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Foreign Exchange Rates and the Exit Tax

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We have seen several advantages from the increase in the U.S. dollar strength against foreign currencies when tackling the Exit Tax.  Several clients have dropped below the $2 million thresholds and others find they have much lower gains on deemed sales when calculating the tax.  While dollar strength can cause other issues, abandoning green cards and U.S. citizenship renunciations are seeing benefits.  For advice regarding U.S. taxpayer status, filing requirements and related disclosure requirements contact Jim Mastracchio, james.mastracchio@dentons.com (202) 496-7251 for a confidential consult.