[Verse 1] When you cross the border with your business ties Canadian resident with foreign enterprise Before you file that T1 return this year Two key questions must be crystal clear [Chorus] What's the fair market value of my foreign entity October twenty-twenty-four deemed acquisition spree Is the income FAPI or exempt surplus flow These two questions every cross-border client needs to know [Verse 2] Your LLC distributions coming through the door Are they dividends from exempt surplus or something more Section ninety subsection three election's on the table Could save you tax if the facts are favorable [Chorus] What's the fair market value of my foreign entity October twenty-twenty-four deemed acquisition spree Is the income FAPI or exempt surplus flow These two questions every cross-border client needs to know [Bridge] T1134 and T1135 exposure for part year Delinquent US filings that could interfere All-in effective tax rate comparison study Current structure versus consolidated buddy [Verse 3] Six considerations when the borders intertwine Fair market value first then surplus classification line Canadian compliance forms and US filing gaps Effective tax rate and that election perhaps [Chorus] What's the fair market value of my foreign entity October twenty-twenty-four deemed acquisition spree Is the income FAPI or exempt surplus flow These two questions every cross-border client needs to know [Outro] Cross-border tax compliance starts with questions two Fair market value and surplus classification too Get these answers right and you're on your way To filing clean returns every tax day
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