Discussion:"S" Corp Foreign Earned Income
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Discussion Forum Index --> Advanced Tax Questions --> "S" Corp Foreign Earned Income
Discussion Forum Index --> Tax Questions --> "S" Corp Foreign Earned Income
| 2008-03-18 | |
| I have read publications 54 & 597 regarding US citizens living abroad and foreign earned income but it reads like "greek". I have a "S" corporation whose single shareholder spend a week in Canada a month on a consulting job and earns $170K per year. Is there a treaty or paper I can read that would tell me that any part of that money is 100% taxable in the US or "0%" or something in between? At present none of it is taxable in Canada which leads me to believe that 100% would be taxable in the US. Please point me in the right direction.
P.S. - Memphis and UCLA in the final with Memphis winning. Sweet comeback from 1973. | |
| 18 March 2008 | |
| 100% is taxable in the U.S. The place to start is Code ยง 61 (" . . . all income from whatever source derived . . . "). Unless there is some other law or treaty that excludes the income (which in your circumstance it sounds like there wouldn't be), the income is taxable. | |
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