Casiturri, That's all well and good, but what if you have never filed form 8621 and the stock takes off?
My situation is I own quite a few shares. Have bought and sold along the way for over 12 years, and sadly, I've never sold at a profit, so no harm, no foul. Most of my stock is a good amount under water (purchased in the $2-$4 range), but I just (1-2 weeks ago) purchased another 5k block at US $.40 (hope springs eternal, etc).
Now, with the interest "seemingly" perking up in this novel little company, I'd like to do whatever I can to cover my butt. Sooooo, no sales for profit in 2015. Is it even necessary to file one of these buggers (form 8621 that is) until a tax year comes along that a profit is made? I do my own taxes, no one to blame but myself but I have numerous questions. So, that's where I sit and I'm guessing a whole bunch of other ONCY longs are in the same boat with me.
BC, thanks much for the advice (although after reading through your V2 board notes, I'm not so sure, as it's a very convoluted process and difficult to understand process in this layman's opinion). A few more questions if you don't mind.
1) Since my 2015 tax return has long since been completed, do I need to file both a file extension and an amended tax return? Or just an extension (how can it be an extension if it's already done? Yikes, help?)
2) I've owned Oncy for many years. Did some buying and selling. Nothing came of it from the IRS. Was I lucky? Stupid (don't answer)? Other?
3) Since I've owned for many years, do I need to lots of tax year amendments?
4) I read on a forum that form 8938 may also be required when filing form 8621. It has to do with more harsh penalties/fines for non-compliance. Thoughts?
5) Do losses for the last tax year negate the need to file this form?
I don't know whether to like you or hate you for the insight (smile) you've provided. Still learning a lot unfortunately. And I have to believe that by you answering my questions you're helping a lot of other people beside myself.
Thanks much BC!
BC, what if a person has already filed his/her 2015 tax return? Can an extension request still be requested so that form 8621 can be submitted? Thanks!
Yeah sure! Keep dreamin. Think about all the promises made for 2015 (4-6). How many have been met? Zero.
Couldn't be happier that I've gotten out of this really poorly run company. Dan, horrible. Ali, proving to be cut from the same cloth.
My last words here.
I sold out completely today. Didn't get out at the high (who does) but got out. Hated Passeri and thought Ali Fattey would be better, but he's missed everything he said would happen.
I guess I can die in peace now. This was a really bad company (and I've owned it, off and on since the CBMI days). Hope the new year works for all the holders better than it for me.
So Bent, Not sure what you're referring to in your caption "Status upgraded of PII!". I don't see anything out there that shows an upgrade. Care to explain?
Armed, My prayers are with your wife especially and you too. I'm probably among the majority here that cancer has touched (probably way too weak a word). It never leaves your mind, but the body has an amazing ability to beat the snot out of it if given the right environment. Both of you, be well!
Want to see a copy of the transaction. And learn to spell, it makes it look like you're even more ignorant than you probably are (trying to give you a little credit here).
My little lady was smart enough to pick up 750 shares, after hours, at 92.80. Can't say I would've had the cojones to do that, but that's why I married her. She couldn't get to the computer fast enough when she saw the report. My goodness!