Newsgroup: it.economia.borsa.estero
Titolo: Aiuto: "Notional Principal Contracts" ???

Vorrei chiedere una info ai guru della borsa:
Devo firmare un contratto della Datek Online per un conto da loro. Assieme a
quello mi hanno spedito anche io nuovo form W8-BEN per dichiarare che devo
pagare le tasse in Italia e non in America.
C'è un punto che non capisco assolutamente: c'è una casella che dovrei
segnare, con scritta la frase:
" I have provided or will provide a statement that identifies those notional
principal contracts from which the income is NOT effectively connected with
the conduct of a trade or business in the United States. I agree to update
this statement as required. "
COSA significa? C'è qualcuno che sa che cos'è un Notional Principal
Contract??
Io sono un totale newbie della borsa, volevo solo aprire un conticino con
Datek per provare a giocare un pò sui titoli.
Mi hanno detto alla Datek
"
Please check the box "National Principle Contracts" if you are earning
income outside of Datek.
Please include the statement of income with your application.
You should be able to receive this statement from the institution from
where you are earning income.
You are not required to submit a new W8BEN every time you update your
income statement.
Please refer to the instructions on how to fill out W8BEN on line. The
URL is:
http://www.datek.com/popinframe.html?ref=http%3A%2F%2Fsearch.datek.com%2Fque
ry.html&qp=&qt=w8&qs=
"
C'è un PDF con le istruzioni, la parte relativa alla casella sta nell'ultima
pagina, in basso, colonna di sinistra. Eccola qui, ve la copio qui sotto:
-----------
Line 11. You must check this box and provide the withholding
agent with the required statement for income from a notional
principal contract that is to be treated as income not effectively
connected with the conduct of a trade or business in the United
States. You should update this statement as often as necessary.
A new Form W-8BEN is not required for each update provided
the form otherwise remains valid.
----------
Su Internet ho cercato di tutto, ma questi Notional Principal Contracts sono
concetti troppo avanzati per me.
Ecco l'unica definizione che sono riuscito a trovare, è su:
http://risk.ifci.ch/00012219.htm
e dice:
----------
Notional Principal Contract
Any swap, forward rate agreement, cap, floor, option or similar instrument
whose value is based on a nominal face amount that is not itself an
obligation of one party to the other.
----------
Ma è lo stesso troppo complicato per le mie conoscenze. Di quelle parole ne
conosco poche.
Ecco qualcos'altro che ho trovato:
----------
[104.7] 4.6.2  05/19/99
Regulations 1.446-3 Notional Principal Contracts
Regulation 1.446-3 provides for the timing of income and expense from
notional principal contracts (NPC). The most common NPC is the swap.
Regulation 1.446-3 contains the following:
Definition of NPC
Rules for the timing of NPC income
Examples of the tax treatment of various NPCs
Rules for the treatment of payments terminating NPCs
The regulations define a periodic payment as a payment payable at intervals
of one year or less. The ratable daily portion of a periodic payment is
includable in income. A non periodic payment is a payment that is not a
periodic payment or a termination payment. A non periodic payment must be
recognized over the life of the contract.
----------
Ecco l'unica altra cosa significativa che ho trovato su di essi:
---------
Notional Principal Contracts
The new law creates another type of subpart F income (as a subcategory of
foreign personal holding company income). It is "net income from notional
principal contracts." An example might be net payments on an interest rate
swap, but for a statement in the new law that
"any item of income . . . from a notional principal contract entered into
for purposes of hedging any item described in any preceding subparagraph
[e.g., interest] shall not be taken into account for purposes of this
subparagraph but shall be taken into account under such other subparagraph"
[i.e., the payments are already subpart F income by virtue of their
character as interest].
There were discussions with Treasury and Congressional committee staffs
about whether payments under differences contracts in the UK and Australia
will now become subpart F income. A differences contract is a contract used
to hedge electricity prices in countries, like the UK and Australia, where
most electricity generated is sold into a central pool and customers buy
from the pool. Pool prices can fluctuate significantly.
The answer should be differences contracts do not generate subpart F income.
Senator Huddleston engaged in a colloquy on the Senate floor with Senator
Roth in which Roth agreed, but implied he was unsure which of three
possibile explanations to give as the reason. The differences contract may
not be a "notional principal contract." Alternatively, it may be a hedge of
inventory. (The IRS ruled in two technical advice memoranda that utilities
must treat electricity as inventory for purposes of section 471. The
"statement of managers" makes clear that inventory hedges are not turned
into subpart F income by the new provision.) Alternatively, it may be a
hedge of a "commodity." Commodity hedges are not subpart F income to any
"producer, processor, merchant or handler" of the commodity.
--------
Allora,
1) Qualcino potrebbe spiegarmi cosa sono questo NPC e/o darmi una traduzione
italiana?
2) Io sono un piccolo programmatore, e in questo stesso periodo stavo
pensando di cominciare a vendere i miei programmini shareware con una
società che mi faccia le transazioni a carta di credito. Queste sono quasi
tutte americane, una sola è UK. Se io faccio un contratto con una di quelle
americane mi frego coi notional principal contract per caso? Dopo io DIVENTO
evvettivamente collegato con un business in America, ma si tratta di un
Notional Principal Contract o no? Devo modificare la dichiarazione?
3) Se io comincio ad avere un NPC collegato con un business, poi che effetto
ha ciò? Devo cominciare a pagare 30% capital gain in America anche per i
guadagni fatti con Datek?
4) Secondo voi dovrei segnarla, anche se per ora non ho NPC in atto e poi
spedire soltanto l'eventuale dichiarazione che non è collegata con un
business in america?
Grazie UN TOT a chi risponde !!!
Se c'è qualcuno veramente illuminante gli farò un regalino
Gabriele Trombetti
PS: Secondo voi sono sicuri gli assegni spediti per posta?

