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Article: Metalink to Be Characterized as a Passive Foreign Investment Company For 2002 Under the Internal Revenue Code.
- Article from:
- PR Newswire
- Article date:
- January 2, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Metalink Ltd. today announced that it will be characterized under the Internal Revenue Code as a passive foreign investment company ("PFIC") for 2002.
Any U.S. person who held Metalink shares at any time during the year 2002 and who did not hold Metalink shares in the year 2001 (a "2002 Shareholder") may mitigate the consequences of Metalink's PFIC status by electing to treat Metalink as a "qualified electing fund" ("QEF") under the Internal Revenue Code. Alternatively, all 2002 Shareholders may make a "mark-to-market" election under the Internal Revenue Code.
Because both a QEF election and a "mark-to-market" election may have consequences of their ...