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General:In accordance with Title 30 Texas Administrative Code 101.356 (30 TAC 101.365), an owner or an operator of a facility may elect to transfer individual future year allowances to be allocated
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365 an owner or is a form used to report information about foreign bank accounts held by U.S. persons.
U.S. persons including individuals, corporations, partnerships, and trusts that have foreign financial accounts exceeding certain thresholds are required to file Form 365.
Form 365 can be filled out electronically or on paper and must include information such as account numbers, account balances, and the name of the foreign financial institution.
The purpose of Form 365 is to help the U.S. government combat tax evasion by providing information about foreign financial accounts held by U.S. persons.
Information such as the maximum value of each account during the year, the location of the account, and whether the account is jointly owned must be reported on Form 365.
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