Every Friday, we challenge our readers with five financial trivia questions drawn from the financial pages, accreditation organisations, and from readers who share our enthusiasm for the perfectly-conceived quiz query. (This week, we had some help from the tax experts at H&R Block…)
To see the answers, go to page 2. To suggest a question, email [email protected]
1. An unmarried American expat or resident alien who is under the age of 65, and who is not a head of his or her household, must file an income tax return with the US government if his or her “gross income from worldwide sources” is at least:
(d.) The amount of income is irrelevant, because everyone who has an American passport or who was born in the US is required to file a tax return every year if they are over the age of 18
2. This year, the deadline for Stateside American citizens to file their tax returns is 18 April. The deadline for expats to get their taxes in this year is:
(a.) The same date, 18 April
(b.) 15 May
(c.) 15 June
(d.) 18 June
3. In recent years the number of Americans who have been renouncing their citizenships, in response to the growing hassles of being an expat Yank, has been soaring. Some 4,279 of them, or eighteen times as many as renounced in 2008, gave up their right to hold a US passport last year. But the practice isn’t new: Henry James, for example, who died in 1916 in London, renounced in 1915 in protest, it’s said, over American neutrality in World War I. Josephine Baker, the banana-skirted American singer and dancer who became the darling of Paris in the first half of the twentieth century, also renounced, in the 1930s, to become a French citizen.
Of the following four individuals, who has not renounced (as far as anyone knows)?
(a.) Actor/London theatre impresario Kevin Spacey
(b.) Facebook co-founder Eduardo Savarin
(c.) Singer Tina Turner
(d.) Singapore-based fund manager Mark Mobius
4. How big (in numbers of pages) is the current US tax code?
(a.) 250 pages
(b.) 1,200 pages
(c.) 12,000 pages
(d.) 74,000 pages
5. When was last time the US undertook a major reform of its tax structure?
(To see the answers to these five questions, go to page 2.)
Answers to International Investment’s Friday Trivia Quiz:
1. (c.) US$10,300
2. (c.) 15 June
3. (a.) Actor/London theatre impresario Kevin Spacey
4. (d.) 74,000 pages
5. (c.) (the Tax Reform Act of 1986 – 1,395 pages long)