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Suffolk New York Form 8288: What You Should Know
S. Persons). (3) The box now reads: “On March 10, 2017, (hereafter, the 'date of disposition') (name of transferor) entered into an arrangement with the (name of foreign person) under which the (name of transferred real property rights, property disposed of, or organization to which property disposed of) (hereafter, 'the real property rights transferred' or 'the property disposed of') would be sold or otherwise disposed of (the 'disposition''). This disposition occurred during or as part of a real property sale or other disposition that included the following: (a) The real property rights became non-taxable by reason of an increase in transferor's taxable income. (b) The non-taxable real property rights were transferred to the foreign person and substantially all the gross proceeds of the sale or other disposition of the real property rights were invested in U.S. obligations or securities. This disposition did not include property sold or otherwise disposed of in connection with an interest in the underlying real property or other property or services in which the non-taxable real property rights were held or held a controlling interest of the transferee. The determination of the basis of the real property, property disposed of, or organization to which property disposed of would be transferred should be made through the method in § 1.1443․” Sep 10, 2023 — Section 1.1443(b) was added to section 1 to update the basis rules for certain property in connection with disposition by a controlled foreign person. “The basis of the real property, property disposed of, or organization to which property disposed of would be transferred should be determined using the real property, property disposed of, or organization to which property disposed of would be transferred.” The language has been updated to reflect the new regulations. Sep 23, 2023 — (1) Section 1.1443(c) was removed from section 1 and redesignated section 1.1443-3. (2) New section 1.1443-3 was added to the Code and contains both provisions and guidance related to the disposition of real property rights in a real property sale.
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