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May A Foreign Investor Invest In A Corporation And Avoid Paying Corporate And Individual Tax On The Gain From The Sale Of U.S. Real Estate?
User Photo Richard Lehman, JD, LLM
Tax Professional Level: Tax Enthusiast

Yes, once a corporation, Foreign or U.S., has sold all of its U.S. real estate holding and paid the single tax at the operating level of the corporation, the corporation may liquidate and distribute its assets to...   Read More
What Is The Standard Of Willfulness That Prevents A Taxpayer From Entering The Streamlined Program?
User Photo Richard Lehman, JD, LLM
Tax Professional Level: Tax Enthusiast

The test for "willfulness" is whether there was a voluntary, intentional violation of a known legal duty. A finding of willfulness must be supported by evidence of willfulness. The burden of establishing...   Read More
Concerned About The IRS's OVDP And FATCA
User Photo Richard Lehman, JD, LLM
Tax Professional Level: Tax Enthusiast

Taxpayers who are already under a civil examination of a taxpayer’s returns for any taxable year, (regardless of whether the examination related to undisclosed foreign financial assets), will not be eligible to...   Read More
Offshore Bank And Foreign Asset Disclosure Programs And Concerns About Failure To Pay Tax And Submit Required Forms.
User Photo Richard Lehman, JD, LLM
Tax Professional Level: Tax Enthusiast

Yes. The Offshore Voluntary Compliance Program is a separate IRS Program that waives certain serious penalties but asserts a much higher overall penalty than the Streamlined Procedure and it assures taxpayers that...   Read More

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