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Colossus Minerals Inc Message Board

  • barry_obummer barry_obummer Sep 12, 2011 9:32 PM Flag

    PFIC status-US investors beware

    For US investors, the PFIC status can cause tax problems, per disclosure on their website. US taxpayers must report their share of income/loss. It is like income reporting for a partnership when there is zero cash distribution.

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    • YIKES! I was really liking this one until I saw that...That is outrageously ridiculous! So, if Colossus earns money, you have to calculate the earnings on pro rata/per share basis and report it on your income tax...Almost as if you're getting income even if there are no cash distributions such as dividends...So you pay taxes on earnings of Colossus and if you sell the stock you have pay capital gains tax on that as well...

      Forget that!