Foreign Investment in Real Property Tax Act
The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), enacted as Subtitle C of Title XI (the "Revenue Adjustments Act of 1980") of the Omnibus Reconciliation Act of 1980, Pub. L. No. 96-499, 94 Stat. 2599, 2682 (Dec. 5, 1980), is a United States tax law that imposes income tax on foreign persons disposing of United States real property interests. Tax is imposed at regular tax rates for the type of taxpayer on the amount of gain considered recognized. Purchasers of real property interests are required to withhold tax on payment for the property. Withholding may be reduced from the standard 15% to an amount that will cover the tax liability, upon application in advance of sale to the Internal Revenue Service. FIRPTA overrides most nonrecognition provisions as well as those remain
primaryTopic
Foreign Investment in Real Property Tax Act
The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), enacted as Subtitle C of Title XI (the "Revenue Adjustments Act of 1980") of the Omnibus Reconciliation Act of 1980, Pub. L. No. 96-499, 94 Stat. 2599, 2682 (Dec. 5, 1980), is a United States tax law that imposes income tax on foreign persons disposing of United States real property interests. Tax is imposed at regular tax rates for the type of taxpayer on the amount of gain considered recognized. Purchasers of real property interests are required to withhold tax on payment for the property. Withholding may be reduced from the standard 15% to an amount that will cover the tax liability, upon application in advance of sale to the Internal Revenue Service. FIRPTA overrides most nonrecognition provisions as well as those remain
has abstract
The Foreign Investment in Real ...... nificantly altered the FIRPTA.
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Link from a Wikipage to an external page
Wikipage page ID
13,867,446
Wikipage revision ID
741,170,022
cite public law
cite statutes at large
aka 94 Stat. 2660
colloquialacronym
conferencedate
1980-11-26
effective date
1980-12-05
enacted by
introducedby
Ernest Hollings
introduceddate
1980-07-02
introducedin
leghisturl
longtitle
An Act to provide for revenue ...... gressional Budget Act of 1974.
Nickname
Revenue Reconciliation Act of 1980
othershorttitles
Comprehensive Oil Pollution Liability and Compensation Act
Medicare and Medicaid Amendments of 1980
Mortgage Subsidy Bond Tax Act of 1980
Omnibus Reconciliation Act of 1980
Revenue Adjustments Act of 1980
passedbody
passeddate
1980-07-23
1980-09-04
1980-12-03
passedvote
public law url
sections amended
§§ 101, 103, 103A
§§ 1395x - 1395lll
§§ 6031, 6039C
shorttitle
Foreign Investment in Real Property Tax Act
signeddate
1980-12-05
signedpresident
Jimmy E. Carter
subject
comment
The Foreign Investment in Real ...... isions as well as those remain
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label
Foreign Investment in Real Property Tax Act
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