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AK Form 8288: What You Should Know

These forms will contain instructions for use and payment of tax. They are not issued. Note for Form 8288 — Internal Revenue Service (IRS) Use of Form 8288 by Foreign Persons that dispose of real property to the United States must file a tax return by August 14, 2024. The tax imposed is the 15 percent withholding tax (Form 8288). The penalty for non-payment of the tax is the additional 30 percent (Form 8288-A) or 30 percent (Form 8288-A-PV) of the tax due. See General Information on Withholding Taxes on Form 8288 to learn who is responsible for paying a U.S. income tax withholding tax on these transactions. The penalties are imposed for failure to file or payment late. The rules are described in the Notice of Withholding Tax on Reasonable Return of U.S. Property Sales to Tax Havens. Form 8288A, Statement of Withholding on — IRS A U.S. person (i) who makes a U.S. real-property disposition to a foreign person by a transaction involving at least 2,250,000 in property and (ii) receives a U.S. gross income of more than 250,000 that is subject to U.S. tax has an obligation to withhold income tax from the U.S. gross income of any controlled foreign corporation with respect to the disposition if the controlled foreign corporation is not a related person within the meaning of Section 368(a) of the Code. For purposes of this section, a taxpayer with a controlled foreign corporation is the taxpayer's holding company for the conduct and management of U.S. activities in one or more countries. For additional information on the application of section 367(a) of the Code in determining the relationship to an entity that is a related person, see General Notice, Section 367(a) of the Internal Revenue Code, at . A corporation is determined to include in its gross income the portion of a disposition by it of qualified property (as defined in section 367(a)). In determining whether a disposition qualifies as a qualified or non-qualified disposition for purposes of this section, we consider whether, under the regulations, the value of the property to be received was fair and reasonable.

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