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13-19 13-19 13-19 earned income exclusion and the exclusion for employer-provided foreign hos Ous...

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Accounting

image13-19 13-19 13-19

earned income exclusion and the exclusion for employer-provided foreign hos Ous ing income. What amounts may be excluded from income? Which electionte should J make? Bona Fide Resident or Physical Presence Test. P, a U.S. cit England June 1, 2014 and expects to return to the United States December 1, 2015 P is employed by a U.S.-based multinational corporation as an advisor to its British business operations during this period. Every other month, the company requires P to return to the United States for business purposes. Thus, P will be in the United States for seven days every two months, beginning with the last week in July. Ps taxable year is the calendar year. a. Does P meet the bona fide resident test for 2014 or 2015? b. Does P meet the physical presence test for 2014 or 20152 c. What recommendations would you make to P that would enhance his situation 13-19 izen, moves to London, to exclude foreign source income

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