, holding or trading stock or other securities. (3) Other financial account. The term ‘‘other financial account’’ means— (i) An account with a person that is in the business of accepting deposits as a financial agency; (ii) An account that is an insurance or annuity policy with a cash value; (iii) An account with a person that acts as a broker or dealer for futures or options transactions in any commodity on or subject to the rules of a commodity exchange or association; or (iv) An account with— (A) Mutual fund or similar pooled fund. A mutual fund or similar pooled fund which issues shares available to the general public that have a regular net asset value determination and regular redemptions; or (B) Other investment fund. [Reserved] (4) Exceptions for certain accounts. edocket.access.gpo.gov As reported here, it does so state: "Under 31 U.S.C. 5314 the Secretary ‘‘shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency.´´ For this purpose, foreign financial agency means ‘‘a person acting for a person as a financial institution, bailee, depository trustee, or agent, or acting in a similar way related to money, credit, securities, gold, or a transaction in money, credit, securities, or gold.´´ mountainvision.com] However, the IRS position as quoted here is quite clear: Q. Is an FBAR required for accounts maintained with financial institutions located in a foreign country if the accounts hold noncash assets, such as gold? A. Yes. An account with a financial institution that is located in a foreign country is a financial account for FBAR purposes whether the account holds cash or non-monetary assets. irs.gov