Source: https://www.law.cornell.edu/uscode/text/26/1446
Timestamp: 2017-03-26 17:05:08
Document Index: 118262600

Matched Legal Cases: ['§ 1446', '§ 1446', '§ 1446', '§\u202f1246', '§\u202f1012', '§\u202f7811', '§\u202f7811', '§\u202f7811', '§\u202f7811', '§\u202f1012', '§\u202f1246']

26 U.S. Code § 1446 - Withholding tax on foreign partners’ share of effectively connected income | US Law | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle A › Chapter 3 › Subchapter A › § 1446 26 U.S. Code § 1446 - Withholding tax on foreign partners’ share of effectively connected income
Withholding tax on foreign partners’ share of effectively connected income
(2) Applicable percentageFor purposes of paragraph (1), the term “applicable percentage” means—
(c) Effectively connected taxable incomeFor purposes of this section, the term “effectively connected taxable income” means the taxable income of the partnership which is effectively connected (or treated as effectively connected) with the conduct of a trade or business in the United States computed with the following adjustments:
Each foreign partner of a partnership shall be allowed a credit under section 33 for such partner’s share of the withholding tax paid by the partnership under this section. Such credit shall be allowed for the partner’s taxable year in which (or with which) the partnership taxable year (for which such tax was paid) ends.
(2) Credit treated as distributed to partnerExcept as provided in regulations, a foreign partner’s share of any withholding tax paid by the partnership under this section shall be treated as distributed to such partner by such partnership on the earlier of—
For purposes of this section, the term “foreign partner” means any partner who is not a United States person.
(f) RegulationsThe Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section, including—
(Added Pub. L. 99–514, title XII, § 1246(a), Oct. 22, 1986, 100 Stat. 2582; amended Pub. L. 100–647, title I, § 1012(s)(1)(A), Nov. 10, 1988, 102 Stat. 3526; Pub. L. 101–239, title VII, § 7811(i)(6), Dec. 19, 1989, 103 Stat. 2410.)
1989—Subsec. (b)(2)(B). Pub. L. 101–239, § 7811(i)(6)(A), substituted “section 11(b)(1)” for “section 11(b)”.
Subsec. (d)(2). Pub. L. 101–239, § 7811(i)(6)(B), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “A foreign partner’s share of any withholding tax paid by the partnership under this section shall be treated as distributed to such partner by such partnership on the last day of the partnership’s taxable year (for which such tax was paid).”
Subsec. (f). Pub. L. 101–239, § 7811(i)(6)(C), amended subsec. (f) generally. Prior to amendment, subsec. (f) read as follows: “The Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section, including regulations providing for the application of this section in the case of publicly traded partnerships.”
1988—Pub. L. 100–647 amended section generally, substituting provisions relating to withholding tax on foreign partners’ share of effectively connected income for provisions which related to withholding tax on amounts paid by partnerships to foreign partners.
Pub. L. 100–647, title I, § 1012(s)(1)(D), Nov. 10, 1988, 102 Stat. 3527, provided that: “The amendments made by this paragraph [amending sections 1446 and 6401 of this title] shall apply to taxable years beginning after December 31, 1987. No amount shall be required to be deducted and withheld under section 1446 of the 1986 Code (as in effect before the amendment made by subparagraph (A)).”
Pub. L. 99–514, title XII, § 1246(d), Oct. 22, 1986, 100 Stat. 2583, provided that: “The amendment made by this section [enacting this section and amending section 6401 of this title] shall apply to distributions after December 31, 1987 (or, if earlier, the effective date (which shall not be earlier than January 1, 1987) of the initial regulations issued under section 1446 of the Internal Revenue Code of 1986 as added by this section).”
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