This week we launched a new sister website. The website is Tax-Charts.com. This website contains flowcharts of certain U.S. tax rules. The site currently includes three flowcharts: cross-border transfers under section 367, U.S. Individual Income Tax Residency Flowchart, and Cross-Border Gifts Flowchart.
By far, the most important of these three flowcharts is the section 367 flowchart. This flowchart has taken three years to complete and is three and a half feet tall and nearly six feet wide. The flowchart has over 325 color-coded boxes with questions and answers dealing with recognition of gain or loss on transfers to and from foreign corporations.
Each of the flowcharts leads the user through a logical procession of questions to arrive at the U.S. tax results for the transaction. Each box contains a citation to authority and an abbreviated title. The abbreviated titles help expedite the thinking process for seasoned users of the flowchart.