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League City Texas Form 8288: What You Should Know

If a foreign sale is reported as a sale by a corporation, a foreign corporation can get a foreign tax credit of 30 percent on sales by its officers, directors, or its stockholders. See Form 3115, Foreign Corporation Election for Deduction from U.S. Income Tax for Officers, Directors, and Stockholders, for information on this deduction. (Form 3115 is not currently available.) There are two ways to claim the credit: (1) If the corporation is a separate legal entity from the foreign corporation that made the sale, the foreign corporation can file its own Form 946. (2) For a foreign corporation that made the sale, the foreign corporation can file its own Form 945 and the foreign entity can file its own Form 946 with the IRS. The Credit for Sale of Real Property by FOREIGN OWNERS of U.S. Real Property Interests Note: This information was taken over from ALTA's website If a foreign corporation made the sale of a U.S. real property interest and the foreign interest was sold for a gain, you will generally have to claim the federal investment tax credit if you are one of the following: Foreign Person. You are an immediate personal taxpayer, not a dependent of a U.S. person (you are not considered an “employee” of the U.S. person for U.S. federal income tax purposes), and you have no U.S. taxpayer identification number (ITIN) or social security number. For tax year 2023 and future years, this includes all individuals who are not U.S. citizens or permanent residents, as well as all foreign corporations with shareholders who are not U.S. citizens or resident aliens. This includes, but is not limited to, U.S. citizens, permanent residents who are not U.S. residents, citizens of the United Kingdom (and their dependents), and any other foreign persons or corporations that are not U.S. corporations. For tax years 2023 to 2019, include any direct stock ownership owned by a foreign person that is a U.S. shareholder. If you are a foreign person, you will also have to list as shareholders U.S. owners of shares of U.S.-owned entities that held interests in you or your foreign corporations. This includes U.S. owners of shares of entities that own interests in you or your foreign corporations.

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