See Special Enrollment Exam Quiz
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SEE PART 1: INDIVIDUALS
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PASSAGE
Rafael, a U.S. citizen who lives in Arizona, is unmarried. In 2025 he had a checking account in Mexico. Its balance was $58,000 on December 31, 2025 and $96,000 on June 30, 2025. The account earned $300 of interest in 2025.
Which of the following statements is correct regarding Rafael's 2025 reporting obligations?
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