[Perdonatemi il doppio mail: uno dei miei server news ha dei problemi e ho
dovuto rispedire con l'altro]


[Italian readers please excuse me, I post this in English because I have
seen that there are many non-Italian people with my question over the
Internet, so someone could maybe find his/her answer in my post with
Dejanews]
UNBELIEVABLE!
The US Government replied me!
I posted the email in their form just to leave no stone unturned!!
US government declares 7-10 days as response time, in facts replied to me in
one and a half!! And what a response!
WHAT A SERVICE! I want to emigrate to America!! Americans pay 30% Capital
Gain but those money are well-spent!
---------------------------------------------------------
NOTIONAL PRINCIPAL CONTRACT DEFINITION (EXPLANATION) BY US GOVERNMENT, IRS
FOLLOWS MY MAIL, THEN THE REPLY OF 
http://www.irs.gov/taxlaw
Dear IRS I m a private Italian citizen. I have signed for an account at
Datek Online Brokerage System (
www.datek.com
) They have sent me at home the
form W8-BEN. As you know, there is the checkbox in Part III:   " I have
provided or will provide a statement that identifies those notional
principal contracts from which the income is NOT effectively connected with
the conduct of a trade or business in the United States. I agree to update
this statement as required. "
1) Well, I m very ignorant in matter of business and I cannot understand
what is a Notional Principal Contract. Could you explain it to me in very
simple words please? 2) I m a shareware author and I m going to sell
registrations of my software in the very near future. I need to choose a
company for the credit card support. I will probably choose an American one
(95% are American) like e.g. 
www.digibuy.com
. Will this kind of income be a
Notional Principal Contract? Will this be connected with a trade or
business? (note: it will be just little money like e.g. 300 US$ per month)
And if yes: 3) What implications will this have on the taxes I will pay?
Will I need to begin to pay Capital Gains for money from Datek Brokerage
system to the US? And lately: 4) What do I need to write as  Statement  for
the checkbox regarding to money earned with my  business  =  credit card
registrations for my shareware program  ? Thanks a lot in advance. I m
waiting your answer, holding the W8-BEN
----------------
RESPONSE :
NOTE: Our response to your tax law question appears below.  If you have
additional questions on this or other general tax law topics, please return
to our web site at: (
http://www.irs.gov/taxlaw
) to submit it.  Please do not
use your "reply" button to send a follow-up question.
A notional principal contract is a financial instrument that provides for
the payment of amounts by one party to another at specified intervals
calculated by reference to a specified index upon a notional principal
amount in exchange for specified consideration or a promise to pay similar
amounts.  An agreement between a taxpayer and a qualified business unit (as
defined in section 989(a) of the taxpayer, or among qualified business units
of the same taxpayer, is not a notional principal contract because a
taxpayer cannot enter into a contract with itself.  Notional principal
contracts governed by this section include interest rate swaps, currency
swaps, basis swaps, interest rate caps, interest rate floors, commodity
swaps, equity swaps, equity index swaps, and similar agreements.  A collar
is not itself a notional.
If an individual has a notional principal contract, as defined above, the
payment made would be presumed to be effectively connected with a trade or
business within the U.S. unless the individual receiving the payment
provides a completed Form W-8BEN.  Please refer to the Instructions for the
Requestor of Forms W-8BEN, W-8ECI, W-8EXP, and W-8IMY, for information
regarding this issue.
 Selecting a  company  for credit card support is personal  and you must
choose that yourself.
If you were in the United States for 183 days or more during the tax year ,
your net gain from sales or exchanges of capital assets  is taxed at 30%(or
lower tax treaty) rate.  For purpose of the 30% or lower tax treaty rate,
net gain is the excess of your capital gains from U.S. source income over
your capital losses from U.S. sources.  This rule applies even if any of the
transactions occurred while you were not in the United States.
In most cases dividend income received from domestic corporations is U.S.
source income.  Dividend income from foreign corporations is usually foreign
source income.  There are two exceptions to this rule.
Please refer to U.S. Tax Guide for Aliens.
You may download forms and publications from:
www.irs.ustreas.gov/prod/forms_pubs/index.html
----------------------
SIGNATURE:
IRS forms and publications may be accessed on our web site at the following
address: 
http://www.irs.gov/forms_pubs/index.html
 or ordered through our
toll-free forms line at 
1(800) 829-3676
 which is available 24 hours a day, 7
days a week, with 7-10 days delivery time.
We are interested in your opinion and providing the best possible service to
you. Please take a moment to answer our survey at:
http://www.irs.gov/help/newmail/email-survey.html
This answer is based on our understanding of the facts you presented in your
question.  Omission of facts may affect the answer given.
Here's a tip for navigating the IRS homepage. Use the "search" button at the
bottom of the web page. Enter key words or phrases when the entry box comes
up. It could help you find your answer immediately.
END
--------------------------------------------
They say an average of 7-10 days, but I in facts received the answer in one
day and a half !!!
My comment sent to their feedback form:
---
EXCEPTIONAL!
Your answer was very fast, very complete, very clear!
I wish I was American!!!
Please keep up the good work!
---
People: use the great IRS public free service!!!
Greetings to all Internet Community, I hope this post was useful
Gabriele Trombetti
PS: Visit me at 
http://come.to/trombettworks
 for good software