History
Prior to 1981, foreign persons (nonresident, non citizen individuals and non-U.S. corporations) often were exempt from U.S. tax on sale of real estate in the United States. Congress passed FIRPTA to require all foreign persons to pay tax on dispositions of any interests in U.S. real estate. The law specifically provided that its provisions took precedence over any existing tax treaties that provided otherwise.
Read more about this topic: Foreign Investment In Real Property Tax Act
Famous quotes containing the word history:
“No one is ahead of his time, it is only that the particular variety of creating his time is the one that his contemporaries who are also creating their own time refuse to accept.... For a very long time everybody refuses and then almost without a pause almost everybody accepts. In the history of the refused in the arts and literature the rapidity of the change is always startling.”
—Gertrude Stein (1874–1946)
“All history is a record of the power of minorities, and of minorities of one.”
—Ralph Waldo Emerson (1803–1882)
“In history the great moment is, when the savage is just ceasing to be a savage, with all his hairy Pelasgic strength directed on his opening sense of beauty;—and you have Pericles and Phidias,—and not yet passed over into the Corinthian civility. Everything good in nature and in the world is in that moment of transition, when the swarthy juices still flow plentifully from nature, but their astrigency or acridity is got out by ethics and humanity.”
—Ralph Waldo Emerson (1803–1882)