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A proposed regulation published on October 21 would remove a controversial domestic corporation look-through rule finalized in 2024 that governs the taxation of foreign investors in U.S. real property.
When the rule was originally proposed, it called into question many REIT and corporate structures that were utilized under the existing tax rules. Repealing the look-through rule will eliminate an impediment to foreign investment into U.S. commercial real estate.
Public feedback focused on the practical difficulty of tracing upstream ownership, which resulted in legal uncertainty, operational complexity and potentially chilling effects on investment in U.S. real estate. The IRS further stated that taxpayers can choose to apply the finalized rule retroactively to transactions occurring on or after April 25, 2024 (when the prior regs were finalized).
For more information contact phinch@icsc.com.