Source: http://intltax.typepad.com/intltax_blog/flowcharts/page/2/
Timestamp: 2018-02-23 02:18:24
Document Index: 156937307

Matched Legal Cases: ['§ 877', '§ 302', '§ 301', '§ 301', '§ 302', '§ 1001']

Today our sister website, Tax-Charts.com, published a new flowchart regarding the term “covered expatriate” under Code § 877A. Under this section, certain individuals that renounce their U.S. citizenship or cease to be long term U.S. residents are deemed to have sold their worldwide assets just prior to expatriation. Tax is due on the deemed sale to the extent that net gain exceeds $627,000 (for 2010). Only “covered expatriates” are subject to the deemed sale rules.... Read more →
On our sister website, Tax-Charts.com, we have published a flowchart of distributions in redemption of stock under Code § 302. Redemptions of stock can be treated either as sales/exchanges or as Code § 301 distributions. The flowchart leads the user, step-by-step, through the process of determining whether the redemption should be treated as a sale/exchange or as a Code § 301 distribution. The flowchart covers the substantially disproportionate rules of Code § 302(b)(2) as well... Read more →
This week we launched a new sister website. The website is Tax-Charts.com. This website contains flowcharts of certain U.S. tax rules. The site currently includes three flowcharts: cross-border transfers under section 367, U.S. Individual Income Tax Residency Flowchart, and Cross-Border Gifts Flowchart. By far, the most important of these three flowcharts is the section 367 flowchart. This flowchart has taken three years to complete and is three and a half feet tall and nearly six... Read more →
The U.S. tax rules dealing with cross-border corporate nonrecognition transactions are some of the most complicated tax rules in existence. It is remarkable how many exceptions can exist. The following example of an outbound asset reorganization demonstrates six levels of rules and exceptions to those rules. Outbound Asset Reorganization GAIN: In general, gain is recognized upon an exchange of one asset for another asset. Code § 1001. NO GAIN: An exception to gain recognition exists... Read more →
I recently read an article dealing with Canadian taxation of cross-border transactions. Part of the article discussed the Canadian approach to outbound taxation. In many ways, the Canadian rules for taxing outbound investments are very similar to the U.S. rules. The U.S. generally allows for deferral -- Canada generally allows for deferral. The U.S. has certain anti-deferral regimes (subpart F income and passive foreign investment companies) -- Canada has certain anti-deferral regimes (foreign accrual property... Read more →