Specified U.S. person

 

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FATCA

Specified U.S. person [§1.1473-1(c)]

The term specified United States person (or specified U.S. person) means any U.S. person [Note 1] other than-

  • 3-1(c)(1) A corporation the stock of which is regularly traded on one or more established securities markets, as described in §1.1472-1(c)(1)(i); [§1.1473-1(c)(1)] [W9 FATCA Exemption Code: D.]
  • 3-1(c)(2) Any corporation that is a member of the same expanded affiliated group as a corporation described in §1.1472-1(c)(1)(i); [§1.1473-1(c)(2)][W9 FATCA Exemption Code: E.]
  • 3-1(c)(3) Any organization exempt from taxation under section 501(a) or an individual retirement plan as defined in section 7701(a)(37); [§1.1473-1(c)(3)][W9 FATCA Exemption Code: A.]
  • 3-1(c)(4) The United States or any wholly owned agency or instrumentality thereof; [§1.1473-1(c)(4)][W9 FATCA Exemption Code: B.]
  • 3-1(c)(5) Any State, the District of Columbia, any U.S. territory, any political subdivision of any of the foregoing, or any wholly owned agency or instrumentality of any one or more of the foregoing; [§1.1473-1(c)(5)][W9 FATCA Exemption Code: C.]
  • 3-1(c)(6) Any bank as defined in section 581; [§1.1473-1(c)(6)][W9 FATCA Exemption Code: J.]
  • 3-1(c)(7) Any real estate investment trust as defined in section 856; [§1.1473-1(c)(7)] 3-1(c)(8) Any regulated investment company as defined in section 851 or any entity registered with the Securities Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 80a-64); [§1.1473-1(c)(8)][W9 FATCA Exemption Code: G.]
  • 3-1(c)(9) Any common trust fund as defined in section 584(a); [§1.1473-1(c)(9)][W9 FATCA Exemption Code: I.]
  • 3-1(c)(10) Any trust that is exempt from tax under section 664(c) or is described in section 4947(a)(1); [§1.1473-1(c)(10)][W9 FATCA Exemption Code: L.]
  • 3-1(c)(11) A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any State; [§1.1473-1(c)(11)][W9 FATCA Exemption Code: F.]
  • 3-1(c)(12) A broker; and [§1.1473-1(c)(12)][W9 FATCA Exemption Code: K.]
  • 3-1(c)(13) Any tax exempt trust under a section 403(b) plan or section 457(g) plan. [§1.1473-1(c)(13)][W9 FATCA Exemption Code: M.]

Notes:

  1. The term U.S. person or United States person means a person described in section 7701(a)(30), the United States government (including an agency or instrumentality thereof), a State (including an agency or instrumentality thereof), or the District of Columbia (including an agency or instrumentality thereof). For purposes of the preceding sentence, the determination of whether an insurance company is a U.S. person is made without regard to an election by a company not licensed to do business in any State to be subject to U.S. income tax as if it were a domestic insurance company. Thus, a foreign insurance company not licensed to do business in any State that elects pursuant to section 953(d) to be subject to U.S. income tax as if it were a U.S. insurance company is not a U.S. person.

2 thoughts on “Specified U.S. person

  1. I have been trying very hard to find a simple definition for Specified U.S. person.
    Can you let me know in one or two sentence what exactly the Specified U.S. Person means?
    Thanks.

    • OK. Here is an attempt; this only covers individuals: 1 US citizen; 2 resident alien of the US for any proportion of the tax year; 3 Nonresident alien who makes an election to be treated as a resident alien for the purposes of filing a joint income tax return; and 4. nonresident alien who is a bona fide resident of American Samoa, Guam, Northern Mariansa Islands, or Puerto Rico.

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