26 U.S.C. § 6039C : US Code - Section 6039C: Returns with respect to foreign persons holding direct investments in United States real property interests

Search 26 U.S.C. § 6039C : US Code - Section 6039C: Returns with respect to foreign persons holding direct investments in United States real property interests

(a) General rule
To the extent provided in regulations, any foreign person holding
direct investments in United States real property interests for the
calendar year shall make a return setting forth -
(1) the name and address of such person,
(2) a description of all United States real property interests
held by such person at any time during the calendar year, and
(3) such other information as the Secretary may by regulations
prescribe.
(b) Definition of foreign persons holding direct investments in
United States real property interests
For purposes of this section, a foreign person shall be treated
as holding direct investments in United States real property
interests during any calendar year if -
(1) such person did not engage in a trade or business in the
United States at any time during such calendar year, and
(2) the fair market value of the United States real property
interests held directly by such person at any time during such
year equals or exceeds $50,000.
(c) Definitions and special rules
For purposes of this section -
(1) United States real property interest
The term "United States real property interest" has the meaning
given to such term by section 897(c).
(2) Foreign person
The term "foreign person" means any person who is not a United
States person.
(3) Attribution of ownership
For purposes of subsection (b)(2) -
(A) Interests held by partnerships, etc.
United States real property interests held by a partnership,
trust, or estate shall be treated as owned proportionately by
its partners or beneficiaries.
(B) Interests held by family members
United States real property interests held by the spouse or
any minor child of an individual shall be treated as owned by
such individual.
(4) Time and manner of filing return
All returns required to be made under this section shall be
made at such time and in such manner as the Secretary shall by
regulations prescribe.
(d) Special rule for United States interest and Virgin Islands
interest
A nonresident alien individual or foreign corporation subject to
tax under section 897(a) (and any person required to withhold tax
under section 1445) shall pay any tax and file any return required
by this title -
(1) to the United States, in the case of any interest in real
property located in the United States and an interest (other than
an interest solely as a creditor) in a domestic corporation (with
respect to the United States) described in section
897(c)(1)(A)(ii), and
(2) to the Virgin Islands, in the case of any interest in real
property located in the Virgin Islands and an interest (other
than an interest solely as a creditor) in a domestic corporation
(with respect to the Virgin Islands) described in section
897(c)(1)(A)(ii).