Discussion:Self-appointed Agent for Form 3520

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Revision as of 06:18, 6 November 2009

Discussion Forum Index --> Advanced Tax Questions --> Self-appointed Agent for Form 3520
Discussion Forum Index --> Tax Questions --> Self-appointed Agent for Form 3520

Lalva (talk|edits) said:

6 November 2009
Hello all,

I am preparing form 3520 for a client and a friend of hers (that called the IRS) was told that she should appoint herself as a U.S. Agent of the foreign trust. TP is a US citizen. This is in relation to a Mexican bank trust "fideicomiso". It is a Revocable Master Trust, in which the bank has naked title of land (that is subdivided) and foreigners become beneficiaries of the lots.

I am reading Notice 97-34 and it says that there has to be a biding contract between the trust and the agent, and that the US agent has to provide trust documents if the IRS requires them. My client only has documents pertaining to her particular property.

I was wondering if anyone will think that it is a good idea for her to claim that she is the US agent of the foreign trust.

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