DeWayne is a U.S. citizen and resident. He spends much of each year in the United Kingdom on business. He is married to Petula, a U.K. citizen and resident of London. DeWayne has heard that it is possible that he can file a joint income tax return for U.S. purposes. If this is so, what are the constraints he should consider in making any such decision?


The election to file a joint return has the effect of treating Petula as a U.S. resident. Unfortunately, this places Petula on the U.S. global approach to taxation. If Petula has considerable income of her own, the election makes this income subject to U.S. taxation which may be disadvantageous.

Business

You might also like to view...

In the long run, a growth-oriented marketing strategy will shift from a(n) ________ strategic market plan to a(n) ________ strategic market plan

A) growth; hold B) hold; growth C) offensive; defensive D) investment; tactical E) harvest; monetizing

Business

In order for a plaintiff to win a case involving intentional infliction of emotional distress, she must prove the defendant acted in an extreme and outrageous manner

a. True b. False Indicate whether the statement is true or false

Business

Which of the following accounts would appear in the income statement credit column?

A) Service Revenue B) Prepaid Insurance C) Unearned Revenue D) Depreciation Expense

Business

Generally, a joint venture is a partnership created for one limited purpose

Indicate whether the statement is true or false

Business