Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests Page 4

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Form 8288 (Rev. 8-2000)

Page

No withholding will be required with respect to

2. The property is distributed either in

Taxpayer Identification Number (ITIN), you must

an interest holder if the entity or fiduciary

redemption of stock under section 302 or in

provide it on Form 8288. If you do not already

receives a certification of nonforeign status from

liquidation of the corporation under sections 331

have an ITIN, you must apply for one before

the interest holder. An entity or fiduciary may

through 341.

filing Form 8288. If you have applied for an ITIN

also use other means to determine that an

but you have not yet received it when you file

Similar rules apply in the case of any

interest holder is not a foreign person, but if it

Form 8288, write “Applied For” in the Identifying

distribution to which section 301 applies and

does so and it is later determined that the

number box. See Form W-7, Application for IRS

that is not made out of the earnings and profits

interest holder is a foreign person, the

Individual Taxpayer Identification Number, for

of the corporation.

withholding may be collected from the entity or

more information.

No withholding or reduced withholding is

fiduciary.

Lines 2. Enter the location and a description of

required if the corporation receives a withholding

the property, including any substantial

certificate from the IRS.

Section 1445(e)(1) Transactions

improvements (e.g., “12-unit apartment

Partnerships. A domestic partnership that is not

building”). In the case of interests in a

Section 1445(e)(4) Transactions

publicly traded must withhold tax under section

corporation that constitute a U.S. real property

No withholding is required under section

1446 on effectively connected income of its

interest, enter the class or type and amount of

1445(e)(4), relating to certain taxable distributions

foreign partners and must file Form 8804,

the interest (e.g., “10,000 shares Class A

by domestic or foreign partnerships, trusts, and

Annual Return for Partnership Withholding Tax

Preferred Stock XYZ Corporation”).

estates, until the effective date of a Treasury

(Section 1446), and Form 8805, Foreign

Lines 4. Copies A and B of each Form 8288-A

Decision under section 897(e)(2)(B)(ii) and (g).

Partner’s Information Statement of Section 1446

should be counted as one form.

Withholding Tax. A publicly traded partnership

Section 1445(e)(5) Transactions

Part II, line 3. If you are a domestic trust or

generally must withhold tax under section 1446

The transferee of a partnership interest must

estate or you make the large trust election, enter

on distributions to its foreign partners and must

withhold 10% of the amount realized on the

the date of distribution.

file Forms 1042 and 1042-S. Because a

disposition by a foreign partner of an interest in

domestic partnership that disposes of a U.S. real

a domestic or foreign partnership in which at

property interest is required to withhold under

Paperwork Reduction Act Notice. We ask for

least 50% of the value of the gross assets

section 1446, it is not required to withhold under

the information on this form to carry out the

consists of U.S. real property interests and at

section 1445(e)(1).

Internal Revenue laws of the United States.

least 90% of the value of the gross assets

Trusts and estates. If a domestic trust or estate

Section 1445 generally imposes a withholding

consists of U.S. real property interests plus any

disposes of a U.S. real property interest, the

obligation on the buyer or other transferee

cash or cash equivalents. However, no

amount of gain realized must be paid into a

(withholding agent) when a U.S. real property

withholding is required under section 1445(e)(5)

separate “U.S. real property interest account.”

interest is acquired from a foreign person.

for dispositions of interests in other partnerships,

For these purposes, a domestic trust is one that

Section 1445 also imposes a withholding

trusts, or estates until the effective date of a

does not make the “large trust election”

obligation on certain partnerships, foreign and

Treasury Decision under section 897(g). No

(explained below), is not a REIT, and is not

domestic corporations, and the fiduciary of

withholding is required if, no earlier than 30 days

publicly traded. The fiduciary must withhold 35%

certain trusts and estates. This form is used to

before the transfer, the transferee receives a

of the amount distributed to a foreign person

report and transmit the amount withheld.

statement signed by a general partner under

from the account during the tax year of the trust

penalties of perjury that at least 50% of the

You are required to provide this information.

