124 STAT. 104 PUBLIC LAW 111–147—MAR. 18, 2010 ‘‘(B) SPECIAL RULE FOR INVESTMENT VEHICLES.—In the case of any financial institution described in section 1471(d)(5)(C), clauses (i), (ii), and (iii) of subparagraph (A) shall be applied by substituting ‘0 percent’ for ‘10 percent’. ‘‘(3) SPECIFIED UNITED STATES PERSON.—Except as other- wise provided by the Secretary, the term ‘specified United States person’ means any United States person other than— ‘‘(A) any corporation the stock of which is regularly traded on an established securities market, ‘‘(B) any corporation which is a member of the same expanded affiliated group (as defined in section 1471(e)(2) without regard to the last sentence thereof) as a corporation the stock of which is regularly traded on an established securities market, ‘‘(C) any organization exempt from taxation under sec- tion 501(a) or an individual retirement plan, ‘‘(D) the United States or any wholly owned agency or instrumentality thereof, ‘‘(E) any State, the District of Columbia, any possession of the United States, any political subdivision of any of the foregoing, or any wholly owned agency or instrumen- tality of any one or more of the foregoing, ‘‘(F) any bank (as defined in section 581), ‘‘(G) any real estate investment trust (as defined in section 856), ‘‘(H) any regulated investment company (as defined in section 851), ‘‘(I) any common trust fund (as defined in section 584(a)), and ‘‘(J) any trust which— ‘‘(i) is exempt from tax under section 664(c), or ‘‘(ii) is described in section 4947(a)(1). ‘‘(4) WITHHOLDING AGENT.—The term ‘withholding agent’ means all persons, in whatever capacity acting, having the control, receipt, custody, disposal, or payment of any withholdable payment. ‘‘(5) FOREIGN ENTITY.—The term ‘foreign entity’ means any entity which is not a United States person. ‘‘SEC. 1474. SPECIAL RULES. ‘‘(a) LIABILITY FOR WITHHELD TAX.—Every person required to deduct and withhold any tax under this chapter is hereby made liable for such tax and is hereby indemnified against the claims and demands of any person for the amount of any payments made in accordance with the provisions of this chapter. ‘‘(b) CREDITS AND REFUNDS.— ‘‘(1) IN GENERAL.—Except as provided in paragraph (2), the determination of whether any tax deducted and withheld under this chapter results in an overpayment by the beneficial owner of the payment to which such tax is attributable shall be made as if such tax had been deducted and withheld under subchapter A of chapter 3. ‘‘(2) SPECIAL RULE WHERE FOREIGN FINANCIAL INSTITUTION IS BENEFICIAL OWNER OF PAYMENT.—
