Court Declared Citizen Can’t Expatriate to Avoid Taxes on Stock Sale

Five Stone Tax Advisers' Take on an Important Tax-Related Article:

Whether they be a dual-citizen, legal permanent resident, etc., it is important for those persons that have attained status as a United States (U.S.) taxpayer to have a legal analysis completed under federal income tax law before either formally (mark-to-market expatriation) or informally renouncing citizenship.

As illustrated in the article on the Topsnik case, failure to complete this legal analysis can lead to unintended consequences and in Mr. Topsnik’s case, severe tax liability. As the U.S. Tax Court held in his case, the status of legal permanent resident for federal income tax purposes turns on federal income tax law and is only indirectly determined by immigration law.

About Five Stone Tax Advisers

Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of dual citizen and expatriation cases.

Five Stone Tax
by Five Stone Tax

Five Stone Tax is America’s trusted tax adviser, offering full-service tax solutions with the goal of making sure all of our clients pay the lowest amount of taxes legally possible. As the most effective tax representation company in America, our team consists of the best Property Tax Consultants, Tax Attorneys, Enrolled Agents, case managers, and administrators in the industry.

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