Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests Page 2

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Form 8288 (Rev. 11-2005)

Page

General Instructions

the transferor (see Definitions beginning

21086, FIRPTA Unit, Philadelphia, PA

on this page).

19114-0586. If you are filing in 2006,

Section references are to the Internal

send Form 8288 with the amount

See Corporations, Trusts, and Estates

Revenue Code unless otherwise noted.

withheld, and copies A and B of Form(s)

Subject to Section 1445(e) on page 4 for

8288-A to the Internal Revenue Service,

information about when withholding at

Purpose of Form

Philadelphia, PA 19255.

35% is required. Also see Withholding

certificate issued by the IRS on page 4

A withholding obligation under section

Forms 8288-A Must Be

for information about applying for

1445 is generally imposed on the buyer

Attached

reduction or elimination of withholding.

or other transferee (withholding agent)

Anyone who completes Form 8288 must

when a U.S. real property interest is

Joint transferors. If one or more foreign

also complete a Form 8288-A,

acquired from a foreign person. The

persons and one or more U.S. persons

Statement of Withholding on

withholding obligation also applies to

jointly transfer a U.S. real property

Dispositions by Foreign Persons of U.S.

foreign and domestic corporations and

interest, you must determine the amount

Real Property Interests, for each person

the fiduciary of certain trusts and

subject to withholding in the following

subject to withholding. Copies A and B

estates. This withholding serves to

manner.

of Form 8288-A must be attached to

collect U.S. tax that may be owed by the

1. Allocate the amount realized from

Form 8288. Copy C is for your records.

foreign person. Use this form to report

the transfer among the transferors based

and transmit the amount withheld.

After receipt of Form 8288 and

on their capital contribution to the

Form(s) 8288-A, the IRS will stamp Copy

You are not required to

property. For this purpose, a husband

B of Form 8288-A to show receipt of the

withhold if any of the

and wife are treated as having

TIP

withholding and will forward the

Exceptions (which begin on

contributed 50% each.

stamped copy to the foreign person

page 3) apply.

2. Withhold on the total amount

subject to withholding at the address

allocated to foreign transferors.

Who Must File

shown on Form 8288-A.

3. Credit the amount withheld among

You are not required to furnish a copy

A buyer or other transferee of a U.S. real

the foreign transferors as they mutually

of Form 8288 or 8288-A directly to the

property interest, and a corporation, or

agree. The transferors must request that

transferor. To receive credit for the

fiduciary that is required to withhold tax,

the withholding be credited as agreed

withheld amount, the transferor generally

must file Form 8288 to report and

upon by the 10th day after the date of

must attach the stamped Copy B of

transmit the amount withheld. If two or

transfer. If no agreement is reached,

Form 8288-A to a U.S. income tax return

more persons are joint transferees, each

credit the withholding by evenly dividing

(e.g., Form 1040NR or 1120-F) or

is obligated to withhold. However, the

it among the foreign transferors.

application for early refund filed with the

obligation of each will be met if one of

IRS.

the joint transferees withholds and

When To File

transmits the required amount to the

You are required to include

A transferee must file Form 8288 and

IRS.

the taxpayer identification

transmit the tax withheld to the IRS by

Do not use Forms 8288 and 8288-A for

numbers ( TIN) of the

the 20th day after the date of transfer.

the following distributions.

CAUTION

transferor and transferee on

You must withhold even if an

Forms 8288 and 8288-A. A stamped

1. A distribution of effectively

application for a withholding certificate is

copy of Form 8288-A will not be

connected income by a publicly traded

or has been submitted to the IRS on the

provided to the transferor if the

partnership is subject to the withholding

date of transfer. However, you do not

transferor’s TIN is not included on that

requirements of section 1446.

have to file Form 8288 and transmit the

form. In this case, to get credit for the

2. A distribution from a trust that is

withholding until the 20th day after the

withheld amount, the transferor must

regularly traded on an established

day the IRS mails you a copy of the

attach to its U.S. income tax return

securities market is subject to section

withholding certificate or notice of

substantial evidence of withholding (e.g.,

1445, but is not reported on Forms 8288

denial. But if the principal purpose for

closing documents) and a statement that

and 8288-A.

filing the application for a withholding

contains all the required information on

3. A distribution by a real estate

certificate was to delay paying the IRS

Forms 8288 and 8288-A including the

investment trust (REIT) is treated as a

the amount withheld, interest and

transferor’s TIN.

dividend and is not subject to

penalties will apply to the period after

withholding under section 1445 as a

the 20th day after the date of transfer.

Penalties

gain from the sale or exchange of a U.S.

Installment payments. You must

Under section 6651, penalties apply for

real property interest if:

withhold the full amount at the time of

failure to file Form 8288 when due and

a. The distribution is on stock regularly

the first installment payment. If you

for failure to pay the withholding when

traded on a securities market in the

cannot because the payment does not

due. In addition, if you are required to

United States, and

involve sufficient cash or other liquid

but do not withhold tax under section

b. The shareholder did not own more

assets, you may obtain a withholding

1445, the tax, including interest, may be

than 5% of that stock at any time during

certificate from the IRS. See the

collected from you. Under section 7202,

the REIT’s tax year.

instructions for Form 8288-B,

you may be subject to a penalty of up to

Application for Withholding Certificate

Use Form 1042, Annual Withholding

$10,000 for willful failure to collect and

for Dispositions by Foreign Persons of

Tax Return for U.S. Source Income of

pay over the tax. Corporate officers or

U.S. Real Property Interests, for more

Foreign Persons, and Form 1042-S,

other responsible persons may be

Foreign Person’s U.S. Source Income

information.

subject to a penalty under section 6672

Subject to Withholding, to report and

equal to the amount that should have

Where To File

pay over the withheld amounts.

been withheld and paid over to the IRS.

If you are filing in 2005, send Form 8288

Amount To Withhold

Definitions

with the amount withheld, and Copies A

Generally, you must withhold 10% of the

and B of Form(s) 8288-A to the Director,

Transferee. Any person, foreign or

amount realized on the disposition by

Philadelphia Service Center, P.O. Box

domestic, that acquires a U.S. real

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