Part II—U.S. Owner of a Foreign Trust

Complete Part II if you are considered the owner of any assets of a foreign trust under the rules of sections 671 through 679 during the tax year. You are required to enter an EIN for such foreign trust on line 2b on page 1 of the form.

Note: You are required to complete Part II even if there have been no transactions involving the trust during the tax year. You may also need to complete Part III if you

receive a distribution from the foreign trust. See the instructions for Part III.

Line 20. Enter information regarding any person, including yourself, who is considered the owner of any portion of the trust under the rules of sections 671 through 679. Also, enter in column (e) the specific Code section that causes you or any other person (as applicable) to be considered an owner for U.S. income tax purposes. See the grantor trust rules under sections 671 through 679.

Lines 21a and 21b. Enter the applicable two-letter code from the list at IRS.gov/CountryCodes .

Line 22. Check “Yes” if the foreign trust filed Form 3520-A for the current tax year and attach a copy of pages 3 and 4 (Foreign Grantor Trust Owner Statement) of the Form 3520-A. See section IV of Notice 97-34 . Check “No” if the foreign trust has not filed Form 3520-A for the current tax year and attach a substitute Form 3520-A that you have completed to the best of your ability.

Caution: You may be liable for a penalty equal to the greater of $10,000 or 5% of the gross value of the portion of trust assets that you are treated as owning. There are additional penalties for continuing failure to file after notice by the IRS. See section 6677(a) through (c). Also, see Penalties, earlier.

Line 23. Enter the FMV of the trust assets that you are treated as owning. Include all assets at FMV as of the end of the tax year. For this purpose, disregard all liabilities. The trust should send you this information in connection with its Form 3520-A. If you did not receive such information (line 9 of the Foreign Grantor Trust Owner Statement) from the trust, complete line 23 to the best of your ability. At a minimum, include the value of all assets that you have transferred to the trust.

Use Form 8082 to notify the IRS that you did not receive a Foreign Grantor Trust Owner Statement. However, filing Form 8082 does not relieve you of any penalties that may be imposed under section 6677. See Penalties, earlier.