Expatriation from the United States by U.S. Citizens and Long-Term Residents Triggers a Deemed Taxable Sale of Assets

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The Heroes Earnings Assistance and Relief Tax Act of 2008 (“HEART”) was signed into law on June 17, 2008. HEART, which was passed overwhelmingly by both the House and Senate in late May of 2008, generally amends the Internal Revenue Code of 1986 to provide certain tax relief and incentives for members and veterans of the U.S. armed forces. However, HEART also imposes significant and unexpected tax consequences on certain U.S. citizens and long-term residents expatriating from the United States (“Expatriates”) on or after its enactment.

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