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U.S.Taxpayers vs Nonresident Aliens Distinction Quiz

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U.S.Taxpayers vs Nonresident Aliens Distinction Quiz

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Questions and Answers

Under the 'substantial presence' test, how many days was Danny physically present in the U.S. in 2024?

120 days (correct)

31 days

100 days

180 days

Which of the following activities do NOT count towards the 'substantial presence' test for U.S. residency?

Being a student

Being a diplomat

Participating in a charitable event

Earning business income (correct)

What does 'ECI' stand for in the context of U.S. tax treatment of inbound transactions for individuals?

Economic Connection Income

Equalized Corporate Income

Effectively Connected Income (correct)

External Corporate Investment

In the U.S. tax context, what does 'FDAP' stand for in relation to investment income?

Fixed, Determinable, Annual or Periodic Signup and view all the answers

How is an NRA's ECI (effectively connected income) taxed compared to a U.S. taxpayer's income?

NRA's ECI is taxed at the same rate as a U.S. taxpayer Signup and view all the answers

Can interest and dividends earned by an NRA ever be considered as 'ECI' under specific circumstances?

Yes, if they are part of an individual's wizardry business outside the U.S. Signup and view all the answers

Meghan Markle, being a U.S. citizen who moves to the U.K., falls under which classification when it comes to U.S. tax?

U.S. taxpayer Signup and view all the answers

If Prince Harry becomes a resident of the U.S., how would he be classified for U.S. tax purposes?

U.S. taxpayer Signup and view all the answers

What determines if an individual is considered a U.S. citizen?

Parentage or naturalization Signup and view all the answers

How can an individual become a U.S. resident based on the substantial presence test?

Being physically present for at least 31 days in the current year Signup and view all the answers

If Danny is long suspected of being a citizen of Mars, how does this impact his U.S. tax status?

He is considered a nonresident alien for U.S. tax purposes Signup and view all the answers

What is a definitive criterion to be classified as a U.S. taxpayer?

Being a U.S. citizen or U.S. resident Signup and view all the answers