1. I have 3 queries related to FBAR submission.
    1. Public provident Fund investment in India : This is like 401 plan which we have started investing money 15 years back when we were in Inda. From the day on opening account, every year we were investing Rs. 70000 in account. As per India IT rule, principal and interest both are exempted from tax deduction at the time of withdrawal / closing of account. If we need to report 2011 balance amount this year through FBAR form then does IRS charge tax at USA on accumulated amount worth USD 44000?
    2. DMAT account for tax free bonds of India : Investment in tax free bonds in India through DMAT account, does IRS charge tax in USA of invested amount of $ 13000?
    3. Mutual fund investment in India through NRI account : From 2006 I have started investing $ 250 per month through my NRI account and as on 31/12/2011, accumulated amount reaches around USD 11000. This I have invested after deducting tax at USA and dividend earned on invested amount was reinvested in same mutual funds. Does IRS charge tax on this mutual funds of last year accumulated balance or in future at the time of withdrawal?

    • Two compliance requirements are different:
      1. Reporting of Income taxable (Form 1040) to the IRS
      2. Reporting of Foreign Financial Assets under FBAR (Form TD 90-22.1) to the Department of Treasury.
      1. For US residents, global income is taxable that includes PPF Interest, interest on tax free bonds in India as well as mutual funds. Interest on PPF balance and Tax free bonds are free of income tax as per provisions of Indian Income Tax laws and has nothing to do with IRS.
      2. FBAR Form is to be submitted to Department of Treasury and NOT IRS. It is like FYI that you own certain foreign financial assets. If those assets generate any income, you would show them on your 1040 to IRS. From Tax year 2011 (Due date April 15, 2012), IRS also introduced Form 8938 for certain taxpayers to link Foreign financial assets and income generated therefrom and where you have shown the income in 1040.
      Please note that 8938 requirement is new, effective from calender year 2011 tax returns whereas FBAR requirement is old.
      Please read all three blogs related to FBAR and links provided in FBAR3 for details. If any question, let me know. Thanks for reading and providing your comments.

  2. Are Interest income from NRO fixed deposits/NRO savings account, which I believe are non repetriatble has to be reported in IRS form 1040 and schedule B?
    Is dividend income from SBI mutual stock funds which are held under NRO status to be reported on IRS 1040 form?
    All above are originally sourced in India since they are part of inheritance and no funds are transferred from US to India.
    Your reply is much appreciated. Thank you.

    • Please contact the licensed CPA practicing in the USA for your US taxes or compliance. Following information is provided for educational/information purposes:
      1. Yes, any interest income – whether NRO saving, FD, NRE saving, FD, is taxable in USA and needs to be reported in 1040.
      2. Yes, While Dividend income is tax free in India as companies/mutual funds pay dividend distribution tax, it is taxable in the USA.
      3. Source of funds are not important. As global income is taxable for US Residents, you need to include it in your income. Depending on the amount of your investments, you may also have to file Form 8938 to IRS or FBAR to Department of Treasury.
      As mentioned, please contact the CPA in USA for your compliance. Thanks.

  3. Hi,
    You indicated in one of your replies to Mr. Kalpesh above that dividend income from Indian mutual funds is taxable in the US even if the dividend paid out was after the deduction of the Dividend Distribution Tax. I presume this is the case for all US citizens whether residing in India or US or elsewhere. Please confirm.
    My second question relates to the following article in TOI regarding Indian mutual funds and related capital appreciation. The article implies that as US citizen I would need to pay tax on unrealized capital gains on Indian mutual funds even before I actually realize those gains from sale of the mutual funds. Which is the most common method that people elect? Please advise.

    • 1. US citizens are “US residents” for income tax purpose. IRS does not differentiate taxability of any income whether the person is residing in USA or in any other country.
      2. The article is correct. Most people will contact their CPA in USA and would follow his advise. If no CPA, I would recommend to file Form 8621, show the unrealized income and pay tax. Thanks.

      • Mr. Patel,
        I am hoping to talk to you regarding my 2013 US tax return. I emailed you yesterday (Fri) with details. I need assistance from you or your team who is well versed in NRI taxation with regards to investments I have in Indian MFs. I tried calling at the 773 number but it is going to voicemail.
        What is the best time and way to reach you? Would appreciate your reply here or to my email.
        Thank you!

