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I will be receiving a deeded dividend on wind up of Canadian company that only held marketable securities. I have been told that the IRS treats Canadian deemed dividend as capital gain with the gain calculated as the amount of the cash proceeds less the cost base of the capital stock of the company.
Since the capital gain is minimal, can I us the 15% withholding tax on the Canadian dividend in my US tax filings.
Only against that US capital gains tax related to that dividend. So the credit will be minimal.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best