Statements (33)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:tax_law
|
| gptkbp:alsoKnownAs |
Exit Tax
|
| gptkbp:appliesTo |
U.S. citizens
Covered expatriate status Green card holders Individuals renouncing citizenship Long-term residents ending residency |
| gptkbp:country |
gptkb:United_States
|
| gptkbp:criteria |
Certification test
Net worth test Tax liability test |
| gptkbp:enforcedBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:excludes |
Certain dual citizens
Minors meeting specific criteria |
| gptkbp:exemptionAmount |
$600,000 (indexed for inflation)
|
| gptkbp:formRequired |
Form 8854
|
| https://www.w3.org/2000/01/rdf-schema#label |
Expatriation Tax
|
| gptkbp:legalBasis |
Internal Revenue Code Section 877A
|
| gptkbp:notableRelease |
Rules changed in 2008
|
| gptkbp:penalty |
Continued U.S. tax liability if not compliant
Failure to file Form 8854 |
| gptkbp:provides |
Deemed sale of worldwide assets
Mark-to-market regime |
| gptkbp:purpose |
Prevent tax avoidance by expatriates
|
| gptkbp:relatedTo |
gptkb:FATCA
Citizenship-based taxation |
| gptkbp:startDate |
June 17, 2008
|
| gptkbp:taxStatus |
Capital gains tax
Income tax |
| gptkbp:triggeredBy |
Renunciation of U.S. citizenship
Termination of long-term U.S. residency |
| gptkbp:bfsParent |
gptkb:U.S._expatriates
|
| gptkbp:bfsLayer |
5
|