Form 8288-B (Rev. August 1998) - Application For Withholding Certificate For Dispositions By Foreign Persons Of U.s. Real Property Interests Page 3
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Form 8288-B (Rev. 8-98)
Page
Line 6d. Check “Other” if the property was
If the purchase price includes personal
Line 9a. If the transaction is subject to
used for both personal and rental use and
property not subject to tax under section
withholding under section 1445(e), check
attach an explanation.
the box to indicate which provision of
897, for the calculation of maximum tax,
the transferor must also include a
section 1445(e) applies.
Line 6f. Enter the address and description
statement listing each such item of
of the property (e.g., “10-story, 100-unit
Line 9b. Indicate whether the applicant is
personal property transferred and the fair
luxury apartment building”). For a real
the taxpayer or the person required to
market value attributable to each item. The
estate holding corporation interest
withhold, and in what capacity that person
fair market value claimed should be
transferred, enter the class or type and
is required to withhold.
supported by an independent appraisal or
amount of the interest (e.g., “10,000 shares
Signature. The application must be signed
other similar documentation.
Class A Preferred Stock XYZ Corporation”).
by an individual, a responsible corporate
Line 7c. If you checked 7c, see
Line 7a. If you checked 7a, attach:
officer, a general partner of a partnership,
Installment sales on page 3.
or a trustee, executor, or other fiduciary of
1. A brief description of the transfer,
Line 8. You must provide a calculation of
a trust or estate. The application may also
2. A summary of the law,
the transferor’s unsatisfied withholding
be signed by an authorized agent with a
3. Facts supporting the claim of
liability or evidence that it does not exist.
power of attorney. Form 2848, Power of
nonrecognition or exemption,
This liability is the amount of any tax the
Attorney and Declaration of
transferor was required to, but did not,
Representative, can be used for this
4. Evidence that the transferor has no
withhold and pay over under section 1445
purpose.
unsatisfied withholding liability, and
when the U.S. real property interest now
5. The most recent assessed value for
being transferred was acquired, or upon a
Paperwork Reduction Act Notice. We
state or local property tax purposes of the
prior acquisition. The transferor’s
ask for the information on this form to
interest to be transferred, or other estimate
unsatisfied withholding liability is included
carry out the Internal Revenue laws of the
of its fair market value. You need not
in the calculation of maximum tax liability
United States. You are required to give us
submit supporting evidence of the value of
so that it can be satisfied by the
the information. We need it to ensure that
the property.
withholding on the current transfer.
you are complying with these laws and to
A nonresident alien or foreign
allow us to figure and collect the right
Evidence that there is no unsatisfied
corporation must also attach a statement
amount of tax.
withholding liability includes any of the
of the adjusted basis of the property
following:
You are not required to provide the
immediately before the distribution or
information requested on a form that is
1. Evidence that the transferor acquired
transfer.
subject to the Paperwork Reduction Act
the subject or prior real property interest
Line 7b. If you checked 7b, attach a
unless the form displays a valid OMB
before 1985;
calculation of the maximum tax that can
control number. Books or records relating
2. A copy of Form 8288 filed and proof
be imposed on the disposition. You must
to a form or its instructions must be
of payment;
also include a statement signed by the
retained as long as their contents may
transferor under penalties of perjury that
3. A copy of a withholding certificate
become material in the administration of
the calculation and all supporting evidence
issued by the IRS plus a copy of Form
any Internal Revenue law. Generally, tax
is true and correct to the best knowledge
8288 and proof of payment of any amount
returns and return information are
of the transferor.
required by that certificate;
confidential, as required by Code section
6103.
The calculation of the maximum tax that
4. A copy of the nonforeign certificate
can be imposed must include:
furnished by the person from whom the
The time needed to complete and file
U.S. real property interest was acquired,
this form will vary depending on individual
1. Evidence of the amount to be realized
executed at the time of that acquisition;
circumstances. The estimated average time
by the transferor, such as a copy of the
is:
signed contract of transfer,
5. Evidence that the transferor
purchased the subject or prior real
2 hr., 4 min.
Recordkeeping
2. Evidence of the adjusted basis of the
property interest for $300,000 or less and
property, such as closing statements,
Learning about the
a statement, signed by the transferor under
invoices for improvements, and
law or the form
1 hr., 48 min.
penalties of perjury, that the transferor
depreciation schedules, or if no
Preparing the form
53 min.
purchased the property for use as a
depreciation schedules are submitted, a
residence within the meaning of
Copying, assembling,
statement of the nature of the use of the
Regulations section 1.1445-2(d)(1);
and sending the form
property and why depreciation was not
to the IRS
20 min.
allowed,
6. Evidence that the person from whom
the transferor acquired the subject or prior
If you have comments concerning the
3. Amounts to be recaptured for
U.S. real property interest fully paid any tax
accuracy of these time estimates or
accelerated depreciation, investment
imposed on that transaction under section
suggestions for making this form simpler,
credit, or other items subject to recapture,
897;
we would be happy to hear from you. You
4. The maximum capital gain and/or
can write to the Tax Forms Committee,
7. A copy of a notice of nonrecognition
ordinary income tax rates applicable to the
Western Area Distribution Center, Rancho
treatment provided to the transferor under
transfer,
Cordova, CA 95743-0001. DO NOT send
Regulations section 1.1445-2(d)(2) by the
5. The tentative tax owed, and
this form to this office. Instead, see Where
person from whom the transferor acquired
to send applications for a withholding
6. Evidence showing the amount of any
the subject or prior U.S. real property
certificate on page 3.
increase or reduction of tax to which the
interest; or
transferor is subject, including any
8. A statement, signed by the transferor
reduction to which the transferor is entitled
under penalties of perjury, explaining why
under a U.S. income tax treaty.
the transferor was not required to withhold
If you have a net operating loss, see
under section 1445(a) with regard to the
section 4.06 of Rev. Proc. 88-23 for
transferor’s acquisition of the subject or
special rules about the maximum tax
prior real property interest.
calculation.
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