Full Internal Revenue Code §1291-1298 and US Treasury Regulations 1.1291-1 through 1.1298-3 represent the statutory treatment of passive foreign investment companies. Some regulations are still in the proposed mad temporary step of becoming law.

U.S. Code § 1291 to § 1298

[Sec. 1291] INTEREST ON TAX DEFERRAL.
(a)
Treatment of distributions and stock dispositions
(b)
Excess distribution
(c)
Deferred tax amount
(d)
Coordination with subparts B and C
(e)
Certain basis, etc., rules made applicable
(f)
Recognition of gain
(g)
Coordination with foreign tax credit rules
[Sec. 1293] CURRENT TAXATION OF INCOME FROM QUALIFIED ELECTING FUNDS.
(a)
Inclusion
(b)
Pro rata share
(c)
Previously taxed amounts distributed tax free
(d)
Basis adjustments
(e)
Ordinary earnings
(f)
Foreign tax credit allowed in the case of 10-percent corporate shareholder
(g)
Other special rules
[Sec. 1294] ELECTION TO EXTEND TIME FOR PAYMENT OF TAX ON UNDISTRIBUTED EARNINGS.
(a)
Extension allowed by election
(b)
Definitions
(c)
Termination of extension
(d)
Election
(e)
Authority to require bond
(f)
Treatment of loans to shareholder
(g)
Cross reference
[Sec. 1295] QUALIFIED ELECTING FUND.
(a)
General rule
(b)
Election
[Sec. 1296] ELECTION OF MARK TO MARKET FOR MARKETABLE STOCK.
(a)
General rule
(b)
Basis adjustments
(c)
Character and source rules
(d)
Unreversed inclusions
(e)
Marketable stock
(f)
Treatment of controlled foreign corporations which are shareholders in passive foreign investment companies
(g)
Stock owned through certain foreign entities
(h)
Coordination with section 851(b)
(i)
Stock acquired from a decedent
(j)
Coordination with section 1291 for first year of election
(k)
Election
(l)
Transition rule for individuals becoming subject to United States tax
[Sec. 1297] PASSIVE FOREIGN INVESTMENT COMPANY.
(a)
In general
(b)
Passive income
(c)
Look-thru in the case of 25-percent owned corporations
(d)
Exception for United States shareholders of controlled foreign corporations
(e)
Methods for measuring assets
[Sec. 1298] SPECIAL RULES.
(a)
Attribution of ownership
(b)
Other special rules
(c)
Treatment of stock held by pooled income fund
(d)
Treatment of certain leased property
(e)
Special rules for certain intangibles
(f)
Reporting requirement
(g)
Regulations

Code of Federal Regulations § 1.1291-1 to § 1.1298-3

§ 1.1291-1. Taxation of U.S. persons that are shareholders of section 1291 funds.
§ 1.1291-1T. Taxation of United States persons that are shareholders of section 1291 funds (temporary).
Proposed Regulation § 1.1291-1. Taxation of U.S. persons that are shareholders of section 1291 funds.
Proposed Regulation § 1.1291-2. Taxation of distributions by section 1291 funds.
Proposed Regulation § 1.1291-3. Dispositions.
Proposed Regulation § 1.1291-4. The deferred tax amount.
Proposed Regulation § 1.1291-5. Coordination with the foreign tax credit rules.
Proposed Regulation § 1.1291-6. Nonrecognition transfers of stock of section 1291 funds.
Proposed Regulation § 1.1291-7. Section 1291(e) rules similar to section 1246.
§ 1.1291-9. Deemed dividend election.
§ 1.1291-10. Deemed sale election.
§ 1.1293-1. Current taxation of income from qualified electing funds.
Proposed Regulations § 1.1293-1. Current taxation of income from qualified electing funds.
Proposed Regulation § 1.1293-2. Special inclusion rules for special preferred QEF election.
§ 1.1294-1T. Election to extend the time for payment of tax on undistributed earnings of a qualified electing fund (Temporary)
§ 1.1295-1. Qualified electing funds.
Proposed Regulation § 1.1295-1. Qualified electing funds.
Proposed Regulation § 1.1295-2. Special preferred QEF election.
§ 1.1295-3. Retroactive elections
§ 1.1296-1. Mark to market election for marketable stock.
Proposed Amendments to Regulation § 1.1296-1. Mark to market election for marketable stock.
§ 1.1296-2. Definition of marketable stock.
§ 1.1297-3. Deemed sale or deemed dividend election by a U.S. person that is a shareholder of a section 1297(e) PFIC.
§ 1.1298-1T. Section 1298(f) annual reporting requirements for United States persons that are shareholders of a passive foreign investment company (temporary)
§ 1.1298-3. Deemed sale or deemed dividend election by a U.S. person that is a shareholder of a former PFIC.