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The step up in basis is reversed. In other words, it is not for when you become a resident alien but when a resident alien becomes a non resident. The exception is for people who are “covered expatriates” and give up their green cards or citizenship.
You will be taxed on your worldwide income when you are a green card holder but the holdings and your basis does not change.
Your Foreign Corporation will remain a foreign corp. Your filing requirements for Form 5471 relate to persons who have a certain level of control in certain foreign corporations.
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