To the extent provided in regulations, any foreign person holding direct investments in United States real property interests for the calendar year shall make a return setting forth-
For purposes of this section, a foreign person shall be treated as holding direct investments in United States real property interests during any calendar year if-
For purposes of this section-
The term "United States real property interest" has the meaning given to such term by section 897(c).
The term "foreign person" means any person who is not a United States person.
For purposes of subsection (b)(2)-
United States real property interests held by a partnership, trust, or estate shall be treated as owned proportionately by its partners or beneficiaries.
United States real property interests held by the spouse or any minor child of an individual shall be treated as owned by such individual.
All returns required to be made under this section shall be made at such time and in such manner as the Secretary shall by regulations prescribe.
A nonresident alien individual or foreign corporation subject to tax under section 897(a) (and any person required to withhold tax under section 1445) shall pay any tax and file any return required by this title-
26 U.S.C. § 6039C
EDITORIAL NOTES
AMENDMENTS1986-Subsec. (d). Pub. L. 99-514 inserted "(and any person required to withhold tax under section 1445)" after "section 897(a)".1984-Pub. L. 98-369 amended section generally, inserting in section catchline "foreign persons holding direct investments in" and substituting in text provisions concerning returns with respect to foreign persons holding direct investments in United States real property for provisions concerning returns with respect to United States real property interests.1981-Subsec. (b)(4)(C). Pub. L. 97-34, §831(e), substituted "For purposes of determining whether an entity to which this subsection applies has a substantial investor in United States real property, the assets of any person shall include the person's pro rata share of the United States real property interest held by any corporation (whether domestic or foreign) if the person's pro rata share of the United States real property interests exceeded $50,000" for "The assets of any entity to which this subsection applies shall include its pro rata share of the United States real property interests held by any corporation in which the entity is a substantial investor in United States real property".Subsec. (f). Pub. L. 97-34, §831(a)(3), added subsec. (f).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98-369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99-514, set out as a note under section 48 of this title.
EFFECTIVE DATE OF 1984 AMENDMENT Pub. L. 98-369, div. A, title I, §129(c)(2), July 18, 1984, 98 Stat. 660, provided that: "The amendments made by subsection (b) [amending this section] shall apply to calendar year 1980 and subsequent calendar years."
EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97-34 applicable to dispositions after June 18, 1980, in taxable years ending after such date, see section 831(i) of Pub. L. 97-34, set out as a note under section 897 of this title.
EFFECTIVE DATESection applicable to 1980 and subsequent calendar years, with 1980 being treated as beginning on June 19, 1980, and ending on Dec. 31, 1980, see section 1125(b) of Pub. L. 96-499, set out as a note under section 897 of this title.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- United States person
- The term "United States person" means-(A) a citizen or resident of the United States,(B) a domestic partnership,(C) a domestic corporation,(D) any estate (other than a foreign estate, within the meaning of paragraph (31)), and(E) any trust if-(i) a court within the United States is able to exercise primary supervision over the administration of the trust, and(ii) one or more United States persons have the authority to control all substantial decisions of the trust.
- corporation
- The term "corporation" includes associations, joint-stock companies, and insurance companies.
- person
- The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.
- trade or business
- The term "trade or business" includes the performance of the functions of a public office.