Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - FTAC Olympus Acquisition Corp. | ea137745-8k_ftacolympus.htm |
Exhibit 99.1
IMPORTANT TAX NOTICE
March 15, 2021
Attention: U.S. Shareholders of FTAC OLYMPUS ACQUISITION CORP
Re: 2020 PFIC Status
This statement is provided for shareholders of FTAC OLYMPUS ACQUISITION CORP (the “Company”) who are United States persons for purposes of the U.S. Internal Revenue Code. It is not relevant to other shareholders.
The Company may meet the Internal Revenue Code definition of a passive foreign investment company (“PFIC”) for the taxable year ended December 31, 2020. Accordingly, the Company is hereby making available a PFIC Annual Information Statement for FTAC OLYMPUS ACQUISITION CORP for its taxable year beginning on June 2, 2020 (i.e. its date of formation) and ending on December 31, 2020 pursuant to the requirements of Treasury Regulation Section 1.1295-1(j)(1).
The PFIC Annual Information Statement contains information to enable you, should you choose, to elect to treat FTAC OLYMPUS ACQUISITION CORP as a Qualified Electing Fund (“QEF”).
A U.S. shareholder, who makes a QEF election for FTAC OLYMPUS ACQUISITION CORP is required annually to include in his or her income, or his or her pro rata share, of the ordinary earnings and net capital gains for FTAC OLYMPUS ACQUISITION CORP. The QEF election is made by completing and attaching Form 8621 PFIC to your federal income tax return filed by the due date of the return, including extensions.
U.S. shareholders are advised to consult with their tax advisors with respect to the 2020 PFIC Annual Information Statement.
Further information on PFIC rules is available on the internet at the Internal Revenue Service website, including the following pages:
| ● | Detailed information about PFICs and the QEF election: https://www.irs.gov/instructions/i8621 |
| ● | Instructions to complete Form 8621: https://www.irs.gov/pub/irs-pdf/i8621.df |
| ● | Form 8621: https://www.irs.gov/pub/irs-pdf/f8621.pdf |
THIS INFORMATION IS PROVIDED IN ORDER TO ASSIST SHAREHOLDERS IN MAKING CALCULATIONS AND DOES NOT CONSTITUTE TAX ADVICE. SHAREHOLDERS ARE ADVICED TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE OVERALL TAX CONSEQUENCES OF THE OWNERSHIP OF FTAC OLYMPUS ACQUISITION CORP. ARISING IN THEIR OWN PARTICULAR SITUATIONS UNDER THE UNITED STATES FEDERAL, STATE, LOCAL OR FOREIGN LAW.
FTAC Olympus Acquisition Corp
PFIC Annual Statement
Entity Name: FTAC Olympus Acquisition Corp
FTAC Olympus Acquisition Corp (the “Company”) may be considered a “passive foreign investment company” (“PFIC”) for U.S. federal income tax purposes. The following information is provided to allow a shareholder of the Company (a “Shareholder”) to make an election under Section 1295 of the Internal Revenue Code to treat the Company as a Qualified Electing Fund (“QEF Election”) for U.S. federal income tax purposes. The QEF Election is optional and can only be made by the Shareholder. The Company is unable to make this election on behalf of the Shareholder. Please note that a QEF election may not be recognized for state income tax purposes in some states. The PFIC rules are complex. Please consult with your personal tax advisor to determine whether or not it is advisable for you to make a QEF Election with respect to your investment in the Company.
| (1) | This PFIC Annual Information statement applies to the tax period of the Company beginning on August 28, 2020 and ending on December 31, 2020. |
| (2) | The Shareholder’s per-unit, per-day information for the Company’s taxable period specified in paragraph (1) is provided in the below chart. We recommend that all U.S. taxpayers consult a tax advisor concerning the overall tax consequences of their ownership in the Company and their U.S. tax reporting requirements. |
| Fund Name (and name of any underlying funds if applicable) | Ticker | Ordinary Earnings (US$) | Net Capital Gains (US$) | |||
| FTAC Olympus Acquisition Corp | FTOC | 0.00000261778 | None |
| (3) | The amount of cash and fair market value of other property distributed or deemed distributed by the Company to the Shareholder during the Company’s taxable period specified in paragraph (1) is as follows: |
| Cash: | None | |
| Fair Market Value of Property: | None |
| (4) | The Company will permit the Shareholder to inspect and copy the Company’s permanent books of account, records, and such other documents as may be maintained by the Company that are necessary to establish that PFIC ordinary earnings and net capital gain, as provided in Section 1293(e) of the Internal Revenue Code, are computed in accordance with U.S. income tax principles, and to verify these amounts and the Shareholder’s pro rata share thereof. |
| FTAC Olympus Acquisition Corp | |||
| Date: 03/15/21 | By: |  | |
| Title: | Chief Financial Officer | ||
Additional Information
The following additional information is supplied to enable the Shareholder to complete IRS Form 8621:
(Please note: a Shareholder may have additional filing disclosures including, but not limited to, Forms 926, 5471, and/or 8938 as a result of the Shareholder’s investment in the Company. Please consult your tax advisor.)
| Address of the PFIC: Taxpayer Identification Number: Country of Incorporation: Date of Incorporation: |
2929 Arch Street, Suite 1703 Philadelphia, PA 19104 98-1540161 Cayman Islands 6/2/2020 |