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When is 8288 B required Form: What You Should Know
There may be certain situations where a taxpayer's Form 8288 will be denied by IRS. Below is a summary of the general criteria. Non-resident, non-resident alien, nonresident international corporation, tax-exempt organization, or foreign partnership The taxpayer Makes a distribution from the taxpayer to the corporation, or foreign partnership, during the taxable year. Disposition occurs in the calendar year that includes the disposition date. Distribution must occur within the 180-day period Beginning 90 days prior to the disposition. In addition to the above, non-resident, non-resident alien, and nonresident international corporations, all types of nonresident foreign corporations must: File a new Form 8848 to report the sale. File Form 8848 with each related foreign corporation. This reduces the number of required corporate filings. A sale occurs in the calendar year that includes the sale date and the taxpayer's filing For a U.S. real estate sale in the calendar year that includes the sale date, the seller (Buyer) and buyer are: United States (resident) or State of residence If the Buyer or the seller is a corporation, a Form 8288 may be requested from them only if the sale is a capital gain election. If the Buyer is a foreign corporation, they must file Form 8848 if they wish to reduce the withholding on the sale by filing a form with the IRS, Section 7407, to reduce or eliminate the withholding, under section 1445 (which is the same IRS section to which the IRS may apply when a transaction is subject to the alternative minimum tax). See U.S. Income Tax Withholding From Fulfillment Transactions in the Code Section 1445. If, however, the transaction is not a capital gain election, the form may not be requested. If the nonresident alien is a real estate investment trust (REIT) or mutual fund, the REIT needs to file Form 8848 if it wishes to reduce/eliminate the withholding under section 1445 on the sale by making a distribution in the calendar year that includes the sale date. See Code Section 7407 at the end of this tax form. If the nonresident alien and the nonresident alien are both corporations, they must file Form 8288, with Form 8848 and Form 8848 together.
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Much for having s we're really excited to be here today I don't know if you're as excited to have a franchisee export here that's not always the feeling but we are really excited to be here we've been working very heavily with the escrow industry for the past year year and a half trying to increase compliance with real estate withholding the forms filled out correctly so that taxpayers have what they need when they go to file their taxes and one of the things we receive in here from the escrow companies and there's a few escrow officers in parenting is please talk to the realtor because it would really help us if the Realtors could educate their clients so that when I get to escrow there's no surprises so we're really happy to be here and I know that this came from a contact I made in an escrow conference so this is so thank you for having us back I hope that this is educational and something that you can't apply when you're speaking with your buyers and sellers so we're you know I'm also stone I guess I shouldn't say that Edison Linda castles I am the compliance program manager or the knobblies withholding programs at Franchise Tax Board that means I'm over real estate holding and Linda is our program specialist so she's very very knowledgeable and everything to do with withholding so we will try to answer every question you have before we leave today all right so getting started here's what we're gonna cover today so in the beginning I have it I forgot I have control but usually something else is bearing in front okay so in the beginning we're just going to give you a brief history of where real...