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ARTICLE · 08 MAY 2024

US Treasury Releases Final Regulations Addressing Domestic Control Determinations Under FIRPTA

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On April 24, 2024, the Treasury Department and the IRS released final regulations under Section 897 that change the rules for determining whether qualified investment entities (QIEs)...

United StatesGovernment, Public Sector
Jeffrey Bruns
Jeffrey Bruns
Michelle M. Jewett
Michelle M. Jewett
Mark Leeds
Mark Leeds
Matthew McDonald
Matthew McDonald
Sam Riesenberg
Sam Riesenberg
Harry A. Boris
Harry A. Boris
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On April 24, 2024, the Treasury Department and the IRS released final regulations under Section 897 that change the rules for determining whether qualified investment entities (QIEs) are domestically controlled under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). The changes also affect the treatment of qualified foreign pension funds (QFPFs). The final regulations generally follow the proposed regulations issued in January 2023, with certain changes discussed below. The final regulations are of interest to taxpayers who sponsor or participate in investment structures that rely on the preferential FIRPTA treatment given to investments in domestically controlled real estate investment trusts (REITs) and regulated investment companies (RICs) that are treated as QIEs.

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