User talk:ScottCPA

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S - Corp basis

Did you ever get a response to your question about basis deductibility? thanks Richard Streitfeld CPA Providence RI

1st time ira withdral for home purchase

Hi Scott, I believe you were looking for a "tracing" rule answer to your IRA question. The qualified purchase was completeed before the ira money was received, so does the ira still qualify for the 10% exception since it was not used directly to complete the purhcase? Please let me know if you ever found your answer. Thanks, Tony

Where in Iowa?

Scott, where are you in Iowa? I moved to Fairfield, IA in August 2007. You can email me at

US Taxation of non-residents

Hello, ScottCPA. Sorry to bother you. I have a tax question, and sincerely hope you may be able to help me out. Any assistance will be greatly appreciated. In short I have a Cyprus-based(Cyprus tax payer) LLC. My company has a trading account with a US-based broker. My company trades forex(primarily spot). Besides trading account my company has no other activity in US(no permanent establishment). I trade everyday for an average of 7 hours/day. Finally, I'm neither a resident nor citizen of US. Never been one. This is my first year trading though a US broker. Now, I know I have to submit form W-8BEN to stop my broker from withholding taxes(except on some dividends). However, will there be any US taxation of my trading income? I know that since I'm trading forex spot - IRC 988 contract - my income will be classified as ordinary income, not cap. gains. So, the way I see it, as a non-resident I have two options. Firstly, I may try and elect out of 988 and into 1256, in which case my trading income will be in the form of cap. gains, from which my company will be fully tax exempt. Secondly, I may stick with 988. In such case, as I've read in USC 26 sec 988, the taxation will be based on the residency of the taxpayer on whose books forex profits will be reflected. If I understand it correctly, all forex profits will be reflected on the books of my Cyprus company, and hence I will only be liable to taxation in Cyprus. Which option to use depends on whether all/any of my assumptions above are correct. I will greatly appreciate any comments and/or suggestions from you.

p.s. in short my main question is whether my forex profits will be treated by IRS as US source profits or not? I mean after all, spot forex is an interbank market, which is not tied to any US regulated exchange, so logically forex profits may not be classified as 'US source income' with good degree of certainty. Hope I'm not being too confusing, or paranoid about this whole issue.

Best Regards,

Mike -

I've moved one of your posts

Hi, Scott - wanted to let you know that I moved the question you posted on Discussion:Small Business Health Insurance Credit and Related Businesses over to an existing discussion on the Chat Forum about the status of the health care bill, here. I've transferred Captcook's response over to the same discussion, and for further support of his response, please read DaveFogel's analysis, in post 3 of that same discussion (the one I've moved the two posts to).

This was done because - as you can see from the Chat forum discussion I've linked you to - this topic tends to become ideological quickly, and the consensus of the members of the site here is that political/ideological comments should be limited to the chat forum discussions only. That other discussion got moved from the tax forum to Chat pretty quickly, and I didn't want the same fate to befall Bert's discussion while his question hadn't yet been fully addressed.

If you have any questions about the transfer of posts, please let me know (you can leave me a note here: User talk:Trillium.

Trillium 07:40, 13 February 2011 (UTC)

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