        • Thanks for contacting us. Replied to your email. Thanks.

  4. If i have investments in various HDFC mutual funds (for e.g., HDFC Top 200, HDFC Balanced, HDFC Equity, etc.), can I combine the maximum account values across all the HDFC funds and report as one item on FBAR? Or would i need to list each HDFC mutual fund separately along with its maximum account value on the FBAR form.
    Please advise.

    • You would report separately by your folio number and find the maximum amount or Dec 31 amount converted into USD and report. Thanks.

  5. Mr Jigar,
    I have 14 FDs inside NRO acct. Each FD has an account number. I also have NRE acct. When filling FBAR form, should I mention I have two accts (NRE and NRO) or 16 accts (incl 14 FDs)?
    Also, do I have to list each of the 16 amounts separately or can I list just one total NRO sum of 15 (NRO acct+14 FDs) and one for the NRE acct?
    Because the maximum amount in each acct has to be listed, I am concerned that listing separately could cross the $100,000 threshold as amounts will be counted twice due to transfer between NRO and FD.
    Finally, if I have given a personal loan to a relative in India, is it to be listed on any of the forms?
    Thanks a very lot.

    • It would depend on how you have been reporting consistently. You would also have a unique customer ID. You may also choose to report by Customer ID or your NRO or NRE account as FD would be linked to respective account. Once you know how you want to report, you would group the accounts and amounts respectively. Also, I don’t think the personal loan to relative needs to be reported in FBAR or Form 8938. Thanks.

      • Thank you, Mr. Jigar. That is helpful to know.
        May I ask if your services are available to file personal tax returns of Indians like us who are settled abroad? I am in USA and need to file taxes with IRS.

        • We provide support in filing your tax return and help you in any compliance. We gather data, records and information and provide the same to you for filing tax return but we do not take responsibility or file your tax returns or any forms. Please contact us if you have any such requirement. Thanks.

  6. Hi Jigar,
    I’m a H1B worker, residing in USA since May 2012. In 2014, I have withdrawn my total PF balance (about 10000 USD) in India. Since I was employed for more than 5 years with my last Indian employer, this amount is not taxable in India.
    My question is, do I need to pay tax in USA for this PF withdrawal amount in India. If I have to pay the taxes, do I need to pay on the whole amount including my contributions, employer contributions and interest or only on interest part of it? What tax % is applicable for this amount? Please help.

    • Please note that the tax is only on the income i.e. interest. I would think the employer contribution is already part of your CTC and you may have paid the tax on the same in India. you may also contact your CPA for any clarification about taxing PF balance. Thanks.

    • Yes, I would think so. Thanks.

  7. Hi Naresh Ji, I thought NRI Deposits with Citibank in India do not need to be reported via Form FBAR but you said above they need to be reported, the same is not needed for Form 8938, can you please clarify on this. Also if someone did not file the Form FBAR, from which year they need to file the Delinquent Form FBAR

      • Thank You!, I have another question, I have not filed Form FBAR ever but I used to pay taxes on the NRI Account Balance Interest which were reported in From 1099-INT for last 6 Years, should I go ahead and file FBAR for Current Year 2014 and Delinquent for the past years, is it beneficial or harm in filing the Delinquent FBAR for past 5 years or so, appreciate your time and help

        • I would suggest you to explore Streamlined Compliance procedures wherein you may file deliquent FBARs and pay 5% penalty. However, I would strongly suggest you to consult your CPA before taking any action. Thanks.

  8. Hi Naresh,
    I am transferred from Indian IT company to USA branch. But I am having a EPF (Employee provident fund) account with my companies Indian branch which I suppose comes in
    19 Social Security-type program benefits provided by a foreign government
    as per your blog(http://nareshco.com/blog/?p=95) .
    So please can you guide whether EPF falls under point 19? Also should I need report that in FBAR.

    • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) May 4, 2015 Reply

      While Social Security type programs may not be reported, I am not sure if EPF can be counted as the same. You may withdraw EPF at anytime. Also, when in doubt, it is better to be conservative and report. Thanks.

