Internal Revenue Bulletin: 2005-23 |
June 6, 2005 |
Table of Contents
- Highlights of This Issue
- Preface
- Part I. Rulings and Decisions Under the Internal Revenue Code of 1986
- T.D. 9201
- Rev. Rul. 2005-33
- Rev. Rul. 2005-32
- T.D. 9200
- AGENCY:
- ACTION:
- SUMMARY:
- DATES:
- FOR FURTHER INFORMATION CONTACT:
- SUPPLEMENTARY INFORMATION:
- Paperwork Reduction Act
- Background
- Explanation of Provisions
- A. Determining the Status and Classification of Partners—§1.1446-1
- 1. Recognition of Form W-8ECI
- 2. Recognition of Form W-8EXP
- 3. Acceptable substitute form for identification of partners
- 4. Clarification of miscellaneous documentation issues
- 5. Coordination with section 1443 and foreign tax-exempt organizations
- 6. Corresponding changes to forms
- B. Determining a Foreign Partner’s Allocable Share of Partnership ECTI—§1.1446-2
- 1. Cancellation of indebtedness income and gain from foreclosure and deed in lieu of foreclosure
- 2. Consideration of a foreign partner’s deductions and losses in computing the partner’s share of partnership ECTI.
- C. Calculating, Paying Over, and Reporting the 1446 Tax—§1.1446-3
- 1. Applicable percentage for computing 1446 tax
- 2. Deemed cash distributions under section 1446(d)
- 3. Overlap between section 1445 and 1446
- 4. Notice to foreign partners of 1446 tax paid by partnership
- 5. Refunds by partnership for amounts withheld
- 6. Additions to the tax, interest and penalties for noncompliance with section 1446
- i. In General
- ii. Current Year Safe Harbor Under Section 6655 and §1.1446-3
- iii. Accrual of Addition to the Tax Under Section 6655, Interest Under Section 6601, and Penalties
- 7. Application of de-minimis rule of section 6655(f)
- 8. Application of section 6655(i)
- D. Special Rule for Tiered Trust or Estate Structures—§1.1446-3(d)(2)(iii)
- 1. Background
- 2. Documentation requirement for domestic grantor trusts
- 3. Documentation requirement for foreign simple trusts
- 4. Domestic trust rule
- E. Publicly Traded Partnerships—§1.1446-4
- 1. Background
- 2. Receipt of a qualified notice and assumption of the 1446 tax liability by a nominee holding an interest in a publicly traded partnership
- 3. Identification of nominees under §1.1446-4
- 4. Extension of publicly traded partnership regime to other partnerships
- 5. Election to pay 1446 tax based upon partners’ allocable share of ECTI
- F. Tiered Partnership Structures—§1.1446-5
- 1. Application of the look through rules
- 2. Upper-tier domestic partnership permitted to elect to have look through by LTP
- 3. Clarify the application of the look through rules to publicly traded partnerships in tiered structures
- G. §1.1446-6T and Withholding in Excess of a Partner’s Actual Tax Liability
- 1. Background regarding withholding in excess of a foreign partner’s tax liability
- 2. Overview of comments received
- 3. General overview of temporary regulations
- 4. Partners permitted to certify deductions and losses under temporary regulations
- 5. Deductions and losses permitted to be certified under temporary regulations
- 6. Requirement under temporary regulations that partnerships turn over certificates to IRS
- 7. Timing requirements for submitting certificates, updated certificates, and status updates under temporary regulations
- 8. Additional requirements for certificates under temporary regulations
- 9. Exemption from withholding under the temporary regulations
- 10. Effective Date of Temporary Regulations
- Effective Dates
- Effect on Other Documents
- Special Analyses
- Amendments to the Regulations
- Drafting Information
- Part III. Administrative, Procedural, and Miscellaneous
- Part IV. Items of General Interest
- Definition of Terms and Abbreviations
- Numerical Finding List
- Effect of Current Actions on Previously Published Items
- How to get the Internal Revenue Bulletin
| More Internal Revenue Bulletins |