Sylvester Is a U

question 46

Multiple Choice

Sylvester is a U.S. citizen living in Canada working as a computer programmer for Excel Designs, Inc., a U.S. company.
I.Sylvester is a nonresident alien for U.S. tax purposes.
II.If Sylvester earns $10,000 for a consulting job in London, this income will be subject to U.S. tax.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Probate

A legal process that deals with the assets and debts of a deceased person, ensuring proper distribution according to the will or the law.

Resided

To have been domiciled or located in a particular place.

Trust's Principal

The original assets placed into a trust by the grantor, excluding any income or appreciation generated by those assets.

Investment Costs

Investment costs include all the expenses associated with acquiring an asset, including purchase price, broker fees, setup costs, and any other costs necessary to bring the asset to a usable state.