Explain expatriation tax, Taxation

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.

Posted Date: 8/4/2012 6:23:35 AM | Location : United States







Related Discussions:- Explain expatriation tax, Assignment Help, Ask Question on Explain expatriation tax, Get Answer, Expert's Help, Explain expatriation tax Discussions

Write discussion on Explain expatriation tax
Your posts are moderated
Related Questions
Using tax software, file out federal and california tax form! Plus cover letter

Justin's parents operate a restaurant business through a family trust, The Pepper Family Trust, which had the following receipts and expenses for the year ended 30 June 2011 (the b

a) Using the above information you are to construct Fiona's Cash Flow Statement and then explain to her the importance of creating a surplus budget. b) The Net Worth Statement e

Ted Testator died January 1st of this year.  Ted was married to Teri at the time of his death, but has two children, Timothy and Tabitha, from a prior marriage. You have been hired

Background information Jim set up a limited company; Show the Way Limited (The Company), along with his father in 1983. The company is incorporated in Scotland and has been reg


I am zainab ali, i want help in Tax assignment..   In 2012 Joe, age 15, earned $2900 from acting and had $12,200 of interest income and $14,000 of taxable qualified dividend

Assume that Zorn received only $24,000 salary during the period October 1 through December 31, 2013. What would be the consequences to Zorn, Inc.?

Your firm  purchased a line of computer equipment for $1.5M  four  years ago.  It is assigned a CCA rate of 20% and the firm has a tax rate of 35%.  At the end of this year (year 4

I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WORKS. ALSO INFORM ME WEATHER IT IS APPLICABLE IN INDIA OR NOT.