IRS Corrects Final Regs on Changes to FIRPTA Withholding
T.D. 9751; 81 F.R. 24484
- Institutional AuthorsInternal Revenue Service
- Cross-Reference
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2016-8612
- Tax Analysts Electronic Citation2016 TNT 80-10
[4830-01-p]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
Treasury Decision 9751
RIN 1545-BN22
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
SUMMARY: This document contains corrections to final regulations (TD 9721) that were published in the Federal Register on Friday, February 19, 2016 (81 FR 8398). The final regulations are regarding the taxation of, and withholding on, foreign persons upon certain dispositions of, and distributions with respect to, United States real property interests (USRPIs).
DATES: This correction is effective April 26, 2016, and is applicable on or after February 19, 2016.
FOR FURTHER INFORMATION CONTACT: Milton M. Cahn or David A. Levine of the Office of Associate Chief Counsel (International) at (202) 317-6937 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9751) that are the subject of this correction are under section 897 and1445 of the Internal Revenue Code.
Need for Correction
As published, the final regulations (TD 9751) contain errors that may prove to be misleading and are in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendments:
PART 1 -- INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 3. Section 1.1445-5 is amended by revising the last sentence of paragraph(b)(3)(ii)(A) to read as follows:
§ 1.1445-5 Special rules concerning distributions and other transactions by corporations, partnerships, trusts, and estates.
* * * * *
(b) * * *
(3) * * *
(ii) * * *
(A) * * * In general, a foreign person is a nonresident alien individual, foreign corporation, foreign partnership, foreign trust, or foreign estate, but not a qualified foreign pension fund (as defined in section 897(l) or an entity all of the interests of which are held by a qualified foreign pension fund.
* * * * *
Chief, Publications and Regulations
Branch
Legal Processing Division
Associate Chief Counsel
(Procedure and Administration)
- Institutional AuthorsInternal Revenue Service
- Cross-Reference
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2016-8612
- Tax Analysts Electronic Citation2016 TNT 80-10