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The Decline Of The British Pound And Phantom Capital Gains For Americans In The UK
Manage episode 347630904 series 3071154
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November 20. 2022 - Participants Include
Andrew Grossman - @AndyGr
John Richardson - @Expatriationlaw
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I am always grateful for the opportunity to catch up with Andrew Grossman who is a UK based former US Foreign Service Officer. Mr. Grossman has compiled the best research in the area of FATCA and FBAR which is available here:
https://www.nyulawglobal.org/globalex/Fatca_Citizenship_Based_Taxation1.html
Previous interviews with Mr. Grossman 2014 and 2016 may be found on Youtube:
https://www.youtube.com/watch?v=X1Avi8QJygQ&t=1s
https://www.youtube.com/watch?v=MhMBmz8gt0Y&t=4s
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Our discussion today included:
- phantom capital gains
- the consequences of Brexit
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Here is the phantom capital gains provision of the Internal Revenue Code:
https://www.law.cornell.edu/uscode/text/26/988
26 U.S. Code § 988 - Treatment of certain foreign currency transactions (a)General ruleNotwithstanding any other provision of this chapter— (1)Treatment as ordinary income or loss (A)In general
Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be).
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