Individual Income Tax: Form 8621, Market-to-Market Election

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Facts:
1) In 2015, I filed 8621 for an Offshore Mutual Fund (MF) with a gain of $x during 2014. $x was declared as an ordinary income on 2015 return.
2) I sold the MF in April 2015.

Questions:
1) For 2015 calculation, do I consider the base value to be what was the...