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VA online Form 1120-X: What You Should Know

Form 706-B — US Individual Income Tax To file a Form 706-B, the taxpayer or his representative must, at the taxpayer's direction, furnish you with an Amended Statement of Income and Tax Liability containing only the information required by the statute. VIII. Taxes for Foreign Persons If you are a foreign person (or corporation), you should be aware that a significant portion of your U.S. source taxable income will be subject to tax under the foreign income tax rules. The tax rules are complex and the provisions are not always obvious, so it isn't possible to provide a detailed tax discussion specifically for foreign persons. However, the following discussion should be adequate to assist foreign persons in understanding the tax rules for U.S. sources. The first tax question you'll want to answer is whether the foreign person meets the general definition of a foreign person. Generally speaking, a foreign person is not a resident of the United States. However, the tax rules don't limit the foreign person's ability to be a resident. If a person is subject to the foreign person rules (as determined for his or her place of incorporation), the person does not need to be a resident of the United States and is subject only to withholding on U.S. source income (for instance, dividends paid by a shareholder to an individual U.S. shareholder). If the person is actually a resident of a certain foreign country, he or she will need a nonresident tax residence certificate, which is a document that documents the nonresident status. A person who has a nonresident tax residence certificate can claim residence in the U.S. on his or her income tax return and should be able to file on a U.S. return. When you make an election to have the foreign person not be a resident of the United States, the foreign person is treated as, without limitation, a nonresident for U.S. tax purposes. Under the general rules, income earned in the United States is treated as earned in the U.S.; therefore, the amount of income subject to foreign tax is equal to the amount of U.S. source income, as shown on the foreign tax return. To the extent the foreign person holds U.S. investments, if the foreign person can show that he or she is a U.S.

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