Explain expatriation tax, Taxation

Assignment Help:

An expatriation tax is a tax on somebody who gives up their citizenship. In United States, the expatriation tax provisions under Section 877 and Section 877A of the Internal Revenue Code (IRC) pertain to U.S. citizens who have gave up their citizenship, and long-term residents who have broken their U.S. resident status for federal tax objectives. Diverse rules apply, as per the date upon which one expatriated.

As many people who expatriated did so to keep away from tax laws concerning their assets, the IRS has forced more strict tax implications for expatriates. The IRS supposes reasons for expatriation are tax evasion if the person who did this has an annual income over a particular standard figure. The ex pat tax does not be relevant to individuals who can show in a ruling with the Secretary of Treasury that their cause for expatriation was not to avoid taxes, like a person with dual citizenship selecting the other country for lasting citizenship.


Related Discussions:- Explain expatriation tax

Evaluate the accuracy of federal tax, A1 Evaluate the accuracy of the term ...

A1 Evaluate the accuracy of the term "New South" in describing the post-Civil War South, and discuss ways in which the term was and was not appropriate. A2 What was the Indian "

Uganada revenue authority, write a program on Uganda revenue authority tax...

write a program on Uganda revenue authority taxation based on import and export cargo.

Principles of business taxation 2013 edition, Hi, I need help with a timed...

Hi, I need help with a timed quiz based on principles of business taxation 2013 edition . it is 25 short questions in 3 hours.

Online Exam, Hi Dear, could you do the online exam with me !! Thank you

Hi Dear, could you do the online exam with me !! Thank you

Taxable income for the year, Avis's taxable income for the year is $300,000...

Avis's taxable income for the year is $300,000 and Best's taxable income for the year is $425,000. For each of the scenarios provided, (a) state if a control group has been created

Calculate indicators of tax burden and financial services , Questions 1...

Questions 1. Knowledge a common feature of the enterprise: the legal form of activity, history of creation, especially business, prospects, familiarization with the documents g

Gregory R. and Lulu B. Clifden tax return, Gregory R. and Lulu B. Clifden l...

Gregory R. and Lulu B. Clifden live with their family at the Rock Glen House Bed &Breakfast, which Gregory operates. The Bed & Breakfast (B&B) is located at 33333 Fume Blanc Way, T

Tds , tds late filing fee code & late filing interest code

tds late filing fee code & late filing interest code

Compute the cost of external equity, Suppose a company issues common stock ...

Suppose a company issues common stock to the public for $25 a share. The expected dividend is $2.50 per share and the growth in dividends is 8%. If the flotation cost is 10% of the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd