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Printable Form 8288 San Jose California: What You Should Know
Foreign Persons of U.S. Real Property Interests. (2) General. (a) This IRM should be used when: (i) A tax may have been paid on a disposition made by a foreign person of property if the person is treated as a taxpayer under Federal tax law or other U.S. tax law, but the foreign person did not have a U.S. source financial interest in the property or if the disposition had an insignificant U.S. source financial interest. Any disposition by a foreign person with a U.S. source financial interest which is treated as U.S. source for purposes of tax treaty provisions is subject to U.S. source withholding (see IRC §§ 6651(d)(2), 6652(d)(3) and (4), and 6655(a)(3)). (ii) All other dispositions of property to which this IRM applies are subject to IRC § 72.503(a)(1) (determine U.S. source) and are subject to withholding at a rate of one percent (1%) if a U.S. return is required to be filed and the U.S. tax to be withheld exceeds the amount of the tax to be claimed on the return. Tax Treaty provisions require an equal percentage (10% for IRC § 72.503). IRC (§ 877c) and the Code require a 25% (25% over 25% under IRC § 72.503) withholding if the U.S. tax to be withheld exceeds the amount of the tax to be claimed on the return. The Code provides the amount of tax to be claimed on the return for the same determination. (b) This IRM applies generally only to dispositions to which Code § 7874(d) and (h) apply. For dispositions which are not subject to Code § 7874(d) or (h), see section 3.91 (Special Remedies for Tax on Qualified Dispositions) of this IRM. This IRM does not address dispositions involving a business of a person who is a U.S. corporation, partnership, individual, trust, estate, or other entity treated as a corporation for U.S. federal income tax reporting purposes unless the dispositions are part of a transaction or series of related transactions in which a corporation, partnership, trust, estate or other entity treated as a corporation for U.S.
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