94 STAT. 2688
PUBLIC LAW 96-499—DEC. 5, 1980 "(2) SUBSECTION DOES NOT APPLY TO PUBLICLY TRADED CORPORA-
TIONS.—This subsection shall not apply to a corporation the stock of which is regularly traded on an established securities market at all times during the calendar year. "STOCK HELD BY NOMINEES.—If—
"(A) a nominee holds stock in a domestic corporation for a foreign person, and "(B) such foreign person does not furnish the information required to be furnished pursuant to paragraph (1)(A) with respect to such stock, the nominee shall file a return under this subsection with respect to such stock. "(b) RETURN OF CERTAIN PERSONS HOLDING UNITED STATES REAL PROPERTY INTERESTS.— "(1) RETURN REQUIREMENT.—If any entity to which this subsec-
tion applies has at any time during the calendar year a substantial investor in United States real property, such entity shall make a return for the calendar year setting forth— "(A) the name and address of each such substantial investor, "(B) such information with respect to the assets of the entity during the calendar year as the Secretary may by regulations prescribe, and (C) such other information as the Secretary may by regulations prescribe. "(2) EXCEPTION WHERE SECURITY FURNISHED.—This subsection shall not apply to any entity for the calendar year if such entity furnishes to the Secretary such security as the Secretary determines to be necessary to ensure that any tax imposed by chapter 1 with respect to United States real property interests held by such entity will be paid. "(3) STATEMENTS TO BE FURNISHED TO SUBSTANTIAL INVESTOR IN UNITED STATES REAL PROPERTY.—Every entity making a return
under paragraph (1) shall furnish to each substantial investor in United States real property a statement showing— "(A) the name and address of the entity making such return, "(B) such substantial investor's pro rata share of the United States real property interests held by such entity, and "(C) such other information as the Secretary shall by regulations prescribe. "(4) DEFINITIONS.—For purpose of this subsection— "(A) ENTITIES TO WHICH THIS SUBSECTION APPLIES.—This
subsection shall apply to any foreign corporation and to any partnership, trust, or estate (whether foreign or domestic). "(B) SUBSTANTIAL INVESTOR IN PROPERTY.—
UNITED STATES REAL
"(i) IN GENERAL.—The term 'substantial investor in United States real property' means any foreign person who at any time during the calendar year held an interest in the entity but only if the fair market value of such person's pro rata share of the United States real property interests held by such entity exceeded $50,000. "(ii) SPECIAL RULE FOR CORPORATIONS.—In the case of any foreign corporation, clause (i) shall be applied by substituting 'person (whether foreign or domestic)' for 'foreign person'.
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