  9. what are reporting requirement if I have PPF account in India? Since no money is being withdrawn what is reported to the IRS and what is reported to FBAR?

    • I would recommend reporting the interest income credited in the account as income to IRS and the account balance converted into USD to be included in FBAR. Thanks.

  10. Hi Mr. Patel,
    I am a resident alien in 2015 for US tax purposes. I have the following queries regarding income I earned in India in 2015:
    1.Do I have to pay tax in US for PF withdrawal in India even though it is tax exempt in India as I have worked for more than 5 years?
    2.I have long term capital gains from stock transactions in India which are not taxable in India. Do I have to pay tax on this in US?

    • 1. I would think you would need to pay tax on the interest income.
      2. Yes. Please check with your CPA. Thanks.

  11. Mr. Patel
    Thanks for the blog. I have a few questions and hope you can clarify.
    1. For a green card holder, if the total yearly income is due to interests from bank accounts in India and an Indian government pension, then does the Indian government pension (yearly amount credited to an Indian bank account) need to be counted as income for calculating the federal tax filing threshold limit in the US, or only the bank interests should be counted?
    2. If 1040 needs to be filed based on the income threshold (for particular status/age), then does Indian government pension need to be reported in 1040? My understanding is Indian government pension for a US permanent resident (not US citizen) only needs to be reported and taxed in India. Could you please advise?

    • I would think so for both questions. As per DTAA between India and USA, pension from government job may be taxed in India. However, as you are a US resident for tax purpose, it may also be taxed in USA. Please consult your CPA. Thanks.

  12. Mr. Jigar ,
    I am an NRI on H1B came to USA in July 2011. I started investing in Indian Mutual Funds through SIP route since 2011 Oct when I did not know about these PFIC rules. I became a resident for tax purposes in mid of 2012.
    I stopped investing in 2015 May, but still continue to hold the funds as I was getting aware of new FATCA rules.
    1. If I go back to India after H1-B expires, and after 1 year becoming a Non Resident for USA, will I still be under PFIC tax scanner.
    2. My total Mutual Fund worth is <50K as we are Joint filing, so do I not need to report on form 8621.
    Thanks and Regards,

    • 1. When you plan to return to India? Even if you have greencard, you are responsible for US taxes. Only when you are not a US resident, you are okay for not filing US taxes. Someone who plan to permanently return without greencard or US citizenship soon and who have been making investments as resident, he may take risk and not report. However, I would not recommend. Please consult your CPA.
      2. I would think so. Thanks.

      • Thanks Jigar, its helpful
        Could you please answer final set of questions:
        1. I have not decided on taking GC yet, but have applied for PERM recently, as my project also seems to extend; extending my stay for 3-4 years. Will this treat me as a resident of I don’t take GC at the end.
        2. I had got about aggregate of $300 in interest in offshore India account in 2013, 2014 year, would I need to go for streamlined reporting or OVDI, I feel the interest is too low so i can just go ahead and file deliquent FBARs for the accounts.
        3. Other than NRE account, I also had a Regular Indian saving account for last 3 years, should it be reported in FBAR, how will the money in it be treated, which is pooled by family members for some use.
        Thanks and Regards,

        • 1. You would be US resident for tax purpose if you live in USA. By applying under PERM, you made your intention clear of migrating to USA.
          2. I would advise you to close the account as the threshold for FATCA reporting is $50000 of balance.
          3. Yes. You are the official owner so it needs to be included. Please note that as an NRI, you are not allowed to have a resident account but must inform the bank and transfer to NRO account. Thanks.

  13. Hi Jigar,
    I read your posts and have a question related to my case. Iam an NRI who holds an Equity linked (ELSS) Tax saver Mutual Fund (MF) in India. I invested in this MF for 3 years before I became an US resident. Since becoming an US resident, I have been including my dividends paid by company in India (which is non-taxable in India) based on the units allocated to me in my Schedule B (as Ordinary Dividends) and have been paying taxes in the US. My question is
    a) Should I file 8621 information form for the years I filed US taxes?
    b) If so, what is the election that I need to choose. (Other than dividends paid quarterly, I have not received any distributions from company)
    Thank you

    • a. Yes as you have invested in MF which is considered as PFIC
      b. I would go with Mark to Market. Also, you would not have to pay any tax but would incur loss as the NAV would be the same and you would get benefit of rupee depreciation. Thanks.

