Are departure taxes on business inventory by a foreign country deductible as a business expense on my Schedule C?
Example, Jan 1st I depart Canada and move to USA. Canada hits my sole prop with a departure tax (capital gain) on my inventory FMV.
Is this a deductible?
Foreign tax
Moderator: Mark T Serbinski CA CPA
Re: Foreign tax
You've had lots of Q's on this topic, you might want to contact a pro.
Also, deemed disposition on business inventory in Canada is an ELECTION made by you.
Also, deemed disposition on business inventory in Canada is an ELECTION made by you.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing