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:
“The admission of Oriental immigrants who cannot be amalgamated with our people has been made the subject either of prohibitory clauses in our treaties and statutes or of strict administrative regulations secured by diplomatic negotiations. I sincerely hope that we may continue to minimize the evils likely to arise from such immigration without unnecessary friction and by mutual concessions between self-respecting governments.”
—William Howard Taft (1857–1930)
“When people say women can’t be trusted because they cycle every month, my response is that men cycle every day, so they should only be allowed to negotiate peace treaties in the evening.”
—June Reinisch (b. 1943)
“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)