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Non-Tech : Shorting with Offshore Accounts -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (3)2/8/1999 3:40:00 PM
From: Rajiv  Read Replies (2) | Respond to of 127
 
This means that you have to pay Capital gains tax in the country where you have your brokerage account (let us assume - Canada).

Taxes in the country where the offshore company is incorporated (let us assume - Bahamas) - I am assuming this is minimal/non-existent.

Taxes in the U.S

??

Regards.
Rajiv



To: peter michaelson who wrote (3)2/9/1999 4:22:00 PM
From: Philip S. LaMar Jr., J.D.  Respond to of 127
 
In answer to your question: United States citizens are taxed on gross income, which is broadly defined as "all income from whatever source derived." (USC, Title 26, Subtitle A, CHAPTER 1, Subchapter B, Part I, Sec. 61) This is interpreted to mean that citizens are taxed on their worldwide income. In short, whatever you personally earn, you have to report.

www.barringtongroup.com


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