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Once a person moves to a country and reside there for many years then they acquire a new domicile. This is known as Domicile of Choice.
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- Danny and Julie, a married couple, decided to sell their community property home in a community property state, and reinvest their sale proceeds in a new home in a common law state with only Julie's name on the title. Which statement below is correct? A) The new home will be considered community property, but only if Julie places Danny’s name on the title as tenancy by the entirety. B) The new home will be considered the separate property of Julie. C) The new home will be considered community property. D) Danny would have rights to only the sale proceeds from their prior home.Solve through IRAC (ISSUE, Rules, Analysis, Conclusion) method. Samuel Finley has two children, a daughter Lee and a son Keaton. Samuel has a lovely beach house in Palm Beach. Sam is terminally ill and has been told by his doctors that he has less than a year to live. Lee knows that Keaton is their father’s favourite child and that he had been named in the latter’s will to inherit the beach house. Lee knew that since their father did not have long to live and that he was 90 years old and starting to become mentally-weak, she could pressure him to transfer the Palm Beach beach house over to her even though Samuel may not totally understand what he was signing over. So, for four months, using pressure and threats, but more often with gentle but devious tactics, Lee succeeds in convincing Samuel to sign a transfer of property transferring the Palm Beach beach house over to her. As his last act, before he dies, Samuel wants to set aside the transfer of the beach house to Lee. Advise…i. Yuna, a Malaysian citizen is married to an Australian businessman. Since her marriage, she has resided in Australia and occasionally return to Malaysia to visit her family especially during the festival season. Yuna is then applied for a post with a Malaysian Education office in Australia and being hired in year 2022. ii. Iddin is a lecturer at public university in Malaysia and went on study leave to pursue his doctoral degree in Ireland for three years. Since he is employed by Government of Malaysia, thus he was fully-sponsored by the government on his study matters. Iddin left Malaysia on 16 February 2022. He came back to Malaysia only for a month on 1 October 2022 to 31 October 2022 and back to Ireland afterwards. Required: Ascertain the resident status for Yuna and Iddin for the year of assessment 2022.
- For an individual taxpayer in the United States, what benefit is provided by the foreign housing cost exclusion?A married couple obtain a common law marriage in Texas and live there, filing jointly, for several years. They do not get legally married. They move to California to become permanent residents. What is their filing status in California?In the context of estate planning, it is correct to say that: * Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death. State laws always determine the distribution of our estate after our death. Once we cannot predict the future, we should plan our estate only a little before our death. The executor is a person who assumes responsibility for providing childrem with personal care and managing the deceased's estate for them.
- Supposed CCS was formed with Nicole Johnson, Sarah Walker, and Chanzz Inc., a legal corporation owned by Chance Armstrong, as shareholders. Chance Armstrong is a U.S. resident but a French citizen. His mother has recently been diagnosed with a terminal illness, and Chance has decided to move back to France to take care of his mother and her affairs. He anticipates that he will live in France for several years and that he will no longer be considered a U.S. resident. Questions to consider include the following: If you were Sarah or Nicole, how would you react to Chance’s decision to move? Would you ignore the impact it may have on CCS’s S Corporation status? Would you pressure Chance to sell his CC stock to you? What are the consequences if Sarah and Nicole ignore the impact on CCS's S corporation status? Would this action violate tax law? Would this action violate ethical standards?Exactly who can be a “qualifying relative” and who can’t…??? Say, for example, that you are unmarried but have a “friend” who lives with you full-time / all year. It’s just the two of you (and maybe a quadruped or two). The apartment (or house) is in your name only and you pay all of the rent (or mort-gage) and for absolutely everything else because your friend is a “writer” who does nothing by way of work other than on a supposed novel – which of course brings in absolutely zero income because it never seems to get finished, much less published… Since you’re the sole breadwinner and it’s your apartment (or house), can you file as “Head of household” instead of as “Single”? Explain in 2-3 sentences.A client approached you with a question about the tax consequences of setting up an irrevocable trust for his two grandchildren to attend college. Please respond to the following: Discuss the tax issues or consequences of the generation-skipping provision and a direct gift to the grandchildren instead of creating the trust. Make at least two recommendations to support either a direct gift to the grandchildren or the creation of the trust.
- Badges of trade are used to determine A. if an individual is UK resident or not B. whether or not a trade exists C. how much tax an individual should pay D. the age of a taxpayer 10. Unused pension allowance can be carried forward up to A. 1 year B. 3 years C. 2 years D. 6 yearsa.A was born in Chennai but later on migrated to Japan in June 2010 and took the citizenship of that country from December 2014. His parents were born in Punjab in 1950 and his grandparent was born in undivided Bengal in 1940. He comes to India during 2020-21 for 120 days. During the earlier immediately preceding four years he was in India for total of 375 days. Determine his residential status for the assessment year 2021-22. During the previous year he received `20,000 as dividend from an American company, is it taxable in India? b. Discuss the provision relating to income deemed to arise or accrue in India. A is a citizen of Nepal has a property in Delhi, which is on monthly rent of Rs. 20,000 he is also receiving pension from Indian Army for his services rendered Rs. 30,000 monthly. Discuss whether these are taxable in India. During the previous year 2020-21 he never visited India.(6).
