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The Decline Of The British Pound And Phantom Capital Gains For Americans In The UK

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Manage episode 347630904 series 3071154
内容由prep提供。所有播客内容(包括剧集、图形和播客描述)均由 prep 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品,您可以按照此处概述的流程进行操作https://zh.player.fm/legal

November 20. 2022 - Participants Include

Andrew Grossman - @AndyGr

John Richardson - @Expatriationlaw

_____________________________________________

I am always grateful for the opportunity to catch up with Andrew Grossman who is a UK based former US Foreign Service Officer. Mr. Grossman has compiled the best research in the area of FATCA and FBAR which is available here:

https://www.nyulawglobal.org/globalex/Fatca_Citizenship_Based_Taxation1.html

Previous interviews with Mr. Grossman 2014 and 2016 may be found on Youtube:

https://www.youtube.com/watch?v=X1Avi8QJygQ&t=1s

https://www.youtube.com/watch?v=MhMBmz8gt0Y&t=4s

_________________________________________________

Our discussion today included:

- phantom capital gains

- the consequences of Brexit

_____________________________________________

Here is the phantom capital gains provision of the Internal Revenue Code:

https://www.law.cornell.edu/uscode/text/26/988

26 U.S. Code § 988 - Treatment of certain foreign currency transactions (a)General ruleNotwithstanding any other provision of this chapter— (1)Treatment as ordinary income or loss (A)In general

Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be).

  continue reading

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Artwork
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Manage episode 347630904 series 3071154
内容由prep提供。所有播客内容(包括剧集、图形和播客描述)均由 prep 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品,您可以按照此处概述的流程进行操作https://zh.player.fm/legal

November 20. 2022 - Participants Include

Andrew Grossman - @AndyGr

John Richardson - @Expatriationlaw

_____________________________________________

I am always grateful for the opportunity to catch up with Andrew Grossman who is a UK based former US Foreign Service Officer. Mr. Grossman has compiled the best research in the area of FATCA and FBAR which is available here:

https://www.nyulawglobal.org/globalex/Fatca_Citizenship_Based_Taxation1.html

Previous interviews with Mr. Grossman 2014 and 2016 may be found on Youtube:

https://www.youtube.com/watch?v=X1Avi8QJygQ&t=1s

https://www.youtube.com/watch?v=MhMBmz8gt0Y&t=4s

_________________________________________________

Our discussion today included:

- phantom capital gains

- the consequences of Brexit

_____________________________________________

Here is the phantom capital gains provision of the Internal Revenue Code:

https://www.law.cornell.edu/uscode/text/26/988

26 U.S. Code § 988 - Treatment of certain foreign currency transactions (a)General ruleNotwithstanding any other provision of this chapter— (1)Treatment as ordinary income or loss (A)In general

Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be).

  continue reading

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