Dual citizen moves from the US to another country to live and work there permanently.
Now it’s the first time to file taxes. Can he use Form 2555-EZ every time he lives abroad to file taxes, if:
he’s a US citizen,
earned wages/salaries in a foreign country,
Had total foreign earned income of ,600 or less,
are filing a calendar year return that covers a 12-month period,
do not have self-employment income,
do not have business/moving expenses,
do not claim the foreign housing exclusion or deduction.

The question is about how to be eligible to pay nothing to the IRS if you income is much less than 87,600 and you spend less than 2 weeks per year in the US every year.

Another quesion is about line 14 from the 2555-EZ, I don’t understand that quesion.
Enter the number of days in your qualifying period that fall within 2008 (or any another year).
If you don’t visit the US and live permanently abroad, what the number should be there? 0? Or 365(366)?

Assume I owned a business:
Ronda’s Crporation,( a calendar year, accrual basis taxpayer) had the following transactions during 2006, its second year of operation.
Taxable Incom-320,000
Federal Income Tax Liability-108,050
Interest Income from tax-exempt payors-4,000
Meals and Entertainment expenses-2,000
Premiums paid on key employee life insurance-2,500
Increase in cash surrender value attributable to life insurance-600
Proceeds from key employee life insurance policy-120,000
Cash surrender value of life insurance-15,000
Excess of capital losses over capital gains-11,000
MACRS deductions-24,000
Straight 179 expense elected during 2005-90,000
Organizational expenses incurred in 2005-12,000
Dividends received from domestic corporations(less than 20% owned)-20,000

I will use the LIFO inventory method and its LIFO recapture amount increased by
9,000 during 2006. I also sold property on installent during 2005.. The property was sold for 30,000 and had as adjusted basis at sale of 22,000. During 2006 , I received a 10,000
Payment on the installment sale. I elected to amoritize its qualified organizational expenses in 2005. Please help me to compute Ronda’s Corporation current Earnings and Profit.