1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
d1i1m1o1n [39]
3 years ago
12

In January of the current year, Stan Signowski's U.S. employer assigned him to their Paris office. This year, he earned salary,

a cost-of-living allowance, a housing allowance, a home leave allowance that permits him to return home once each year, and an education allowance to pay for U.S. schooling for his son. Stan and his wife, Jennifer, have rented an apartment in Paris and paid French income taxes. What tax issues does Stan need to consider when preparing his tax return?
Business
1 answer:
elixir [45]3 years ago
5 0

Answer:

Stan appears to satisfy the basic Sec. 911 exclusion requirements for his year of arrival since he will be physically present in France for at least 330 days during his year of arrival. The actual number days for which the exclusion can be claimed depends on the length of time he spent in the United States. The salary, cost-of-living allowance, housing allowance, home leave allowance, and education allowance all are excludable up to the Sec. 911 limitation (calculated on a daily basis). In addition, Stan can claim an exclusion for the housing cost amount minus the base amount (calculated on a daily basis). Both exclusions are denied for the portion of Stan's salary and allowances attributable to his time in the United States. The portion of his employment-related expenses and foreign taxes attributable to the excluded income are unable to be deducted or credited. The foreign-earned income exclusion and housing cost amount exclusion are both elected by claiming such amounts on Form 2555.

Not knowing the amount of the foreign income taxes, and other components of Stan's tax return, it is impossible to know whether Stan should elect out of the Sec. 911 exclusion. Stan may have spent sufficient number of days in the United States on his trip home to need to qualify for the foreign-earned income exclusion under the bona fide foreign resident rules. In such case, he will not qualify for the exclusion until the end of this second calendar year in France. The exclusion would then be available retroactively back to the date on which he established foreign residency status.

Explanation:

You might be interested in
Which ad format gives viewers the choice of whether or not to watch your ad, and helps drive brand consideration?
guajiro [1.7K]
The correct answer is:
TrueView ads

Source, explanation and more info: <span>https://goo.gl/RE2D3U</span>
4 0
3 years ago
Consider the following items:
Arada [10]

Answer: Long-term assets are assets with a duration of more than one year. From the list the parties classified as long-term assets are three:

- Land

- Buildings

-Equipment

The rest of the games are classified as:

Accounts receivable (short-term assets)

Notes payable (due in three years) (Long-term liabilities)

Accounts payable (Short-term liabilities)

Retained Revenue (Equity)

Prepaid rental (Short-term assets)

Unearned Renvenue (Short-term liabilities)

Notes payable (due in six months) (Short Term Liabilities)

6 0
3 years ago
Which of the following is an example of consumer problem behavior?
Dahasolnce [82]

Answer:

E. Johnathan eats alone because he feels guilty about his binge-eating habits and gets worked up when waiters attend to him.

Explanation:

Johnathan is not happy with his habit of binging food.This made him to act like seating alone while eating and he gets worked up when he is attended by waiters

7 0
3 years ago
You have decided to save $500 a year for the next five years and then increase that amount to $700 a year for the following five
DaniilM [7]

Answer:

A. The time line will have a $500 cash flow for Years 1-5 and a $700 cash flow for Years 6 - 10.

Explanation:

A timeline orders events chronologically. Here, the timeline would list cash flows in the order in which they occur.

Please check the attached image for an image of the timeline.

I hope my answer helps you

3 0
3 years ago
The increasing participation of women in the labor force has been termed the:
Effectus [21]
<span>Women participating in the labor force is known as shattering the glass ceiling. The term originated in the 1980s and refers to woman who are moving up in the business world.</span>
3 0
3 years ago
Other questions:
  • Walter Utilities is a dividend-paying company and is expected to pay an annual dividend of $2.05 at the end of the year. Its div
    8·1 answer
  • During its first year of operations, Forrest Company paid $44,760 for direct materials and $50,600 in wages for production worke
    5·1 answer
  • A simple model of a firm describes it as an entity that buys – (for example, labor) and sells – (goods and services). A firm’s i
    6·1 answer
  • Accounts receivable written-off as uncollectible during the year amounted to $12,600. The accounts receivable balance at the beg
    5·1 answer
  • When a product experiences an increase in the number of competitors, it is usually in the _____ stage of the product life cycle;
    5·1 answer
  • What is the cost driver for rent expense? ​
    7·1 answer
  • Experts estimate that the average cost of a single B2B sales call is about _______, according to your text.
    14·1 answer
  • 1. A manufacturer of industrial motors has identified ten new prospective customers for its products and estimated each customer
    13·1 answer
  • Chelsea Fashions is expected to pay an annual dividend of $1.26 a share next year. The market price of the stock is $24.09 and t
    12·1 answer
  • N the most commonly used land appraisal form, which is not one of the line items that are listed for adjustment?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!