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transition tax - 962 tax election statement language template

Many US citizen taxpayers abroad (including Canada) with transition tax issues seek tax benefit by making an IRC Section 962 tax election on their 1040 allowing gross income received under IRC Section 951(a) to be taxed as if it were received by a domestic corporation. Reg. Section 1.962-2(b) lists the information that must be included on the IRC Section 962 election statement and I’ve listed that Regulation here for your easy reference to generate such statement. § 1.962-2 - Election of limitation of tax for individuals (a)Who may elect. The election under section 962 may be made only by a United States shareholder who is an individual (including a trust or estate). What to include on a 962

How to get back your money from CRA (when already taxed by IRS but disallowed by CRA - using transcr

Has CRA sent you a large tax bill because it disallowed foreign tax credit claim for IRS or state taxes paid until you provide CRA with an official transcript? OK, so now you’re at the point where www.ustaxservices.ca has provided you with official tax authority transcripts, where do you go from there and is there an easy way, such as online upload? You should be able to upload and reply online with CRA by logging into ‘my account’ with CRA and then selecting ‘request a change to your T1 tax return’. One generally needs foreign income to claim foreign tax credit, as such credit is offset against foreign income (for both CRA and IRS). Once you’ve made sure foreign income is correctly reported

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