 QEF status fully avoids the tax and interest regime only if it is effective from the beginning of the share's holding period.If a shareholder elects QEF status for particular shares at a date later than the acquisition date, one of three additional elections may be made to "purge" PFIC status for prior years.The shareholder may make one of two gain recognition elections (deemed sale and mark to market) or, if the shareholder is a corporation, a deemed dividend election.