WITHHOLDING RESEARCH page 3
Now we are going to go to the next section shown in that 26 USC 7701 definition, and that is 26 USC 1442, with the link shown here:
http://www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00001442----000-.html
And here is the full text of that statute. Please take note of the SECOND CATEGORY that this mandatory Withholding activity is required upon.
TITLE 26 > Subtitle A > CHAPTER 3 > Subchapter A > § 1442 |
§ 1442. Withholding of tax on foreign corporations |
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(a) General rule
In the case of foreign corporations subject to taxation under this subtitle, there shall be deducted and withheld at the source in the same manner and on the same items of income as is provided in section 1441 a tax equal to 30 percent thereof. For purposes of the preceding sentence, the references in section 1441 (b) to sections 871 (a)(1)(C) and (D) shall be treated as referring to sections 881 (a)(3) and (4), the reference in section 1441 (c)(1) to section 871 (b)(2) shall be treated as referring to section 842 or section 882 (a)(2), as the case may be, the reference in section 1441 (c)(5) to section 871 (a)(1)(D) shall be treated as referring to section 881 (a)(4), the reference in section 1441 (c)(8) to section 871 (a)(1)(C) shall be treated as referring to section 881 (a)(3), the references in section 1441 (c)(9) to sections 871 (h) and 871 (h)(3) or (4) shall be treated as referring to sections 881 (c) and 881 (c)(3) or (4), the reference in section 1441 (c)(10) to section 871 (i)(2) shall be treated as referring to section 881 (d), and the references in section 1441 (c)(12) to sections 871 (a) and 871 (k) shall be treated as referring to sections 881 (a) and 881 (e) (except that for purposes of applying subparagraph (A) of section 1441 (c)(12), as so modified, clause (ii) of section 881 (e)(1)(B) shall not apply to any dividend unless the regulated investment company knows that such dividend is a dividend referred to in such clause).
(b) Exemption
Subject to such terms and conditions as may be provided by regulations prescribed by the Secretary, subsection (a) shall not apply in the case of a foreign corporation engaged in trade or business within the United States if the Secretary determines that the requirements of subsection (a) impose an undue administrative burden and that the collection of the tax imposed by section 881 on such corporation will not be jeopardized by the exemption.
(c) Exception for certain possessions corporations |
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(1) Guam, American Samoa, the Northern Mariana Islands, and the Virgin Islands
For purposes of this section, the term “foreign corporation” does not include a corporation created or organized in Guam, American Samoa, the Northern Mariana Islands, or the Virgin Islands or under the law of any such possession if the requirements of subparagraphs (A), (B), and (C) of section 881 (b)(1) are met with respect to such corporation.
(2) Commonwealth of Puerto Rico |
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(A) In general
If dividends are received during a taxable year by a corporation— |
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(i) created or organized in, or under the law of, the Commonwealth of Puerto Rico, and
(ii) with respect to which the requirements of subparagraphs (A), (B), and (C) of section 881 (b)(1) are met for the taxable year, |
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subsection (a) shall be applied for such taxable year by substituting “10 percent” for “30 percent”.
(B) Applicability
If, on or after the date of the enactment of this paragraph, an increase in the rate of the Commonwealth of Puerto Rico’s withholding tax which is generally applicable to dividends paid to United States corporations not engaged in a trade or business in the Commonwealth to a rate greater than 10 percent takes effect, this paragraph shall not apply to dividends received on or after the effective date of the increase. |
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Is this you? Are you a Foreign Corporation? I’m not.
Do you own one of these? I don’t.
Please pick from one of the two choices below and circle it.
(1) I am or I own a Foreign Corporation)
(2) (I am NOT and do NOT own a Foreign Corporation)
Now we are going to the next section, which shows the THIRD CATEGORY that the Withholding Agent is REQUIRED to withhold pay from, shown by its link here.
http://www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00001443----000-.html
And here is its full text.
TITLE 26 > Subtitle A > CHAPTER 3 > Subchapter A > § 1443 |
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§ 1443. Foreign tax-exempt organizations |
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(a) Income subject to section 511
In the case of income of a foreign organization subject to the tax imposed by section 511, this chapter shall apply to income includible under section 512 in computing its unrelated business taxable income, but only to the extent and subject to such conditions as may be provided under regulations prescribed by the Secretary.
(b) Income subject to section 4948
In the case of income of a foreign organization subject to the tax imposed by section 4948 (a), this chapter shall apply, except that the deduction and withholding shall be at the rate of 4 percent and shall be subject to such conditions as may be provided under regulations prescribed by the Secretary. |
Parallel regulations (CFR)
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Is this you? Are you a Foreign Tax-Exempt Organization? I’m not.
Do you own one of these? I don’t.
Please pick from one of the two choices and circle it.
(1) (I am or I own a Foreign Tax Exempt Organization)
(2) (I am NOT and do NOT own a Foreign Tax Exempt Organization)
Withholding Research PAGE 1 2 3 4 5 6 7 8 9 10 11 12 13 14
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