Horatio, a citizen and resident of Ireland, is an equal partner with Imogene, a US citizen, in a consulting firm operating out of a Miami office and serving clients located in Florida. Under the terms of the K agreement, Horatio and Imogene are to share equally in profits and losses. During the course of the year, Horatio devotes
Horatio, a citizen and resident of Ireland, is an equal partner with Imogene, a US citizen, in a consulting firm operating out of a Miami office and serving clients located in Florida. Under the terms of the K agreement, Horatio and Imogene are to share equally in
To what extent, if at all, will Horatio be subject to US income taxes for the year?
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