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Form 8288-B for Tacoma Washington: What You Should Know

How IRS Uses Form 8288-B:  The IRS's rules for claiming an exemption for capital gains apply when the taxpayer is a “foreign person.” A “foreign person” means any person that holds and pays to the United States any amount in respect of real property the taxpayer has any beneficial interest in regardless of whether the property belongs to such person. However, the taxpayer may have other types of foreign interests other than real property interests. Such interests may include: In the case of an individual who is a foreign person, any interest in a partnership or other unincorporated structure In the case of a corporate taxpayer, interest in any public or private corporation or other entity, or, In the case of a trust, trust proceeds that include any interest in the trust or a portion of such an interest. The requirements for applying capital gains tax also apply where a foreign person or corporation receives a gain from the sale of property that is not qualified real property. Generally, gain may be capitalized under the principles set forth in section 761. Under these provisions, gain may be deducted without making a provision for its inclusion in income until the total amount of loss recognized under section 761 is reduced to zero. The taxpayer does not have to determine whether the gain is subject to the foreign tax credit, unless the taxpayer receives a waiver. If the taxpayer is a U.S. foreign corporation, the taxpayer may claim the foreign tax credit. If an asset is sold within a certain period within the U.S., the taxpayer may reduce the amount of the gain to the extent the gain is not capitalized. A foreign person to whom the amount is held for investment must have the required amount paid to it within 60 days after the date of receipt of the foreign person's dividend on the property. A taxpayer may use the Form 8854 or the Form 4868 (for real property and for property other than real property held for investment) to meet this requirement. If a foreign person holds an interest in a U.S. mutual fund or other investment vehicle, such investment will be treated as held for investment. If a foreign person is a business entity with a U.S. tax base for the year, the foreign person will generally be considered to be having a U.S. tax base because a U.S. subsidiary of the entity has a tax base in its U.S. ownership.

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