  14. Mr. Patel,
    I’m a US resident for tax purposes for 2015 and have following question regarding provident fund in India:
    – I’ve Provident fund which still earns interest and I’ve not yet withdrawn it. Is interest earned on Provident fund is taxable in USA? If it is taxable, do I have an option to pay taxes only when withdrawn instead of paying every year?

    • I would think the interest would be taxable and as interest accrues, I would not wait for withdrawal. Please contact your CPA. Thanks.

  15. EPF (Employee provident fund) is an Indian social security account. Is amount taxable in US for if withdrawn?
    Please see below
    Indian PF is a social security scheme, and as per the US India DTAA Article 20, is not taxable by the US. The exact text says as under –
    2. Notwithstanding paragraph 1, and subject to the provisions of Article 19 (Remuneration and Pensions in Respect of Government Service), social security benefits and other public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State.
    This clearly states that any social security benefit paid by any of the two contracting states to a resident of the other contracting state is taxable only in the first mentioned state. In other words, US cannot tax Indian social security benefits (and vice versa). Therefore, you are liable for taxes only in India even though you have to declare to the US that you were given the social security (PF) benefit by India.
    Is this correct? If you could please explain, in respect to requirement of 1040 and FBAR

    • The question is whether EPF is a social security scheme. I don’t think so. In US context, I would think, EPF is like 401k and not social security. As a result, I am of the opinion that you would need to report the income and the balance in your 1040 and FBAR/FATCA 8938 forms. Thanks.

      • Mr.Patel
        The nightmare of FATCA cotinues. Suddenly my colleagues and I who were finally thinking that we have full understanding of FATCA obligations and that we have covered everything in our FBAR and FATCA filings, now there is question whether we need to also declare four Employee Provident Fund accounts.
        1. https://www.irs.gov/businesses/corporations/update-to-2014-instructions-to-form-8938-1
        Accounts excluded from the definition of a financial account under an applicable Model 1 or Model 2 IGA
        For taxable years beginning on or before December 12, 2014, if the jurisdiction in which a financial account is maintained has an IGA in effect, or is treated as having a Model 1 IGA or Model 2 IGA in effect, on or before the last day of the taxpayer’s taxable year, retirement and pension accounts, non-retirement savings accounts, and accounts satisfying conditions similar to those described in 1.1471-5(b)(2)(i) that are excluded from the definition of financial account in such IGA are not required to be reported on Form 8938.
        NOTE: For taxable years beginning after December 12, 2014, the final section 6038D regulations provide that, in addition to retirement and pension accounts and non-retirement savings accounts described in §1.1471-5(b)(2)(i), any retirement and pension accounts, non-retirement savings accounts, and accounts satisfying conditions similar to those described in §1.1471-5(b)(2)(i) that are excluded from the definition of financial account in an applicable Model 1 IGA or Model 2 IGA must be reported by the taxpayer on Form 8938. Thus, such accounts are subject to uniform reporting rules and must be reported without regard to whether the account is maintained in a jurisdiction with an IGA.
        1. On the same page it one para it states that retirment accounts can be excluded, and in another para it states that it needs to be included ? Please help clarify.
        2. As per the above, they have become reportable from FY 2015. C0rrect ?
        Sir, please help.

        • EPF and FBAR:
          1. https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
          1. IRS guidelines clearly state that Social Security “Type” programs provided by a foreign govt need not be reported either for FBAR or FATCA.
          2. The EPF India website clearly states that it is “WORLD class social security organization” managing https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements.
          I dont mind giving all the details of my EPF starting 2016 FY, but my concern is about previous years. MY EPF account has started in 2013 and I have not reported it until now since I was under the impression that it is not required to be reported.
          Now just for the purpose of declaring EPF in FBAR and FATCA, do I have to go for the Voluntary Disclosure Scheme of IRS ?
          Please clarify Sir

          • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) April 11, 2017

            I don’t think India has any social security type programs. Also, EPF can be withdrawn anytime without any penalty or restrictions. Most of the EPF is withdrawn after 5 years and not during retirement. In my opinion, as mentioned in my earlier reply, I think EPF is like a retirement account and not a social security type account and not to be excluded. I would recommend you to contact your CPA for your future action. Thanks.