or estate in which the disposition occurred. The

value of the gross assets of the partnership does

Section 6109 requires you to provide your

withholding must be paid over to the IRS within

taxpayer identification number. We need this

not consist of U.S. real property interests or that

20 days of the date of distribution. Special rules

at least 90% of the value of the gross assets

information to ensure that you are complying

apply to grantor trusts. See Regulations section

does not consist of U.S. real property interests

with the Internal Revenue laws and to allow us

1.1445-5 for more information and how to

plus cash or cash equivalents. The transferee

to figure and collect the right amount of tax.

compute the amount subject to withholding.

may rely on the statement unless the transferee

Failure to provide this information in a timely

Large trust election. Trusts with more than

knows it is false or the transferee receives a

manner, or providing false information, may

100 beneficiaries may make an election to

false statement notice pursuant to Regulations

subject you to penalties. Routine uses of this

withhold upon distribution rather than at the time

section 1.1445-4.

information include giving it to the Department of

of transfer. The amount to be withheld from each

Justice for civil and criminal litigation, and to

distribution is 35% of the amount attributable to

Specific Instructions

cities, states, and the District of Columbia for

the foreign beneficiary’s proportionate share of

use in the administration of their taxes.

Lines 1. In Part I, enter the name, address, and

the current balance of the trust’s section

You are not required to provide the

identifying number of the buyer or other

1445(e)(1) account. This election does not apply

information requested on a form that is subject

transferee responsible for withholding under

to any REIT or to any publicly traded trust.

to the Paperwork Reduction Act unless the form

section 1445(a). Do not enter the name,

Special rules apply to large trusts that make

displays a valid OMB control number. Books or

address, and identifying number of a title

recurring sales of growing crops and timber.

records relating to a form or its instructions must

company, mortgage company, etc. unless it

A trust’s section 1445(e)(1) account is the total

be retained as long as their contents may

happens to be the actual buyer or transferee.

net gain realized by the trust on all section

become material in the administration of any

In Part II, enter the name, address, and

1445(e)(1) transactions after the date of the

Internal Revenue law. Generally, tax returns and

identifying number of the corporation,

election, minus the total of all distributions made

return information are confidential, as required

by the trust after the date of the election from

partnership, or fiduciary responsible for

by section 6103.

withholding under section 1445(e). Do not enter

such total net gain. See Regulations section

The time needed to complete and file these

the name, address, and identifying number of a

1.1445-5(c)(3) for more information.

forms will vary depending on individual

title company, mortgage company, etc. unless it

Section 1445(e)(2) Transactions

circumstances. The estimated average times are:

happens to be the actual entity responsible for

withholding under section 1445(e).

Form 8288

Form 8288-A

A foreign corporation that distributes a U.S. real

property interest must generally withhold 35% of

Caution: The IRS will contact the person or

Recordkeeping

5 hr., 16 min.

2 hr., 52 min.

the gain recognized by the corporation. No

entity listed on line 1 to resolve any problems

Learning about

withholding or reduced withholding is required if

that may arise concerning underwithholding

the law or the

the corporation receives a withholding certificate

and/or penalties.

form

5 hr., 8 min.

30 min.

from the IRS.

Name and address. If you are a fiduciary, list

your name and the name of the trust or estate.

Preparing and

Section 1445(e)(3) Transactions

Enter the home address of an individual or the

sending the

Generally, a domestic corporation that

office address of an entity.

form to the IRS

6 hr., 39 min.

34 min.

distributes any property to a foreign person that

Identifying Number. For a U.S. individual, this

If you have comments concerning the

holds an interest in the corporation must

is a social security number (SSN). For any entity

accuracy of these time estimates or suggestions

withhold 10% of the fair market value of the

other than an individual (e.g., corporation, estate,

for making these forms simpler, we would be

property distributed if:

or trust), this is an employer identification

happy to hear from you. You can write to the

1. The foreign person’s interest in the

number (EIN).

Tax Forms Committee, Western Area Distribution

corporation is a U.S. real property interest under

Center, Rancho Cordova, CA 95743-0001. Do

If you are a nonresident alien individual who is

section 897, and

not send the forms to this address. Instead, see

not eligible for a social security number and you

Where To File on page 2.

have already obtained an IRS Individual

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