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This is a hypothetical case. Let's say, John is a US green

This is a hypothetical case. Let's say, John is a US green card holder. John owns an offshore company in BVI and John is the only director and share holder of this offshore company. John directs the company to invest some money in a startup in Cayman Island to get some of the startup's shares. Then later after that, assuming the startup goes public and then the BVI company sells the shares to cash out to make some profit/capital gain, and all the cash is deposited to the BVI company's business bank account. Just wonder:- Does John have any personal tax liability? Because all the cash and capital gain are still associated with the BVI company, John has not got any capital gain in his personal account, my understanding is that, John does not need to pay any personal tax for this, right?- Because John's company is in BVI and the startup is in Cayman Island, John's BVI company does not have any tax liability in the USA either, right?

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USTaxAdvising

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California nonprofit corporation has employee with serious

California nonprofit corporation has employee with serious cancer who has exhausted vacation and sick leave.Are there tax consequences for other employees or the company when they want to gift accrued time to the one with cancer?Need a policy so it can be clear and legal.Thank you!

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Barbara

Enrolled Agent, Paralegal

 
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I have reported interest from Everbank annually on single currency

I have reported interest from Everbank annually on single currency World currency CDs for various foreign currencies. The matured CDs were called "Rollover principal and interest". They were 3 and 6 month CDs. How do I report capital gains or losses since 2004.

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Lev

Retired

Bachelor's Degree Equivalent

 
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US resident/citizen taxpayers own 2 societe civile immobiliere

US resident/citizen taxpayers own 2 societe civile immobiliere in France. Each holds title to a condo which they use only as a part time residence and do not rent out. Each SCI does not have a bank account or any receipts or disbursements. Only asset is the condo itself which in both cases is not mortgagedEach sci is owned 50% by husband and 50% by wife.What, if any, are US tax disclosure requirements?What, if

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USTaxAdvising

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My US company is paying interest to a Nevis LLC, 100% owned

My US company is paying interest to a Nevis LLC, 100% owned by my mother, who is a resident of Russia. According to the US treaty with Russia there is no withholding on interest income paid to residents of Russia. So if this Nevis LLC is "fiscally transparent" to my mother, then I don't need to withhold. But the pub. 515 says that "An entity is considered to be fiscally transparent...to the extent the laws of that jurisdiction require the interest holder to separately take into account on a current basis the interest holder's share of the income, whether or not distributed to the interest holder...". I am not that familiar with Russian tax laws and do not know the answer to that. But generally speaking a single owner LLC should be fiscally transparent. What do I do?

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USTaxAdvising

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Husband and wife have filled divorce papers and the Judge asked

Husband and wife have filled divorce papers and the Judge asked to sell the home they own and divide 50%/50% between them, the ex-husband instead of selling it gave 150k dollars to the exwife, exwife does not work neither had any other source of income in 2013 but received those 150k from her ex-husband, is there any tax due by her to the IRS?, if so? how much? or what the is the form number that should be fill with the IRS about this matter?Thank you

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I have a question about a nonresident alien who lives in a

I have a question about a nonresident alien who lives in a foreign county and made a monetary gift (in cash ‎form) to a nonresident alien who lives in the U.S. Does the nonresident who gave the cash has to file Form ‎‎709?‎ The 709 instructions are not 1005 clear to me on the following case: Information about the donee and donor: The donee is a nonresident alien but files his taxes as a U.S. person due to the 3 years presence text. ‎The donor is Nonresident lives in a foreign country (donor) gave a cash gift to a nonresident (donee) that files as a U.S. ‎person. ‎According to form 709 instructions:” Nonresidents not citizens of the United States are subject to gift and ‎GST taxes for gifts of tangible property situated in the United States.” ‎I am not sure if I am reading this correctly but what does tangible property means? Does cash fall under ‎the tangible category or it only means for asset that can be touched? I was not able to see the publication ‎definition of tangible property. Can you please refer me to the IRS formal definition on tangible property ‎for gift tax purposes? In my example, the gift was cash and came from the foreign country to the U.S. . ‎Therefore, can I assume that the cash is intangible property, NOT situated in the U.S. (since it came from a ‎foreign country) and thus the nonresident alien that gave the gift does NOT need to file Form 709?‎Any help will be appreciated. ‎

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Anne

Master Tax Preparer

 
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Hello Ed, I am a non US citizen that offers branding and

Hello Ed, I am a non US citizen that offers branding and consulting services to customer in the U.S. but all services will be performed in my home country. Some of the work I'll perform myself, others I will hire third party vendors (in my home country) to perform. I have setup a single member LLC in the state of FL to handle US clients. I have a customer in L.A. who has engaged my services and has asked me for my W9. While filling out the form I read that disregarded entities with foreign owners must fill out form W8-Ben, so I did and I used my personal SSN since I've lived and worked in the U.S. before, rather than the LLCs EIN.Is W8 BEN the right form to fill out?Is using my personal SSN instead of the LLCs EIN correct?I'm I subject to NRA tax withholding of 30% if all services will be performed outside of the US?Will I be required to use schedule C to pass through income/losses?Should I handle vendors to deliver services as Costs of Goods Sold and track this in Schedule C?Will I be required to file form 1040 NR during tax season?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
My father-in-law and mother-in-law had a business in Mexico

My father-in-law and mother-in-law had a business in Mexico for many years. He died and left the business to her. She sold the business and kept the proceeds as an investment. She moved to the US and became a citizen but left the money in Mexico. She has lost part of the money due to the down economy and questionable advice. She would like to move the money to the US. What are the tax ramifications.

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jgordosea

Enrolled Agent

Bachelor's Degree

 
2,802 satisfied customers
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