  16. I have a question, whether interest earned on Employee Provident Fund (EPF) is taxable in USA at the time of withdrawal of EPF or on accrued basis.

    • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) May 14, 2016 Reply

      I would think the taxation would be on accrual basis. Thanks.

  17. Dear sir,
    Is Lump sum EPF withdrawals taxable in US as ordinary income ?

    • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) May 14, 2016 Reply

      I don’t think so provided you have already reported contribution and interest as income in respective years. Thanks.

  18. Dear Mr,Jigar,
    Can you please let me know if equity shares held by a US person (green card holder) in a private limited indian company will fall within the definition of Foreign financial account and liable to reported and if so under which category of the above table?

    • It would not fall within Foreign Financial Account (FBAR) but it would fall within Foreign Financial Assets (FATCA – Form 8938). Thanks.

  19. If I have given out loans to third parties, are they reportable? If yes, where and how as you would not have any account numbers.

    • Currently third parties are not required to report. Only financial institutions will be reporting the information. Please note that it is your responsibility to inform third parties that you are an NRI and it is their responsibility to deduct 30.9% TDS on any interest paid to you. Thanks.

      • Sorry, my question was more from a FBAR reporting requirement. Do I need to show all those? I am may go for OVDP and this will amount to quite a bit.

        • I don’t think loans to third parties are required to be reported in FBAR as they are not financial accounts. However, I think it may be reported in FATCA Form 8938 as they are financial assets. Thanks.

  20. Dear Sir
    Although dividends from India are shown as tax free they are only so because the company pays DDT under s115-O.
    Is it permissible to gross up the dividend after adding back 20% dividend distribution tax paid and then claim it as foreign tax credit in the US?

    • No.
      The DDT is on companies and not on investors. As an investor does not pay any tax, it is not okay to gross up the dividend and claim foreign tax credit. Thanks.

  21. Hi,
    I moved to US in Oct 2015 and filed a Non Resident Return for the year 2015.
    I had withdrawn money from Employee Provident Fund in the month of Oct 2015. It was transferred to my account and paid to me in Jan 2016.
    Ther was also full and final settlement from the Indian company that was paid in Jan 2016, but was for leave encashment, gratuity, Bonus and Oct 2015 salary.
    Do I need to disclose these 2 amounts received in Jan 2016 when in 2016 I became a resident in US. If yes, how to disclose.
    Will the PF account closed in Oct 2015 be required to file in FBAR for 2016, since money was finally recieved in Jan 2016.
    Please help.

    • 1. While you received the amount in January 2016, it related to 2015. So no need to disclose as income. However, the US normally follows taxation of receipt basis i.e. taxed in the year of receipt. So there is no clear answer. I would recommend you to contact your CPA for guidance.
      2. If you had the PF account in 2016, you would include it in FBAR. If you closed in 2015, you may not include. As the balance in PF is credited in your bank account, which is included in your 2016 FBAR, it may be okay not to include closed PF account. However, please check with your CPA. Thanks.

    • 1. I think the document explains benefit schemes of India – PF, ESIC, Pension, Gratuity, Disability, etc. and its rules, regulations, conditions and benefits.
      2. EPF is is not like Social Security of USA. I think it is more like 401k as it is only for employees, where employer and employee contributes money and only your contribution is returned to you. Thanks.

  22. Dear Mr Patel,
    I’ve got my green card in Oct 2017, then I withdrawn PF in Nov 2017, do I have to pay tax? I contributed my PF for many years, but I’ve just got the green card for a few months, if I have to pay tax, how do they calculate it?
    Please advice.
    Thank you.

    • 1. I would assume that the land is a non-agricultural land. As NRIs are not allowed to invest in agricultural land and sale of proceeds can not be remitted outside India.
      2. Yes, any gain after indexation would be taxable.
      3. After TDS/payment of taxes, CA certificate in form 15CB and filing of form 15CA, money can be moved to NRE account.
      4. No, you are not allowed to buy farm land in India.
      5. An NRI can invest in stocks only through PIS account and can be done through NRE account. If stocks are in resident demat account, you would need to convert it to NRO Demat and the money will be credited to NRO savings account only. Only after following procedures in #3, you may credit the amount to NRE account. Thanks.

