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I have inherited non-US foreign corporation shares from my father, and then exited it (and got a payout). Do I pay tax on it, and if yes - which form to use? Thanks.
The inherited shares were less than 50% of the corporation (my part was 1/3 of total company shares). I was elected co-director of company, along with other 2 co-directors, none of us had direct executive rights (all decisions had to be taken unanimously by all co-directors together). I have decided to exit the corporation, and settlement was reached with other two co-members (co-directors), for a payout to me, based on the fair market value of the shares. My exit was completed in March 2021
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‎February 18, 2022
6:43 AM