Fatca/Fbar filling

[basler1431]

Hi, 

I have a unique situation - my wife and I live in US, both residents, she is Norwegian and her parents live in Norway. Now, her father has his small business over there in her name. We received a letter from their tax authority about some small stock sale proceeds around $2500 USD that were held in the company`s name and sold by her father but since she is the legal owner with US address residence (even though never has any input in running the company), my assumption is we need to report this here, since it has been sent to IRS as part of fatca/crs terms. All the taxes are paid at much higher rate overthere so there is no tax implications but i am wondering about the reporting part and the appropriate forms.

1) Is this stock sale considered Fbar form 8938 or since it is under 10k we dont have to report it?

2) In addition, do we need to fill somekind of form to register her as a company owner in foreign country - maybe file a FBAR /Fincen forms saying that she is listed as company owner even if this is not considered a financial asset (if the assets are above 100k for MFJ) even though she is not actively involved in this, at least we never see any income from this? It is very confusing for us, since the company never distributed any income/dividends....hence no tax incurred even in norway (her parents are just employees) . Confused how to disclose this in what forms exactly. 

Any help or advice is appreciated.

Thanks

[TurboTaxSusan]

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