I bought $20,000 of a PFIC, PHYS, that has no income or capital gains of it's own this year. On form 8621 instructions IRS says joint returns are exempt from filing 8621 if less than $50,000 invested and no income, cap gains or sales of the investment.
PHYS apparently has never produced income or cap gains.
Does this mean that we do not have to file 8621 until the year we sell PHYS for a capital gain?
