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
what is the dis advantage of digressive tax?

Miguel receives tangible personal property as an inheritance in 2011. The property was depreciated by the deceased (Miguel's father), and Miguel will also depreciate it. At the dat

Provide at least 4 reasons why a firm may prefer to repurchase stock than to pay out dividends. What factors have influenced the strong growth in repurchase over the last two decad

To prepare Jackie O. Park''s tax return without the aid of Tax preparation software, complete the following steps: Ensure that you have an Adobe Reader http://get.adobe.com/reade

Hi Dear, Could you please do my Project in Tax individuals class ..!! and I attached the all Instructions. Thank you


Consider the following scenarios: a) Audit fees received by an auditing firm. b) Final ordinary dividend received. Dividends are declared on 31 December and are payable to sh

Tax Payable or Tax Credit Stuart's Guitars, which has a company tax rate of 30%, is planning to sell one of its old lathes. The machine, purchased 5 years ago for $50,000, had

T ax Shields A tax shield is defining any reduction in a corporation's tax bill which can be brought about by management. Depreciation, for example create a tax shield

"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''s Social Security number is 111-11-1111.