Graduated Tax or Gradually Taxed

Twenty years ago when the writer had a public tax practice in Santa Fe, New Mexico, he received a call from a shopkeeper on Canyon Road.  ‘I’ve received a notice from IRS. Can you help me with my taxes?’ Santa Fe is the capital of New Mexico and famous for ... continue reading

Capitalizing Gains and Losses

The history of capital gains treatment stateside is interesting. As well, it is reflective of how the American tax authority periodically tampers with the tax law. From 1913 to 1921, capital gains were taxed at 7%. In 1921, a rate of 12.5% was applied to assets held for two years ... continue reading

2007 Tax Preparation

One of the expat advantages of a later tax filing due date - 16 June 2008 - for the 2007 US federal income tax return is the extra time to put together those papers related to foreign taxes.  This 16 June due date can even be extended to 15 October by ... continue reading

State of Your Personal Estate

Several weeks ago this writer was in Spain consulting with a dual citizen of both the United States and France.  Happily Mme Palu announced that in 2004 she had inherited oil stock valued at $600,000 from her mother, a citizen of the United States.  Having sold the same stock last ... continue reading