Serbinski Accounting Firms

I guess to add to that, if California were to not honor a treaty like you've described, is it ever possible to have a different cost basis for the federal piece (the deemed departure cost basis) and use the actual cost basis for the state piece?

I guess I'll let you answer the question about this ...

Nelsona, do you have a sense if the same would apply in the state of California? I.E. am I still able to use the new cost base upon entering the US to trigger the mechanism you have described about. I have heard that certain Canada tax treaties are not valid there?

Thank you for your thorough response.

So, just to clarify, the particular stock was my only holding, therefore, I would be able to use the provision - which would trigger a gain in Canada upon departure. By using the provision you've described, my cost base in the US would be my deemed disposition ...

Hi all,

I have a quick scenario I'd like help with determining the tax implications.

I am a Canadian and was granted a TN VISA to work in the US for three years on Jan 7, 2013. I intend on staying here for that entire time.

At my date of departure I had stock valued at $1.00 per share. My ...