Date: January 12, 2010
Time: 1 p.m. - 2:30 p.m. EST
Panelists: Ms. Lucy S. Lee, Caplin & Drysdale; Mr. Steve Trow, Trow and Rahal, P.C.
Description: On June 17, 2008, the United States enacted the "exit tax" to be applied to certain individuals giving up their U.S. citizenship or green card. Though this legislation resulted in controversy and confusion, it is clear that surrendering your U.S. citizenship or green card is not just a matter of immigration law. Rather, expatriation can result in significant tax consequences -- the "exit tax" effectively results in a deemed sale of your worldwide assets and imposes a tax on any resulting gain. Further, expatriation can make eventual gifts and bequests to U.S. resident children or others fully taxable at the highest gift or estate tax rate.
In the current climate of international tax enforcement (i.e., the IRS plans to set up an office in Shanghai to monitor compliance activities of U.S. persons living in Asia), taxpayers must equip themselves with full knowledge of applicable rules and plan their best exit strategy. Due to their extensive experience in international tax planning and controversies and immigration law, the panelists below will address the tax and immigration law implications of giving up your U.S. citizenship or green card.
Seminar will be conducted in Korean. To view the invitation in Korean, click here.