Extract to table

Testing Dates and Look-Back Period The USRPHC determination must be made as of the date of disposition of the corporation's stock by the foreign shareholder

Section 897(d) — Distributions Section 897(d) of the Code provides that any distribution by a foreign corporation or by a domestic corporation that is (or was) a USRPHC to a foreign person shall, to the extent attributable to USRPIs, be treated as gain from the disposition of a USRPI

The transferee must deduct and withhold a tax equal to 15% of the "amount realized" by the foreign transferor on the disposition

The withholding obligation arises at the time of the transfer, and the withheld amounts must be remitted to the IRS within 20 days of the transfer using Form 8288 (U

The affidavit must include the transferor's name, address, and U

The withholding obligation falls on the partnership itself, which must pay and report the withheld amounts on behalf of its foreign partners