  23. I am an Individual having accounts in 4 different banks in India..with almost 10 fd account in small amount in each of these 4 banks..
    🙂 did not know about these FBAR ..or would have made 1-2 FD account in each bank instead of small amounts 0f 10 accounts in each bank..
    total amount is crossing 10$..
    Do i need to separately input 41 of these account
    is there is a way to consolidate together..

    • You may consolidate the amounts (Savings and FD) in each bank and report the same by unique ID (Customer ID). If you are reporting by account number – savings of RD, you would need to individually report the same. I think for FBAR, if you have number of account over certain number, you would only report the number of accounts and highest balance and would keep the details with you and provide the same if there is any question. Thanks.

  24. hello,
    i have two scenarios and i would appreciate your help.
    1) I had >10K in my NRO account for about a week in the last year and i need to file FBAR. The amount in my NRE account was never over $10K in the last year. Is it sufficient to list just the NRO account number in the FBAR form (Part II of FBAR)?
    2)for the filing of next year, we have an inheritance of >$100K coming through. It will be first deposited in NRO account and then repatriated into NRE account after proper paper work through CPA. when i file FABR next year, should i report both NRE and NRO account under ONE FBAR or should i file two separate FBARs- one for NRO and another for NRE?

    • 1. $10000 limit is combined – TOTAL of ALL accounts – NRO, NRE, FCNR, FDs, MF, savings, Demat, etc. so As your NRO+NRE is more than $10,000, FBAR will appply and you would be required to list ALL your accounts.
      2. The reporting is by the unique ID. If you report by your account number, you would report all accounts. If you report by customer ID, you would combine all accounts and report total. Thanks.

  25. My son has gone to study for a PhD on a F1 visa to the US in Sept 2018.
    As per IRS he will be treated as a Non resident alien for 5 years and only his income derived from US sources will be taxable till then.
    I am concerned about what will happen after 5 years, like in the event that he cannot complete his PhD in 5 years or he does a Post Doc or he opts for OPT.
    He has a savings bank account in India ,A fixed deposit(25 L) and a PPF (30 L) ,which he has been mainlining for the last 23 years.
    I have no problems disclosing them to US authorities either on form 8838 or FABR.
    What concerns me is that I have already declared these to Indian Income tax authorities and they have been taxed at the applicable rate.So how can the same income generated in India, Reported in India and Taxed in India be again taxed in the US.
    I understand that India and US have a double taxation avoidance treaty.
    So what forms does my son have to fill in in the US to report these and what forms does he have to fill in the US relating to these to avoid being taxed on these, both in India and US.

    • After 5 years, if your son can not complete PhD, he may be able to get an extension of the visa but would be considered resident for tax purposes. Don’t worry too much. 5 years is a long time. A lot can happen until then. When he becomes a tax resident of USA, he would need to pay tax on the global income. However, if he pays any tax in India, he would get a credit of tax in his US tax return. You can also plan after 3 years and before 5 yeas so that such complications can be better managed. Thanks.

  26. I had a question regarding Public Provident Fund and Employee Provident Fund. I am an H1 B worker who had a PPF and also an EPF account while living in India. I have not been operating these accounts ever since I left India in 2015. I believe these accounts are accruing interest that I have not withdrawn at any point I have stayed in USA. My question was:-
    1. Is this interest in EPF and PPF account taxable in USA every year I have been living in USA, or only when I withdraw any amount from these accounts?
    2. If the answer to 1 is yes, Can I retrospectively pay the tax on the interest I earned from these EPF and PPF accounts ?

    • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) June 7, 2019 Reply

      1. All income in India is taxable in USA so yes, PPF and EPF interest income would be taxable. I would pay tax on annual income as on maturity, the interest would be of last 10 years and may unnecessarily increase your tax slab. e.g. interest of Rs. 100,000 per year vs. Rs. 15,00,000 in 10th year.
      2. You may start from this year. You may also want to do retrospectively. However, it may be complicated. Please contact your CPA. Thanks.

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