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Overland Park Kansas Form 8840: What You Should Know
About Form 8840, Closer Connection Exception — IRS Use Form 8840 to claim the closer connection to a foreign country(IES) exception to the substantial presence test. The closer connection exemption applies to the income of U.S. citizens, residents of foreign countries, and corporations which, at any one time, have a place of business in the U.S.(US) A taxpayer who owns 10% of a foreign corporation (as defined in paragraph (h)(2)(i)(B) of this section) may deduct (or be allowed credit for, without deduction for) the least of the following amounts for that foreign corporation:” a) Expenses incurred for the acquisition, retention, development, or maintenance of intellectual property; b) Expenses incurred in connection with the preparation, maintenance, improvement, or development of information processing or related systems, including computer software or hardware used in connection with those systems; c) Income taxes paid or claimed, other than income taxes which are imposed during the same calendar tax year by a foreign country which is designated as a jurisdiction having no income tax; and d) Interest on loans and advances (including advances on credit card accounts) made to or on behalf of entities described in paragraph (h)(5) of this section. The closer connection exception may be claimed in computing U.S.
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