Treaties
Many U.S. tax treaties formerly provided exemption from tax for gains on dispositions of many sorts of U.S. real property. FIRPTA specifically provided that such treaty provisions would not apply after a particular date. Most U.S. tax treaties have subsequently been amended to conform with FIRPTA treatment.
Read more about this topic: Foreign Investment In Real Property Tax Act
Famous quotes containing the word treaties:
“There can be no reconciliation where there is no open warfare. There must be a battle, a brave boisterous battle, with pennants waving and cannon roaring, before there can be peaceful treaties and enthusiastic shaking of hands.”
—Mary Elizabeth Braddon (1837–1915)
“The fate of the State decides theirs: clauses of treaties determine their affections.”
—Pierre Corneille (1606–1684)
“There are secret articles in our treaties with the gods, of more importance than all the rest, which the historian can never know.”
—Henry David Thoreau (1817–1862)