Line 7 of 3520A page 3 Foregign Grantor Trust Owner Statement says "attach an explanation of the facts and law (including the section of the Internal Revenue Code) that establishes that the foreign trust is treated for US tax principles as owned by the US person".
I can't find any info for line 7 in the IRS 3520A instruction. My two TFSA accounts are both high interest savings accounts and have attached terms and conditions and bank statements to 3520 and 3520a. Wondering how everybody here is dealing with this "explanation of the facts and law" requirement?
Form 3520A trust owner statement line 7
Moderator: Mark T Serbinski CA CPA