U.S. partners in U.S. partnerships that invest in PFICs may soon be responsible for filing elections previously filed by the partnership. Under current regulations, U.S. partners may rely on entity-level mark-to-market elections, where the PFIC stock is marketable stock, as well as qualified electing fund (QEF) and purging elections. Under Proposed Regulations issued in January 2022, U.S. partners will no longer be able to rely upon the mark-to-market, QEF, or purging elections made by the U.S. partnership and will be required to make these elections individually. The regulations are proposed to be effective when published in final form. In the interim, the proposed regulations provide that partnership-level mark-to-market, QEF, and purging elections that are in effect when the regulations are finalized will remain effective such that each partner will be treated as having made such an election. See our earlier BrassTax article here for a discussion of the Proposed Regulations.