Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 189

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 10
Chunk 189
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 a fixed or determinable annual or periodic nature, such as dividends and certain interest income. Such withholding tax may be reduced or eliminated with respect to certain types of income under an applicable income tax treaty between the United States and a Non-U. S. Holder’s country of residence or under the “portfolio interest” rules or other provisions of the U. S. Internal Revenue Code, provided that the holder properly certifies its eligibility for such treatment. Non-U. S. Holders should consult their own tax advisers regarding the tax treatment of distributions on the Preferred Units and New LP Preferred Units as guaranteed payments and the U. S. federal withholding and other income tax consequences thereof.

Based on the organizational structures of BPY and New LP, as well as their expected income and assets, the BPY General Partner and New LP General Partner currently believe that BPY and New LP, respectively, are unlikely to earn income treated as effectively connected with a U. S. trade or business, including effectively connected income attributable to the sale of a “ United States real property interest”, as defined in the U. S. Internal Revenue Code. Specifically, each of BPY and New LP intends not to make an investment, whether directly or through an entity which would be treated as a partnership for U. S. federal income tax purposes, if the BPY General Partner or New LP General Partner (as applicable) believes at the time of such investment that the investment would generate income treated as effectively connected with a U. S. trade or business. If, as anticipated, BPY and New LP are not treated as engaged in a U. S. trade or business or as deriving income which is treated as effectively connected with a U. S. trade or business, and provided that a Non-U. S. Holder is not itself engaged in a U. S. trade or business, then the Non-U. S. Holder generally will not be subject to U. S. federal tax return filing requirements solely as a result of owning Preferred Units or New LP Preferred Units and generally will not be subject to U. S. federal net income tax on distributions on the Preferred Units or New LP Preferred Units.

In addition, if, as anticipated, BPY and New LP are not engaged in a U. S. trade or business, the amount realized by a Non-U. S. Holder upon the disposition of Preferred Units or New LP Preferred Units generally will not be subject to U. S. federal income tax, including U. S. federal withholding tax. Under Section 144